America's middle class is the economic engine of this nation. Our road to economic recovery begins with restoring the prosperity of working families and small business owners. America’s middle class is hurting. Trillions of dollars in home equity and retirement savings and college savings are gone. And every day, more and more Americans are losing their jobs. Below are some of the reasons why the middle class of American needs more attention and is hurting extremely. A job and college degree will no longer give you the ammo to achieve the "American Dream".
6 Reasons why the Middle Class Needs Help
6. The average credit card debit is $15,788 according to AARP: As wages continue to decrease and inflation still hovering around 4% annually the only way Middle Class Americans can close the gap is with credit cards. With ARP of 15%+, if your lucky, will take 10 years to pay off $1,000 if you just paid minimum payments.
5. 43% of American workers have less than $10,000 in savings according to Money.com: Money for a rainy day is a thing of the past. Many Americans do not have the luxury to put money aside as most are living at or above their means.
4. With out a education you lose out: If you don't have a bachelor's degree, it is becoming tougher to find meaningful work, new research finds. With an increase in college tuition the idea of college cannot be a feasible path for many but this should not hinder a family from pursuing financial independence.
3. College degree but no Job: A college degree once all but guaranteed a well-paying job and higher earnings than high school graduates. But fewer of these good jobs are now available because of both long-term economic changes and the lingering effects of the Great Recession.
2. Lack of knowledge on the Power of 72: This calculation could work for you but for most in the middle class it works against you. The power of compound interest is what makes the world go around. For example You are 24 and have $3,000 in savings. You put it in an account that you expect to earn 8%. According to the Power of 72, it will take 9 years to double your money, so at age 33 you will have $6,000 if you add nothing more to the account. At age 42 you will have $12,000 and at age 60 have $48,000 from a $3,000 investment. Your money is working for you. All you had to do was to leave it alone!
1. Under insured(Life and Medical): 68 million+ adult Americans do not have life insurance. A consequence of not having life insurance is that your family will miss out on the contribution of your income in the household income and may have to leave their home to start anew somewhere else, as they cannot afford to fund the home alone. Imagine the added pain that having to leave the memories that you made in your own home would cause your family, given that they will be desperate to cling onto your memory after you pass away. Everyone has felt the wrath of a untimely death of a loved one and it has caused many families to make hard decisions that could of been avoided if the proper coverage was in place.
I hope you all found this information to be education and also bring up some personal situations that may need to be discussed among your family. I feel the middle class has been the backbone of this great nation but more and more begin to enter the realm of poverty because life as well all now will cause hardship and pain. We must find ways to improve the quality of life and make a better future for our children.
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