FTMDaily.com – For decades, America’s middle class have held the title of the most affluent “middle class” in the world. But according to new data, this is no longer true.
According to the NY Times:
“After-tax middle-class incomes in Canada — substantially behind in 2000 — now appear to be higher than in the United States. The poor in much of Europe earn more than poor Americans.”
The new figures, based on surveys conducted over the past 35 years by the Luxembourg Income Study Database, reveal a stark division between America’s wealthy upper-classes and its working poor.
The report adds:
“The struggles of the poor in the United States are even starker than those of the middle class. A family at the 20th percentile of the income distribution in this country makes significantly less money than a similar family in Canada, Sweden, Norway, Finland or the Netherlands. Thirty-five years ago, the reverse was true.”
As I have long stated, America’s slow and steady decline is not only going to be painful financially, but it will also hurt psychologically. America’s pride is being bruised. And just as the sun finally set on the British empire at the turn of the 20th century, America’s proverbial “sun” is setting here at the turn of the 21st century. Global powers are rising up and are eager to take America’s crown of global hegemony.
Of course, there’s little that you and I can do about the rise and fall of empires. However, if we are aware, we can avoid some of the inevitable financial pain that awaits this nation.
One solution to dealing with this historic power shift is to insulate your finances through wise diversification. But investing alone won’t protect you. And neither will a “good job.”
If you want to truly secure your financial future, you MUST create multiple sources of income. Income diversification is the only way out for America’s sinking middle class.
As this recent article proves, America’s wealthy upper-class did not achieve their wealth by working for someone else or by investing in penny stocks. Instead, their wealth came through starting their own business and placing the profits in stable investments like real estate and precious metals.
Have you ever thought about starting your own business? If so, what’s holding you back?
Until tomorrow,
Jerry Robinson
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