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There's also a subset of rich people who get into extreme and highly expensive exercise projects. The cost of climbing Mount Everest or swimming the English Channel is not cheap. The general entry fee for an Ironman-branded long distance triathlon is up to $825 a year now even before you get into training costs and the costs of getting you and your bike to the event site.
It's really not a 'subset of rich people'; it's simply the fact all of us (wealthy or not) have different interests, passions, personalities, lifestyles and hobbies from each other. To suggest all rich people can be identified as such by 'looking at them' is ridiculous. There is no way to 'tell if someone is rich' (and certainly not how rich) based on the car they drive or how they get their exercise.
Most people never climb Mt. Everest or swim the English Channel no matter how rich they are - lol.
we went on a trip last weekend with a few other families. most of the time, when the bill came we each gave our credit cards for an even 4 way split. one of the guys throws down his amex black card. another guy asked if the annual fee was 4-500 and he says $5,000. that is a lot to pay for the honor of having a prestigious credit card.
We've had clear Amex card for years but hub just got his new one and it's black, same $95 yearly fee.
Guess people'll think we high rollers now lol.
edit to correct: now that I look at his card in sunlight it's actually dark navy not black. back to low-roller status ha.
Last edited by twinkletwinkle22; 12-15-2019 at 01:08 PM..
We've had clear Amex card for years but hub just got his new one and it's black, same $95 yearly fee.
Guess people'll think we high rollers now lol.
The Centurion card (black) is by invitation only (and requires $250k in spending on a previous Amex to obtain it as well as an initiation fee). Many don't consider it worth it, however, as most of the (regularly used) perks are similiar to Platinum (for a fraction of the annual cost) - and many professionals who qualify for the card have similar travel perks, concierge and upgrades already via elite status with an airline (which come for 'free' due to frequent travel). Platinum gets you access to airport lounges as well (even Centurion-specific lounges).
That said, if someone has a Centurion Amex, it would be fair to say they are 'rich' - but who notices what type of credit card people have (except perhaps a retail sales person).
It's really not a 'subset of rich people'; it's simply the fact all of us (wealthy or not) have different interests, passions, personalities, lifestyles and hobbies from each other. To suggest all rich people can be identified as such by 'looking at them' is ridiculous. There is no way to 'tell if someone is rich' (and certainly not how rich) based on the car they drive or how they get their exercise.
Most people never climb Mt. Everest or swim the English Channel no matter how rich they are - lol.
The going rate for an Everest summit climb starts at around $30K and can top six figures if you want a more customized experience. (In contrast, you can find a trek to just the Everest base camp for maybe $3K) So saving up for a median-priced Everest summit is a stretch for even a UMC household because there's a heckava opportunity cost involved in making that trip.
The Centurion card (black) is by invitation only (and requires $250k in spending on a previous Amex to obtain it as well as an initiation fee). Many don't consider it worth it, however, as most of the (regularly used) perks are similiar to Platinum (for a fraction of the annual cost) - and many professionals who qualify for the card have similar travel perks, concierge and upgrades already via elite status with an airline (which come for 'free' due to frequent travel). Platinum gets you access to airport lounges as well (even Centurion-specific lounges).
That said, if someone has a Centurion Amex, it would be fair to say they are 'rich' - but who notices what type of credit card people have (except perhaps a retail sales person).
ive looked over the benefits of the black card and they definitely do not seem to justify the initiation and annual fee you pay. so its definitely paying for the prestige. you are mostly going to be impressing retail associates and friends when you split a bill on the credit cards.
i think the jp morgan reserve is a little better since you get the same benefits as the sapphire reserve plus you can also add united club access (so thats only better if united club access would be worth something to you). it costs a little more than the sapphire reserve. amex black seems to have some benefits that are very location specific so if you dont live in a place that you can use the benefit; its worthless to you.
amex black is probably more impressive to retail associates and friends since i dont think most people are at all aware of the existence of the jp morgan reserve.
ive looked over the benefits of the black card and they definitely do not seem to justify the initiation and annual fee you pay. so its definitely paying for the prestige. you are mostly going to be impressing retail associates and friends when you split a bill on the credit cards.
i think the jp morgan reserve is a little better since you get the same benefits as the sapphire reserve plus you can also add united club access (so thats only better if united club access would be worth something to you). it costs a little more than the sapphire reserve. amex black seems to have some benefits that are very location specific so if you dont live in a place that you can use the benefit; its worthless to you.
amex black is probably more impressive to retail associates and friends since i dont think most people are at all aware of the existence of the jp morgan reserve.
It's not because it's 'impressive' to anyone; if someone wants to 'flaunt' their wealth, they can do it much easier by other means (stating their salary or net worth online, for example - lol) much more so than a credit card (which is usually in one's wallet - lol). That would be a huge investment for limited return - if prestige is all you're after.
That said, I agree it's not necessarily worth it, especially if you have an Amex Platinum and travel for business regularly, as many of the perks are relative to concierge service, airport lounges and so on - and many overlap with elite status on most airlines anyway in re: upgrades (and the Platinum fills in the holes for a fraction of the cost).
You can't easily tell. I'm worth 3 millions and dress/drive/shop like everyone else. Nowadays, with inflation, it takes 10 millions plus to be truly rich.
Last edited by hawaiishrimp; 12-16-2019 at 06:12 PM..
Those are all terrible ways to see if someone is rich. Try reading the millionaire next door book. It is filled with people who are wealthy yet you would not know it. I think if you assume that if someone who drives a mercedes is rich then you haven't seen the bill for their lease..
I agree, it's somewhat ignorant to think because someone drives a certain kind of car, that they are rich. This is why so many people out there are buying cars the can't really afford, hoping it will impress others. There are people who drive a brand new Mercedes who have nothing in their bank account and don't even know what a 401K is.
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