The Importance of Social Classes in Finance
Prosperity Club helps you learn about the social classes in the United States that will allow you to better understand which class you belong to and how to move up. We also talk about whether this class division is responsible for various social and law-and-order issues.
Get a Financial Education and Become Socio-Politically Active
Understanding the division of classes and the social, political, and economic dynamics revolving around this phenomenon can be an empowering body of knowledge. It allows you to better understand your environment and identify opportunities for personal and collective growth. Being a socially aware individual helps you become aware of what’s happening around you. The social classes in the United States are as follows:
Often people consider themselves poor because they live paycheck to paycheck, can't keep up with expenses such as car payments, credit cards, housing, or other debts. If these are your concerns, then chances are you belong to the middle class. The poor generally have no debts because they have no assets or income that they can use to qualify for loans.
They do not own anything, and many do not have bank accounts. They are at the mercy of using cash or going to places that will cash their check for an outrageous fee.
The Middle Class
The middle class is the largest social class in the United States. You are classified as a middle-class individual or family when you own a car and a home with a white picket fence. People in the middle class send their children to college, save for retirement, and pay for their medical insurance. Concerns of the middle class include a strong sense of struggling to get ahead and maintaining their lifestyles.
This struggle at times makes them feel like they are poor, when it may be that they are living beyond their means – rather than within – while not preparing for recessions, disasters, and epidemics. Sometimes, middle-class individuals feel short-changed when the government provides for the welfare of the poor or the wealthy get bailouts.
Most of the wealthy people have accumulated wealth by being frugal. They learned to delay gratification now for better things later. They invest their money that increases their net worth until they reach a point that they can buy everything they always wanted.
In many cases, wealth has nothing to do with being frugal but being born into the right family or having the right connections. The royal family is a good example of old money and being born in an affluent household. While being counted among the wealthy has numerous socio-economic benefits, the wealthy have a wide range of concerns and potential problems, including fake friends, fear of lawsuits, kidnapping of their children for ransom, etc.
Building a Safe, Prosperous Society Beyond Class Limitations
The distribution of social classes is an arbitrary factor that should not affect the rate of crime and violence in a society if the state takes ownership of the poor and takes care of their basic needs and income in various policies and stipends. Countries, where the division of social classes has little impact on crime, have strong support systems for the underprivileged...