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 is being said those who will bequest this wealth will greatly boost the resources of the 76 million Baby Boomers. If thats true, then the next few decades will see an estimated $40.6 trillion change hands as Baby Boomers and their parents pass their accumulated wealth to their heirs.
At the same time we are also hearing about the disappearing or shrinking middleclass. What this means to you depends on how you perceive the statement. Some may view it as indication that we will be made up only either very poor or very rich people.
As Americans are constantly labeling groups of people, it is probably time to think about where you stand in all of this.
Does this Affect You?
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.
By the same token you may be delighted feeling that this wealth transfer and lack of middle class will have you moving on up.
The Middle Class, Defined!
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?
The relevance in these questions is that the middle class can largely be determined by your own viewpoint. If you measure your wealth by watching the news or if you feel constantly unable to keep up with the Joness than chances are your behavior and attitude about wealth is affecting your behavior and therefore your own financial freedom.
Engraved in Stone?
The fact is, the shrinkage theory not engraved in stone. It is hotly debated by economists who choose to measure the middle class in different terms, whether by changing the income brackets or by focusing on job categories. Some researchers actually see a smaller shrinkage or barely any at all. (We dont usually hear much about their views.)
When you consider the following your viewpoints on your own economic standing may change drastically.
A reasonable definition of middle class is income earning between $30K-$100K per year. Facts show that fewer people live in this income range today than they did 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.
Groups earning less than $30,000 have remained consistent.
More and more people are making more money thus the dcline of the "middle class".
Married couples have seen median income raises of 25% since 1979.
Reading these facts, you can easily see that the decline of the middle class is more likely because they are the ones moving up rather than down the economic ladder of success!
The wealth transfer and possible rise of the middle class to richer folks may mean that there is greater resource for all these people to invest in your product or service.
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! - 15478
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 is being said those who will bequest this wealth will greatly boost the resources of the 76 million Baby Boomers. If thats true, then the next few decades will see an estimated $40.6 trillion change hands as Baby Boomers and their parents pass their accumulated wealth to their heirs.
At the same time we are also hearing about the disappearing or shrinking middleclass. What this means to you depends on how you perceive the statement. Some may view it as indication that we will be made up only either very poor or very rich people.
As Americans are constantly labeling groups of people, it is probably time to think about where you stand in all of this.
Does this Affect You?
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.
By the same token you may be delighted feeling that this wealth transfer and lack of middle class will have you moving on up.
The Middle Class, Defined!
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?
The relevance in these questions is that the middle class can largely be determined by your own viewpoint. If you measure your wealth by watching the news or if you feel constantly unable to keep up with the Joness than chances are your behavior and attitude about wealth is affecting your behavior and therefore your own financial freedom.
Engraved in Stone?
The fact is, the shrinkage theory not engraved in stone. It is hotly debated by economists who choose to measure the middle class in different terms, whether by changing the income brackets or by focusing on job categories. Some researchers actually see a smaller shrinkage or barely any at all. (We dont usually hear much about their views.)
When you consider the following your viewpoints on your own economic standing may change drastically.
A reasonable definition of middle class is income earning between $30K-$100K per year. Facts show that fewer people live in this income range today than they did 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.
Groups earning less than $30,000 have remained consistent.
More and more people are making more money thus the dcline of the "middle class".
Married couples have seen median income raises of 25% since 1979.
Reading these facts, you can easily see that the decline of the middle class is more likely because they are the ones moving up rather than down the economic ladder of success!
The wealth transfer and possible rise of the middle class to richer folks may mean that there is greater resource for all these people to invest in your product or service.
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! - 15478
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
