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I’m a Millionaire but Still Consider Myself Middle Class — Here’s Why
By Cindy Lamothe,
1 day ago
Just because you reach millionaire status doesn’t mean you’ll necessarily feel rich. Depending on where you live, your mindset and your lifestyle, you can still feel very much part of the middle class .
“I may have reached the status of a millionaire, but I still feel deeply connected to my middle-class roots,” Morris said. “I grew up in a family where hard work and financial prudence were key values.
“These principles have stayed with me throughout my life and career. I still remember the lessons my parents taught me about saving money, being frugal and not taking anything for granted.”
“Even with my financial success, I don’t feel like I’ve ‘made it’ in the sense that I can stop working,” Morris explained.
He believes he needs to continue working for at least another decade before he can think about retiring comfortably.
“I think this stems from a sense of financial insecurity that’s ingrained in me,” he said. “I worry about unexpected expenses, market fluctuations and ensuring that I can provide for my family long term.”
For his part, Wong said he thinks the term “middle class” encompasses more than just income or net worth.
“It’s about a mindset and a way of life,” he said. “Even though I’ve accumulated significant wealth, I still see myself as middle class for several reasons. I still feel the need to work hard every day. I enjoy the challenges and rewards that come with my role as general manager.”
He noted that he believes having a strong work ethic and striving for continuous improvement are key characteristics of the middle-class mentality.
“Despite financial security, I believe in the value of work and the fulfillment it brings,” Wong explained. “I plan to continue working for another decade or more because I love what I do and want to keep contributing to my industry.”
Lifestyle Choices
“I live a relatively modest lifestyle,” Morris said. “I don’t indulge in luxury items or extravagant vacations. I drive a standard car, live in a comfortable but not opulent home, and prioritize savings and investments over spending.”
He thinks this approach helps him stay grounded and ensures that he won’t face financial difficulties down the road.
“I also feel that being middle class is more about mindset and values than about the amount of money one has,” Morris said. “I value hard work, education and community. I still feel a part of the middle-class community because I share these common values and experiences.”
Wong agreed: “My lifestyle remains relatively modest.”
He prefers to live below his means, focusing on long-term financial stability rather than immediate gratification.
“I think this approach is typical of middle-class values,” he said. “For example, I prioritize saving and investing over extravagant spending.”
He said this has allowed him to build wealth without significantly changing his day-to-day life.
“I still shop for deals, budget carefully and avoid unnecessary luxury purchases.”
Financial Goals and Responsibilities
Even with a substantial net worth, Wong explained he has significant financial goals and responsibilities that make him cautious about spending.
“Planning for retirement, ensuring my family’s financial security and giving back to the community are important to me,” he said.
These priorities, he added, keep him grounded and focused on maintaining a middle-class perspective.
“I think it’s essential to have a safety net and to be prepared for unexpected expenses, which is why I continue to save diligently.”
Economic Uncertainty
“The financial landscape can be unpredictable,” Wong continued.
He noted that market fluctuations, economic downturns and potential changes in tax laws can impact even those with considerable wealth.
“I consider myself middle class because I feel the need to stay prepared for these uncertainties,” he said. “It’s a reminder that wealth can be fleeting, and it’s important to manage it wisely.”
In Tang’s case, he noted that as a self-made millionaire, he considers himself middle class because of the abrupt changes in the economy.
“There has been a significant increase in cost of living, and I believe today every self-made millionaire belongs to the upper middle class.”
For example, his monthly expenses have increased by 40%.
“I calculated this 40% increase by comparing my current monthly expenditures to those from a few years ago,” he said.
Factors such as housing costs, healthcare, education and daily essentials have all seen substantial price hikes.
“For instance,” he said, “if my monthly expenses were $10,000 previously, they now amount to $14,000.”
Tang said this increase is largely driven by inflation, rising service costs and lifestyle adjustments to maintain a certain standard of living.
“These economic shifts highlight the need for ongoing financial planning and adaptation,” he said, “even for those with significant wealth.”
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