Indicators of Wealth?

[Dash man]

The wealthy that I notice are the ones that give large donations to a project or charity that helps their community, but don't seek the public recognition of what they've done.


Enjoying life!

 

[tps7742]

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.

I have not made it reading this thread completely yet but I very much agree with your comments above. Just enjoying life and being able to RE is a blessing in itself.

 

[pb4uski]

Here is one indicator... I'm planning a trip to a friend's retirement party... choice is a 6 hour drive, 7 hour bus, 8 hour train or 1 hour flight and flying is in the lead. That said, it is only ~$80 more than the bus and ~$100 more than the train.

 

[RunningBum]

Here is one indicator... I'm planning a trip to a friend's retirement party... choice is a 6 hour drive, 7 hour bus, 8 hour train or 1 hour flight and flying is in the lead. That said, it is only ~$80 more than the bus and ~$100 more than the train.

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.

 

[Danmar]

Obviously these things are pretty personal and will reflect the tastes and preferences of the person. Just like spending in general.

For me it would include most importantly, generally having a very high degree of control over our lives.

Things we don't spend on because they seem too expensive or lack comparative value would include private jets, yacht over 50ft, Ferraris , Hermes Birkin bags, Kiton sports jackets,

 

[Car-Guy]

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? .

What are some of your indicators?

Financially speaking....... People who worry about not being able to spend most of their money before they die. Or, people who need to work at giving their money away, while they are alive.

 

[Danmar]

Girlfriend much better looking than ones self. If your girlfriend is better looking than you, you likely have something, and it may be wealth.

Ha

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......

 

[ponyboy]

I would say the biggest indicator would be not checking what things cost anymore...you just simply buy them. At that point everything is essentially free. You just go somewhere...pick it up...swipe a card and let your accountants deal with paying the bill. The $ amount of things no longer has meaning.

 

[Car-Guy]

I would say the biggest indicator would be not checking what things cost anymore...you just simply buy them. At that point everything is essentially free. You just go somewhere...pick it up...swipe a card and let your accountants deal with paying the bill. The $ amount of things no longer has meaning.

By that definition, I've been rich for a good number of years now. Maybe a persons definition of rich changes as his/her wealth increases...

 

[Taxman59]

We decided our price point for good food is about $10 a meal per person. We can get tasty Thai, Vietnamese or Indian lunch specials for that price and have never found anything we felt was tastier or healthier. I had the chance to get some discount tickets to a foodie event in the city last year with chefs from Michelin starred restaurants. The event was a lot of fun and in a skyscraper with pretty views. But we realized the food we thought was best were the Asian dishes and we can get those close to home and without paying much.

Last night I took DW and another couple out to celebrate our 30th anniversary. I "budgeted*" $400 for the meal (Flemmings Steakhouse, not cheap). Total price BEFORE tip was $425! That is an indicator of wealth!!


* I do some tax returns, and hold the cash for expenditures which are not in our budget. The returns are easy and I enjoy it, so the $$ is worth it.

 

[ShokWaveRider]

We think that simply having ones primary home fully paid for, being able to buy anything we need or want without budgeting for it, and getting a good nights sleep, is wealth in itself.


Are there luxuries that we "may" lust after but do not buy? Yes, BUT sometimes the fact you can go out an buy almost anything you want without worrying is a great thing.


Eg. I have been a life long sports/exotic car enthusiast and have owned my fair share. However, I now relish the fact that I can afford to pay Cash for that Aston Vantage V12 if I really wanted to, and not affect our financial stability. That is as good as owning it, if not better.

 

[daylatedollarshort]

Total price BEFORE tip was $425! That is an indicator of wealth!!

I think that is an indicator of your spending choices and food preferences, not necessarily your wealth.

 

[NW-Bound]

...Short of winning the lotto (and you can't win if you don't play) I don't think I'll ever NOT think about the price of most things I purchase vs the "value."...

I think one would have to be in the rank of billionaires before he stops thinking about prices of most things. Maybe, maybe not. I believe Buffett has a fractional jet ownership, but does not own a jet outright.

