In almost every political cycle, you are likely to hear candidates talk endlessly about America’s middle class. But just who are they talking about? Are you in the middle class? And what can people in the middle class do to make smarter financial choices?
While there are many competing definitions of who is middle class and who isn’t, the average definition includes everyone currently earning $42,000-$125,000 per year. That means about half of all Americans are middle class.
If you fall into this bucket, you can benefit from learning the eight most common mistakes that middle class earners make so that you can avoid them. The first is taking on too much debt. Mortgages, auto loans, student loans, credit cards and more all add up to one thing, massive consumer debt. The middle class loves to use debt to finance a more luxurious lifestyle. But that strategy will eventually come back to haunt you.
For the remaining seven mistakes you should avoid making, read the full article here.