Not so long ago, most people viewed the hallmarks of success as something
along the lines of a house, a white picket fence, two weeks vacation, two
children and the ability to send those kids to college. Today, the middle class
is a vanishing breed according to nearly every survey and statistic on the
topic. Its disappearance is of such grave concern to the fabric of American
society that the U.S. government launched a task force to explore the issue.
Despite all of the attention to the subject, defining "middle class" remains a
challenge, as everyone wants to be in the middle regardless of their income.
Instead of focusing on the dollars, let's take a look at the lifestyle
benchmarks that define middle class status.
Have You Made it to the Middle?
A wide variety of numbers have been thrown around in an effort to define
the middle. People earning 20% of the average income and people earning
80% all claim to be part of the middle class. More than a few millionaires
make the claim too. While there is no official financial standard, the middle
class as defined by the government task force is characterized in terms of
six financial aspirations, which we can view as benchmarks.
Home Ownership
Home ownership remains the American dream. The step up from renting
to owning signifies prosperity and achievement. With median home prices
ranges differing by so much in different cities across the United States,
the ability to achieve this goal varies significantly by geographical
location. Someone earning an income in the 50% range in Detroit may not
be able to afford even a small house in Los Angeles.
Automobile Ownership
Owning an automobile provides freedom of movement and the luxury of
avoiding the limited schedules and cramped quarters offered by mass
transportation options such as buses and subways. Here again, the cost of
cars varying widely, as does the kind of automobile required. For one
driver, a used Hyundai will do the trick. For another, a new BMW signifies
the achievement of this goal.
A College Education for the Kids
Helping children get ahead in life is a primary goal for middle class
families. Paying for a college education for children can cost anywhere
from the low tens of thousands of dollars to hundreds of thousands.
Decisions about which university of college to attend can have a
significant impact on the price tag.
Retirement Security
Retirement is a goal nearly everyone wants to achieve. It demonstrates
success and provides a reward for decades of hard work. Once again,
definitions make a difference. The amount of gold required to support
your golden years will vary significantly depending on whether you want a
staff of 10 at your villa in the South of France or a townhouse in Peoria,
Illinois.
Health Care Coverage
The ability to obtain healthcare is an important goal for middle class
wager earners and their families. The high and rising cost of medical
care and prescription drugs make healthcare coverage an ever-increasing
need, as going without it can have serious negative financial implications
in the event of a severe illness or injury.
Family Vacation
The family vacation is a middle class staple. Vacations demonstrate that
a family has disposable income and has been successful enough to take
time away from work to focus on leisure.
What Happened on the Way to the Dream?
Globalization and technological advances began to reverse the growth of the
middle class. The manufacturing base in the United States changed, as good-
paying jobs in factories and heavy industries went overseas to lower-paying
markets and labor unions lost much of their ability to bargain for high wages
and good benefits. Later, white-collar jobs from accounting and data entry
to reading medical images and answering telephones in call centers were also
sent offshore. Many jobs that remained in the U.S. were eliminated by
computers and other technological advancements that increased productivity.
To achieve or maintain a middle-class lifestyle, many households became two-income families. Achieving middle class goals became more difficult as employers eliminated their pension plans and defined-benefit plans , the cost of a college education continued to rise and the cost of healthcare jumped. For most of the 20-year period
following 1990, the Commerce Department reports that real median income
grew at a rate of about 20%, while the cost of a college education grew
between 43% and 60%, the cost of housing rose 56% and healthcare costs
jumped by 155%.
How to Get There
Although there are significant challenges to obtaining middle class status,
there are some proactive steps that can help make the dream a reality.
Budgeting is one of the most obvious. Understanding where your money goes
each month can help you determine the exact makeup of the benchmarks you
are trying to match. Are you looking for a Hyundai or a BMW?
Planning is another crucial step. Are the kids going to a state university or a
private college? Are scholarships an option? Some savvy families find money
for college by participating in programs which can aide families with the
costs related to sending a child to university.
Working is another one of the requirements. A second job or a side business
might be just what you need to boost your income and achieve some of your
goals. Putting your money to work is also an important consideration.
Investing has helped build wealth for generations. In fact, income earners
ranked in the top 1% enjoyed significant increases in wealth even as the
middle class fell into decline. Most of that wealth came from investments.
Even if you don't have the means to invest for current income, you can take
a few dollars from each paycheck and save for your retirement.
The Bottom Line
Don't underestimate the role of hard work and luck. Sometimes being in the
right place at the right time or taking one particular course of action over
another can make all the difference. So keep watching for opportunities and
make the most of them when you find them. As motion-picture mogul Samuel
Goldwyn said, "The harder I work, the luckier I get."

This nigeria dude.

Op, is there any sign that one had made it in the lower class""? >

Les: Op, is there any sign that one had made it in the lower class""? >

yeah if you can't afford to achieve the 6 signs

Dramadiddy: yeah if you can't afford to achieve the 6 signs

I didn't actually read it, I was figuratively telling you to space out your post as someone who has made it in the middle class. Number it, if needs be.

Les: I didn't actually read it, I was figuratively telling you to space out your post as someone who has made it in the middle class. Number it, if needs be.

You go fear errand na

Dramadiddy: You go fear errand na

trust me, it'll worth it, all young working class citizens need to know their stand in the society.

So difficult to read; no paragraph or comma

Useless post ! How does dis apply to Nigerians?...niggers just going to copy some thrash from the internet and posting here..nonsense !!!

No be for Naija oo

.

toogentle: [b]@OP you belong to those people who post rubbish. I guess you are one of those who read all the motivation books tailored for another climate and all you can do is talk, talk, talk. No substance. In Nigeria, these are the 6 signs you are in the middle class
1. You have a comfortable accommodation - I know some very rich people in Lagos who have houses in other places but rent houses in Lagos because of work. So I would say it is not about owning a house. It is about having a comfortable accommodation for you and your family.
2. You and your family eat well - You are able to provide quality meals for your children.
3. Having a car is only half part - There are many poor car owners in Nigeria. They can't feed themselves or their family or they can't provide a good roof over their head. However, if you are good in Number 1 and 2, and you have a car, welcome to the middle class.
4. Quality education for your children - Your children are having quality education in good schools within or outside Nigeria.
5. You can support your extended family - Nigeria has a family centric culture. You can't leave out your parents, siblings, wife's parents, siblings to suffer and you think you are rich. I don't mean make their issues your responsibility. I mean you can support them as at when necessary even upgrading their standard of living.
6. Availability of emergency funds - Forget all this retirement bullshiit. This is Nigeria. How many people will exist to retirement? What is important is available emergency funds and source of emergency funds. This can be either in stocks, fixed deposits, savings, businesses, properties, etc. Funds that you can access when you have need of them.[/b]

I rep Naija for Life. We've got dudes and we've got dudes. Nice one.