Six levels of wealth - how are you doing?

Qs Laptop said:
Interesting video.

I'm finding it hard to believe that Level 5's have personal chefs. Is that realistic?
Click to expand...
Level 5 is anywhere between $3-15M net worth. If I was at that level I would either be eating out or getting delivery pretty much every meal, or I would have a personal chef and nutritionist.
 
As usual for these sorts of articles/videos, there's some confusion on whether the dollar amounts are meant to be per person or per couple.
That being said, I'm in level five to start with, falling back to lower levels in certain DIY areas.

And the fascination with clothing seems more relevant for folks in their last decade of working rather than fully retired folks.
But as most of our golfers know, you have to dress properly when going out to play a round or you won't be allowed to tee off...
 
TheWizard said:
As usual for these sorts of articles/videos, there's some confusion on whether the dollar amounts are meant to be per person or per couple.
That being said, I'm in level five to start with, falling back to lower levels in certain DIY areas.

And the fascination with clothing seems more relevant for folks in their last decade of working rather than fully retired folks.
But as most of our golfers know, you have to dress properly when going out to play a round or you won't be allowed to tee off...
Click to expand...
Cyclists are the same way. You can drop $200 on a pair of cycling bibs in a hurry and I own about 8 pairs.
 
The video did not resonate with me, but my big city brethren think we are granola eating hicks. We call ourselves the ragamuffin family. According to the video, we are living way below our means. I have attributes in all the categories, but my behaviors are probably more aligned to 2 & 3 while financially much higher.
 
I'm curious about the food verses health. Certainly a personal chef can make healthy food available, but this seems to lump in food delivery, which is probably not at all healthy, generally. I say that because restaurant food tastes great, and that's what's available to be delivered, but I don't think it's healthy.

Also, I think delivered food is kind of low brow anyway. How does that work in a very wealthy household? You get the butler to order DoorDash for you? And he heats the china plates and serves it to you in the formal dining room soon after the doorbell rings? Or does the ex CEO answer the door, drop the bag on the kitchen table and start eating out of Styrofoam containers with a plastic fork?
 
Thanks pb4uski. I wasn't going to click on the link.
We are a mix of 3 (7 items), 4 (1 item , and 5 (4 items).
Money never impressed me. It won't buy me more time and it won't keep me from getting old and possibly dependent. It has only been a way to insure we have a solid roof over our heads, have nutritious food to eat, and any medical care we may need as we age.
 
FLSUnFIRE said:
I think it's funny... a lot of stereotyping related to lifestyle, spending, and social activities based off their assets/income. I don't fit any of the categories as described and neither do many others I know.... the only one I'm definitely not is level 6.
Click to expand...
I have to agree. I am mostly a loner, so all the social and clothing stuff doesn't apply to me. I have incentives to keep my income down (ACA) and, because I am only 62, don't take SS and can't collect my frozen pension and won't begin taking any IRA withdrawals for a few years. But my $2M NW puts me between Level 4 and Level 5,

Doers this confirm how much of an outlier I (and many of us here in the ER forum) are, or does it show how silly this guy's video and its stereotypes really are? The video seemed more like clickbait to me.
 
We're level 5 on the first couple of items, but more like 3 and 4 on the other stuff.

I did just order brand new underwear and socks from Amazon. Also bought some new TShirts. Good for another few years.
 
It's interesting that this guy associates food delivery with increasing wealth. I tend to associate it with poor people! At least, in the past I've noticed that the poorer people were, the more often they tended to eat out...one reason they stayed poor! And nowadays, it seems like they're the ones more likely to order Uber Eats or whatever.

Now I guess once you get to Level 6, you probably have people who do your grocery shopping for you, and at that point you might be likely to have a personal chef.

I know there's also those meal kit services you can subscribe to, where they send you bulk meals. But I tend to associate those with either people too lazy to cook, or people who are constantly on the go, and simply don't have time.

