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Social Class….

Social Class…. Socioeconomic status. Income (wages) Wealth Occupational prestige Years of schooling Social class Power. Wealth. Assets - Debts = Net worth (Wealth) Wealthiest 1% of US families (super rich) = 40% of all private wealth

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Social Class….

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  1. Social Class….

  2. Socioeconomic status • Income (wages) • Wealth • Occupational prestige • Years of schooling • Social class • Power

  3. Wealth • Assets - Debts = Net worth (Wealth) • Wealthiest 1% of US families (super rich) = 40% of all private wealth • Lowest ranking 40% of US families have no wealth at all • Family income (2000) - $50,000 • Wealth of typical U.S. Household = $71,000

  4. Social position and attitudes • High social position • More liberal on social issues • More conservative on economic issues

  5. Intragenerational mobility • Changes in social position during a person’s lifetime • Upward mobility greatest • Among highest paid 20%

  6. Globalization • Hurt many factory workers • Fair Trade Agreement

  7. The poor • Feminization of poverty

  8. Homelessness • One third of all homeless are entire families

  9. Social Class (Upper Class) • Upper - Uppers • “Blue Bloods” • Inherited wealth • Lower Upper • Working rich - Steve Jobs

  10. Social Class (Middle class) • Upper Middle - Professional school • Dr. Lawyer, Accountant • Average Middle - Middle Management • $40 - $80,000 a year household income • High School graduate • Lower Middle Class • Blue collar jobs • $25 - $40 a year family income

  11. Social Class • Working poor

  12. Poverty • Relative poverty • Absolute poverty

  13. The American Dream • Upward social mobility and home ownership • Earnings have stalled • Multiple job holding is up • More jobs with low income ($15000) • Young people staying at home • 53% of people 18-24 are living with parents

  14. Rich become richer, the the middle class people are sliding down.

  15. How to get rich • Get an education (4-8 years) • Get a job and move up in the company • Maximize company matching funds for retirement • Get married and stay married • Start a small business • Buy a house and trade up when possible

  16. How to get rich (cont) • Save money and invest some each month • 1/2 in Russel 2,000 Index funds • 1/2 in Bonds or realestate

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