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I worked for a wealthy man. I remember two stories among many: He once told me he was upgrading the doorknobs and hinges in this house. The bill just for thos

I worked for a wealthy man. I remember two stories among many: He once told me he was upgrading the doorknobs and hinges in this house. The bill just for those items came to $45K. We were both getting coffee in the office once, and he looked towards me and ask, “My socks cost more than everything you’re wearing.” And he liked me.

Scoundreller 4y ago
Nono, the price of his socks were more than everything you’re wearing. They probably cost the same as your socks :)
ww520 4y ago
> “My socks cost more than everything you’re wearing.” That’s a strange thing to waste money on for signaling. It just showed the lack of understanding on marginal utility on commodity items.
- mlyle 4y ago
  > It just showed the lack of understanding on marginal utility on commodity items. I think you're showing the lack of understanding of marginal utility. By the time you're spending $45k on doorknobs, $400 on socks might offer equal marginal utility per dollar.
  - steveBK123 4y ago
    I think a lot of what this thread shows is that everyone has a different utility function. That's kind of whats interesting about the modern economy is we can all express our preferences in how we spend. The bottom end has gotten much cheaper and the top end has gotten exponentially more expensive, and in many markets the middle has sort of disappeared. This contrasts a lot with the 1950s boom era where there was a big thick middle end and not a huge range from bottom to top.
    - MandieD 4y ago
      I have a t-shirt I bought at the Gap around 1996 that is still wearable, though a bit worn-looking where the collar meets the shoulder seams. Thick, sturdy cotton. It was probably around $15, which would be about $30 today. There is no such plain ladies’ fit t-shirt consistently offered anymore. Either tissue-thin and less than $20, or involves a silly print and/or ruffles and lace.
    - executesorder66 4y ago
      > The bottom end has gotten much cheaper and the top end has gotten exponentially more expensive, and in many markets the middle has sort of disappeared. This enrages me so much. I hate cheap crap, but I equally hate over the top, necessary, expensive crap. I prefer something well made, with minimal functions, for a middle price. But finding this is becoming increasingly rare as time goes on.
swayvil 4y ago
I have a couple clients like that. 40k on this, 25k on that. Doinky little overpriced home-improvement geegaws. And I'm thinking, "I could pay off my credit cards and take a year off for my own serious projects, for what you're spending to upgrade your stupid crown molding".
- varjag 4y ago
  Two nouveau riches run into each other shopping on the Fifth. - Look at this, got me this tie for $1000 - Hah what a dummy you are, they sell them for 1200 two blocks away!
moneywoes 4y ago
How did he create this wealth

Scoundreller 4y ago

Nono, the price of his socks were more than everything you’re wearing. They probably cost the same as your socks :)

ww520 4y ago

> “My socks cost more than everything you’re wearing.” That’s a strange thing to waste money on for signaling. It just showed the lack of understanding on marginal utility on commodity items.

mlyle 4y ago
> It just showed the lack of understanding on marginal utility on commodity items. I think you're showing the lack of understanding of marginal utility. By the time you're spending $45k on doorknobs, $400 on socks might offer equal marginal utility per dollar.
- steveBK123 4y ago
  I think a lot of what this thread shows is that everyone has a different utility function. That's kind of whats interesting about the modern economy is we can all express our preferences in how we spend. The bottom end has gotten much cheaper and the top end has gotten exponentially more expensive, and in many markets the middle has sort of disappeared. This contrasts a lot with the 1950s boom era where there was a big thick middle end and not a huge range from bottom to top.
  - MandieD 4y ago
    I have a t-shirt I bought at the Gap around 1996 that is still wearable, though a bit worn-looking where the collar meets the shoulder seams. Thick, sturdy cotton. It was probably around $15, which would be about $30 today. There is no such plain ladies’ fit t-shirt consistently offered anymore. Either tissue-thin and less than $20, or involves a silly print and/or ruffles and lace.
  - executesorder66 4y ago
    > The bottom end has gotten much cheaper and the top end has gotten exponentially more expensive, and in many markets the middle has sort of disappeared. This enrages me so much. I hate cheap crap, but I equally hate over the top, necessary, expensive crap. I prefer something well made, with minimal functions, for a middle price. But finding this is becoming increasingly rare as time goes on.

swayvil 4y ago

I have a couple clients like that. 40k on this, 25k on that. Doinky little overpriced home-improvement geegaws. And I'm thinking, "I could pay off my credit cards and take a year off for my own serious projects, for what you're spending to upgrade your stupid crown molding".

varjag 4y ago
Two nouveau riches run into each other shopping on the Fifth. - Look at this, got me this tie for $1000 - Hah what a dummy you are, they sell them for 1200 two blocks away!

moneywoes 4y ago

How did he create this wealth