A recent Wall Street Journal article reports:
While there are no standard definitions of U.S. social classes, this article uses the following annual income thresholds for a family of three in 2014:
- Poor and near-poor: $0 – $30,000
- Lower middle class: $30,000 – $50,000
- Middle class: $50,000 – $100,000
- Upper middle class: $100,000 – $350,000
- Rich: $350,000+
The article makes the point that the upper middle class is rapidly growing. When we talk only about the top 1%, we’re really missing the full story.
You can read the article here and find the summary data I included above in an image at the bottom of the WSJ article.
Now, I’m not here to put any of us into classes or assign labels. These are guidelines for the purposes of their research. Cost of living varies from place to place. Many of you live in DC and its surroundings suburbs, an expensive place to live, and many of you are not in a family of three. AND, we all have different circumstances and are in different stages of life.
Still, I think it’s important that we just notice.
For example, if you fall in one of the lower classifications, perhaps you should be giving yourself more credit for the savings you do have or the debt you have avoided.
Someone else may notice and recognize something totally different. I think simply noticing can add value and help frame our point of view.
Can you see your glass as half full as opposed to half empty?
What does enough money look like to you? While this research defines “rich” as having an annual household income of more than $350,000 that may mean working A LOT more…which to you, may not be a rich life at all.
Again, it goes back to your personal goals and values.
What do you think?