There’s no nice way of putting this: most Americans will not move above “middle class status” no matter what the American Dream has told us. There are, however, some moves you can make to upgrade your finances and rest comfortably near the top of the middle class.
Here’s Five Fast Facts About Reaching the Upper Middle Class:
- 🎓 Train Up - If you’re on a career path that doesn’t allow you to advance, it's time to train for a role with growth potential. That doesn’t necessarily mean college. It could simply be a case of being certified for skills that allow you to work in a different field or shift your role in your existing career.
- 🧾 Budget - Create a budget, savings plan, and a road map to pay off debt. Cutting spending and having a clear financial path is a huge step in the right direction.
- ✂️ Ditch Debt - Get rid of any high-interest debt you have as soon as possible. Credit cards, loans, and auto loans can really pull your finances down. Pay them off and then move to pay off debt at the next highest rate.
- 📊 Invest - Look for low cost, diversified index funds and invest. They have a balanced risk and return. Of course, which ones you should go after are better answered by a financial professional.
- 📺 Resist Overspending - This doesn’t mean you can’t dine out or see a movie every once in a while. Frivolous purchases like a new TV (when your current set is working fine) are the things you should avoid if you’re looking to build your wealth.
🔥Bottom line: On the surface, all of this advice may sound simple, but when you start looking at the logistics, you’ll realize it’s not as easy as you might think. It takes a lot of work, but like the old cliché goes, you get out of it what you put into it.
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