Do you include your points in your net worth?

[Franklin]

Do you include your rewards points in your net worth? If so, how do you value them?  If not, do you have a separate method of tracking this income (points) and expenses (redemption)?

[okits]

I wouldn't say I track them, but when I consider their value I don't assume they're worth more than their cash (or equivalent) conversion value. So just because the same points could buy a first class flight (if available when I want), I only consider their guaranteed redemption value (say, $X in gift cards).

Edit: same "points", not same flights

[AmbitiousCanuck]

No, because they are such a small value they are not worth including.  Do you keep an extremely large rewards point balance that is worth tracking?  And if you do, why wouldn't you use it up periodically rather than hoarding?

[Franklin]

No, because they are such a small value they are not worth including.  Do you keep an extremely large rewards point balance that is worth tracking?  And if you do, why wouldn't you use it up periodically rather than hoarding?

I'm just starting to get my feet wet at this point.  I have 8 years of college tuition coming up so I started another thread about optimizing the spend by paying by credit card.  So now I have a lot of secondary questions on how to manage that scenario. 

But to answer your question, I'll bet there are a ton of people churning credit cards who are retaining massive amounts of value. I will probably be one of them because of my slow burn mentality.

[Zinsch]

I'd only include them in net worth, if you can convert the points into cash.
If it's for flights and hotels, then I'd rather subtract it from my expenses (capped at zero expenses for flights, hotels).

[Ricky]

How many people just have $1,000's sitting in points? Seems like a silly exercise to me.

[mak1277]

I wouldn't include points/miles in my net worth but I would take them into consideration when doing my annual budget (i.e., budget less for travel if you could use rewards). 

[nereo]

Do you include your rewards points in your net worth?

Really??!!  I mean... really??? 
1) I can't see how reward points would ever have a sizable difference for anyone who's net worth was worth calculating in the first place.  Maybe I'm wrong and some people have >$10k in rewards points built up?
2) I simply don't understand this desire to calculate net worth down to the penny (or to the dollar, or even to the nearest thousand dollars).  If you have any money in the market, your net worth is changing second-to-second, probably by far more than the total value of your 'rewards'.  For most other things (e.g. real estate) much of that 'worth' is just an educated guess.

(rant over)

[YK-Phil]

I don't include them in my net worth, but they are part of my annual budget for the year. In my case, I have over half a million points which are worth the equivalent of 30 return flights from home to my place of work, which allows me to shave off about $4500 from my annual budget, and go home more often for a long weekend which I would not do otherwise.

[Eric]

#INTJ

[Travis]

Unless you're looking to liquidate those points in the near future or posting your net worth against some third party measurement, why does it matter?  You say you're just getting started, so why are you concerned about measuring your net worth to the dollar?

[louloulou]

No because I cannot sell them and the vale is minimal

[okits]

Hmm...  Well, I guess it's a matter of relative size. We probably have about a thousand bucks in points on our various cards.  If my NW was low (negative or under $10k) I guess I would consider counting it since it is easily converted to cash/equivalents.  We don't track it, though, except to make sure we redeem them when necessary or advantageous.

Seems kind of like including the value of gift cards in your NW.  Wouldn't bother for $200, but if I (strangely) had $20k worth I would include a line item in our spreadsheet.

[DSKla]

I can't possibly see how they should be included in net worth. A more interesting thought exercise would be to come up with ways of monetizing them besides saving on travel that one would otherwise not pay for, meaning you actually spend more money using them (fuel surcharges, meals and ground transport) than if you didn't have them, because you'd be too frugal to foot the bill.

Examples of ways to monetize huge points surpluses:

1) if they're redeemable for hotel points, spend a month living in a hotel, especially if you're transitioning between rented apartments, as opposed to paying rent.

2) offer to book flights for friends or coworkers using your points and have them reimburse you for part of it. E.G. book $600 ticket value and ask for $300-450. They get a discount, you get cash for extra points you don't have time or energy to use.

3) if points are eligible to use on rental cars, go carless and rent one on an as-needed basis.

Any other ideas? This way, you may not count points in your net worth, but you can use them to save money, increasing your net worth. Using them for taking trips you aren't forced to take doesn't save money, it just gets you a really inexpensive trip. That still decreases your net worth, even if it's only by fuel surcharges and dining out in another city.

