Yahoo Finance My Parents Were Poor — Here Are 6 Steps I Took To Achieve Middle Class
It’s hard to break out of the class you were born into — there are a few success stories, but by and large, very few people are able to find upward mobility that exceeds what their parents reached. While it might be rare to go from abject poverty into the world of wealth, more often than not the trajectory is to get out of the lower class and reach the middle class. This isn’t just limited to the U.S., a country built on the mythology that anyone can make it if they just pull themselves up by their bootstraps. It’s a worldwide struggle that many seek to overcome.
Read Next: 6 Reasons the Poor Stay Poor and Middle Class Doesn’t Become Wealthy
Learn More: 4 Genius Things All Wealthy People Do With Their Money
“Growing up in a low-income household, I witnessed my parents’ relentless struggle to make ends meet. This experience instilled in me a profound sense of determination to break the cycle of poverty,” said Andrew Pickett, lead trial attorney and founder of Andrew Pickett Law.
“To all those who aspire to move from poverty to the middle class, start by education and the development of skills,” said Samuel Davis, CEO of London Gardeners. “Build a strong work ethic and seek out mentors who can guide you. Manage your money wisely: save and invest. Be ready to take risks and use opportunities. Lastly, always give back and stay humble, no matter how successful you become.”
Davis and others shared their personal stories with GOBankingRates of how their parents were poor and the steps they took to achieve middle class status. If you are looking for inspiration for rising above your caste, you are in the right place.
Also see how the definition of middle class has changed in every state.
Wealthy people know the best money secrets. Learn how to copy them.
Make Education and Skill Development a Priority
“Education was my first ladder in climbing out of the abyss of poverty,” Davis said. “Even in a financially constrained situation, my parents prioritized education. I put a lot of effort into my studies to get scholarships and took the few scholarship opportunities at the local level that paved the way for acquiring a higher education.”
“One of my first steps was prioritizing education,” Pickett also said. “I knew a solid academic foundation was essential. I worked tirelessly to excel in my studies, eventually leading to a college scholarship. During my university years, I balanced my academic responsibilities with part-time jobs to support myself and gain practical experience.”
“To anyone who wants to move up to another economic level, education and acquiring skills may have a lot of impact,” Davis said, adding that someone might try “out vocational training, community college and online courses if one is not able to get into the college.”
For You: Net Worth for Gen X: How To Tell If You’re Poor, Middle-Class, Upper Middle-Class or Rich
Get a Strong Work Ethic
“Being brought up in a poor household, one thing I learned was to work hard for everything you want. I took part-time jobs and later multiple jobs while studying to be able to support myself, gain some work experience and fund my education,” Davis said.
This, in turn, instilled a strong work ethic in Davis, as it did with Pickett.
“Upon graduation, I focused on building a career that offered growth opportunities,” Pickett said. “Securing an entry-level position at a reputable law firm, I [was] committed to continuous learning and professional development. Networking played a significant role, as establishing connections with mentors and peers opened doors to new opportunities. Additionally, prudent financial management and saving helped build a financial cushion, allowing me to invest in my future.”
“Willingness to start at the bottom and work your way up is key,” Davis said. “Take each job you get seriously and always go over and above what’s expected. The habits formed early in your career will guide your journey to success.”
Find Mentorship and Networking Opportunities
Davis explained that getting a mentor and following their advice helped him along his journey to obtaining status in the middle class.
“I would always seek help and advice from teachers, employers and successful people in my community. Networking is a source of great connection and opportunities,” Davis said. “Join industry events and other professional organizations and never shy away from seeking help or advice. Building relationships with those who can offer support and advice is invaluable.”
Learn Financial Literacy
“Financial literacy is one important idea that can be used to lift one from a state of poverty to a status of the middle class,” Davis said. Financial literacy can look like a lot of things, including saving and investing, but it’s also much more than knowing where to place your money.
“I grew up to appreciate that I needed to handle my finances with care,” Davis went on to say. “Saving and investing came first before anything else. The little amounts saved over time can grow to unimaginable amounts. Avoid unnecessary debts and live within your means. Educate yourself on personal finance matters, available investment opportunities and budgeting. This knowledge will help you make informed decisions and build financial security.”
Identify Opportunities and Take Calculated Risks
“When I had the chance to kick-start London Gardeners, I pursued it even when it was uncertain,” Davis said. “Engage opportunities with open eyes and do not be afraid to take calculated risks.”
“Keep on checking market gaps, potential business or career opportunities and do not shy away. Not all risks pay off, but learning from failures is part of the journey,” he said.
Give Back and Stay Humble
“Remember where you came from and remain grounded,” Davis said.
“I give back to my community through charity and mentoring other upcoming businesspeople. Remain humble and stay connected to where you came from. This will not only help others but keep you focused and motivated,” he said.
Pickett does the same thing and said that he now teaches part time so he “[…] can help students going through similar financial struggles and inspire them to keep pushing toward their dreams.”
“By following these steps, you can create a path to financial stability and a better quality of life. It won’t be easy and there will be setbacks, but perseverance and hard work will pay off in the long run,” Davis said.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: My Parents Were Poor — Here Are 6 Steps I Took To Achieve Middle Class
