Koolau
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Shhhh. If you tell everyone that, then they'll all retire and traffic and restaurants will suck on the weekdays too.
OOOPPPS! What was I thinking?
Shhhh. If you tell everyone that, then they'll all retire and traffic and restaurants will suck on the weekdays too.
I look at these types of surveys/articles because I'm a worrier. I hope to retire soon and I'm still worried about will I have enough and do I need to keep working longer (even though I've planned carefully). I'm not looking at comparisons to try to feel better than others, but for the reassurance that if people at this level are doing ok, then I should be ok too.
I realize that depends on lifestyle and how much one spends but each additional piece of "confirmation" is reassuring.
That sounds familiar. I never cared about the "Joneses" plan. I am not all that trusting that they knew what they were doing since most live above their means anyway.I look at these types of surveys/articles because I'm a worrier. I hope to retire soon and I'm still worried about will I have enough and do I need to keep working longer (even though I've planned carefully). I'm not looking at comparisons to try to feel better than others, but for the reassurance that if people at this level are doing ok, then I should be ok too.
I realize that depends on lifestyle and how much one spends but each additional piece of "confirmation" is reassuring.
. . .
But, I also find that I've turned into my stepdad, to some degree. Not just making sure it's the right car, but also, the whole new vs used, do I really NEED a new car just yet considering how little I drive, with the way car prices are these days should I just fix the old one, etc. I guess the old saying is true...eventually we turn into our parents!
To repeat myself: I have enough.
I wish they had a category for "blessed."
Ahhhh yes, but it happened to me much earlier . . . Probably due to life events. I had three kiddos before 29 so no new cars for me I used to joke that I was driving Fred Flintstone's junker.
We had our kids late in life. So, I had the Vette, Opal Rallye Manta, a Mazda RX2 (rotary - a real stealth stormer) and '56 Chevy with a Corvette engine early in life. Of course, after the kids, we had a couple of vans. We bought an older van that was low mileage but showing its age. The kids didn't really want to go to school in it. But the kids loved the much newer Caravan that had doors on both sides. They weren't ashamed to be taken to school in that. Ah, memories.
I don’t feel wealthy either. No private jet- we fly Southwest Airlines using points whenever we can. No yacht - just a kayak. My ranch is 5 acres. House is 30 years old. DW drives an 11 yo car. We stay at Hampton Inns. I do my own yard work, home maintenance. No cleaning service. I live at the same level now as when I got out of junior college in 1975 with 12 bucks.
His borderline super wealthy folks at 16.7 million can't afford a private jet comfortably.
I was driven to school in a vintage Rolls Royce. It always turned heads in the small town where we lived. My parents were not wealthy by any measure. My dad just liked to tinker with English cars. After 12 years of ownership, he sold it for slightly more than twice what he paid for it.We had our kids late in life. So, I had the Vette, Opal Rallye Manta, a Mazda RX2 (rotary - a real stealth stormer) and '56 Chevy with a Corvette engine early in life. Of course, after the kids, we had a couple of vans. We bought an older van that was low mileage but showing its age. The kids didn't really want to go to school in it. But the kids loved the much newer Caravan that had doors on both sides. They weren't ashamed to be taken to school in that. Ah, memories.
I was driven to school in a vintage Rolls Royce. It always turned heads in the small town where we lived. My parents were not wealthy by any measure. My dad just liked to tinker with English cars. After 12 years of ownership, he sold it for slightly more than twice what he paid for it.
Dad still talks enthusiastically about it all these years later. It was a spectacular car. I'll never forget the way it smelled inside, leather, lambswool and wood.I love the older RR. That "ridiculous" grill with the ornament is just amazing. When visiting England in the early 60's, I saw several such classic RRs. I'd love to have one.
Also, amazingly, you can purchase a used small jet for $3 mil or less. In this site, I even found an older Gulfstream about $5mil. No problem!
https://www.controller.com/listing/for-sale/220820193/1998-gulfstream-givsp-jet-aircraft
What it takes to own a private jet or yacht: probably >$50M maybe a whole lot more these days. I remember when a Gulfstream was $5M.
What it takes to regularly charter private jets or rent yachts (which is more common): less, but probably still well >>$10M.
So these would be lifestyle attributes of the uber rich (super wealthy - 99th percentile) who are in that top category of >$16M.
If you say you are not wealthy because you don’t own or charter private jets, well that’s an extremely high bar.
Yes, I think the carrying costs for the jets would be tremendous, plus you got to pay for pilots and fuel.There are probably costly maintenance or repairs for jets, even if you could afford the capital costs.
Then the expenses of operating and paying crews.
That also goes for boats, don't even have to be yachts.
How much did Robbie say it cost to fuel up the used boat he got, which was nothing like a yacht?
There are probably costly maintenance or repairs for jets, even if you could afford the capital costs.
Then the expenses of operating and paying crews.
That also goes for boats, don't even have to be yachts.
How much did Robbie say it cost to fuel up the used boat he got, which was nothing like a yacht?
That's why the fraction jets are so popular. Much of the "monthly" costs are amortized over many people and you basically just pay for each trip. It's costly, but affordable for the just barely 1 % crowd. No one person is sitting there with a jet "waiting" to be used.
Initial investment: $350,000
Annual operating costs: 50 hours x $2,000 per hour = $100,000
Annual management fee: Typically around $10,000 per year for a midsize jet
Additional fees: These may include things like fuel surcharges or de-icing fees, which can vary depending on the specific agreement.
Unlike some of the nay sayers around here, we like these comparison publications, we like being considered wealthy, even if we do not feel like it. Lets us know we have at least achieved something above the norm. We like being in the upper middle of the pack, certainly fees better than the alternatives. We would not mind being higher, but where we are is good. We certainly do not feel blessed, as we are solely responsible for what we have achieved to secure our comfortable retirement. There is still room for some mistakes, hopefully we will not make any before we Kark it.
My nieces husband is a private jet pilot. Has worked for 3 entities. I went on an early certification flight of his in a Gulf Stream IV. I was only passenger. I remember the jet being cleaner than anything I’d ever seen. We went through $20k in fuel in a little more than an hour. Owner would drive to the hangar in his Ferrari and give the keys to my niece to babysit the car until he came back. Sometimes he would fly his handyman to rhe Hamptons to do some work on his house there. Can’t imagine what it’s like to be wealthy enough to live like that.
^^ Thanks for your insight, but I'll just stick to what I was told.