1. 1 Social Class….

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

3. 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. 4 Social position and attitudes High social position More liberal on social issues More conservative on economic issues

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

6. 6 Globalization Hurt many factory workers Fair Trade Agreement

7. 7 The poor Feminization of poverty

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

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

10. 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. 11 Social Class Working poor

12. 12 Poverty Relative poverty Absolute poverty

13. 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. 14 Rich become richer, the the middle class people are sliding down.

15. 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. 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