Latest news with #middleclass
Daily Mail
an hour ago
- Business
- Daily Mail
Rachel Reeves's £30bn tax bomb is about to drop on the middle classes, says JEFF PRESTRIDGE - Here's how to protect YOUR wealth
Despite all the promises not to in the aftermath of last autumn's calamitous Budget, it now looks a near certainty Rachel from Accounts will be picking our pockets later this year. Tax rises, £30 billion of them, are heading the way of the middle classes like a gathering storm, impacting on everything from the tax we pay on our income, the pension funds we assiduously pay into and the wealth we have accumulated over many years. Help! Thirty billion helps!
CNA
7 hours ago
- Business
- CNA
Smart supermarket trolleys among innovations on showcase at Asia Pacific's largest retail exhibition
Supermarket carts that guide you through your shopping list and AI that turns drawings into prototypes. These innovations were showcased at Asia Pacific's largest exhibition for retailers, where international firms are looking to capture a slice of the region's growing middle class. Nasyrah Rohim reports.
News.com.au
2 days ago
- Business
- News.com.au
‘Death of the middle class': Tradie's drastic action to get ahead financially
Sam Harper was earning $90,000 a year when he decided he needed to do something drastic to secure his financial future, believing the 'death of the middle class' was looming. Mr Harper, 27, was working as an electrician in Perth when he became sick of earning just enough to be able to pay his mortgage and weekly expenses. 'My partner and I both had a mortgage of like $480,000 and, once you paid for that, and your groceries and living expenses, yeah, you can live comfortably, but there are no overseas trips,' he told Mr Harper had always worked hard. He'd learned a trade and slogged it out as an electrician, but he didn't feel like he was getting ahead. 'We are going down that path (where there is going to be) the death of the middle class because the gap is getting bigger between the rich and poor,' he said. 'The way I look at it is, that is out of my control, so you have to start looking at different ways to get ahead. 'At some point last year I had this realisation that no one is coming to save me.' The only time he'd really made a big amount of money was from the sale of a duplex he bought when he was 22 years old and during the pandemic. 'I got lucky buying a duplex in Victoria, and it felt like a lot of money back then, but I paid like $270,000, which is absolutely nothing,' he said. 'I sold it 18 months later and I definitely got market growth for that one. It sold for $400,000.' The young Aussie was stoked with the sale and the profit he made from it, but he wasn't real estate savvy and viewed it as a one-off than a way to continually make money. 'I was pretty stupid back then,' he said. 'I thought it was great but it wasn't until later down the line that I started looking at real estate a bit more.' Alongside his partner, and with the profits from the sale of his Victoria property, Mr Harper purchased a home in Perth in late 2024 for $520,000. The plan back then was to get some equity into the property, use that equity to buy an investment property, and eventually amass a real estate portfolio. It wasn't a bad plan, but the electrician realised that he would have to cover multiple mortgages, even if he rented them out. 'I realised I'd be stuck in my job and in more and more debt and I didn't really like the job' he explained. Around this time, he had his primary property revalued after spending around $30,000 in renovations. To his delight, the property was reappraised at $700,000. 'I was surprised by the $700,000. I thought mid $600,000. It was definitely life-changing,' he said. The tradie had been able to save money because he was able to do a lot of the renovations himself, using his skills as sparky and watching YouTube tutorials for the parts he wasn't as sure about. That staggering evaluation made Mr Harper realise house flipping was a really simple and clear way to make money. Ultimately, he decided not to sell that property, with the couple instead refinancing and then flipping another home shortly afterwards. He struck a deal with a homeowner where he renovated the property and then they agreed to share some of the profits. 'If it sold above $530,000, we'd split the profits, and it sold for $610,000,' he said. The young tradie pocketed $98,000 from that sale, which gave him the confidence to start buying properties to flip. In the past 12 months, the 27-year-old has purchased two separate properties in Perth. From the first, he made $85,000 in pure profit, and from the second, he made $125,000. 'It is a lot more than I was getting paid as a sparky,' he pointed out. Mr Harper is pragmatic about his success. Yes, a lot of money is coming in, but he also needs to use that money to keep house flipping. 'It is the type of business where, once you get the money, you reinvest it back in,' he said. That doesn't mean he has quite gotten used to seeing over six-figures pour into his savings account. 'Once the money hits the account, it is still pretty crazy,' he said. 'We definitely have a long way to go, but looking back to where we were 12 months ago is pretty surreal.' Financial planner Alex Jamieson told that Australia's wealth gap is widening. 'The middle class used to buy from a purchasing power perspective in today's standards is no longer anywhere close to the purchasing power,' he said. Mr Jamieson argued that 'if you don't own a house', you're unfortunately missing out on amassing wealth. The problem being that it is becoming increasingly difficult for Aussies to break into the market. The financial planner argued that the middle class is having a tougher time these days due to the cost of living. 'Historically, one income was able to achieve a lot more in purchasing power than what the combined income of today can achieve for a couple,' he said.
