Where is the line though? Many people that could be considered middle class are realistically rich enough to never have to work again if they didn’t want to. But they want their flash cars and private school for the kids so they do need to work to keep that level of luxury. Even if they could still live comfortably without working.
If I was to start van living (hard as I can’t drive) and rented out my house I wouldn’t have to work another day in my life. Does that make me part of the wealth class, despite having always been at/close to minimum wage? Getting enough rent to pay for my mortgage and leave me with many hundreds extra would not be difficult. Go for a HMO and turn the living space into more bedrooms like a standard scumlord would possibly even leave me with over £1000 a month. The only work I would have to do is paint over some mould occasionally.
Yup. Our family grew 5 years ago so we needed a bigger house. Well, didn’t “need” but would have to remodel the old to accommodate. We were within our means before moving. Still are in the new house but budget is a lot tighter than it was in the bigger house. Didn’t realize until hindsight that “bigger house, bigger (more expensive) problems” would occur.
We could move again and make a good profit on the house now, but I see it as an asset for future income down the road, although as my parents and aquantisces parents age, I’m learning more and more that at least in the USA, they take everything you’ve worked for away from you once you can slave no more. I’m going to do my best to protect my assets for my family before it comes to that.
Where is the line though? Many people that could be considered middle class are realistically rich enough to never have to work again if they didn’t want to. But they want their flash cars and private school for the kids so they do need to work to keep that level of luxury. Even if they could still live comfortably without working.
If I was to start van living (hard as I can’t drive) and rented out my house I wouldn’t have to work another day in my life. Does that make me part of the wealth class, despite having always been at/close to minimum wage? Getting enough rent to pay for my mortgage and leave me with many hundreds extra would not be difficult. Go for a HMO and turn the living space into more bedrooms like a standard scumlord would possibly even leave me with over £1000 a month. The only work I would have to do is paint over some mould occasionally.
The line is “do you need to work ever to maintain at least the current living standard”. That’s the division between working class and wealthy class.
Not maintaining at least current living standard.
Yup. Our family grew 5 years ago so we needed a bigger house. Well, didn’t “need” but would have to remodel the old to accommodate. We were within our means before moving. Still are in the new house but budget is a lot tighter than it was in the bigger house. Didn’t realize until hindsight that “bigger house, bigger (more expensive) problems” would occur.
We could move again and make a good profit on the house now, but I see it as an asset for future income down the road, although as my parents and aquantisces parents age, I’m learning more and more that at least in the USA, they take everything you’ve worked for away from you once you can slave no more. I’m going to do my best to protect my assets for my family before it comes to that.
So if I was already living in a van I would be wealthy?