[Ricky]

On a side note, I meticulously monitor the value of my physical piggy bank and update the numbers hourly into my net worth.

[kpd905]

We have probably 1 million points/miles between my accounts and those of my fiance.  I don't want to try to value them, since they are all in different programs. 

I keep track of the value I get out of each redemption, just out of curiosity.  We end up getting around $5000 per year.

[FIRE Artist]

Nope.  But I don't include the cash in my checking account either. I include only invested funds and home equity, everything else is transient.  Points may affect my monthly budget, but certainly not my big picture net worth.  Points may pay for flights, but if I didn't have the points, I likely wouldn't have sold investments to pay for those same flights.   

[FIRE Artist]

I can't possibly see how they should be included in net worth. A more interesting thought exercise would be to come up with ways of monetizing them besides saving on travel that one would otherwise not pay for, meaning you actually spend more money using them (fuel surcharges, meals and ground transport) than if you didn't have them, because you'd be too frugal to foot the bill.

My Visa card points can be converted to registered cash rewards. I just cashed in last year's points for $750 of RRSP contributions, which really is the same as $1000 before tax.  Those funds are now invested with vanguard.  I probably could have gotten a higher cost avoidance benefit by using them for flights, but then there is also all the other costs surrounding travel.  I'll take the cash, thank you Visa!

[DSKla]

I can't possibly see how they should be included in net worth. A more interesting thought exercise would be to come up with ways of monetizing them besides saving on travel that one would otherwise not pay for, meaning you actually spend more money using them (fuel surcharges, meals and ground transport) than if you didn't have them, because you'd be too frugal to foot the bill.

My Visa card points can be converted to registered cash rewards. I just cashed in last year's points for $750 of RRSP contributions, which really is the same as $1000 before tax.  Those funds are now invested with vanguard.  I probably could have gotten a higher cost avoidance benefit by using them for flights, but then there is also all the other costs surrounding travel.  I'll take the cash, thank you Visa!

I think that's great if you can monetize them. I just wouldn't count them until it happened, just as I don't count every book and for, and pair of pants I own that I could sell. But I would once I turned them into cash.

[Franklin]

#INTJ

Thanks Eric:)

[nereo]

I can't possibly see how they should be included in net worth.

My Visa card points can be converted to registered cash rewards. I just cashed in last year's points for $750 of RRSP contributions, which really is the same as $1000 before tax. 

Then you added $750, not $1000 to your NW.  Now that it's in your RRSP it shows up on your total balance.
But your example just illustrated why counting points (particularly before they are monetized) seems absurd to me.  Let's say you have a humble $50k worth of investments in the broader market.  A daily swing of 1.6% has a greater effect on your paper NW than these points. 
It's an exercise in self micro-management.

[2Birds1Stone]

Ever since I jumped into the world of travel hacking and manufactured spending I now track the cash value of reward points.

Every CC churn has the potential to earn me ~$800-1000 in cash equivalent value.......ever 3-4 months.

At my net worth, this is significant. I just spent $89 and 2 days getting 110,000 AA Miles, which are worth ~$450 in cash. Or much more in travel.

I just got a targeted AMEX offer that is worth $500 cash equivalent.

[nereo]

Ever since I jumped into the world of travel hacking and manufactured spending I now track the cash value of reward points.

Every CC churn has the potential to earn me ~$800-1000 in cash equivalent value.......ever 3-4 months.

At my net worth, this is significant. I just spent $89 and 2 days getting 110,000 AA Miles, which are worth ~$450 in cash. Or much more in travel.

I just got a targeted AMEX offer that is worth $500 cash equivalent.

ok, it seems like you may get $3200 - $4000 in rewards over the course of the year.  I still don't see why you would bother trying to incorporate this into your NW for two reasons:
1) even at these levels, it's still a rather paltry sum compared to the 6-figured 'staches most of us are aiming for to retire. A single day's trading can have a bigger effect.
2) most of the rewards aren't used as cash.  They cover expense like plane tickets.  Sure you could argue it saves money on travel, but most of us wouldn't spend so much on airfare if we didn't have the rewards.  Those airmiles aren't "little hardworking green employees" that pay us back every year.

[Franklin]

Ever since I jumped into the world of travel hacking and manufactured spending I now track the cash value of reward points.

Every CC churn has the potential to earn me ~$800-1000 in cash equivalent value.......ever 3-4 months.

