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Indicators of Wealth?
Old 07-26-2016, 10:48 AM   #1
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Indicators of Wealth?

I know there are all kinds of definitions for being wealthy. Things like being in the top 1% (or .01%), or having a certain net worth, or income level. Personally, I like the link to having "no financial constraints on activities." So, what are some specific activities that might indicate a person is wealthy? Some of mine include:

1) Purchase international business class tickets (even if you hunt for the cheaper ones) without hesitation.
2) Never even consider going to Denny's, Sizzler, etc.
3) Never consider staying at Motel 6 or Super 8.
4) Spending $100-$200 on a whim. Want that new Amazon Echo? Just buy it and if it doesn't work out...who cares. It was only $200.

What are some of your indicators?
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Old 07-26-2016, 11:09 AM   #2
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Old 07-26-2016, 11:10 AM   #3
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I like all of yours. We've never done #1, but may if we take a painfully long flight.

Here are ours - funny, we just discussed this last weekend:

1) Own or timeshare our own airplane so we could just hop on and go - no TSA, shoe removal, customs, no screaming babies (unless they're related to us), no waiting in line to pee, no 2 hour pre-arrival at airport. You get the drift.
2) A full time cook
3) A place at the lake, and being able to afford someone to do the work on it so all we would do is show up & play.
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Old 07-26-2016, 11:16 AM   #4
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Old 07-26-2016, 11:25 AM   #5
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None of the above. It is a mistake to equate "wealth" with spending. In fact, spending has nothing to do with wealth. Spending only has to do with....spending.

Wealth has been defined as "income from other sources".
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Old 07-26-2016, 11:27 AM   #6
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Old 07-26-2016, 11:29 AM   #7
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Originally Posted by clobber View Post
1) Purchase international business class tickets (even if you hunt for the cheaper ones) without hesitation.
2) Never even consider going to Denny's, Sizzler, etc.
3) Never consider staying at Motel 6 or Super 8.
4) Spending $100-$200 on a whim. Want that new Amazon Echo? Just buy it and if it doesn't work out...who cares. It was only $200.
That 1st one right there excludes me from the club.

Don't know about #2, even though we have not eaten there in years. Their food never got me sick or anything.
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Old 07-26-2016, 11:33 AM   #8
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Old 07-26-2016, 11:34 AM   #9
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When I go to the local burger joint I order the Cowboy Burger, but pay them a quarter to replace the Jack cheese with sharp Cheddar.
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Old 07-26-2016, 11:39 AM   #10
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When I go to the local burger joint I order the Cowboy Burger, but pay them a quarter to replace the Jack cheese with sharp Cheddar.
whoah there, big fella. You'll never achieve FIRE spending your dough like that!

Unless you have a Groupon for 40% off or something.
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Old 07-26-2016, 11:46 AM   #11
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Some of those folks dining at Denny's have a lot more $$ than I ever will.
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Old 07-26-2016, 11:48 AM   #12
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If your boat has more than one helicopter pad.

If you ship has a boat (which means submarine)....
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Old 07-26-2016, 11:55 AM   #13
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Originally Posted by clobber View Post
I know there are all kinds of definitions for being wealthy. Things like being in the top 1% (or .01%), or having a certain net worth, or income level. Personally, I like the link to having "no financial constraints on activities." So, what are some specific activities that might indicate a person is wealthy? Some of mine include:

1) Purchase international business class tickets (even if you hunt for the cheaper ones) without hesitation.
2) Never even consider going to Denny's, Sizzler, etc.
3) Never consider staying at Motel 6 or Super 8.
4) Spending $100-$200 on a whim. Want that new Amazon Echo? Just buy it and if it doesn't work out...who cares. It was only $200.

What are some of your indicators?
Wait a minute, what's wrong with Denny's? With the AARP card you can get 15% off?

And what feever said above is true. I know a guy that owns six Burger Kings in the area and he is often seen in the local Denny's and TexMex places in town.

BTW, most flyers in First or Business Class these days are using upgrades from their FF account or are on business and the Company or client is paying for the seat.
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Old 07-26-2016, 11:57 AM   #14
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Originally Posted by clobber View Post
I know there are all kinds of definitions for being wealthy. Things like being in the top 1% (or .01%), or having a certain net worth, or income level. Personally, I like the link to having "no financial constraints on activities." So, what are some specific activities that might indicate a person is wealthy? Some of mine include:

1) Purchase international business class tickets (even if you hunt for the cheaper ones) without hesitation.
2) Never even consider going to Denny's, Sizzler, etc.
3) Never consider staying at Motel 6 or Super 8.
4) Spending $100-$200 on a whim. Want that new Amazon Echo? Just buy it and if it doesn't work out...who cares. It was only $200.

What are some of your indicators?
Well gosh, I'm not rich. I wouldn't think twice at staying at a motel 6 or Super 8, and having dinner at Denny's or Sizzler that night, the next time we go through a hurricane evacuation.

I think being rich is:

(1) Not feeling the need to constantly compare one's lifestyle and spending choices with the lifestyles and spending choices of friends and acquaintances

(2) Awakening to find one is sincerely, thoroughly happy each morning and staying that way pretty much all day long

(3) Not having to worry about the future, where the next meal is coming from or where to sleep each night

(4) Thinking of things and experiences that would brighten one's life in the future, and being able to afford those things and experiences.

(5) Feeling that one has ENOUGH. Eradicating that crazy-making hoarding/consumerist drive for once and for all.
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Old 07-26-2016, 11:59 AM   #15
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For me;

No more coach fares
I fear no restaurant
Give me a room with a view and a jacuzzi
No more cheap booze
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How about "has plenty to GIVE"?
Old 07-26-2016, 12:08 PM   #16
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How about "has plenty to GIVE"?

No one has mentioned the freedom to GIVE plenty to causes other than your own!
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Old 07-26-2016, 12:15 PM   #17
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For me, it's currently:

- Paying the extra $100 a night to be guaranteed an ocean view at check in and not have to hope for a free upgrade.
- Usually paying for economy plus and once in a long while first class on planes.
- Tipping $20 to a lot of service people that come to the house.

For me, in the future:

- Private chef.
- Plane share (recent Forbes article had a service that sounded great but can't remember the name of it).
- Estate planning for future generations (not just kids).
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Old 07-26-2016, 12:17 PM   #18
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Sometimes I don't spend much, but I'm still wealthy, to me spending on lots of things often means someone is accumulating things, searching for happiness via retail therapy, or has a spending problem and will be poor soon.

I'll eat at Denny's if I want, and I'll stay at motel 6 or 8 if convenient and reviews are good which is my criteria for all hotels.

One big indicator is not worrying about the next meal or where to sleep, and if I want something it becomes a detailed matter of which one is good and not "what can I afford".
Example: last year my old car died, so I bought a new one with cash. This year DW has finally agreed to replace her 18 yr old car (101,000 miles) with a new one, and it will be cash after she decides which one.
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Old 07-26-2016, 12:19 PM   #19
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No more cheap booze
We have a winner...
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Old 07-26-2016, 12:21 PM   #20
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No one has mentioned the freedom to GIVE plenty to causes other than your own!
not equating that to wealth for some reason...
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