Question: If you were asked to use one of these commonly used names for the social classes, which would you say you belong in? Source: The University of Connecticut/Hartford Courant survey of 1,002 randomly selected adults nationwide, Jan. 22-Jan. 28, 2013
I found this survey interesting. 88% of the respondents classified themselves as middle class. Obviously people misperceive wealth, particularly in today’s economy. Someone once said to me: There is no middle class anymore. If you think you’re middle class, you’re either 1) poor and uninformed; or 2) rich and insecure.
This blog will make you feel more informed and secure. We live in an increasingly polarized economy. There is a substantial number of households (the top 30% or so below the “the 1%”) with secure, reasonable incomes that have been shell shocked by the Great Recession and divisive politics. These are my clients and I work very hard for their well-being. They and their children will never sink to the point where they would require a government safety net. Why?
Over time, hard-working, responsible individuals and families build a personal safety net in the form of private wealth, knowledge and professional advisors. Author Tom Clark refers to this constituency as the “squeezed but basically safe” and opines that the politics in hard times is driven by their overriding concern of not being saddled with taxes to provide assistance to the have-nots.
In order to feel secure in this economic war, it’s important to live below your means and build up a War Chest of assets and knowledge, so you feel safe and ready for anything.