1. 1 Ch.11-Social Class

2. 2 Today’s Coming Attractions!! How much are you worth? How are you affected by globalization? How far away are you from being homeless? Are you poor? What are your chances of having the “American Dream”? How to get rich!

3. 3 How much are you worth? Income vs. wealth Median family income = $56,194 Wealth = Assets – debts Typical U.S. family = $93,100 Lowest ranking 40% of US families have no wealth at all. Why?

4. 4 How are you affected by globalization? Factory jobs are leaving Technology workers also being outsourced. Will your job be next?

5. 5 Are you poor? Absolute poverty Relative poverty 1/3 of homeless are entire families Feminization of poverty A larger share of the poor are women

6. 6 What are your chances of having the “American Dream”? Upward social mobility and home ownership. Intragenerational mobility Income has stalled House prices are increasing Most people are working two jobs

7. 7 What are your chances of having the “American Dream”? (cont.) Young people staying at home 53% of people 18-24 are living with parents Rich become richer, the middle class people are sliding down.

8. 8 How to get rich Get an education (4-8years) 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

9. 9 How to get rich (cont.) Save money and invest some each month. No “One right way” to invest ½ in Russel 2,000 Index funds ½ in Bonds or Realestate