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Old 06-19-2016, 01:31 PM   #141
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I find my "tipping" value point of booze is around fifty bucks.

The more expensive stuff does taste better, but not that much better. The stuff half the price I won't even drink anymore.
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Old 06-19-2016, 02:01 PM   #142
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You seem to be suggesting that there isn't a solid observation within the generalization. If so, I disagree with you.


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No, I am not suggesting that at all.
I am arguing that this is a stereotype and that it is neither correct, nor fair, to attribute that description to all of the "very rich" or "born rich".

Applying negative stereotypes to every member of a class does not reflect poorly on that class, it reflects poorly on the person applying the stereotype.
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Old 06-19-2016, 02:24 PM   #143
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Dunno about being a centimillionaire or higher, but if I were to have a networth of $9M to join the 1%, besides business class seats, I would also treat myself to a $1,500 bottle of Cognac.

The most expensive Cognac my wife has ever bought for me was for $150. I wonder if the more expensive bottle would be any better or all hype. Or it could be that at this point my palate could not tell the difference. Still, if I have money to burn, why not spread it around, even to some French distillers.
It's not the taste of the contents of the $1500 bottle of Cognac that counts. It's about being able to display the bottle's label....
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Old 06-19-2016, 02:32 PM   #144
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Jamie Johnson of the Johnson & Johnson family fortune has some interesting documentaries on kids and families born rich - so rich they don't have to work: Born Rich and The One Percent. If you were not born rich, you can probably find both free for viewing on the Internet these days. I enjoyed both documentaries.
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Top One Percent? Half a Percent? Tenth of a Percent?
Old 06-19-2016, 04:02 PM   #145
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Top One Percent? Half a Percent? Tenth of a Percent?

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The more expensive stuff does taste better, but not that much better. .
A perfect example of what economists call decreasing marginal utility. Is there such a thing for money generally? It sounds like folks on this post have different inflection points toward decreasing marginal utility of money. And people here seem to have different utility curves for annual spending vs. financial security. For us, DW is more interested in maintaining the spending and I'm more interested in the financial security. I think both come into focus for us at around $100K spending and $2.5 net worth, probably in 6 years, so that's where I'm placing the target for us, and it has nothing to do with whether we're top 10%, etc. On the other hand, our utility curve seems malleable because I could be happy quitting right now and moving to Latin America, sipping rum drinks (I'd happily quit cognac!) and living on what we have. DW doesn't see the utility in that excellent plan, however :-) so, for now, hi ho, hi ho...
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Old 06-19-2016, 04:33 PM   #146
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I worked for the second largest company in Canada (a Bank) at a C-suite job and I can say that my colleagues were hard working, ethical, honest, team players. Otherwise would have been cause for dismissal. Extremely philanthropic as a group.
Im glad to hear that, because I think that's my bank!
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Old 06-19-2016, 04:34 PM   #147
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I retired at 53 with a paid off house, no debt, and a modest COLA govt. pension (starting next year when I turn 55) that will easily cover my inexpensive lifestyle.

I may not be in the top 1% in North America, but I'm easily in the top 1% on the planet and also have things worth more than money...freedom, democracy, and civil rights. I was lucky to be born where I was and am very thankful for what I have.
Well said!
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Old 06-19-2016, 08:04 PM   #148
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It's not the taste of the contents of the $1500 bottle of Cognac that counts. It's about being able to display the bottle's label....

My crowd wouldn't know the difference. Just one more place I save money...
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Old 06-19-2016, 10:26 PM   #149
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Decades ago, at around Christmas time I saw a $1200 bottle at Sam's Club, but I do not remember the brand. Perhaps more people pay this much for booze than we think.

Recently, in Vail I saw a bottle of Louis XIII Cognac in a store window. Later, I looked on the Web out of curiosity, and found that there are many confusing grades of Louis XIII. Some are in a similar bottle to my XO cognac, but sell for a couple $K. Some are in really ornate bottles, like this one from the Web. These can go for $20K+. I guess if you have to ask the price, you cannot afford it.



If you cannot afford to drink a bottle that costs as much as your car, perhaps you can try a sample bottle of 50ml, the size that airlines serve to passengers. Here's one for a mere $600, good for one shot.



I dunno. When I was young, I tried American brandy once, and did not like it. I preferred even the lowest grade Courvoisier to that. But recently, I tried an inexpensive American brandy again, and whoa, it was not bad. I still do not know if American distillers got better, or that my palate has gotten dull.

No matter though. Drinking as little as I do, I can now imbibe for even less money. And that's something to drink about.
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Old 06-19-2016, 11:51 PM   #150
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Checked into The Hyatt Regency on The Rhine in Cologne yesterday and had a glorious dinner at a nearby beach club. Finished the meal with an Armagnac. This is something we do because we can. Not trying to impress anyone. Just enjoying our money.
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Old 06-20-2016, 07:16 AM   #151
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Im glad to hear that, because I think that's my bank!
The CEO I worked for, personally funded an apartment building for single moms. 32 unit building with childcare facilities. He then strong armed the other big banks into guaranteeing jobs for these moms. He told me he wasn't going to let any of these women and their kids fail. Cost him several millions. Totally anonymous too.
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Old 06-20-2016, 07:19 AM   #152
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Checked into The Hyatt Regency on The Rhine in Cologne yesterday and had a glorious dinner at a nearby beach club. Finished the meal with an Armagnac. This is something we do because we can. Not trying to impress anyone. Just enjoying our money.
Good for you. Obviously worth it to you and must make you at least a little "happier".
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Old 06-20-2016, 08:01 AM   #153
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Checked into The Hyatt Regency on The Rhine in Cologne yesterday and had a glorious dinner at a nearby beach club. Finished the meal with an Armagnac. This is something we do because we can. Not trying to impress anyone. Just enjoying our money.
Why not? You can't take it with you!
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Old 06-21-2016, 02:02 AM   #154
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It is interesting to note that The Hyatt Regency is the cheapest and best hotel we have stayed in. Right on the Rhine in city centre.
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