Climbing the wealth ladder

[NW-Bound]

The Fogo de Chao where I am charges $40 for lunch and $56 for dinner. Alcohol is of course extra, and pricey too. A glass of wine was $12, if I recall right.

I don't think the price is bad, but my wife eats so little she says it's a waste of money for her.

On the other hand, American steak houses charge $50 just for a filet. I like Fogo de Chao better, because I get a variety of meats.

 

[The Cosmic Avenger]

The Fogo de Chao where I am charges $40 for lunch and $56 for dinner. Alcohol is of course extra, and pricey too. A glass of wine was $12, if I recall right.

I don't think the price is bad, but my wife eats so little she says it's a waste of money for her.

On the other hand, American steak houses charge $50 just for a filet. I like Fogo de Chao better, because I get a variety of meats.

If you sign up for their email reminders, they occasionally send out codes for $25 off dinner or $15 off of lunch...and it's NOT one per table, so my spouse and I each used our codes for our last visit. Plus, a new one had opened and we had coupons for free desserts!

(Our prices are about the same, too. And yes, I tipped on the un-discounted total!)

 

[dtbach]

Between stage 3 and 4. I can go pretty much where ever I want, but not at all price levels. I doubt I will ever reach stage 4 and that's OK with me.

 

[NW-Bound]

If you sign up for their email reminders, they occasionally send out codes for $25 off dinner or $15 off of lunch...and it's NOT one per table, so my spouse and I each used our codes for our last visit. Plus, a new one had opened and we had coupons for free desserts!

(Our prices are about the same, too. And yes, I tipped on the un-discounted total!)

That's a huge discount. I assume that both you and your wife signed up at their Web site to get individual discounts.

You even have room for desserts after sampling all the meats? I only sampled a subset of their offerings, and was already in trouble at the end.

 

[The Cosmic Avenger]

That's a huge discount. I assume that both you and your wife signed up at their Web site to get individual discounts.

Right, two email addresses, two codes. We each have to show our code...you can print them out, but we do it on our phones.

You even have room for desserts after sampling all the meats? I only sampled a subset of their offerings, and was already in trouble at the end.

You never want to try ALL the meats. Every time we go we joke (amongst ourselves, at home) about the chicken or the sausage: "Oh, man, who did you piss off to have to carry around the chicken??" And about not eating much earlier that day: "Don't fill up! You're in training!"

There are 3 or 4 I wait for, and if you let them know which ones, they'll track them down and send them your way sooner. They also have chimichurri and hot sauces that they only bring out upon request. :-d

 

[NW-Bound]

No, not all the meats. I am a red meat eater, so only beef and lamb. I am getting old, and while I think I still have a good appetite, it's more eyes than stomach. My wife eats just a couple of cuts.

My wife and I like to go to our favorite French restaurant more. The portion is more manageable, yet I have enough after dessert.


PS. Come to think of it, it is only at that French restaurant that I ever have room for dessert.

 

[NW-Bound]

And speaking of not wanting to spend more even if you can, that favorite French restaurant of mine has a "serious" restaurant side, and a separate bistro wing. We always eat at the bistro wing. The decor is informal, and very European (the owner is French). The food comes from the same kitchen, the price is lower, and the atmosphere is lively. The restaurant side is quiet and somber.

Why pay more if paying less puts you in a happier mood?

 

[Perryinva]

Travel for us depends on where and how far. We won’t travel 8 hours on a flight in coach anymore. Too uncomfortable in many aspects. We typically travel Business international, but are still using points so costs are around $1400/ticket. Regular pricing is typically $4500. Vacation for us is not about spending as little as possible, but certainly not as much as possible. Yet I know people that travel to India in coach, 18 hours of flying. But we fly coach to FL from Virginia. First is too much per minute for that.

 

[Markola]

Travel for us depends on where and how far. We won’t travel 8 hours on a flight in coach anymore. Too uncomfortable in many aspects. We typically travel Business international, but are still using points so costs are around $1400/ticket. Regular pricing is typically $4500. Vacation for us is not about spending as little as possible, but certainly not as much as possible. Yet I know people that travel to India in coach, 18 hours of flying. But we fly coach to FL from Virginia. First is too much per minute for that.

+1, especially “Vacation for us is not about spending as little as possible, but certainly not as much as possible.”

