For anyone who owns a Small Business, lives in the Middle Class in North America or is striving to create a personal legacy of wealth, Vice President Elect Joe Biden made an announcement this morning that might have a dramatic impact on your reality. He announced that the incoming administration has recognized that the Middle Class is at risk and that they need to go to work from day one making sure nothing happens to the Middle Class.
Well, its a good news, bad news story:
The good news might be that someone may finally be listening to a cadre of experts from around the world that have been studying the decline of the Middle Class in North America (not just the USA) since the 70s.
The bad news might be that we are losing more and more of the Middle Class in major cities in America as the days pass. Detroit is always a favorite example of those wanting to prove this point because it is so obvious and in this time of overall economic decline Detroit and the auto industry are in fact a good example. There are more than 20 cities in the USA that have either lost large portions of their Middle Class or are at serious risk of it.
Basically, by the year 2020 you will need to earn about $300,000 per year just to be classified as anything other than "poor" in North America. Do you have a plan to achieve and maintain that sort of income?
At least if someone in power is thinking about this impending disaster we might have a chance of averting it somehow. Of course, to do it with bigger government or by creating a massive social mindset rooted in welfare will not do anyone any good so it will be interesting to see how the incoming administration handles it.
Personally, I do not count on the government being the solution. Nor do I believe that there will be some sort of magic bullet from the capital markets or industry. To me it is simple. It is crucial to take personal responsibility to create personal wealth that can generate that sort of ongoing income without that income being subject to recession or other forms of economic decline. I learned about creating Passive Leveraged Income years ago and am grateful I was so fortunate. I suggest that everyone else do something to get working on their "Plan B".
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