Indicators of Wealth?

[Pilot2013]

What's the Buffett infatuation? Probably no one on here has 1/10th of his wealth. I don't use him as a comparison of anything. I think it's all about how YOU feel.

 

[marko]

Again, let's not confuse wealth with spending.

DW has a friend (not best friend but more of someone who attends regular ‘girls night out’). This friend made really good money but for every $1 earned, spent $2; literally.

I’m talking about $9000 handbags, chartered flights with the family to the Caribbean, $6000 watches, all while the electricity and phone were regularly being turned off for non-payment at her $2M home. She recently sold her home of 25 years for $2.1M and she walked away with $26,000; that’s how far in debt she is.

She's lived like a rock-star but was always having to sell a watch or other bauble to pay the phone bill.

Wealth?

I think it is Buffett who said "when the tide goes out you get to see who's swimming naked"

 

[RobbieB]

The frugalists like to bring up Buffet as a rich guy that does not spend a lot of dough.

We all know that. He's gonna give it all the Gates foundation to help the third world. That's fine, that's what he wants to do.

I did the frugal the whole time I was working. I did the millionaire next door. I've now got a nice stash and I'm gonna have some fun -

 

[daylatedollarshort]

One of the best books I've read on happiness and money was called What Happy People Know by a director at the Canyon Ranch Spa. Everyone's idea of rich always seems to be a little bit more money than they have now, which was true even for the millionaires and billionaire clients at the Canyon Ranch. Unless you are the richest person in the world, someone is always going to have more money.

 

[Corporateburnout]

I did the frugal the whole time I was working. I did the millionaire next door. I've now got a nice stash and I'm gonna have some fun -

+1.

You mean you're not going to spend your retirement days clipping coupons and looking for freebies.

 

[RobbieB]

Not me, I've got enough money. My problem is spending it faster. Right now I'm making it faster than I'm spending it.

 

[NW-Bound]

What's the Buffett infatuation? Probably no one on here has 1/10th of his wealth. I don't use him as a comparison of anything.

I like to use Buffett as an example because he's the most well-known billionaire, and his simple life is also well publicized.

With his networth at $63+B, I do not have even 1/10,000-th of his stash (that would be $6.3M). If you have 1/10th of his, you are in the rarefied list published by Forbes each year, and I doubt anyone such would bother be here debating the meaning of "rich".

I think it's all about how YOU feel.

Yes. And while other posters feel "rich", I am trying to say I don't. How much would I need to feel rich? I don't know. I am not there yet.

The frugalists like to bring up Buffet as a rich guy that does not spend a lot of dough.

We all know that. He's gonna give it all the Gates foundation to help the third world. That's fine, that's what he wants to do.

I did the frugal the whole time I was working. I did the millionaire next door. I've now got a nice stash and I'm gonna have some fun -

There's nothing bad about having fun, or spending some money on what you like. Don't get me wrong. But it has little to do with "being rich". OK, "feeling rich" maybe.

Yesterday, after making a post about craving a Whopper, I felt asleep and woke up 1/2 hour later. And I mused that I was happy being able to take a midday nap while workers are fighting to commute home in the middle of the heat. That happiness feeling is not the same as feeling rich.

 

[RobbieB]

Yeah, that's it. When I'm sitting in first class sipping a cocktail on the runway during boarding I feel "rich"

 

[NW-Bound]

Surely, many 1st class passengers feel the same, as they are already seated and sipping some drinks while the coach passengers file by to the back and fight for overhead compartment space.

Whenever I got to fly 1st-class, I tried to hide my smugness, and looked down reading something.

 

[HFWR]

One of the best books I've read on happiness and money was called What Happy People Know by a director at the Canyon Ranch Spa. Everyone's idea of rich always seems to be a little bit more money than they have now, which was true even for the millionaires and billionaire clients at the Canyon Ranch. Unless you are the richest person in the world, someone is always going to have more money.

Rich is a LOT more than I have...

 

[RobbieB]

Not me, I like to people watch. People with perforated faces, people with way too many bags. People with coffee and pastries, sandwiches and water bottles.

 

[Pilot2013]

I like to use Buffett as an example because he's the most well-known billionaire, and his simple life is also well publicized.

With his networth at $63+B, I do not have even 1/10,000-th of his stash (that would be $6.3M). If you have 1/10th of his, you are in the rarefied list published by Forbes each year, and I doubt anyone such would bother be here debating the meaning of "rich".



Yes. And while other posters feel "rich", I am trying to say I don't. How much would I need to feel rich? I don't know. I am not there yet.



There's nothing bad about having fun, or spending some money on what you like. Don't get me wrong. But it has little to do with "being rich". OK, "feeling rich" maybe.

