Middle Class People Waste Years Avoiding 10 Uncomfortable Things That Wealthy People Never Ignore
Some things may seem easier when you have more money, but that doesn't mean you should put them off altogether.
Maria Evseyeva | Shutterstock As tacky as it may sound, there are some things that are simply easier to face when you have enough money to handle it. There are a lot of uncomfortable things middle class people waste years avoiding that wealthy people never ignore. But the problem is that these things are often beneficial for your finances, so avoiding them does you no good.
The general discomfort many of us have regarding money is what stops us from taking on these important tasks and topics. These worries lead to a sense of avoidance that only makes facing financial matters harder down the road. That's why middle class people waste years avoiding some of the more uneasy aspects of money that wealthy people just forge ahead with. Fixing this disparity would go a long way to make the world a more equitable place.
Here are 10 uncomfortable things middle class people waste years avoiding that wealthy people never ignore
1. Hiring someone to help them with their finances
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It's easy to think that you only need to hire a financial advisor, accountant or some other money professional if you're wealthy. Someone in the middle class may be embarrassed about the amount of money in their bank account, or simply think they don't possess enough money to warrant such an action. This isn't true, though.
Merrill Lynch senior market executive Michael Lawrence explained, "No matter what stage you are in your life, there's a lot to be said for being able to reach out to someone who can help you look beyond your immediate needs to help you build a strong financial future." Things like the desire to start a family or receiving an inheritance are just a few of the good reasons to work with a financial advisor.
There's no such thing as not having enough money to hire someone to help you with your finances, as long as you have the money to do the hiring, of course. Even a more modest bank account deserves precise and detailed planning. Also, a middle class person's chances of becoming more wealthy increase substantially when they are handling their money well. Working with an advisor could put you in that position.
2. Investing because they think they don't have enough
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Another of the uncomfortable things middle class people waste years avoiding that wealthy people never ignore is investing. They think they need to hold on to the money they do have with tight fists and not put any of it into something that could be dangerous, like using it to make more.
Everyone should certainly be mindful and invest in accordance with their means, but that doesn't mean people who have less money should avoid investing entirely. Personal finance reporter Brett Holzhauer noted that investing feels overwhelming to most. Still, there is a good reason to do so.
"While it may feel pointless to start investing if you don't have much money, it can still be incredibly worthwhile," he revealed. "Think of it this way: few, if any, start investing with a large sum of money. For many, growing your wealth happens over years and years and is a slow and steady process."
Few people start their financial journeys with a large amount of money unless they inherited it. Everyone has to start somewhere. There's no reason for middle class people to avoid investing just because they don't have as much money to put into it as wealthier people. The only thing that will happen if they do that is they'll never make more.
3. Cultivating an abundance mindset
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While making money has a lot to do with luck and hard work, it's also directly connected to your mindset. Many people feel like you must move into a place where you have an abundance mindset instead of a scarcity mindset to really bring in more income.
But if you're used to being middle class and don't really think there's anything more for you out there, you're probably not going to spend a lot of time trying to do so.
Mental health coach Ilana Ne Ville shared that people often associate a scarcity mindset with thinking that's just "how things are," but this doesn't have to be true. Instead, you can develop an abundance mindset and believe that good things really will come to you.
"Having an abundance mindset means not feeling limited by the things that you don't have, but instead, focusing on the opportunities you do have in order to gain what you want in life," she said.
Someone who is in the middle class could easily think that there is no purpose to having an abundance mindset because they could never have more than they do now. Meanwhile, wealthy people, who are used to having more, have no problem believing even greater things will come to them. Although it may be difficult, cultivating an abundance mindset is essential to attracting more into your life.
4. Keeping track of money by budgeting
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Middle class people tend to avoid budgeting because it forces them to acknowledge the state of their finances — how much income they make, what they spend on bills and whatever is left over. Because they feel like they are already starting off on the wrong foot without enough money to cover everything they need, they're likely to avoid budgeting because they don't want to be faced with the numbers.
However, having a budget is essential. Some wealthy people may eschew it because they think they simply have enough money to cover anything they could need or want, but truly financially responsible people know how big of a deal it is to keep track of the numbers. If you don't know how much money is going in and out, you can't properly manage it.
In fact, it may be even more prudent to closely stick to a budget when you have a limited amount of money to go around. The Federal Trade Commission pointed out that budgeting is what can keep you in the green and ensure you don't run out of money before more comes in.
They suggested keeping track of how much you earn and spend, and then saving the rest, which is a good rule of thumb. It might not be enjoyable to constantly be reminded of how much you have in the bank, but it can definitely be helpful.
5. Learning about financial literacy
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Professional investor Jason Fernando defined financial literacy as "the set of skills needed to handle money wisely, invest effectively and plan for a comfortable future." Those sound like good ideas, but it's one of the uncomfortable things middle class people waste years avoiding that wealthy people never ignore.
Middle class people may not feel like they have the money necessary for them to be relevant. However, any amount of money makes financial literacy important.
Everyone may not have the same level of financial literacy because of their own personal needs. Some people are just naturally going to know a lot more about finances than others because of their interests, even. But being wealthy is not a prerequisite for understanding money. Anyone who has money needs to know how to save and spend it effectively.
