No official standard has been established to categorize the middle class, but particular benchmarks demonstrate classification. Many assume that most Americans belong to the middle class, but Pew Research Center suggests that the actual number of middle-class Americans is small.
Individuals belonging to the middle class have the same ideals and reasoning. If you think you fall in the median category, here are the 10 signs to confirm your claims.
You advocate college education for kids
Considering that college education is often regarded as the rite of passage for the middle class, it is not a flabbergast that they often opt to apply for student loans despite the fact that it may weigh their finances in the years ahead. Depending on the type of college, tuition fees can vary from tens to hundreds of thousands of dollars.
They take risks to graduate because they were fostered that college graduates have more opportunities to land a rewarding job and earn higher salaries. With the increasing demand for advanced education requirements, the middle classes believe that having a college degree is crucial in today’s workforce.
Extreme educational child support is typically an indicator of middle-class status. Parents belonging to the median wage earners are inclined to save money for their children’s education in order to safeguard their child’s success.
Your household makes between $50,000 to $120,000
Research shows that people who classify themselves as middle class earn over $50,000, but not beyond $120,000. Hence, to be considered in the middle class, household income should range from $50,000 to $120,000 per year.
As obvious as it may seem, household income is a crucial factor in determining social class. However, neighborhood plays a big role too.
The median families in rural areas might not be regarded as middle class in urban districts because of the difference in the cost of living. While $55,000 is what it takes to qualify as middle class in rural areas, $85,000 is the qualifying annual earning requirement to be eligible as a middle class on the east coast.
You are burdened with tax
Tax obligation is like a virus that keeps killing the middle families’ healthy finances. The middle class pays a much costlier true tax rate compared to the upper classes because they only possess lower wealth accumulation.
Billionaires have the privilege of tax-avoidance tactics since their wealth mostly comes from the plummeting value of their properties, assets, and stocks, which are not taxable unless they get sold.
You believe in the American dream
Since the World War II conclusion, the media has been pushing the ideals of the “American Dream.” The best-selling book entitled Epic of America described it as the dream of a homeland, which life is richer, fuller, and better for everyone.
From great education to a grand mansion and luxury cars, the American dream serves aspiration for anyone to attain success in society regardless of the class they were born into. In a recently conducted survey among the middle class, 55% believe that anybody can climb the ladder of success and reach its peak.
The middle class indulges in the fantasy of getting their dream job and succeeding in it remarkably. They believe that their dreams can be achieved through consistent sacrifice, hard work, and risk-taking. Studies show an association between believing in the American dream and becoming wealthier since people from the middle class are among the highest earners.
You have time for leisure
The burgeoning middle class started to have more free time for leisure after the reduction of working hours from 100 down to 44 hours a week. Individuals who belong to the middle class tend to look forward to weekends to rest or go on adventures. Partying is also one of the activities most middle classes do.
Your parents were in the middle or lower-middle class
Adults who classified themselves as the middle class stated that they also came from either average or lower-middle-class families— 43% claimed they were born from a middle-class family. In comparison, 27% responded they grew up in a lower-middle-class family.
The environment also partakes a big role in the overall success of an individual. Some places offer limited opportunities. Some provide numerous open doors, which increases the possibility of success.
According to research, children in poverty-stricken areas are less likely to succeed due to socioeconomic factors. Poor children are subjected to low-quality education and other deprivation compared to children living in well-off neighborhoods.
You are optimistic about the economy
A study dated 2017 involving 50% of self-described Americans shows that most of the middle class are optimistic about the economy. They take advantage of every circumstance and tend to be buoyant of the better days ahead.
For instance, during this pandemic, the middle-class plumped for side hustles to earn extra money and drove their business online to keep up with the virtual shift.
You prefer shopping on big brand names
Similar to how people classify others’ wealth by the car they drive, the place you shop also determines your social class. The middle class persistently splurges on big and designer brands to follow the trend or their favorite celebrity.
They enjoy indulgence, and anything luxurious often grabs their attention. This causes them to fall prey to the vicious debt cycle they can’t seem to depart from.
You fear getting missed out
FOMO, or fear of missing out, is among the common grounds of the middle class. They tend to compare themselves to people who are doing better in life, which intensifies the fear of getting missed out.
If you look around, you will spot that most people today have similar gadgets and travel destinations. It isn’t because they need it or are really passionate about it, but because they don’t want to be left behind the trend. They want to fit in and have a place in today’s society we live. As a consequence, they tend to copy each other’s behavior and ideals. This is the very reason why specific trends gain fame within a short period.
You have a “good” job
The middle-class are enthusiastic about their idea of a “good” job. It’s not only those that give high-paying positions but also those with practical benefits in the long run, such as retirement and healthcare benefits. Such jobs are considered a pillar of middle-class’ financial security.
As claimed by Kaiser Family Foundation, 56% of U.S. workers receive health insurance through their companies, 27% have means of approach to pension plans, and 58% have access to a retirement savings plan.
As the cost of prescription drugs and medical care makes health protection become an ever-escalating need, the capability to obtain healthcare coverage has become an essential goal for middle-class wage earners.
