Trillions of $$ On the Move
In recent years the United States has been experiencing one of the greatest transfers of wealth that it has ever seen. Retirees, who are leading the country as far as wealth are beginning to hand their money down through their familial generations and many middle class Americans are finding themselves richer
It goes without saying that the lives of over 76 million Baby Boomers will be transformed with the estimated 40.6 trillion dollars changing hands. This has the potential to boost the economic status of families for generations to come.
Meanwhile we are being told that we are facing a shrinking middle class. Some want to interpret this to mean that soon we will only have the very rich and the very poor in our nation.
If there is no middle class, does that mean we will only have the very rich and the very poor? As detrimental as that may sound, it is important to avoid classification labels and look at the real picture.
How do You See Yourself?
If you are one of those people who see themselves as working middle class than this information may be frightening. You may also need to reconsider the way you classify people and how you feel you fit in to all of this. The way you look at your class standing has a lot to do with how well economically you will do.
For instance, you hear of this massive wealth transfer and that the middle class is quickly disappearing, then you might wring your hands and declare that the rich are getting richer and the poor are getting poorer. And you are convinced without a doubt that you are in the latter group!
What is the Middle Class?
There really are no good contemporary parameters that describe or define the middle class. Opposed to twenty years ago it seems that even the lower class has more. Is middle class defined by the material possessions we have or is situated somewhere just below the poverty stricken members of society. Is middle class defined by a lifestyle?
What I am trying to do is get you to focus on your thinking. If you are using outside mediums to determine what middle class means to you than you will undoubtedly feel persecuted by rich and wealthy millionaires taking the whole kitty. Your thinking quite effectively dictates your behavior and your ability or inability to see yourself as one of the rich.
Is their Truth to the Shrinking Theory?
Just because we hear that the middle class is shrinking does not mean it is true. Economists are locked in debates about whether it is true and whether or not there are amicable means with which to measure middle class stature. While some judge middle class by occupation others focus on income earning. Many economist say there is little to no shrinkage of middle class.
Consider the Facts
Fewer people today live in households with incomes between $30,000 and $100,000 (a reasonable definition of "middle class") than in 1979.
The number of people in households that bring in more than $100,000 rose (in that same time period) from 12 percent to 24 percent.
While that looks good for the middle class the same research suggests that households making less than $30k per year are remaining static.
That being the case, it means the "decline" of the middle class came from people moving up the income ladder, not the other way around.
For married couples - median income inflation dollars have grown a whopping 25% since 1979.
Is the sky falling or not? It all depends on a) to whom you choose to listen, b) how you interpret the statistics, and c) your perspective on life in general.
Thinking about millions of dollars being imposed from one generation to the next can actually mean that more people will have the resources to buy your product or service. If your product or service can help these people invest wisely, chances are they are going to use it..
And if you are dead set on believing that the middle class is shrinking, then believe that it is shrinking because you have determined to leave those ranks and move upward! - 15431
In recent years the United States has been experiencing one of the greatest transfers of wealth that it has ever seen. Retirees, who are leading the country as far as wealth are beginning to hand their money down through their familial generations and many middle class Americans are finding themselves richer
It goes without saying that the lives of over 76 million Baby Boomers will be transformed with the estimated 40.6 trillion dollars changing hands. This has the potential to boost the economic status of families for generations to come.
Meanwhile we are being told that we are facing a shrinking middle class. Some want to interpret this to mean that soon we will only have the very rich and the very poor in our nation.
If there is no middle class, does that mean we will only have the very rich and the very poor? As detrimental as that may sound, it is important to avoid classification labels and look at the real picture.
How do You See Yourself?
If you are one of those people who see themselves as working middle class than this information may be frightening. You may also need to reconsider the way you classify people and how you feel you fit in to all of this. The way you look at your class standing has a lot to do with how well economically you will do.
For instance, you hear of this massive wealth transfer and that the middle class is quickly disappearing, then you might wring your hands and declare that the rich are getting richer and the poor are getting poorer. And you are convinced without a doubt that you are in the latter group!
What is the Middle Class?
There really are no good contemporary parameters that describe or define the middle class. Opposed to twenty years ago it seems that even the lower class has more. Is middle class defined by the material possessions we have or is situated somewhere just below the poverty stricken members of society. Is middle class defined by a lifestyle?
What I am trying to do is get you to focus on your thinking. If you are using outside mediums to determine what middle class means to you than you will undoubtedly feel persecuted by rich and wealthy millionaires taking the whole kitty. Your thinking quite effectively dictates your behavior and your ability or inability to see yourself as one of the rich.
Is their Truth to the Shrinking Theory?
Just because we hear that the middle class is shrinking does not mean it is true. Economists are locked in debates about whether it is true and whether or not there are amicable means with which to measure middle class stature. While some judge middle class by occupation others focus on income earning. Many economist say there is little to no shrinkage of middle class.
Consider the Facts
Fewer people today live in households with incomes between $30,000 and $100,000 (a reasonable definition of "middle class") than in 1979.
The number of people in households that bring in more than $100,000 rose (in that same time period) from 12 percent to 24 percent.
While that looks good for the middle class the same research suggests that households making less than $30k per year are remaining static.
That being the case, it means the "decline" of the middle class came from people moving up the income ladder, not the other way around.
For married couples - median income inflation dollars have grown a whopping 25% since 1979.
Is the sky falling or not? It all depends on a) to whom you choose to listen, b) how you interpret the statistics, and c) your perspective on life in general.
Thinking about millions of dollars being imposed from one generation to the next can actually mean that more people will have the resources to buy your product or service. If your product or service can help these people invest wisely, chances are they are going to use it..
And if you are dead set on believing that the middle class is shrinking, then believe that it is shrinking because you have determined to leave those ranks and move upward! - 15431
About the Author:
Rob Walcher is an expert in the direct sales industry. He shot to the top in two different direct sales companies in a matter of 18 months and has become known as the Ten-Figure Guru. If you want to learn how to get comfortable with a few more zeroes in your income and work directly with Rob click here
