8 Signs You’re on Track To Go From Middle Class to Upper Class

You might be living a comfortable lifestyle, have some savings and have a hopeful outlook for your financial future. But how to really know whether you’re moving up the ladder to a new socioeconomic status?

According to Mafe Aclado, general manager of Coupon Snake, when it comes to financial planning and moves to improve your personal finance, an improved money mindset is essential. “In fact, it is the best way to tell that you have finally let go of limiting financial habits and fears, and if you’re currently on the right track to make it from middle class to upper middle class in 2024,” she said.

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Jake Hill, finance expert and CEO at DebtHammer, similarly noted that the key to moving from middle to upper class is building net worth, which he said can be achieved in a few ways.

“If you are mostly debt-free and have built a solid investment portfolio … you’re on track to move into the upper class in [the next year],” he explained. “Continuing to pay down debt until you have eliminated it will further improve your chances of success in making this money move.”

Below, experts outline some other key hallmarks for knowing when you’ve reached the upper-class milestone.

“The truth is, an improved money mindset helps you put things into a better and clearer perspective,” said Aclado.

She says it helps you better understand the reasons for your financial decisions, and helps you establish strategically how you are going to succeed.

“You know you are on the right track to make it from middle class to upper middle class when your money mindset becomes more realistic,” Aclado explained, “and your long-term and short-term financial goals are closely aligned and become more obtainable and less vague.”

Another key sign, she added, is when you have succeeded at detaching yourself from every form of a financially limiting mindset (she said fear would be at the top of this list). “When you have adopted a financial strategy that in its practicality has continued to yield more success than failures.”

Having a steady increase in taxable income is one sign that you’re on the right track to make it from middle class to upper middle class in 2024, said Joe Chappius, financial planning and tax expert at TaxClimate. “It’s really not just about the numbers on the paycheck; it signifies a broader financial stability and potential for growth,” he said.

According to Chappius, this consistent increase suggests that a person is likely making better financial decisions, investing wisely, or perhaps experiencing career advancements. “Based on what I’ve observed over the years, it’s a tangible sign that all of their efforts are yielding positive results and that they’re on a trajectory towards achieving a higher socio-economic status soon.”

Benedict Ang, senior coach at Total Shape, is on the same page. “Are you seeing a steady increase in your earnings over time? This could come from salary raises, bonuses, or even side hustles,” he pointed out. “The key is that your income is not stagnant. If you’re actively seeking ways to boost your earning potential and negotiating for better compensation, you’re definitely on the right track.”

Keeping a close eye on your investments is one way to determine if you’re on track to move from the middle to upper middle class in 2024, Ang pointed out. “Now, I’m not saying you have to be a Wall Street wizard, but a well-thought-out investment strategy can make all the difference in the world.”

He said it’s a good sign if you’re getting consistent, positive returns on your investments and your portfolio is well-diversified. “It demonstrates that you are putting your money to work for you and increasing your wealth.”

“In 2024, the job market is evolving rapidly, and staying relevant is crucial,” said Ang. “If you’re consistently upgrading your skills, taking on new challenges, and perhaps even considering advanced degrees or certifications, you’re likely positioning yourself for higher-paying opportunities.”

He noted that reaching a higher class often involves specialized knowledge and expertise, so continuous learning is a significant sign of progress.

“Speaking of side hustles, having multiple streams of income is increasingly becoming a hallmark of financial success,” Ang highlighted.

If you’re exploring entrepreneurial ventures or have investments beyond the stock market, such as real estate or a small business, he said that’s a positive sign. “Diversifying your income streams can provide a safety net and contribute significantly to your journey from the middle class to the upper middle class.”

Keeping an eye on your lifestyle choices is another key sign, according to Ang. “Are you making informed decisions about your spending, focusing on value rather than just consumption? It’s not about being overly frugal, but rather about making choices that align with your financial goals.”

He explained that if you find yourself prioritizing long-term financial stability over short-term pleasures, that’s a good indication that you’re on the right path.

According to Joe Cronin, president of International Citizens Insurance, one sign of moving up from the middle class is always taking a more proactive approach to reaching your goals. “Although I believe that everyone has aspirations about being a billionaire, such as winning the lottery or receiving a large inheritance, I also believe that your strategy to become a millionaire does not depend on these wishes.”

He noted that those in a higher socioeconomic position don’t waste time and leave everything up to chance. “You are setting it down, brick by brick, with complete confidence in your approach and the work you are putting up.”

According to experts, most middle class people must spend the majority of their time working and hustling to earn more. However, if you find yourself having more free time to do what you want — such as traveling, socializing with friends or enjoying your hobbies to pass the time — this is a clear indicator that you are on the upper class level.

Having a lifestyle that affords you a lot of free time is usually only accessible to people who don’t worry about money — because they know they have more than enough to support what they want.