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This middle-class median household income in the U.S. in 2022 was reportedly $74,580.
But what exactly are people in the upper classpaying for in cash?
Here are some of the big ones.
The upper class, meanwhile, has a bit more flexibility with their money.
Paying in cash for these things means no interest charges, which is a strategic way to save.
Plus, many dealerships are more willing to negotiate for better prices when more cash is on the table.
Real Estate
Real estate isnt something just anyone can buy in cash.
But for the upper class, buying a home in cash is not only feasible but financially smart.
After all, cash purchases mean no mortgage loans and no interest payments over time.
Unlike the middle class,upper class earnersare also more likely to have vacation or secondary residences.
While some might use financing to purchase these, they may also end up paying in cash.
Private schools average at $234,512 over four years.
Atmore competitive schools, it can also cut out any wait times for enrollment.
This includes antiques andexpensive art pieces, among other things.
I have clients who are art collectors, vintage car collectors, and exotic animal collectors, said Rawal.
Purchasing these types of collections in cash allows them to obtain rare, highly sought after pieces.
Bespoke travel or luxury vacationsare an entirely different matter.
Luxury cruises and extravagant vacations to exclusive destinations are also relatively common, particularly amongst truly affluent individuals.
They paid nearly half a million dollars for that experience.
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