Knowing the difference between standard of living and quality of life can dictate where and how someone invests.Standard of living refers to the wealth, comfort, material goods and necessities available to a certain socioeconomic class in a certain place. It’s evaluated based on income, employment opportunities, poverty, costs of goods and services, life expectancy, infrastructure, climate and many other factors. It’s used to measure things that are easy to quantify, like inflation. It can compare living in Milwaukee to living in New York, or what it was like to live in Colorado in 1915 versus today. Quality of life is more subjective. The United Nations’ Universal Declaration of Human Rights considers freedom from slavery and torture, equal protection under law, the right to privacy and to marry, the right to have a family and vote, and other factors when evaluating quality of life. Standard of living is a flawed indicator. The U.S. ranks well in many factors, but the standard of living is quite low for some of its population. Poor, urban environments face low employment opportunities, bad environmental quality and short life expectancies. What one person calls a good quality of life may be poor to another. For example, some Americans face discrimination despite legislation, or lack access to meaningful education.