At my net worth, this is significant. I just spent $89 and 2 days getting 110,000 AA Miles, which are worth ~$450 in cash. Or much more in travel.

I just got a targeted AMEX offer that is worth $500 cash equivalent.

ok, it seems like you may get $3200 - $4000 in rewards over the course of the year.  I still don't see why you would bother trying to incorporate this into your NW for two reasons:
1) even at these levels, it's still a rather paltry sum compared to the 6-figured 'staches most of us are aiming for to retire. A single day's trading can have a bigger effect.
2) most of the rewards aren't used as cash.  They cover expense like plane tickets.  Sure you could argue it saves money on travel, but most of us wouldn't spend so much on airfare if we didn't have the rewards.  Those airmiles aren't "little hardworking green employees" that pay us back every year.

You may be making assumptions about what "most of us" do.  Some people may be more strategic with their finances than you can comprehend.  I track in my net worth ANYTHING that I retain equity in.  This includes cash, stock, house, gold, tangible and intellectual property, and most likely points value. 

[canadian bacon]

I don't include my points but I do include the value of my pillow.  I have a really nice pillow.  ha

In all honesty it comes down to significant digits.  As nereo mentioned, market fluctuation will drive you crazy if you study it too intently.  I would probably recommend that anything below 0.5% of your net worth is not worth tracking unless it is an account with a value that auto updates in mint

[Franklin]

Ever since I jumped into the world of travel hacking and manufactured spending I now track the cash value of reward points.

Every CC churn has the potential to earn me ~$800-1000 in cash equivalent value.......ever 3-4 months.

At my net worth, this is significant. I just spent $89 and 2 days getting 110,000 AA Miles, which are worth ~$450 in cash. Or much more in travel.

I just got a targeted AMEX offer that is worth $500 cash equivalent.

What was your high point total cash value at any given time?

[nereo]

You may be making assumptions about what "most of us" do.  Some people may be more strategic anal with their finances than you can comprehend prefer.  I track in my net worth ANYTHING that I retain equity in.  This includes cash, stock, house, gold, tangible and intellectual property, and most likely points value.

I can comprehend a lot.  I still think it is absurd.  You are free to do whatever you like, I simply don't see the point in aiming for that level of precision when the natural variation (noise) is so great, especially when the final number is tied to actually selling of assets at some point in the future. This is especially true of rewards programs, home values, stocks, gold, etc.  Calculate your NW now and you will get one number.  Calculate it an hour later and it will be different. 
It's like saying the max. temperature next Saturday will be 21.083ºC, +/- 2ºC.  Does the ".083º" change anything?  Is it more accurate than saying 20-22ºC [hint: no].

[2Birds1Stone]

Ever since I jumped into the world of travel hacking and manufactured spending I now track the cash value of reward points.

Every CC churn has the potential to earn me ~$800-1000 in cash equivalent value.......ever 3-4 months.

At my net worth, this is significant. I just spent $89 and 2 days getting 110,000 AA Miles, which are worth ~$450 in cash. Or much more in travel.

I just got a targeted AMEX offer that is worth $500 cash equivalent.

ok, it seems like you may get $3200 - $4000 in rewards over the course of the year.  I still don't see why you would bother trying to incorporate this into your NW for two reasons:
1) even at these levels, it's still a rather paltry sum compared to the 6-figured 'staches most of us are aiming for to retire. A single day's trading can have a bigger effect.
2) most of the rewards aren't used as cash.  They cover expense like plane tickets.  Sure you could argue it saves money on travel, but most of us wouldn't spend so much on airfare if we didn't have the rewards.  Those airmiles aren't "little hardworking green employees" that pay us back every year.

You may be making assumptions about what "most of us" do.  Some people may be more strategic with their finances than you can comprehend.  I track in my net worth ANYTHING that I retain equity in.  This includes cash, stock, house, gold, tangible and intellectual property, and most likely points value.

Actually Nereo, you can earn $10,000+ worth of travel expenses a year. And AT LEAST $3200-4000 in actual cash value per year. To me it is significant. If I can pay for essentials like groceries, fuel, rent, healthcare with these points, they have value beyond travel.