Plus, avoiding financial literacy has some pretty serious consequences. According to Fernando, "Being financially illiterate can lead to financial disaster, as it increases the likelihood of accumulating unsustainable debt burdens due to poor spending decisions or a lack of long-term planning. This, in turn, can lead to poor credit, bankruptcy and housing foreclosure."
6. Trying to move up the corporate ladder
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Aiming to get a better job takes some serious confidence, and it can be difficult for anyone. However, wealthy people are more likely to believe that they not only need, but also deserve more. They simply don't settle for less than the best. Middle class people, on the other hand, tend to think that they have no business moving up from their current station and trying to make something better of their lives.
Asking for a promotion or even a raise can be uncomfortable, but sometimes it is necessary. As your life and your skillset grow, you can't get by with the status quo anymore. Wealthy people understand that this means it's time to take what they deserve, but middle class people have a harder time with this because it makes them feel out of place.
Money coach Nicole Victoria said it is definitely worth it to try to move up in your workplace. "The hiring process is lengthy and costly, and with the labor shortage it's in the employer's best interest to retain the people they do have," she said. "It's easier to retain an old employee, and if you're a good employee it becomes an easy sell for you."
Of course, if your current employer doesn't give you the respect you deserve, there's nothing wrong with casting a wider net as well.
7. Making savings a priority
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People who have less money live in a sort of survival mode when it comes to finances. They believe that because their resources are more limited than wealthy people's, it's not even worth it to try to do something like save money. After all, it will just all disappear when an emergency arises, right? This can be disheartening because it leads one to believe they will never reach their goals.
Personal finance guru Katie Gatti Tassin proved that it is actually better to save a little bit less money than it is to earn even more. "Spending less matters more than earning more. Without question," she explained. "Why? Because a dollar of new earned income is taxed, and a dollar you already have in your pocket isn't." For this reason, everyone should have a mindset focused on saving, even if it feels difficult.
Wealthy people, of course, have very little problem saving money. They have plenty of it to go around. But they don't avoid saving or think of it as uncomfortable because they think whatever they could do with that money feels impossible.
Instead, they believe in those dreams and put the money away. They go the extra mile and make the effort, which can be hard for middle class people to do.
8. Taking risks
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When you're middle class and have that scarcity mindset, it can be hard to take risks with your money. Whether that means investing more, starting a business or even giving someone a loan, taking risks can feel downright terrifying.
Because of your mindset, you're hardwired to believe that only so much money is available to you. Wealthy people don't have this problem because they're simply used to having more money.
Personal finance expert and author Farnoosh Torabi said there is a way to get past this apprehensiveness. "When we think about making financial decisions, fear is a natural emotional component because with money, there are really high stakes," she said. "When fear shows up in your financial life, ask: 'Where did you come from, and what do you want me to protect?'"
Of course, no one should just throw money around randomly and without any real thought for where it's going. Still, that doesn't mean risk taking should be off the table completely.
As Liz Davidson, CEO and founder of Financial Finesse, added, "In certain scenarios, not taking enough risk is actually a bigger risk." It's important to learn to take healthy, strategic risks so you can grow your income instead of remaining stagnant.
9. Planning for long-term goals
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When you're middle class, it can feel pointless to plan for long-term financial goals. Doing something like buying a house or retiring a bit early can seem impossible, as it's one of the uncomfortable things middle class people waste years avoiding that wealthy people never ignore. Meanwhile, for wealthier people who have more money, reaching those goals feels a bit more doable. There's already money there to build off of that middle class people may not have.
Certified financial planner Rob Williams said, "Financial planning may sound like a chore, but it provides a foundation for understanding, tracking and achieving your goals."
Although it isn't easy to plan for financial goals, it is worth it. It can help you save more money, build more confidence and have a better quality of life in the long run. Financial planning may sound unnecessary when you don't have a lot of finances to work with, but it's always important to work towards goals.
Wealthy people don't feel uncomfortable planning for their long-term financial goals because they see them as being actually attainable. This is harder for the middle class, who often feel like doors are shut in their face because of a lack of money. Still, having goals to work on is a good thing, and can keep your focus on a brighter future.
10. Estate planning
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Perhaps one of the most dreaded aspects of finances is what to do with the money when you're gone. Estate planning is a topic no one likes to talk about, whether it's related to themselves or a loved one. Still, there has to be a plan for your money after you pass. Many middle class people assume estate planning is only for the wealthy or for people who will leave behind a sizable sum, but that's not true.
Jessica Moser, senior vice president of Small and Specialty Business at MetLife, said that estate planning is "an essential part of your end-of-life plan." She added, "Generally speaking, anyone who wants their final decisions carried out needs an estate plan... Through estate planning, you'll ensure all these difficult decisions are made while you're still alive and able to make them."
There's no right or wrong amount of money or assets to have when making an estate plan. It is individualized and specific to each person, so the amount of money other people have truly doesn't matter. Even if someone from the middle class is leaving less money behind than a wealthier person, that doesn't change the fact that they have a right to choose what happens to it.
Mary-Faith Martinez is a writer with a bachelor's degree in English and Journalism who covers news, psychology, lifestyle, and human interest topics.
