An interesting phenomenon in the United States is that, outside of those living in true poverty, nearly all other individuals self-identify as a member of the middle class. Teacher earning $3,500 per month as part of a Teach For America or related program immediately after graduation? That person identifies as a member of the middle class. Pulling down six-figures annually as mid-level investment banker? Identifies as a member of the middle-class.
Small business owner who earns $75,000 per year? Rightly identifies as a member of the middle class. Small business owner who grows that business to earn $300,000 per year? This person now identifies as a member of the middle class who happened to have a successful year.
That is significant.
Why don’t individuals classify themselves according to their economic reality of their earnings? If you are bringing in $15,00 per year, you are not middle-class, you are in the … Read the rest of this article!