Franklin, I just started my first churn. I am about to hit the min spend on 6 cards by second week of june, at which point I will have earned ~$1200 in cash value or ~$3-4000 in travel. I plan on doing this 3-4 times per year going forward.

arebelspy has earned $4-5000 in less than a year in cash value, and $15-20k worth of travel.

[Franklin]

You may be making assumptions about what "most of us" do.  Some people may be more strategic anal with their finances than you can comprehend prefer.  I track in my net worth ANYTHING that I retain equity in.  This includes cash, stock, house, gold, tangible and intellectual property, and most likely points value.

I can comprehend a lot.  I still think it is absurd.  You are free to do whatever you like, I simply don't see the point in aiming for that level of precision when the natural variation (noise) is so great, especially when the final number is tied to actually selling of assets at some point in the future. This is especially true of rewards programs, home values, stocks, gold, etc.  Calculate your NW now and you will get one number.  Calculate it an hour later and it will be different. 
It's like saying the max. temperature next Saturday will be 21.083ºC, +/- 2ºC.  Does the ".083º" change anything?  Is it more accurate than saying 20-22ºC [hint: no].

Sounds like your issue is more with the frequency of tracking net worth, which was never discussed.  Let's just say I do it once per year and it takes me 15 minutes with a combination of Quicken and a spreadsheet.  Is it still a wasteful exercise? 

[arebelspy]

I don't understand why you are asking us, given this quote:

I track in my net worth ANYTHING that I retain equity in.  This includes cash, stock, house, gold, tangible and intellectual property, and most likely points value.

If it will make you happy to track them and add them to your net worth, knock yourself out.

Almost everyone above said no. That's fine.

I have about 400,000 chase ultimate rewards points sitting, which I could redeem for $4000 in statement credits (cash), although I'm saving it to use for travel purchases (and other points/miles, that's just the biggest balance I could redeem for cash). I don't count these in my net worth. But nor do I count my car which is worth slightly less than that.  Ditto my books, laptop, and underwear. Small amounts on depreciating assets aren't worth tracking to me.

Maybe they are to you.

If so, you don't need our permission, go for it.

[Franklin]

I don't understand why you are asking us, given this quote:

I track in my net worth ANYTHING that I retain equity in.  This includes cash, stock, house, gold, tangible and intellectual property, and most likely points value.

That was just the headline.  The body of the original post actually asked

If so, how do you value them?

Which is really what I'm interested in.  I'm not really interested in anyone's net worth methodology.  So I should have phrased it as:

If you track points in your net worth, how do you value them?

[nereo]

Sounds like your issue is more with the frequency of tracking net worth, which was never discussed.  Let's just say I do it once per year and it takes me 15 minutes with a combination of Quicken and a spreadsheet.  Is it still a wasteful exercise?

Hmm... well you got me to stop and think of a moment, I'll give you that.  While not specifically discussed in this thread it does bug me when people frequently and compulsively track their NW (which I see often here and elsewhere). 
But my answer to the OP is still "no, I definitely do not include it".  Like arebelspy, I don't include my car, computer, clothes, etc. because a) they have a comparitively small worth and b) I have no intention of selling them anytime soon (if ever).
I always realize that whatever NW number I arrive at is just an estimate, and could change by 20% next month, or 5% by the end of the week.
If you like including it, and it takes you 15 minutes once a year, that's all fine and dandy. 

[arebelspy]

I don't understand why you are asking us, given this quote:

I track in my net worth ANYTHING that I retain equity in.  This includes cash, stock, house, gold, tangible and intellectual property, and most likely points value.

That was just the headline.  The body of the original post actually asked

If so, how do you value them?

Which is really what I'm interested in.  I'm not really interested in anyone's net worth methodology.  So I should have phrased it as:

If you track points in your net worth, how do you value them?

You may want to edit the first post and change the thread title.  It's pretty clear almost everyone read it as asking if they do, and the answer was a resounding "no."

Your answers will be quite few if you only want answers from people who do track it, but you'll have to come up with your own methodology, I think, that makes sense to you.  Just like how people have to decide how to value their home (zillow estimate? mls comps? use quick sale price? subtract sales costs or no? subtract taxes due?), you'll need to come up with what you like regarding points.

I wouldn't waste too much time on it, and value them at a penny a point for anything that can be redeemed for cash, and half that for anything that can't, and delta at 0.  It's lowballing what you'll get, but again, they're a depreciating asset with little value, so it probably doesn't make much difference.

