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Since 1971, the middle class in the United States has been getting smaller and smaller. However, according to the Pew Research Center, around half of the US population were still part of that category in 2021. Determining who qualifies for middle class status and who has made their way into the wealthy category shouldn’t be difficult, but there are several factors that have to be considered. Income and net worth are the main indicators, of course, but here are a few other signs that can help you determine whether someone is wealthy, or a part of the middle class.
Multiple income streams are an important indicator of the wealthy, often because they can create ongoing, passive income and continue to grow over time. They may also reach a point where the person doesn’t have to work a traditional job, and spends their time on hobbies and the creation of additional streams of income. Along with the income streams, wealthy people are more likely to invest in long-term assets, where middle class people might not be able to do that as freely.
If you have a net worth of more than $2 million, it’s another good sign that you’ve moved over into the wealthy category, and so is establishing a company or other enterprise that’s lucrative. Wealthy people can generally take extended vacations and other time off, too, because they have the money to do that and often don’t have traditional, 9-to-5 jobs where they may not be able to get away for weeks or even months at a time.
When you see that you’re valuing time and money differently, experiencing a mindset shift, and enjoying a strong support team, you may have made your way from the middle class into the realm of the wealthy. Your life could look very different, or you may keep doing most things the same way you’ve always done. Either way, you can expect a higher income and a stronger net worth, which can increase your opportunities in life and also improve your peace of mind for the future.
No matter what your net worth or your estate planning requirements may be, we are here for you. We will carefully listen to you to create an estate plan that meets your wishes and needs. Contact us today to get started!