I think it would also be helpful to know what this guy's financial thresholds are for these levels, and not just the medians. For example, telling me that a level 5 has a median net worth of $3M+ and a level 6 has a median net worth of $15M+ tells me almost nothing, other than the fact that the point of entry to level 6 is somewhere between the two. Plus, a median is a middle point, not a range. So adding that "+" makes it vague and messy, in my opinion.

But yeah, if "$3M+" is the median NW of a Level 5, and that includes home equity, I'm thinking not too many Level 5's have a personal chef! Unless you want to get creative with the lingo. My housemate does most of the cooking, but he might get offended if I started calling him my personal chef!
 
Except for NW (level 5) and education (also level 5) I'm a solid Level 3.
Edited to add: It is most interesting to read the discussion here about this topic. I'm not sure if my home should be included in NW...but as we know, that's a whole other discussion :)
 
Andre1969 said:
It's interesting that this guy associates food delivery with increasing wealth. I tend to associate it with poor people! At least, in the past I've noticed that the poorer people were, the more often they tended to eat out...one reason they stayed poor! And nowadays, it seems like they're the ones more likely to order Uber Eats or whatever.

Now I guess once you get to Level 6, you probably have people who do your grocery shopping for you, and at that point you might be likely to have a personal chef.

I know there's also those meal kit services you can subscribe to, where they send you bulk meals. But I tend to associate those with either people too lazy to cook, or people who are constantly on the go, and simply don't have time.

I think it would also be helpful to know what this guy's financial thresholds are for these levels, and not just the medians. For example, telling me that a level 5 has a median net worth of $3M+ and a level 6 has a median net worth of $15M+ tells me almost nothing, other than the fact that the point of entry to level 6 is somewhere between the two. Plus, a median is a middle point, not a range. So adding that "+" makes it vague and messy, in my opinion.

But yeah, if "$3M+" is the median NW of a Level 5, and that includes home equity, I'm thinking not too many Level 5's have a personal chef! Unless you want to get creative with the lingo. My housemate does most of the cooking, but he might get offended if I started calling him my personal chef!
Click to expand...
I think he is likely referring to the fresh delivery services that bring fruits and veggies and ready to cook meals. I don’t think he is referring to Door Dash from Taco Bell.
 
I really hate videos for learning/finding out stuff so I generally won’t click on linked videos unless there is a decent summary provided.

Of course this sounded like fluff marketing/click bait off the bat, like the stuff I used to read in money magazine decades ago when I was still working.

There are endless discussions of wealth categories on this forum so the subject gets pretty old anyway.

Glad some folks had fun with it though.
 
PatrickA5 said:
We're level 5 on the first couple of items, but more like 3 and 4 on the other stuff.

I did just order brand new underwear and socks from Amazon. Also bought some new TShirts. Good for another few years.
Click to expand...
Same as us. Level 5 finances, Level 4 vacations, Level 3 lifestyle (nutrition, medicine, clothing, housing). Can you say LBYM?
 
We fall right below level 5. I certainly don’t feel like it as it’s described. Right now I’m headed to Home Depot to get plywood to build a workbench in my shed, which I just electrified. Then I’ll cut a dead tree up this afternoon. No garden parties happening here.
 
COcheesehead said:
I think he is likely referring to the fresh delivery services that bring fruits and veggies and ready to cook meals. I don’t think he is referring to Door Dash from Taco Bell.
Click to expand...
+1. For level 5, I would have included items like shopping at Whole Foods for organic food.

For our travel, we are at level 5 and 6, and I really cannot tell the difference in description.
 
You must log in or register to reply here.

Similar threads

fisemper
Using quintiles?
PlayinwithFIRE
P
Jerry1
Evaluating Remodeling of a house/condo
2 3
winyaz
W
S
Finally stopped tracking our spending - am I missing any reasons to do it?
5 6 7
sengsational
sengsational
calmloki
How do You use AAA?
2
pjm-7
P
Route246
Smart Money - What are you doing right now?
2
FlyingCircus
FlyingCircus

Latest posts

Back
Top Bottom