Yesterday, after making a post about craving a Whopper, I felt asleep and woke up 1/2 hour later. And I mused that I was happy being able to take a midday nap while workers are fighting to commute home in the middle of the heat. That happiness feeling is not the same as feeling rich.

Agree with everything you said here. Money is a part of it, and living the other part. One just helps with the other.

 

[kcowan]

Good one, and often true. My DW is a real looker but when we got together, I had a negative net worth. Must have been something else......

Smart women are great at recognizing potential...

 

[kcowan]

I "budgeted*" $400 for the meal (Flemmings Steakhouse, not cheap). Total price BEFORE tip was $425! That is an indicator of wealth!!

Actually that is a good forecaster, plus an indicator of inflation...

 

[kcowan]

Don't know about servants. Nowadays, it's frowned upon.

OK no servants! But we have a housekeeper and a gardener (part time) and we use valet service at downtown restaurants.

And we hire a lot of stuff that I used to do myself. Not because we have to but because we can.

(Valet service can often be break-even but mostly not.)

 

[kcowan]

Yeah, that's it. When I'm sitting in first class sipping a cocktail on the runway during boarding I feel "rich"

How about sitting in the lounge sipping wine and cheese when the attendant tells you it is time. Oh yes we must go and mingle with the riff-raff until we get on board.

 

[RobbieB]

I love valet parking, just drop it off at the door!

 

[aja8888]

I love valet parking, just drop it off at the door!

Do you really want those young valet drivers parking your new Corvette or other $100+ K sports car?

 

[RobbieB]

I drive ordinary cars, not into cars, they are just transportation.

Motorcycles are what get me excited. And no, not gonna valet my bike -

 

[audreyh1]

Yeah, that's it. When I'm sitting in first class sipping a cocktail on the runway during boarding I feel "rich"

Yeah - even though I'm usually sipping sparkling water.

Just having real glass, china and metal flatware is so nice!

 

[audreyh1]

How about sitting in the lounge sipping wine and cheese when the attendant tells you it is time. Oh yes we must go and mingle with the riff-raff until we get on board.

Yeah - I like the lounge part and group 1 boarding.

 

[RunningBum]

Do you really want those young valet drivers parking your new Corvette or other $100+ K sports car?

 

[JDARNELL]

Motorcycles are what get me excited. And no, not gonna valet my bike -

Yep I don't want anyone touching my bike!

 

[kcowan]

I'll add;

Caviar and seafood shipped overnight

Maybe you should move?

How about fresh dungeness crab just caught in your own traps? Steamed on the crab cooker and eaten right on the dock. Sweet Jesus!

(OK it is my friends place. But we go there every summer.)

DW will not go to Europe unless upgraded. So far it has not been costly. We do it every year so are getting good at it. 14 years now.

I sometimes take them to Denny's because the smell of bacon is overwhelming yet I need a lumberman special as a hangover meal.

I think it was a Motel 6 that was closest to Mexico when we were moving our possessions in the back of the Explorer. We were up at 6 to be close with the trucks at the border at 6:30 in Nogales.

$100 at a whim? No way! Got to research the very best way to blow the bucks.

(What really surprises me is the obsession with spending here. Must be the pessimistic FIRECALC predictions? Remember that it assumes you will die broke. So if you have $1 mill w/o anything else like SS or pension or investment returns, you can live on $50k/year for 20 years. Add in all the other stuff and why worry? I think participants are uncomfortable finally spending on themselves!)

 

[Sunset]

Very little to do with money, but I'm sure your times are off. The 6 hour drive is door-to-door, right? The one hour flight is terminal to terminal. Add 1-2 hours for arriving early enough to get through parking, possible shuttle, ticketing and security. Add your drive to the airport, with some buffer because if you're delayed the plane won't wait for you. Upon arrival, add time to shuffle off the plane, walk out of the airport, perhaps wait at baggage claim, the wait at the car rental counter, perhaps a shuttle to the cars, and your drive to your final destination.

You may be very close to your 6 hours by now. And in your own car you're on your own schedule, not the airlines, so you can probably be even more time efficient by arriving and leaving when you need/want to, not when the flight happens to be. Plus you add in the cost of a rental car and airport parking.

Driving virtually always wins for me in this length of trip, unless I'm going to a huge city where parking is an issue and public transportation is good and a car is a hassle. But I like driving, certainly over flying.

I've justified some pretty long drives especially compared to flights with long layovers.

++++

Additionally when you drive you can take 5 suitcases and anything else you want without worrying about rules limiting what you can travel with.

For me, I won't even consider flying for any distance under 500 miles.