Six levels of wealth - how are you doing?

[rodi]

Well that video was a waste of time imo.

We're mostly 4... But I don't qualify since I'm not 65 yet (and have been retired 11 years).

My clothes are not lands end or Eddie Bauer, but I do have a decent amount of Columbia because it's good for travel, sun protection.... But not for style.

My travel is higher than level 4.... Net worth (including house) is level 5, but you can't pay for groceries with your house. Not on Medicare yet, not on social security yet. Don't have concierge medical and probably never will. We cook at home because we enjoy it and would rather save our dining out for when we're traveling.

The guy was pretty bland. And his message seemed to be about appealing to potential wealthy clients.

 

[Irishgirlyc58]

I'm a little in 3, 4, and 5 so if I add those up 12/3-I get 4.

I found the categories odd. I think my psyche is squarely in the 3 category.
I don't do meal delivery service because I am an extremely picky eater and I also have an extremely picky digestive system. I've tried several and I usually end up tossing the food.

Attending a fundraiser sounds a lot like work.

 

[Aerides]

If anyone is bored enough to summarize the levels in the video that would be great, but yeah I'm not watching that.

If clothing is a meaningful tier signifier that's just stupid. Plenty of people that shouldn't, have closets full of designer stuff. Plenty of people that can afford designer mostly go around in "normal" stuff. Just because you're rich doesn't mean you want to shop at Loro Piana.

ETA: I see the charts PB posted - thanks! They also seem to miss everything from 1.5-3mil? Seems like a huge gap between 4 and 5.

 

[Ronstar]

Like others here, I would be low level when it comes to clothes. I'm wearing a 20 year old t shirt and shorts now and will all summer. And old clothes all winter. And I also have no suit that fits. Can't remember the last time I wore a tie, but it's been at least 10 years. My idea of a clothes splurge is Darn Tough socks, and something from Banana Republic.

And I can't comprehend what it would be like to have a chef, or delivery. I don't even know anyone who has a chef. And I don't usually eat organic. No fancy vacations. No fancy vehicles - I drive a 116k mile F-150 and a Jeep. Don't know what concierge medical is - I just go to quick care for tick bites, etc and regular dental and chiropractic checkups and yearly Medicare wellness exam. No custom built and maintained house - I built it mostly myself and have mostly maintained it myself. And I can't remember ever going to a fundraiser.

 

[Gumby]

...... Just because you're rich doesn't mean you want to shop at Loro Piana.

I had to look that up. It seems rather ... excessive.

 

[Aerides]

I had to look that up. It seems rather ... excessive.

It was most of the costume department for Succession. It's the poster child brand for "quiet luxury" that became a thing in the past couple of years.

 

[Exchme]

Seems like astrology, you say some really broad stuff and hope that folks see themselves in one or two items and ignore the dozen or so misses. Some of the lists are just odd, Art Societies are supposed to be typical for folks with $1.1-1.5M? Personal chefs if you have $3M?

Monetarily we are 5, but most of my closet is old enough to vote, some things are well into middle age. I've seen lots of doctors to manage different problems, but when one went concierge we switched to someone else. The only fund raisers were years ago for the kids' Junior High and High School bands to get new uniforms. Our travel consists of visiting family, mostly by car. I don't even know anyone that has a personal chef. Our social lives are family and a few friends.

We are not afraid to spend on things that are important to us, but most of that list isn't.

 

[frayne]

Seems like astrology, you say some really broad stuff and hope that folks see themselves in one or two items and ignore the dozen or so misses. Some of the lists are just odd, Art Societies are supposed to be typical for folks with $1.1-1.5M? Personal chefs if you have $3M?

I think the exercise of comparison with some of these criteria is silly and just a net worth number would suffice. BTW I'm sleeping with my personal chef.

 

[Diogenes]

I would say there's a new / old money thing going on that's not addressed directly.

If you look at 6, especially, you see some things that might be easy for someone with old money and somewhat inaccessible to new money. Just because you worked at a startup and cashed-out 15 million doesn't mean you have connections and even "know how" or are inclined to move in those charity circles and do those other hoity toity things.

Exactly. A relatively middle-class person with strong community connections might get invited to such various social functions. A cranky irascible recluse worth "money out the wazoo" (to quote a video in another post here) would receive no such invitations. It's that old bit about emotional intelligence and "putting oneself out there". Same holds, for anything from receiving good real estate advice to getting a date. Money helps, but what helps even more, is a poise, a presence, a reputation, and a capacity to positively interact with people. Those who are able to do this, are rarely in the financial bottom-half. But they need not be wealthy. And it's not hard to imagine a fabulously wealthy tech-bro who has no friends, nobody to call if his Lamborghini gets a flat tire at night, and nobody to check on him if he collapses from a heart-attack while sitting on his golden commode.

 

[COcheesehead]

If anyone is bored enough to summarize the levels in the video that would be great, but yeah I'm not watching that.

If clothing is a meaningful tier signifier that's just stupid. Plenty of people that shouldn't, have closets full of designer stuff. Plenty of people that can afford designer mostly go around in "normal" stuff. Just because you're rich doesn't mean you want to shop at Loro Piana.

ETA: I see the charts PB posted - thanks! They also seem to miss everything from 1.5-3mil? Seems like a huge gap between 4 and 5.

Top three are in post #17 thanks to @pb4uski

 

[Out of Steam]

Level 3 lifestyle, level 4 income/assets, though we aspire to upscaling our travel.

