Feeling Poor? 10 Key Signs You’re Richer Than You Think in Middle Class

Middle class is the most prominent socioeconomic class in the US, but there are varying degrees. If you’ve been feeling poor, it might have more to do with your habits than the money you make.

Here’s the thing. If you are middle class and feeling poor, you’re not alone. But, there are indicators that you may actually be richer than you think. It’s all about managing your money and your finances. If you have a handle on it, you’ll live a comfortable life regardless of your salary. If you get in over your head, that’s when the trouble starts.

Financial experts point to these signs that you’re more well off than you might think.

1. You Easily Manage Your Debt

Most everyone has debt, whether it comes in the form of a mortgage, car or student loans, or credit cards. It’s how you manage that debt that can define how financially comfortable you are.

For example, if you pay your debts on time every month and still have money left over, you’re definitely better off than those who struggle to pay even the minimum payments on time.

2. You Have Money in the Bank

This is a big one. If after all of your monthly expenses, including grocery shopping, utilities, and debts, you have money left over? You’re definitely richer than you might think.

Many people struggle to pay their expenses, let alone have extra left to put into their savings or toward retirement.

3. You Have a Robust Retirement

From the time we’re young, we’re told to prioritize retirement because when you can no longer work, the last thing you want to do is struggle. Yet, many don’t contribute to their funds or even have one.

If you not only contribute to your plan consistently but also max out your contributions each year, you’ll be in good shape to enjoy your golden years.

4. You Splurge From Time to Time

We can’t always be stingy with our money a la Scrooge McDuck. It’s necessary to enjoy it from time to time, as well.

You work hard, so the occasional indulgence is completely acceptable. It’s when you start to indulge all the time that you might start to see the not-so-great changes in your bank account. So have fun, but be responsible at the same time.

5. You Have a Savings Account

Having a savings account is beneficial in so many ways. It helps you navigate tougher times and it allows you the financial freedom to play a little (such as splurging as we mentioned before).

Since more than half of Americans don’t have a sufficient savings account, if you do, you can count yourself among the richer middle-class folks.

6. You’re Working Toward the Future

It’s very easy to get stuck in place. When you’re working and that takes up most of your time, it’s hard to muster up the strength or energy to do even more on top of that. But, if you’re seeking financial independence, you should.

Many people who cease to worry do so because they’re continuously working toward long-term goals. Whether that’s to be your own boss or to land a management position, just keep moving.

7. You Don’t Have to Delay Paying Bills

Many people have been in the position of having to choose to pay their rent or utilities when one paycheck wasn’t enough. If you’ve never had to extend your due date on your electric bill or put off your credit card payment until the following month, you’re doing something right.

That’s not to say a one-off incident is something to be concerned about. But, when it becomes a habit, that’s when it’s time to reexamine your finances.

8. You Have (Good) Health Insurance

Health insurance is a luxury millions don’t have. People have foregone going to the doctor because they couldn’t afford to pay for treatment, and unless it’s emergency care, most doctors want their money at the time of care.

But not all insurance plans are created equal. Some have a very high deductible, others have very low coverage, often called catastrophic coverage. It all depends on the plan. But if you’re not worried about going to the doctor, you’re doing alright.

9. You Regularly Vacation

Time off is essential for the soul. You need that mental and physical break from time to time to reset. However, if you’re worried about taking time off, chances are you’re either in need of a better job or you need to change something about your finances.

A regular vacation doesn’t mean you have to leave town or even your home. Staycations are a real thing and shouldn’t be overlooked.

10. Your Income Is Increasing

Middle class is broken up into several categories from lower to upper, with an expansive salary range of $30,001 to $153,000. However, if you’re on the upper tiers of that range, you’re richer than you think.

If you’re still feeling the financial crunch with a higher salary, it’s a good idea to take a look at where your expenses are and identify areas where you can cut back.