Welcome to Extreme Investor Network, where we provide expert financial advice to help you navigate the world of personal finance. Today, we’re discussing the challenges facing the middle class in America and how families are struggling to make ends meet.
The middle class is typically defined as households that earn between two-thirds and double the household median income. For 2023, this means an annual income between $53,740 and $161,220. Despite a relatively low inflation rate of 2.4% in September, many middle-class Americans are still feeling the pinch as costs continue to rise.
A survey from the National True Cost of Living Coalition found that 65% of middle-class Americans are struggling financially and don’t expect their situation to improve. Housing costs, child care, and health care are among the significant expenses putting pressure on families. In fact, three-quarters of middle-income families are actively cutting back on non-essential expenses, with 73% finding it difficult to save for the future.
“It’s been a struggle,” said Kyle Connolly, a mother of three in Pensacola, Florida. “This past month I was left with $125 in my checking account and that’s it.”
At Extreme Investor Network, we understand the challenges facing middle-class families and are here to provide valuable insights and advice to help you take control of your finances. Stay tuned for more expert tips on managing, growing, and protecting your money for the years ahead.