So as others said before its not a means to get wealthy it is just another tool in the toolbox provided you can stomach the ups, downs and volatility. 

Everyone puts on their clothes the same way each day.I do know people of huge wealth. I

. $$ I could have used to buy another rental...... but it was something I knew I could enjoy every day and it makes me happy.....We don't travel much..... are careful with eating out....take my lunch to work every day.....do my own yard work....don't buy clothes often....my wife is cheaper than me... etc...... not what I would call sacrifices, but being smart with our $$ on some stuffAccumulating wealth is about accumulating enough of it that you can enjoy it....or what's the point?....

I AM a very VERY wealthy man!

You don’t have to have a huge salary to become wealthy.

Because I can imagine that once I have more money (i.e. wealth) I will likely find more and more uses for it (nicer home, nicer clothes, nicer and lavish vacations, more investments etc.)What financial barometer would you say is when I've hit that level?

Derek I am on your team you keep at it... nothing wrong with paying cash.. most of the most successful and truly wealthy poeple investors i know have much of their real estate debt free and no other debt alltogether.. 

I knew nothing about rentals except that wealthy people had them so they must be worth the effort. 

Bottom line, however, is that if your goal is to become truly wealthy (not just in terms of finances), you must avoid debt.  

One thing to keep in mind, the population of wealthy that want to live in Southern California, Silicon Valley, the Bay Area, etc are only increasing around the entire world so prices will continue to climb but only the poor and middle class will be pushed out.