[Vertical Mode]

On a related note, would you count Bitcoin if you had any?

To the extent that you have a large balance in a form that is relatively liquid (or otherwise convertible into goods and services), I think it could be a worthwhile exercise. It's up to the individual to determine whether one's stash of points would move the needle at all with respect to net worth.

A case that comes to mind: a friend from college told me her parents had accumulated ~3 million AmEx points. Not sure how you'd account for the cash value of that, but I would think a points reservoir that size could potentially affect your NW calculations if monetized/converted.

[nereo]

On a related note, would you count Bitcoin if you had any?

Hmm... well I don't, so this is just theoritical, but if I had a substantial amount of Bicoin currency I would include it.  However, it would need to be a sizable portion of my networth (several % points) at which point I'd have to face-punch myself for holding such a large amount of what is basically a volatile currency.

A case that comes to mind: a friend from college told me her parents had accumulated ~3 million AmEx points. Not sure how you'd account for the cash value of that, but I would think a points reservoir that size could potentially affect your NW calculations if monetized/converted.

ah... and here we can segue into a discussion about how not all net worth hold equal weight from a retirement perspective.  3MM AmEx points definitely has value and could allow you to book a lot of flights or (potentially) redeem it for cash.  If I redeemed the points for cash and subsequently invested the cash, then it would show up on my NW calculations.  But if I planned on taking several vacations, then it becomes a covered expense, and I would ignore it.  In most scenarios I can book a similar flight for less than the 'flight-value' of the points, and unless I absolutely had to take the trip anyway, it's an indulgence.  To me at least, net worth should primarily reflect savings.

Likewise, I wouldn't include a car in my NW because it is a depreciating asset that I have to spend money to insure and maintain (in other words, a liability).  If I sold the car and then invested the proceeds it would go into the NW category. 

[Guses]

I would say that tracking points in your networth is about the same as including the value of your inventory of toilet paper, food and other consumables in your networth.

If you think the latter is ridiculous, well then, you have your answer. If you are actually mentally calculating how much TP you have downstairs, you also have your answer. :)

[forummm]

I would say that tracking points in your networth is about the same as including the value of your inventory of toilet paper, food and other consumables in your networth.

If you think the latter is ridiculous, well then, you have your answer. If you are actually mentally calculating how much TP you have downstairs, you also have your answer. :)

An answer....and a lot of new questions...

[arebelspy]

I would say that tracking points in your networth is about the same as including the value of your inventory of toilet paper, food and other consumables in your networth.

If you think the latter is ridiculous, well then, you have your answer. If you are actually mentally calculating how much TP you have downstairs, you also have your answer. :)

It's a little different--as I said above, I have about 4 grand in just Chase UR points, redeemable for cash.  The amount of TP I have on hand is probably worth < $10.  I'd equate it more to "do you count your laptop and TV"?  Small value items (tpyically <5k total) that depreciate (at various speeds).  Some want to count it, others don't bother.  Either way is fine.

[Guses]

It's a little different--as I said above, I have about 4 grand in just Chase UR points, redeemable for cash.  The amount of TP I have on hand is probably worth < $10.  I'd equate it more to "do you count your laptop and TV"?  Small value items (tpyically <5k total) that depreciate (at various speeds).  Some want to count it, others don't bother.  Either way is fine.

I would say that your situation is unusual. That being said, I could imagine the person with 4 grand worth of toilet paper in his bunker going "Hey, I include my TP in my networth!!!!".

As you say, either way is fine. If you don't mind weird looks....

[Vertical Mode]

On a related note, would you count Bitcoin if you had any?

Hmm... well I don't, so this is just theoritical, but if I had a substantial amount of Bicoin currency I would include it.  However, it would need to be a sizable portion of my networth (several % points) at which point I'd have to face-punch myself for holding such a large amount of what is basically a volatile currency.

A case that comes to mind: a friend from college told me her parents had accumulated ~3 million AmEx points. Not sure how you'd account for the cash value of that, but I would think a points reservoir that size could potentially affect your NW calculations if monetized/converted.

ah... and here we can segue into a discussion about how not all net worth hold equal weight from a retirement perspective.  3MM AmEx points definitely has value and could allow you to book a lot of flights or (potentially) redeem it for cash.  If I redeemed the points for cash and subsequently invested the cash, then it would show up on my NW calculations.  But if I planned on taking several vacations, then it becomes a covered expense, and I would ignore it.  In most scenarios I can book a similar flight for less than the 'flight-value' of the points, and unless I absolutely had to take the trip anyway, it's an indulgence.  To me at least, net worth should primarily reflect savings.