Hence, I can never think of myself as "wealthy" in this materialistic sense.

 

[Big_Hitter]

almost all rich people I know have really nice shoes

 

[Pilot2013]

I think easy to spot here:

 

[HFWR]

I think easy to spot here:

No need for a "flotation device"...

 

[pb4uski]

... 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. ....

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. ...

Yes, you are correct... the 6 hour drive is door-to-door. To fly door-to-door is a little over 4 hours but the drive (to Midtown Manhattan) is much more stressful than flying.... and yes, parking is an issue (and expensive), public transportation is good and a car is a hassle.

 

[2017ish]

Yes, you are correct... the 6 hour drive is door-to-door. To fly door-to-door is a little over 4 hours but the drive (to Midtown Manhattan) is much more stressful than flying.... and yes, parking is an issue (and expensive), public transportation is good and a car is a hassle.

We go through this calculation every time we go to Chicago from Nashville (about 8 hours driving v. 2.5-3.5 hours flying with precheck and getting to our destination on the other end with no checked bags). Often comes down to where, precisely, we are going--S.I.L. in Deerfield versus Son Downtown.

One indicator of wealth, however, is that the ratio is becoming more heavily tilted to flying; although that may change when we retire?

 

[Taxman59]

I think that is an indicator of your spending choices and food preferences, not necessarily your wealth.

If I did that on a regular basis, you would be right, but I only go to places like that for special occasions and when I do, I have my "side" $$ to cover the cost which I don't care about because of the event. Spending $400+ on a celebration dinner with another couple is an extravagance, being able to do it without blinking at the cost, to me, is an indicator of wealth.

 

[marko]

The OP asked about 'activities' that might indicate a wealthy person...

So, what are some specific activities that might indicate a person is wealthy?

As many have noted, it might not be the right question as wealthy and activities are no longer necessarily connected.

Many old timers here will recall my very wealthy grandfather who ended up sitting in his six bedroom house in the dark watching a small (albeit color) TV and having stiffed his housekeeper because she lost her other job and 'had no place else to go'.

Perhaps wealth is a matter of living the life you want [-]without worrying about how you'll pay for it[/-] knowing you've got the expenses covered.

Nowadays, I see little connection between expensive activities and wealth.

 

[audreyh1]

I could afford the business class airfare, but I can't get past how the difference would pay for the entire rest of our Europe vacation. And we splurge on hotels!

Our neighbors always fly first class. They are 20-25 years older than us. If I were their age I'd be more aggressive about spending it down too!

We do jump on it if offered great deals on first class upgrades for a given leg of a flight. $129 for 6 hr flight to Hawaii, or $69-$99 for certain domestic legs.

 

[daylatedollarshort]

If I did that on a regular basis, you would be right, but I only go to places like that for special occasions and when I do, I have my "side" $$ to cover the cost which I don't care about because of the event. Spending $400+ on a celebration dinner with another couple is an extravagance, being able to do it without blinking at the cost, to me, is an indicator of wealth.

Okay, that is fine, if that is your indicator of wealth, but I don't understand why you quoted my post about our preference for Asian food in your steak house post. What was the point of that?

 

[NW-Bound]

Some people say "I can do A, or B, or C, and that shows wealth".

I say "But I cannot do Z, therefore I am not rich".

 

[RobbieB]

To be really rich you need a big house (mansion) with servants (live in) to wait on you.

I'm not anywhere close to that. A maid service and a gardener twice a month would be good.

The real cost of buying something is not buying something else and since the million dollar house and the Maserati are off the list, I have more dough for first class airfare, hotels with jacuzzis, caviar and lobster tails -

It's all about what you want and what's important to you.

 

[NW-Bound]

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

To be rich, to me, one should be able to say regarding anything "I can have it, but I don't want it". Buffett has no mansions, no private jets, no yachts. He can use Louis XIII Black Pearl Cognac for mouthwash. He does not do anything such. He's still rich.