Should I fly first class? Is first class worth it?

When the phrase, “Fly first class or your heirs will!” One way to think about luxury travel, here’s how to know if you actually should.

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Is first class worth it? You’ve probably heard the phrase: “Fly first class or your heirs will!” Well, when to fly first class? It is useful to encourage those who have a hard time spending their money to consider spending it on things that will make their lives easier or more enjoyable. Here at The White Coat Investor, we believe there are five things you can do with money, and all of them should be done well:

1. earnings
2. saving
3. Investing
4. cost
5. donation

All can bring us happiness and do good in the world. Today, we are going to talk about costs, and in particular, about the cost of money to fly. There are seven levels of flying that we will discuss, and for the most part, they reflect the economic status of the flyer. We’re not talking about being a pilot today; We are just talking about being passengers.

Here are seven options for you to fly high in the sky.

#1 Economy Class

Well, you have enough money to fly anywhere. Or maybe you don’t have the money, but you somehow scraped together a bunch Credit card rewards Or asking airline miles or your employer to let you combine a business and pleasure trip, etc. Now you can fly anywhere for a few hundred dollars. The class you go in is called “Economy” or “Coach”. Not much legroom. You don’t get food. There may also be some drama in the cabin. But you can watch a movie or two, and then you’re in a whole new place! That’s what most people aspire to and that’s great, and most of us probably want to do it a little more than we do. Traveling around for sightseeing alone tends to be an upper-middle-class activity; Let’s say an income of $60,000+ per year.

#2 Premium

Each airline calls it something different, such as “Economy Plus”. You just pay a little more and you get a little more. Maybe you board a little earlier or you get some extra food. You sit near the front of the plane (faster escape and less turbulence). But mostly, you get a few more inches of legroom. For tall people, going premium is a big deal. For everyone else, it’s “whatever”. Again, we’re talking upper-middle class here because premium seats don’t cost that much.

#3 Business Class

As we talk about the next two classes—business and first class—it’s really important that we distinguish between flying domestically and flying internationally. When you fly internationally in these classes, you get a lot more and you pay a lot more. In fact, on most domestic flights, business and first class are the same thing. It’s actually business class, but it’s called first class. On domestic flights, you can expect to pay 2-3X the price of that coach seat. That’s right, it’s not just a little extra. It is dramatically more. Enough so that you might consider buying a seat on each side of you in coach instead. So, what do you get for all that spending?

• More legroom
• Wide seat
• Sit at the front of the plane (faster to get off, less turbulence)
• Your seat reclines more
• More attentive service
• Priority check-in (skip line check-in)
• Priority boarding (you get on the plane first)
• Check two bags free
• On short regional flights, you will receive your checked carry-on bag first
• You may get free access to airline lounges before or during the flight
• Pre-flight drinks
• Maybe the flight attendant will hang up your jacket and hold your bag for you
• Free food is more likely—it’s probably better food, and you can choose it in advance
• Alcohol is free
• Your mixed nuts may even be warm
• Outlets to plug in your computer or phone (although these are visible on the coach)
• No extra charge for entertainment (again, these days movies are shown in coaches-the passengers behave more and complain less).

Once we get back to international travel, things change quite a bit. You will definitely get all of the above, plus more.

• Your pre-flight drink comes in an original glass
• You eat on real china with real silverware
• Your bed is completely flat
• There is a little more privacy
• Maybe a motorized pick-up and drop-off service
• Can even have access to a full stock bar
• Large TV/cinema screen
• Noise-canceling headphones
• Massage seat

Naturally, the price also increases. You typically pay 3-5X as much for a ticket as a coach seat (which is already a four-figure sum). That’s right, you get a seat for the same price as taking your whole family to Paris. What kind of income do you need to start thinking about flying business class? Of course, a 1% return, assuming you’re paying for it and not upgrading to it. But to me, that seems like a pretty reasonable expense for a $500,000+ income.

