Thomas Slatcoff Blog

Thomas Slatcoff

May 12, 2025

THE THOMAS SLATCOFF FINANCIAL LITERACY INSTITUTE

A party to a conversation labeled people as poor and others as one-percenters. Both labels were used in the context of personal wealth. This made me ponder: Where did the personal income labels originate? Why do people allow others to label them?

Financial division by class labels is based on someone’s thoughts and is rooted in sociology.  Anyone can say what they think the financial division by class labels are in the United States of America.

Encyclopedia Britannica states –

Although the term class has been applied to social groups in a wide range of societies, including ancient city-states, early empires, and caste or feudal societies, it is most usefully confined to the social divisions in modern societies, particularly industrialized ones.[1] 

Karl Marx’s social theory of class distinguishes one type of society from another is its mode of production (i.e., the nature of its technology and division of labor), and each mode of production engenders a distinctive class system in which one class controls and directs the process of production while another class is, or other classes are, the direct producers and providers of services to the dominant class.[2]

Subsequent theories of class, contemporary theories, have been chiefly concerned with revising, refuting, or providing an alternative to Marxism. Early in the 20th century, German sociologist Max Weber questioned the importance of social classes in the political development of modern societies, pointing out that religious mores, nationalism, and other factors played significant roles. Weber proposed limiting the concept of class to impersonal income distinctions between groups, thereby distinguishing class from social status, collectivities, or political hierarchies.[3]

The webpage for the Resource Generation[4] posted Class Distinctions and Income Brackets.[5] that lists five class divisions based on income.

Poor and working-poor: Family income 0 to 24,000 dollars

Working-class: Family income 24,000 to 75,000 dollars

Middle-class: Family income 75,000 to 121,000 dollars

Managerial/upper-class: Family income 121,000 to 431,000 dollars

Owning/ruling-class: Family income greater than 431,000 dollars

People must not pay attention to or accept labels related to income. People achieve what they set for themselves to achieve.[6] So do not let other people put you in a box. Financial success is individualized to the person and can be achieved at any income level. To achieve financial success, people must gain, enhance, or refine their financial literacy.

It does not matter where the income comes from. It can be wages as an employee, business owner profits, or other income streams. Nor does the amount of income matter. What matters is that people properly handle their money. Financial literacy is required to handle money properly.

It is never too late to obtain knowledge.

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[1] https://www.britannica.com/topic/social-class

[2] Ibid

[3] Ibid

[4] https://resourcegeneration.org/who-we-are/

[5] https://resourcegeneration.org/breakdown-of-class-characteristics-income-brackets/

[6] Thomas Slatcoff, Financial Coach, THE THOMAS SLATCOFF FINANCIAL LITERACY INSTITUTE