Yahoo
2 days ago
- Business
- Yahoo
10 Best Cities for Renters Who Need Child Care
The cost of rent in the U.S. has been rising since the onset of the COVID-19 pandemic, with low inventory being the main driving factor. The cost of child care has also been rising — and it's not an expense that parents can just carve out of their lives. Not having adequate child care is a cost in itself. If you can't afford it and you don't have the luxury of family to help out, then you're going to have to provide child care yourself, which means your professional life will take a hit. Learn More: Read Next: The costs of rent combined with the costs of child care can be overwhelming. But it's less horrendously expensive in some major cities than others. A recent analysis by Redfin looked at the combined monthly cost of rent and child care to find the 10 most affordable cities for middle-class renters. Median monthly household income: $10,844 Average monthly child care + rent costs: $3,725 ($1,660 + $2,065) Share of income spent on child care + rent: 34.3% Find Out: Median monthly household income: $8,159 Average monthly child care + rent costs: $2,787 ($1,037 + $1,750) Share of income spent on child care + rent: 34.2% Median monthly household income: $9,512 Average monthly child care + rent costs: $3,154 ($1,434 + $1,720) Share of income spent on child care + rent: 33.2% Median monthly household income: $9,058 Average monthly child care + rent costs: $2,712 ($1,186 + $1,526) Share of income spent on child care + rent: 29.9% Median monthly household income: $7,305 Average monthly child care + rent costs: $2,174 ($899 + $1,275) Share of income spent on child care + rent: 29.8% Median monthly household income: $9,264 Average monthly child care + rent costs: $2,753 ($1,147 + $1,606) Share of income spent on child care + rent: 29.7% Median monthly household income: $11,672 Average monthly child care + rent costs: $3,462 ($1,401 + $2,061) Share of income spent on child care + rent: 29.7% Median monthly household income: $8,048 Average monthly child care + rent costs: $2,274 ($739 + $1,535) Share of income spent on child care + rent: 28.3% Median monthly household income: $8,417 Average monthly child care + rent costs: $2,306 ($851 + $1,455) Share of income spent on child care + rent: 27.4% Median monthly household income: $7,514 Average monthly child care + rent costs: $1,984 ($735 + $1,249) Share of income spent on child care + rent: 26.4% More From GOBankingRates 4 Affordable Car Brands You Won't Regret Buying in 2025 This article originally appeared on 10 Best Cities for Renters Who Need Child Care Sign in to access your portfolio
Yahoo
2 days ago
- Automotive
- Yahoo
4 Reliable Car Models the Middle Class Can Still Afford
It can be tough to afford a vehicle during normal times. Now, with concerns about tariffs and general auto rising costs on the minds of many drivers, this can feel like a terrible time to buy a car or truck. Trending Now: Check Out: However, several well-known and trusted models still offer reliability and affordability for middle-class drivers. Some auto experts shared with GOBankingRates their picks for vehicles that fit the bill. While the details below are for 2025 models, it may be helpful to shop around for some previous years to find lower prices. The pricing and J.D. Power reliability information comes from U.S. News & World Report. MSRP: $28,700 to $36,425 Reliability: 86 It may be no surprise to see the popular Toyota Camry on the top of this list for reliable vehicle models still affordable for the middle class. 'Toyota's reliability plus lower operating costs keep this a top midsize sedan choice,' said Zach Shefska, CEO and co-founder of CarEdge. Be Aware: MSRP: $30,100 to $36,500 Reliability: 84 According to Shefska, 'This is a longtime family favorite. Spacious, durable and efficient, with hybrid and turbo options that offer longevity and value.' MSRP: $36,390 to $53,685 Reliability: 86 'The Telluride is among the reliable models with plush extras you'll find in larger and more expensive vehicles,' said Chris Pyle, an auto expert from JustAnswer. 'It's very well built and rarely visits the shop for power and drive train issues.' MSRP: $26,995 to $40,750 Reliability: 85 'Tariffs have jacked up stickers across the board, yet bread-and-butter picks like the Maverick are still squarely in middle-class territory,' said Sinduja Rangarajan, data storytelling lead for Jerry. 'More than 70% of their parts are made in North America, so these cars see only about a 6% price bump instead of the full 25% import tax. That homegrown parts pipeline also mutes future insurance cost spikes.' More From GOBankingRates 4 Housing Markets That Have Plummeted in Value Over the Past 5 Years This article originally appeared on 4 Reliable Car Models the Middle Class Can Still Afford
