Six levels of wealth - how are you doing?

Diogenes said:
What do the good people of Early Retirement think? Is it family obligations that set (and possibly support) our "levels" throughout life?
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I'm not sure how to answer that, but we had our kids late in life and could afford to send them to private school up through grade 8 and then we actually moved to a different city to insure we got the kids into the best school in our region of the state.

Kid's education was the one thing where we "lived" like a 6 but had the finances of a 4 or 5. Everything else, we look more like 3's or 4's and, as always, YMMV.
 
I don't generally watch videos of things like this, especially when I can just read the same thing in like 30 seconds:


[they both use the Fed Reserve Survey of Consumer Finances as their source data]

Using a very conservative 'present value' calculator we appear to come in around the 4-5 level, which is odd given that it doesn't feel like what I thought it would. We're a bit higher if you factor in my family to the normal life expectancy tables (my Dad is 94, his sister is 93, his aunt lived to 102).
 
scrabbler1 said:
This is surely why I meet items at several different levels. Being single and CF means I can live in a small apartment at the comfortable, simple lifestyle I choose yet have a big bundle of money. But for me, the most important part of my lifestyle is not having material things but to have been able to retire at 45, which I did nearly 17 years ago, getting me out of the daily rat race (and the awful commute to work). Nothing in that guy's video adequately reflects that set of life choices.
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Very good point. I don't recall the video ever mentioning early retirement as part of the higher levels of wealth and income. One would think that early retirement would be as much an indicator of wealth (and maybe income) as being in the higher social "realms" or taking 1st class vacations, etc. YMMV
 
Koolau said:
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.
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One of the disconnects is that for the LBYM crowd, lifestyle vs NW skews the proposition.
 
marko said:
One of the disconnects is that for the LBYM crowd, lifestyle vs NW skews the proposition.
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Exactly. And the LBYM mindset seems prevalent in the FIRE crowd so "we" (here) are true outliers in many ways. It's not too surprising that most of us don't fit neatly (or otherwise) into one of the 6 categories.
 
Koolau said:
Exactly. And the LBYM mindset seems prevalent in the FIRE crowd so "we" (here) are true outliers in many ways. It's not too surprising that most of us don't fit neatly (or otherwise) into one of the 6 categories.
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Exactly! Well said.
 
Yeah, Level 4. All the first couple. I was an Engineer & DW has jer Masters in Ed. That is “won the game” in my book. Any more than that and it is almost going backwards in effort, in that more is expected of me and I’d resent leaving that much to my heirs.

I’d be happier being 45 and Level 2, TBH, vs 67 & Level 4. Time & health/age is priceless.
 
Koolau said:
Uh, what's a cycling bib? Maybe I'm NOT a 5 since I don't know what that is. :blush:
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They are cycling shorts with straps that go over your shoulders to keep them from falling down as you ride. So no plumber’s crack issues.

IMG_0770.jpeg
 
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I have enough wealth that I shouldn't have to worry too much about money but not enough wealth to not worry too much about money.
 
COcheesehead said:
Come to think of it, ours do as well and they get food delivery from Chewy’s. They easily are level 5+
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Quite a few (most?!) of my neighbors get Chewy's or food from "The Farmer's Dog." I suspect most LATM and have very little wealth.
 
COcheesehead said:
Cyclists are the same way. You can drop $200 on a pair of cycling bibs in a hurry and I own about 8 pairs.
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Wow. I guess that shows the difference between a level 2-3 like me and a 5 like you. You have 8 pairs of $200 cycling clothes. I have been wearing the same $50 pair of padded shorts for 20 years. I did buy one other cheaper pair but I don't use them often since the padding isn't as good. I just wear whatever cheap moisture wicking shirt I happen to have available.
 
aaronc879 said:
Wow. I guess that shows the difference between a level 2-3 like me and a 5 like you. You have 8 pairs of $200 cycling clothes. I have been wearing the same $50 pair of padded shorts for 20 years. I did buy one other cheaper pair but I don't use them often since the padding isn't as good. I just wear whatever cheap moisture wicking shirt I happen to have available.
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Cycling is my thing. I posted this a few times, but if you spend on what you value, it’s always money well spent. I have no problem dropping coin on quality cycling gear because cycling brings me so much joy.
 
FLSUnFIRE said:
Often the case these days.... I don't think the dog food delivery is pushing them above their means but would be a poor indicator of "level 5" wealth.
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Some of the Vet bills I've seen on the Forum would suggest "level 5." We spent a lot on our animals at the Vet, but the prices seem to have gone even higher (outrageously so) since our last pet passed.
 
aaronc879 said:
Wow. I guess that shows the difference between a level 2-3 like me and a 5 like you. You have 8 pairs of $200 cycling clothes. I have been wearing the same $50 pair of padded shorts for 20 years. I did buy one other cheaper pair but I don't use them often since the padding isn't as good. I just wear whatever cheap moisture wicking shirt I happen to have available.
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This is what happens when you really get into cycling.

IMG_0771.jpeg
 
COcheesehead said:
Cycling is my thing. I posted this a few times, but if you spend on what you value, it’s always money well spent. I have no problem dropping coin on quality cycling gear because cycling brings me so much joy.
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I retired from cycling due to time constraints. I still have some really nice bikes hanging in the garage (classic steel, Colnago, Masi, Steelman, all Campy) but the ramp-up time to get the neck and butt in shape is a blocker for me now. I also have a nice steel fixie (no freewheel) that I used for interval training. My groups are pretty old and not high-tech but they are beautiful works of art at the same time. I think I just need to replace tires, regrease and relube and they should all be ready to go. The wheels are always true and I suspect they haven't gone out of true. I built half of them myself. Luckily I held on to my repair stand, truing stand, tools and parts so I should be good to go. I have 3 bib shorts in the closet that should still be serviceable. Definitely not as strong as I used to be so climbing Highway 9 might be a bit challenging but it is on my to do list to get back on the bike.
 
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