6 Habits of Middle-Class People Who Eventually Become Wealthy
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The world has changed for middle-class people over the past several decades. As of 2023, the middle class made up just over half (51%) of all Americans, down from 61% in 1971, according to Pew Research.
At the same time, the percentage of Americans considered “upper-income” or “wealthy” has increased from 11% to 19%. Pew Research calls this a sign of “economic progress overall,” especially since the number of lower-income households rose only slightly, from 27% to 30%, during that same time period.
But for those who feel stuck in the middle class, making that leap to wealth may seem close to impossible. Fortunately, there are concrete steps you can take — and one significant pitfall to avoid — on the road to riches.
Many people wonder: “What does it really take for a middle-class person to become wealthy?”
As the data shows, it’s not impossible if you establish the right habits and mindset. As part of GOBankingRates’ Top 100 Money Experts series, we spoke with Kevin Reed, chief revenue officer at Aquilance, for his tips, insights, and strategies to build lasting wealth.
1. Find Ways To Make More Money
If your household income is under $100,000 and you’re just getting by, it will be hard to amass wealth or free up money for investing without first boosting your income.
“For someone starting on the journey of building substantial wealth,” Reed said, “you should probably focus on finding ways to maximize your income before overthinking investing. Consistently building your income is the lever that most people should focus on first.”
Boosting your income might mean seeking a promotion at work or even a new job to increase your salary.
“People who build wealth usually work incredibly hard to excel at their current job … and they’re usually planning a path to earn their next promotion,” he said.
In today’s growing gig economy, it can also be worthwhile to explore side gigs or multiple income streams to supplement your earnings.
2. Find a Mentor
A mentor can help you determine what your successful career path might look like and provide support and encouragement along the way.
“Mentors become your personal champion to help you get that next promotion or new job,” Reed said.
When you find a coach you click with, ask questions and be open to guidance. Their advice may open doors you didn’t know existed.
3. Approach Life Like an Elite Athlete
Another benefit of having a good mentor is they can help you shift your money mindset and keep you motivated.
“Mindset is the biggest hurdle for most people,” Reed said. “I tell people to think like an elite athlete at work. Approach work like it’s a big game [and] you’re trying to win each moment and each day.”
This is true whether you set out on an entrepreneurial path or prefer to build wealth while working for someone else.
4. Invest Wisely
Once you’ve boosted your income to the point where you have more than enough to cover your daily expenses, it’s time to focus on saving and investing strategically.
Speaking with a financial advisor can help you determine your risk tolerance, avoid scams or overly risky investments, and put your money in places where it can grow over time.
5. Donate to Charity
Author and motivational speaker Zig Ziglar famously said, “You can have everything in life you want, if you will just help other people get what they want.”
For many individuals looking to grow wealth, this includes donating to reputable charities or causes they care about.
“You should give time and money to a non-profit that ignites your passions and makes the world a better place,” Reed said.
Not only does this help shift your money mindset to one of abundance, it also helps you view money as having a greater purpose. Money, after all, isn’t the real goal for most people — it’s what that money allows you to accomplish, including improving your own life and the lives of others.
6. Avoid Lifestyle Creep
As you watch your investment and bank accounts grow, it can be tempting to spend more, either for your own comfort and enjoyment or based on the feeling that you need to keep up with your neighbors and colleagues.
“The biggest issue that I see is people feeling like they deserve a certain level of lifestyle,” Reed said. “When everyone has a new car, it’s natural to feel like you also deserve a new car.”
However, a car lease or loan, especially at a high interest rate, can drain your wealth faster than you can build it. Likewise with a house that’s bigger than you need, designer clothes, sneakers and bags, or other purchases that pull funds from your larger financial goals.
Minimizing lifestyle creep as your income grows can help you achieve true financial security through consistent saving and smart investing.
Reed shared some important food for thought that can inspire anyone on the road to wealth: “Are you willing to delay gratification and prioritize actually becoming wealthy at some point later in life, or do you want to pretend to be wealthy now?”
This article is part of GOBankingRates’ Top 100 Money Experts series, where we spotlight expert answers to the biggest financial questions Americans are asking. Have a question of your own? Share it on our hub — and you’ll be entered for a chance to win $500.
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