Middle classes why it’s hard to be in the middle classes.
It’s very difficult these days to be in the middle classes. I can relate as most of my wealth was in real-estate. I worked hard at my job to scrape together my pennies to purchase a home. Then I worked overtime to ensure I could pay the mortgage. Suddenly my company decided to shut down our site and ship our product overseas for production. Now that I have no income at all and my house isn’t worth what we paid for it how will I ever recover?
In the meantime as I’m losing my income and my home, the cost of everything else is rising too. It’s more expensive now to fill my gas tank, buy groceries, and go to the doctor than it was 10 years ago. These items are crucial to my families’ existence. And without a job I now have to pay an exorbitant amount to have health insurance, just what I needed, another monthly bill.
What have we grown up to believe? Go to school do well so you can go to college and get a great job. I did very well in high school with plans to go to college, but even back when I was 18 it was too expensive. I settled for a trade school instead. And now as a middle classes mom the price of sending my son to college has surged over the last decade to a point where I will never have the money he needs to be what we so call successful. I hoped my home would have the equity we would need for his education. That plans a bust.
My husband and I were fortunate to pay off a small mobile home just before the housing market crashed. Even paid for, it’s not worth enough to pay for school. But, yes we do feel blessed that this will be our worst case scenario if we do lose our house.
So what happened is our 22 year old, pregnant daughter now lives there with her boyfriend because they can’t find work to support themselves. My husband and I were counting on the home to bring us income and instead it’s become shelter for a child that would prefer not to live at home with her parents. Got her through school and guess what, she’s stuck at home, well in a roundabout way. Did you know that 14.2% of young people ages 25 to 34 still live at home? That’s compared to 11.4% 10 years ago.
In a decade from now can you just imagine what’s in store for our American Dream if our younger generations stuck in the middle classes still can’t get off the ground?
Well I have an idea! Perhaps the American Dream we seek is more in the ability of Americans to be entrepreneurial. I’m not talking about coming up with a huge investment to purchase a store front, inventory, employee payroll and benefits but get to work with other entrepreneurs that have already figured it out.
Our children could have hope in knowing they have a way to take control of their future rather than depending on a dyeing American Dream of education and employers that don’t exist. This could be one solution to manage getting out of the middle classes and becoming part of Americas wealthy 1% instead. All we have to do is get to work!