Are you middle class? When driving, you always feel like your lane is the only one that's slow. It's strange how only your lane seems to be congested. You change lanes because the adjacent one seems to be moving well, but then your original lane suddenly speeds up. It can be frustrating, right? However, you don't notice when your lane is moving smoothly. You think it's natural for your lane to be fine. Do you agree? People tend to overlook those below them. People with lower salaries than mine are out of my sight, and only those who earn more keep catching my eye. If you tell them, Hey, there are so many people struggling out there, you are earning a lot compared to them, why should I be compared to them? You should compare yourself to those ahead of you, they say. Since you only compare yourself to those who are equal or ahead of you, you always feel like you're falling behind. People who earn 100 million won

Do you think of yourself as upper class? No, I don't think of myself as middle class or middle class either. After deducting taxes, about 6 million won comes in per month, paying interest, management fees, phone bills, food, transportation, ceremonial expenses, etc. After paying all these, there is nothing left. Let's look at another case. There is a certain office worker. The apartment bought for 500 million won in the past is now worth 1 billion won. There is no loan, and the monthly salary remains the same as before. Would this person think of themselves as middle class? Even though they have a net worth of 1 billion won, no, they don't think so. Because 20 billion or 30 billion is too much, and even though they have assets, they still don't consider themselves middle class. This is the current situation in South Korea. No matter how high the income is, if there are no assets, they don't think of themselves as middle class, and even if they have a lot of assets but no income, they still don't consider themselves middle class.

You tend to underestimate yourself too much. This is different from humility. What I mean is that the standards have become higher. Even when I was a student, Sonata was considered average in Korea. But now, when you mention Sonata, it feels not just average but below average. Now, you need to drive at least a Genesis to feel like you're middle class. In other words, because good things keep coming out, the average has risen too much. But that average is not the actual average; it only exists in our perception. The problem is that it's very high. You need to own a house in a high-ranking area in Seoul, travel abroad without financial burden several times, earn about 10 million won a month to be considered middle class. But if you reach this level, you are actually quite wealthy. You would probably be in the top 3%.

And they say polarization, the rich are getting richer and the poor are getting poorer. But I feel that income inequality in our country is not that significant. In actuality, when you look at the numbers, it's not that big. If we objectively look at our lives without comparing ourselves to others, it's quite good. We work, live in places with sunlight, feed our children, and of course, I only eat two meals a day, but I can shower with warm water. It's rare to find people who go hungry or have to shower with cold water. However, even in Southeast Asia, the wealth gap is huge. Then they might say, Why don't we compare with Japan? They have a higher GDP than us and are more advanced in many aspects compared to our country. But Japan's wealth gap is much larger than in our country.

Do you know that it's getting more severe? First of all, the proportion of non-regular workers is increasing rapidly. The minimum wage is also lower than in South Korea, and aging is much more serious. Do you know that there are many vacant houses in Japan? In many places, even electricity and water are cut off. However, in places where they are not cut off, people are increasing who live almost for free while maintaining their livelihood by working part-time. This is the reality of Japan. On the other hand, in the center of Tokyo, there are many places where the monthly rent exceeds one million yen. I see this as a wealth gap. In South Korea, there are not as many places where the monthly rent exceeds one million yen as you might think. However, one of the reasons why the wealth gap and polarization are more severe in Japan than in South Korea is the rapid aging population. As aging progresses rapidly, the population tends to concentrate in major cities. For a similar example, if you look at the United States, in New York, Manhattan apartments...

The presale price of newly built high-rise apartments exceeding 10 billion won is really, really high. In Korea, it's rare to see prices go over 10 billion won. However, just a little outside of New York, there are houses that are only around 4.5 billion won. So, the wealth gap there is much more severe than in Korea. The wealth gap involves not only differences in income but also in asset ownership. That's why since I started this channel, I've been emphasizing the need to be cautious about investing in local real estate. In the past, when bank interest rates were high, there wasn't much difference between assets increasing or interest rates rising. Both local and metropolitan areas have been performing well in terms of property value increase, so investments were profitable everywhere. As most countries advance towards becoming developed nations, interest rates tend to decrease, liquidity increases, and asset prices rise accordingly.

We will see the gap widen between those who only save and those who save and invest in assets. So, what should we do? We need to move cash into assets. If we keep delaying this, the value of cash keeps decreasing due to inflation. Even at this moment while we breathe, the amount of currency keeps increasing. Another thing is to liquidate assets with low value and move them to better ones. Sometimes people ask me if they should rent out an ugly apartment and invest in something else. That shouldn't be the case. Instead, you should sell it and then buy a better real estate property. There are different types of assets such as stocks, bonds, real estate, foreign exchange, and gold. You shouldn't just buy anything. You need to buy the assets that people desire. As for stocks, I have no knowledge at all.

I can't give you an answer, but if it's about real estate, the metropolitan area is good. If that's difficult, at least within the metropolitan area, look for places with good school districts and high demand. It would be great to consider such places. In fact, whether you are middle class or not is not important. What matters is how you live your life. I believe that is much more important. However, in order to have that mindset, you need to have good assets. Without them, you will continue to feel anxious and deprived. As Director Kim mentioned in his book, Economics 3, economic freedom is a combination of financial and mental freedom. I hope that those of you who watch this video will become someone who combines financial and mental freedom. Thank you.

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