Five Things the Middle Class Won't Be Able to Afford in Five Years
Call me crazy, but it seems like a lot of these are things the middle class ALREADY can't afford. Someone asked finance experts to name things people in the middle class won't be able to afford five years from now.
Here's what they came up with . . .
1. Extended family vacations. Especially trips overseas. But even just taking a week off to go to the beach is hard for a lot of people now.
2. New cars. Prices have gone up significantly in the past five years, and it looks like that trend will probably continue.
3. Private school. The rise in tuition is far outpacing gains in income.
4. Enjoying retirement. People who retire in the next five years might need to really rein things in to make sure they don't blow through their savings. Especially because we're living longer than we used to.
5. Homes. Especially in cities and other high-demand areas. It's just harder to afford a home now than ever before.
Originally posted on February 27th, 2024