Upward Mobility: More Americans Entering Upper Middle Class Through Career Advancement
By
alephnerd
Toasted to a respectable shade. No regrets, no crumbs left.
Summary
The article examines the trend of more Americans moving into the upper middle class, using Randy Shilling's personal story as an example. Shilling went from worrying about vacation expenses in his 20s to accumulating over $3 million in retirement savings through career advancement in the petroleum engineering field. Research indicates this upward mobility reflects broader economic patterns where higher earners have grown significantly over the past 50 years while the lower middle class has shrunk.
Key quotes
· 4 pulledFor the first decade of his career, he lived in an apartment and worried about paying for vacations.
Then, in his early 30s, he landed a job at a chemical plant that paid about 15% more plus bonuses, and life felt smoother.
Promotions and pay raises followed, and he saved more than $3 million for retirement.
Research shows that ranks of higher earners have grown markedly over last 50 years, while lower rungs of middle class have shrunk.
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