What is status today? I suspect it is in "Keeping Up with the Trumps". The Jones who live next door are no longer the goal. Media today has elevated the Jones to the ostentatiously wealthy like Mr Donald.
Many of us aspire to showing status with their car and their home and even their clothes.
But what does this really do to your status?
On the outside it looks as if you are rich and so high status. But for most of us - all of this is purchased through debt. The net result is that we are at best serfs at worst slaves. I know that was true for me as a senior bank executive back in the day in Toronto. I was earning what looked like a high salary, but every penny was committed to this lifestyle. I was as tied into the system as tightly ny weekly wage earner. I was poor!
Of course the truly rich are rich and none of this applies.
I think that the new high status will be "Are you free?"
To be free - to have TIME - to use your time as you choose - to speak your mind - to be with your family and friends - to available to yourself - to have time to think - pick your freedom - is rare today but we can all aspire to finding it.
Wouldn't you like to be free?
"Freedom 55" comes not from a high savings rate - you cannot have a high savings rate in the current system - nor does it come from a high salary - that all get applied to your Trumpy Lifestyle - it comes from having a low cost base.
I explore this topic in detail in my new book coming in late October - You Don't need a Job - in a later post I will show you the kind of costs that you can get rid of by choosing to find your status in being free rather than trying to keep up with the Trumps.
Part 2 - How much cost can you get rid of by downsizing - tomorrow - I will show you my numbers.