We’ve reached that point, too, though we find Delta’s Comfort + class gives us what we need, i.e. legroom, a little more service and distance from big families and less-seasoned travelers. We just got back from Paris last night and had two seats on our own row in the front of Comfort + class with just the bulkhead in front of us. That provided even more room and a tad more privacy, so we’ll aim for that going forward on the major flights.

 

[ncbill]

The Fogo de Chao where I am charges $40 for lunch and $56 for dinner. Alcohol is of course extra, and pricey too. A glass of wine was $12, if I recall right.

I don't think the price is bad, but my wife eats so little she says it's a waste of money for her.

On the other hand, American steak houses charge $50 just for a filet.

I like Fogo de Chao better, because I get a variety of meats.

Yep, that's the appeal to me as well.

Plus I got a whole bottle of wine to myself (DW does not drink)...though she said I was "a little silly" by the end of the meal...

 

[Fermion]

I can make $10,000 realized profit on a single biotech trade in a single day and yet I will still not order a take and bake pan pizza for $14, instead choosing to wait until Tuesday when they are $10.

 

[HI Bill]

I can make $10,000 realized profit on a single biotech trade in a single day and yet I will still not order a take and bake pan pizza for $14, instead choosing to wait until Tuesday when they are $10.

+1. I do loosen up the purse strings a little when the market's way up!

 

[RobbieB]

I went to the fogo once. Had to wait a long time to get a table, place was packed. Dinner cost a huge amount of dough and the meat was all over cooked.

That's why I went once. Once was enough. Never again.

 

[dtbach]

I went to the fogo once. Had to wait a long time to get a table, place was packed. Dinner cost a huge amount of dough and the meat was all over cooked.

That's why I went once. Once was enough. Never again.

My experience exactly, except for the packed part.

 

[mickeyd]

Stage 5 – Financial Independence. You have enough investment income to cover your current lifestyle.

Stage 6 – Financial Freedom. – You have enough investment income to cover BIG dreams and upgrade your lifestyle.

I see myself and DW realistically @ Stage 5 but trending to Stage 6. All of our current (and future) expenses are covered under our CCRC agreement and income stream covers that 100%+. We still have big dreams, but we do not desire an upgrade in lifestyle.

 

[gerntz]

We paid for half the college education of a young lady not our relative to keep her near out of debt, not interested in having a dream house to maintain, & consider 2-4 in our decisions.

 

[gooddog]

What if you are financially at level 5, but think like level 3?!!!

 

[Fermion]

What if you are financially at level 5, but think like level 3?!!!

It means that soon you will be level 6

 

[Souschef]

This is why I continue to fly cargo-class although my budget indicates that I can easily fly business class. For me, the benefits of business class aren't worth the cost. In fact, when I walk past the biz-class folks to the rear of the plane, I can't resist a smug sense of superiority. These folks might be alarmed if they knew what I am thinking: not the slightest trace of jealousy but something more kin to pity. Not exactly what the airlines or these passengers had in mind when they bought their tickets.

Of course, there is one benefit to biz-class tickets (and other expenditures of this type) - the opportunity to associate with other folks who are willing and able to make this type of expenditure. Some of these folks may consider this opportunity priceless. For me, it doesn't have much value, but I can see their point.

When you get to a certain age, where you can no longer be shoehorned into a coach seat due to physical constraints, the benefit far outweighs the costs.
The ability for DW to sleep on her side on a 10 hour transatlantic flight is priceless.
We are to a point in our lives where we avoid airports at all costs. On two recent trips to Alaska and Hawaii, we chose to cruise from LA round trip rather than fly.

 

[RobbieB]

Feel free to pity me all you like as I sip my cocktail in my large comfy seat.

 

[Another Reader]

Feel free to pity me all you like as I sip my cocktail in my large comfy seat.

What? No NetJet? Pauper!

 

[cyber888]

I prefer this one. But Stage 3 and 4 can be reverse. You can have financial security, while still have some low-interest debt. Stage 5 goal is fine by me.

The article is too relative to be useful for me, e.g. does the ability to “spend frivolously on vacations” include a full year at the Four Seasons? If so, I’m not “Level Four.” I prefer Radical Personal Finance podcaster Joshua Sheets’ levels:


Stage 1 – Financial Solvency. You can support yourself, without help or handouts from others, and you’re current on your bills.

