- April 5, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Financial Freedom: The Ultimate Goal
Financial freedom is the ultimate goal for many individuals. It is the key to living a fulfilling and stress-free life. While some may believe that a certain status or number in their bank account defines their success, in reality, it is just a perception. True freedom comes from having control over your finances and being able to live without the constraints of financial worries.
## The Difference Between the Upper and Middle Class
The ability to be free financially is what sets the upper class apart from the middle class. It is not about the material possessions or the outward appearance of wealth, but rather the peace of mind that comes with knowing you have the resources to live life on your own terms. This is the goal that we all strive to achieve, regardless of our current financial situation.
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****** just grabbed a
I worked in real estate so saw a lot of different income people but:
Upper class people go to ivy leagues and come out without student loans, their parents can help them support with rent/buying a condo in the city for them. They get jobs that are luxurious/high paying, like tech and finance and continue the cycle of being extremely well off. They max their 401K/IRA early. They can pay for the best housing/neighborhoods/cars and know that they can afford it. They vacation at their parents lake/beach house or on their parents boat. They have serious trust funds that could sustain a middle class lifestyle forever but choose to work so they don’t have to worry about money. Can pay cash for most things.
Middle class people still need to be prudent with money. Generally still send their kids to state colleges or rely on scholarships. Kids might still have student loan debt. Has trouble affording the best neighborhoods so generally will make do with an average neighborhood and send their kids to public school and hope for the best. Still rely on doctor/lawyer path to help their kids get out of middle class. Kids can have nice hobbies like ballet and music lessons. They can vacation somewhere once a year like Florida or camping. They can help their children out here and there but no trust funds. Middle class can afford a house and two cars but still need to budget for day to day expenses to keep out of debt. Large purchases need to still be planned.
Middle and upper are defined by numerical values. Happiness (imo) is determined by financial freedom. Plenty of broke happy people out there, miserable upper class folk. Moneys a lot but it isn’t everything
By that definition, if you have a $2 million portfolio and withdraw 3% yearly and spend roughly $60k, are you upper class because of the independence and freedom? Or middle class because of the average lifestyle?
Middle class families generally have a very good, above average lifestyle. They are comfortable, but they have to work for their money.
Upper class have assets that generate cash for them. They don’t have to work for their money.
The rich are financially free. The upper class, like the middle class and working class are not. That is all. No need to overthink it. Just go by income percentages. Upper, middle, and lower are probably top 20%, middle 60%, lower 20%. The rich are around .1%.
Upper middle class — can max out retirement accounts and still live comfortably
Middle class – can save for retirement but can’t max out
Middle class and you can enjoy an avg life. Upper class you can have a slightly elevated life while putting money aside to retire early if you want
I call bullshit. There are people that are debt free and mortgage free, living life making $60k a year. They’re free to do as they please but they are not upper class. Someone making 1 million a year and has a mountain of debt is not free but is undoubtably in the upper class.
Do you have to work for a living to maintain a reasonable lifestyle? (Vacations, new car ever 150k miles, eat out a few times a week, buy things) Yes? Middle class. No? Upper class.
So if I live in a cave and off the land, I would be upper class?
This is a good question. I got challenged on another thread when I stated that I believe middle class is a measure of income (at least the way I think about it) and usually ~$50k – ~$150k gets you there.
After digesting what was said in that thread, I think middle class is in many ways an emotional place for many, perhaps loosely bound by income.
I worked, invested and remained disciplined financially for decades, never making more than $125k. I now have a NW nearing $XMM. I’m middle class IMO – at least in my behaviors.
Could I take a trip to Bali and not think about it? Probably. But, I never would be able to not think about it.
I still buy used cars.
I’d laugh if anyone ever tried to refer to me as upper class.