Nearly a third of millionaires in the US now say they're part of the middle class, and many Americans are on edge. Here's what you can do about it.

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The idea of being a millionaire isn't as glamorous as it once was. These days, much of their income is getting diverted to everyday expenses and savings for the future.

About 60% of investors with $1 million or more of investable assets categorize themselves as upper middle class, according to a November Ameriprise Financial survey. Almost a third (31%) of this group consider themselves decidedly middle class.

The increased financial strain can make it hard to adapt. Here’s how the country’s worried wealthy manage.

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What’s got the wealthy on edge?

There have been several reports recently of people with higher incomes feeling strained. Rising costs of child care to higher grocery bills are a few of the contributing factors.

Folks have no other choice than to save less since they’re spending more. Household credit card debt has surpassed $1 trillion as more folks turn to their credit cards to manage higher prices, and Americans’ savings rate is dropping, according to 2023 Fed data.

If you have a heap of credit card debt to tackle, you may want to consider consolidating your debt with Credible*—an online marketplace of vetted lenders— to speed up the process and save money.

All you need to do is provide some information about yourself*, and Credible will present you with a list of loan options to start tackling your debt.

And at one point last year, the median household income for homebuyers jumped from $88,000 to $107,000, eclipsing six figures for just the second time in the National Association of Realtors’ records. This might come as little surprise, however, with mortgage rates well above 7% and the St. Louis Fed putting the average home sale price at $513,400 in Q3 of 2023.

A growing number of the nation’s millionaires and high-income earners are abandoning the dream of homeownership entirely and opting to rent instead.

Even if you aren’t a homeowner, it’s still probably a good idea for a portion of your portfolio to be invested in real estate.

First National Realty Partners* is a private equity firm that gives investors access to institutional-quality, grocery-anchored commercial real estate investments without the leg work of finding deals yourself.

With FNRP, you own a share of properties leased by national brands.* Their team of experts manages every component of the investment life cycle. Because these investments are grocery-anchored, they have been shown to retain value, even when the economy is volatile.

Read more: Generating 'passive income' through real estate is the biggest myth in investing — here’s how you can do it in as little as 5 minutes

The realities of being “regular rich”

The Pew Research Center put together a class and income breakdown using 2018 figures, adjusted for the cost of living in a metropolitan area in 2020. It defined middle-class households having an income somewhere between $48,500 and $145,500.

Of course, a lot of things have changed in the years since then, including wages and the cost of living across the country.

For example, while having a cool $1 million in the bank has long been considered a benchmark of financial prosperity — some folks feel like $1 million isn’t even enough to retire on, given the country's current economic climate.

To optimize your retirement savings, you might want to consider opening a Gold IRA with Rosland Capital*.

Opting for a Gold IRA gives you the opportunity to diversify your portfolio and stabilize your finances. By opening a Gold IRA* with Rosland, you’re looking out for your future self and cushioning your retirement.

A recent study from Bloomberg reveals a quarter of America’s “regular rich” — defined as those who make at least $175,000 a year — consider themselves either “very poor,” “poor,” or “getting by but things are tight.”

However, close to 60% of these high earners say they still stress about their finances — with reasons varying from paying off their mortgage and student loans to funding their kids’ daycare expenses and college education.

If you find yourself relating to these financial stressors, you might want to consult with a financial advisor through WiserAdvisor* to ensure your financial plans are on track.

WiserAdvisor is an online platform that connects you to vetted financial advisors. After providing some information about yourself and your finances, WiserAdvisor matches you with two to three FINRA/SEC registered financial advisers* best suited to help you meet your financial goals

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.