(Many people think that financial management stops at Stage 1.)

Stage 2 – Financial Stability. You can support yourself, your bills are current, and you hold some savings.

Stage 3 – Debt Freedom. You’re debt-free, in addition to the points above. It’s your choice whether or not you want to include your mortgage within this definition.

Stage 4 – Financial Security. You have enough investment income to cover basic, bare-bones living costs.

Stage 5 – Financial Independence. You have enough investment income to cover your current lifestyle.

Stage 6 – Financial Freedom. – You have enough investment income to cover BIG dreams and upgrade your lifestyle.

Stage 7 – Financial Abundance. – You have enough investment income that you cannot possibly spend this money. Vast amounts of your money will outlive you, and your focus is wise stewardship of this wealth so that you can leave a beautiful legacy.

 

[NW-Bound]

What people hate when traveling is having to go through security, wait in the terminal, and then stand inline even if it's the first-class line.

Enter the private suite, where you will be pampered while waiting, and from where you will be driven across the tarmac to the commercial jet to board before any of those uncouth and lined-up passengers are allowed on the jetway.

It is good for dignitaries to not having to mingle with the public while waiting in the common terminal. They still have to go through security, but special provisions are made to escort and to speed the guests through.

This is a lot less expensive than chartering a private jet to go from the west coast to Europe or to Asia, in order to get some privacy. It still takes a bit of dough, and is not available at all airports.

For a description of the private suite at LAX, see: https://www.businessinsider.com/private-suite-lax-terminal-wealthy-travelers-photos-tour-2018-10

The $4,500-a-year membership cost is just the base fee. It's an additional $2,700 for each domestic flight and $3,000 for each international flight. That includes the paying member and up to three guests.

Non-members pay between $500 and $1,000 more per trip at $3,500 for domestic flights and $4,000 for international flights, which covers up to two additional guests.

 

[Old Microbiologist]

I don't know if I agree with the concepts. We are clearly above step 4 but we also pay close attention to spending. Not because we have to but it is the way we are. I will add that a lot depends on where you are at. We live in Hungary in a fantastic house what to many would be a dream house in a destination resort. I have a yacht on the lake and we live an ideal life. We almost never eat out ever and prefer to cook at home and all of our meals are gourmet quality. When we travel we fly business and stay in 4 star class or higher if available. That is because we both have back problems and nice beds in hotels and the ability to recline the seat in airlines is important to us. No restaurant is ever up to our quality standards so that is not something I actually appreciate. We are far better chef's than in starred restaurants. Not bragging just a fact.

We don't generally do tours and I usually do it all myself although this year we are taking 3 tours with a friend of my wife who runs photographic tours at fairly reasonable prices. We did one tour with her in the US as foreign tourists to the greater Southwest on a 4WD photo tour and hit every State and National Park in 5 states. This is a Russian tour company out of Saint Petersburg and I am the only non-Russian in these groups. I have a reasonable skill in Russian as well as German and a tourist level in Spanish, French, Japanese and Chinese so we get by. Many Russians also speak English (the people taking these tours are not poor) so it works out. Americans do not ever realize I am not Russian so it is interesting to watch the byplay and I have to say I am proud of the people (not the US government) with regards to how we were treated, even in far remote backwaters. NOt a single time were we treated badly by anyone. Now the food, on the other hand, was atrocious and a complete shock to our group. A common complaint was would we ever have a good meal in the US? I told them no it was impossible due to food quality. Maybe you can get a good meal in a Michelin starred restaurant in the US but even then I am doubtful.

So, we generally plan on $10k a week for travel and it usually comes out to that not including air tickets. We have plenty of cash reserve, no debts, no property tax, cheap insurance, a nice relatively semi-luxury new car (VW Passat) which we rarely drive, a yacht in a marina here, and a house that would be millions in some parts of the US. So it is impossible to put a value on this in terms of wealth. We also have 1 full time employee and 1 part time house cleaner. So, in real terms our pensions add up to $90k a year and our expenses are $24k a year and we haven't touched our reserves in 10 years which also continues to grow. I don't feel rich but apparently we are.

 

[robnplunder]

Hmm. I am comfortably at level 3 but my desire to travel has been plummeting since I retired 4 years ago. When I was working, I traveled to unwind and reset. Now, traveling is more of a hassle.