Likewise, I wouldn't include a car in my NW because it is a depreciating asset that I have to spend money to insure and maintain (in other words, a liability).  If I sold the car and then invested the proceeds it would go into the NW category.

Interesting thoughts RE: the pool of AmEx points. Because they are versatile, in the sense that they can be redeemed for a variety of things, I had been thinking of them kind of as an alternate currency, which is where the Bitcoin thought came from. Perhaps at that level its actually most productive to calculate how it affects one's FIRE numbers, not actual NW calcs (since they can substitute for spending in retirement and therefore affect SWR).

[JoJo]

I don't churn, but do have a modest amount of points ($2000 worth) that I include in my net worth.  The reason is that I have one massive spreadsheet where I log everything so it's easy to include.   Since I'm close to FIRE, I figure it will pay for my first few flights in FIRE travel so therefore included.

[retireatbirth]

Ever since I jumped into the world of travel hacking and manufactured spending I now track the cash value of reward points.

Every CC churn has the potential to earn me ~$800-1000 in cash equivalent value.......ever 3-4 months.

At my net worth, this is significant. I just spent $89 and 2 days getting 110,000 AA Miles, which are worth ~$450 in cash. Or much more in travel.

I just got a targeted AMEX offer that is worth $500 cash equivalent.

What card and how did you get 110k in 2 days?

[kpd905]

Franklin, I just started my first churn. I am about to hit the min spend on 6 cards by second week of june, at which point I will have earned ~$1200 in cash value or ~$3-4000 in travel. I plan on doing this 3-4 times per year going forward.

It's a good idea, but if you try for 6 cards every 3 months I think you are going to start getting denied relatively quickly.  I got 15 cards my first year and was getting denied for a few near the end for too many hard pulls. Certain banks are more stingy about that (Barclays).

[BlueMR2]

Do you include your rewards points in your net worth? If so, how do you value them?  If not, do you have a separate method of tracking this income (points) and expenses (redemption)?

I do not.  I've never once in my entire life of having a points collecting card been able to redeem them.  They're worthless.

[arebelspy]

Do you include your rewards points in your net worth? If so, how do you value them?  If not, do you have a separate method of tracking this income (points) and expenses (redemption)?

I do not.  I've never once in my entire life of having a points collecting card been able to redeem them.  They're worthless.

You're doing it wrong.  There are many cards where they are not worthless.  (And, of course, many that are.)  :)

[kpd905]

I do not.  I've never once in my entire life of having a points collecting card been able to redeem them.  They're worthless.

You aren't trying very hard.  I've gotten about $5000 a year for the last 2 years.

[obstinate]

Only to the extent that they can be converted to cash, or are very likely to save you money in the near-ish future.

You can't buy ETFs with reward points, so you can't get a return on them as an investment. However, if you know that you're going to take $300 flight in two months' time, I'd probably be happy to count those reward points as cash, because it's $300 you don't have to keep available to buy a ticket in your checking account.

That said, by the time you've made significant progress on your early retirement, the amount of money you have in points will be tiny compared to everything else.

[AHLEditor]

Once they have redeemable value, they can be considered cash held in a 0% account, assuming the terms allow for liquidation.  So while the number may be trivial, it's still a metric so yes they should be included.

[Calvawt]

The points guy (thepointsguy.com) does a monthly valuation of the points that makes sense to me.  Ones with more flexibility like Chase Ultimate Reward points are valued at about 2.3 cents each (cash value is 1 cent).  I have 200,000 of those and close to 1 million total points worth a bit more than $10k.  I could see valuing the ones that can be converted to cash in your net worth if you really wanted to, but I just view them as prepaid travel (from an accounting perspective, that would still make them an asset).

[Guses]

Question for you folks who use points to travel for "free":

Is it actually free or do you have to pay some sort of tax or booking fee for each flight?

Here in Canada, I remember seeing one of those consumer protection show that was saying that a "free" flight bought with point was sometimes costing more in fees and taxes than the entire cost of an equivalent flight bought on sale.