#4 First class

Now we turn to international first class. Start with the list above for Business Class. You obviously get all that. Also, you will get:

• Location: A swiveling, lie-flat seat. You are the only one in your “row”, so you are never stepping on anyone
• Service: You can only share your flight attendant with three other passengers
• Privacy: You may even be able to close the door so that no one else can see you
• Sheets: Flight attendants will even make them for you. The idea is that you’re actually going to get a decent night’s rest on this flight
• Order off a menu of gourmet meals
• Shower Spa: Not only will you come away feeling relaxed, but you’ll also smell soothing and sweet
• Technology connection
• goody bag

beautiful Great experience, eh? This of course varies by airline, and as a general rule, it’s not a US carrier’s strength. One website ranks the first class experience as follows:

1. Singapore Airlines
2. Etihad Airways
3. Air France
4. Lufthansa
5. Emirates
6. ANA All Nippon Airways
7. Qatar Airways
8. Cathay Pacific Airways
9. Thai Airways

Will a first-class flight set you back? Plan on spending at least $5,000 and possibly five figures on this flight. Pay 6-10 times the price of an economy seat. A 1% income is enough to do it occasionally, but if you’re going to do it regularly, a seven-figure income seems appropriate.

#5 Chartered Jets and Fractional Ownership

Now, we move to the next section. This is a category that is quite a bit more expensive than first class and not necessarily always better. It’s just different. It’s not even used that much internationally, and it’s especially for those for whom time isn’t necessarily money and who are looking for maximum luxury. This experience is provided by several competing companies including the following:

• NetJets
• wheel up
• Vistajets
• XO
• GlobeAir
• Magellan Jets
• Jaitley
• Superior Air Charter (formerly known as Jetsuite)
• Victor

The idea here is that the plane is yours while you are using it. With just 6-12 hours notice, you’ll have a plane, a pilot, and possibly a flight attendant on call. The planes typically carry 6-12 people and can fly anywhere in North America, plus the Caribbean and Central America, non-stop. They go when you want them to go. Not going through the terminal. No TSA. Minimum hassle from customs. Although it costs extra, you usually have a car +/- a driver waiting for you. Next to the plane. The plane usually gets you to your destination a little faster.

Businesses find this particularly attractive. Not only are you flying in the comfort of a domestic first-class, but there is no one else on the plane. So, you can work, negotiate contracts, etc.

Naturally, the plane has your choice of food, drink and entertainment. But what you’re really getting here is your time back with maximum privacy. There are no connecting flights. Flying into a small airport is no problem. You, your spouse, and your two children can experience royalty like your sister and brother-in-law. Or the entire C-suite can fly in together, work out the integration details, get the deal done, and still eat both breakfast and dinner at their homes at normal times. When your CEO makes $8 million a year, you don’t want them spending their time sitting around an airport chatting with the TSA.

Models of how you pay for it are everywhere. If you fly a lot, you should look into fractional ownership. Presumably you will pay $500,000 once for your share of the plane/company. After that, you will pay $15,000 a month as maintenance fee. Then, you’ll probably pay $2,000 an hour for every hour you use the plane. Your total cost, of course, depends on how much you use it. The more you fly, the less each flight costs.

If you don’t fly much, say less than 25-50 hours a year, you’re probably buying a pre-paid card. Twenty-five flight hours can set you back anywhere from $150,000-$250,000, depending on the company and airline. But 25 hours would total six round trips with eight people ($200,000/48 = $4,000 per trip). It can only be 10X the cost of flying economy. If you travel from LA to New York City, it costs 80X.

You’ll pay a little more per flight if you book the flights individually, but the approximate price range seems to be $8,000-$9,000 per hour.

Let’s be honest, though. Once you reach this level, if you have to ask the price, you can’t afford it. How wealthy should you be when you start considering chartering jets or fractional ownership? Well, if you’re going to spend $250,000 a year on airfare, I think a multi-seven figure income would be appropriate. What’s $250,000 when you make $4 million and take home $2.5 million? It’s only 10%, and if it really improves your quality of life, why not? Can’t take it with you when you go. At this stage you should have an eight-figure net worth.

#6 Your own jet

You can also buy the Boca Jet yourself with your own pilot and crew. Besides being very rich, you probably need to fly a lot to justify it. (Who wants a pilot who rarely flies?) A Cessna Citation Latitude jet costs $10 million-$19 million. Obviously, some jets cost more, and some less. Maintenance is also not insignificant and, for some reason, pilots and crew want to pay each month. A nine-figure net worth seems like a reasonable baseline for this expense. Let’s be honest, though. You are not getting much more than fractional ownership companies are paying. The main thing is just a status symbol. You can say: I own a jet.

Fly first class or your heirs will. But make sure you can actually do it while meeting your financial goals.

What do you think? How do you fly? When did you decide that you had enough to move on to the next level? Would you ever consider buying your own plane? Comment below!