5 Financial Tips That Will Help You Make It to the Upper Class

Heather Taylor   Mon, Mar 18, 2024

If you are in the middle class and attempting to make the leap into the upper class, what steps can you take to realistically reach your financial goals?

Making the following choices can help you reach your goal of being a member of the upper class.

Change Your Money Mindset

Progressing through each level of financial freedom, starting at self-sufficiency and ending with abundant wealth, requires making a shift in your money mindset.

In an interview with Grow (CNBC + Acorns), self-made millionaire Grant Sabatier said money should not be viewed as something you use to buy things. Reaching financial goals, including joining the upper class, requires making good choices with your money. Practicing good saving and investing habits allows your money to work for you.

Moreover, changes in your money mindset should be positive. Danielle Miura, founder of Spark Financials, said if you don’t develop the right mindset, you may drive in the right direction, but never get anywhere.

“If you want to move up the ladder, you have to know what you want and know how to get there,” said Miura. “When we are solution-oriented, we see the benefits of a problem rather than see it as a negative thing. This positive mindset will less likely derail you from your mission when events happen without your control.”

Change Your Financial Habits

As you begin to shift your money mindset and determine better choices to make with your money, you may need to change any financial habits which no longer suit your needs.

Scott Eichler, investment advisor and founder of Standing Oak Advisors, said a common financial habit keeping individuals in the middle class is consistently spending beyond their means. Those seeking to progress to the upper class need to save, invest and keep a low financial overhead.

“The first step to escape the middle class isn’t to invest smartly, it is to invest at all,” said Eichler. “The difference between the wealthy and the middle class is that the wealthy have learned to live below their means. This allows their means to grow and allows them to amass wealth.”

Take On Good Debt

There are two forms of debt: good debt and bad debt. Bad debt includes credit cards, medical loans and payday loans. This debt can be a drag on your finances and make you financially vulnerable.

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