With her complex conditions and impatience with medical staff, my wife should probably be using a concierge doctor.

 

[Texas Proud]

LOL... I did not look into all the levels but did look at #17 post...

I have some in 4 and 5... but clothes are not listed (LOL)... DW and DD say that I look homeless at times... they complain enough that when we go out together I say you need to pick what you want me to wear...
As someone mentioned, some of my clothes are older than my kids...and I still wear them...

HECK... I now have my 3rd passport wearing the same polo type shirt!! (did in on purpose...)

 

[EastWest Gal]

This is a strange set of lists. Only level 6 is Ivy League? One can be Ivy League and fall down on the NW, or be a college dropout and be level 6 in terms of NW-Steve Jobs, Mark Zuckerberg, and Bill Gates all dropped out of college. These three and other billionaires don't spend that much on clothes-Jobs wore turtlenecks, Gates likes button down shirts and V neck sweaters, and Zuckerberg prefers T-shirts.

We are Level 5 in terms of NW, income, education. Level 2 in terms of clothing-I like to be comfortable now that I don't have to dress for work. I don't use food apps, a private chef, or eat out often (not as healthy). House is probably a level 4, but move it to Silicon Valley and it would be decidedly level 5. Not everything I buy is organic, as it hasn't been proven to be significantly healthier. Social life is level 3-4. Travel-what is high end travel? Spend $2000/night at some fancy hotel? No thanks.

A dear friend has level 4-5 NW due to inheriting his parents small 3 bedroom house in Sunnyvale, but is still doing part time work (partly for fun) and has a roommate at age 69. He's level 2-3 I'm guessing.

There is no one size that fits all. Just another silly list, IMO.

 

[kgtest]

Pops is in Level 5. We are irrelevant, but we have half of level 5 saved and we are 44. We have been very diligent about saving and investing, and not over spending when it counted.

 

[Sunset]

The problem is if you take the elevator up, then return via the stairs at a later point, it’s not on that floor. Or if your wife takes it up and you are still down, it’s not there.
The elevator may not always be on the same floor as you.
It helped when we moved it, but it was a $30,000 albatross when we lived there. The new buyer was all excited to buy a house with an elevator so it added value at sale time.

Little did they know ...

 

[steady saver]

That was fun

 

[RetiredAt55.5]

The problem is if you take the elevator up, then return via the stairs at a later point, it’s not on that floor. Or if your wife takes it up and you are still down, it’s not there.
The elevator may not always be on the same floor as you.
It helped when we moved it, but it was a $30,000 albatross when we lived there. The new buyer was all excited to buy a house with an elevator so it added value at sale time.

Makes perfect sense to me - DW and I go to bed at different times and get up at different times.

In our house, it'd likely be on the wrong level more than 50% of the time.

 

[calmloki]

We just don't fit. per normal. Income and net worth have us between 5 & 6. Did go to a good college whose sports program focuses on an annual croquet match against it's neighbor, the U.S. Naval Academy.

We like old stuff; one of our homes took six years to strip, redo the floorplan, install new plumbing drain and supply, wiring from weatherhead down, foundation work, roof, windows, sheetrock, and oak tongue and groove flooring, transom window doors, and trim boards of solid fine grain wood that we rescued from teardowns and practice burns that we rerefinished. Been good for our last 25 years, should be good for another 100 to get to the home's 250 birthday. Our other home is a contractor built place we bought for the winter sun. Comfortable, but no soul and the "wood" is mostly sawdust and glue.

Most of my clothes are from yard sales - brings me great joy to have a couple pair of $7 Carhartt carpenter pants. Mostly our life style is level 3 or lower. Good with that.

 

[Gumby]

We just don't fit. per normal. Income and net worth have us between 5 & 6. Did go to a good college whose sports program focuses on an annual croquet match against it's neighbor, the U.S. Naval Academy.
.......

Always good to hear from a Johnny. If I could have picked a school other than USNA, it may well have been yours.

 

[deserat]

Does getting invites to steak dinners to talk about finances put me in level 5/6? Asking for a friend....;-)

 

[Dash man]

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.

I agree! We’re a little below the average Level 6 income, but nothing else. We live comfortably without personal chefs, concierge doctors, high end travel or fancy clothes. We weren’t raised that way and couldn’t change our lifestyle that much. We give to many charities but never go to fundraisers we’re invited to.

 

[marko]

With so many people sitting in various catagories rather than firmly in one, I'd say that the classifications/criteria are flawed.

Or maybe the folks responding here are.

$150k of income to be considered "affluent"? Not in the North East or other HCOL areas. $50k-$75k to be "solid middle class"? I don't think so.

 

[Dash man]

With so many people sitting in various catagories rather than firmly in one, I'd say that the classifications are flawed.

Or maybe the folks here are.

Personally, I’m very flawed.

 

[MrBojangles]

As far as Level 5 and law. A profession that has been watered down significantly, will be in less demand due to AI, significant student loan debt relative to income for most. Income is bimodal, a few superstars earn a lot, most attorneys earn average wages. Benefits are at the whim of a small law office and usually not that good. Expensive health insurance and not often that great retirement plans.

I took the LSATs over 30 years ago thinking law school was the answer to a high income without too stressful work end result career. I’m so glad I never attended law school.

 

[Koolau]

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.

You might think that, but when you get to Level 5, you find yourself "living" like you always lived (I started life as maybe a level 1 or 2). IOW having the money of a 5 doesn't make you "live" like a 5 IMHO but YMMV.