In the late twentieth century, a segment of the high-net-worth population, referred to as middle-class millionaires, emerged. They were the “working rich.” With a net worth generally ranging between one and ten million dollars, they were raised in traditional middle class homes and adopted what can loosely be described as middle-class values. Very importantly, in spite of their wealth, they defined themselves as middle-class.

Times were good. Then the Great Recession came along. The death knell for the middle-class millionaire was 2009. The value of pretty much all their assets declined. What was more crushing for most of them was the adverse impact the Great Recession had on their incomes. However, the cost of their lifestyles remained quite expensive.

What’s important to realize is that the middle-class millionaires were not – by any stretch of the imagination – the only ones hurt by the Great Recession. They weathered the storm better than most. However, this fact while providing important perspective did not make them feel better.

Nearly a decade later, middle-class millionaires are indeed bouncing back. Again, they have amassed net worth’s between a million and ten dollars. Again, they define themselves as middle-class holding onto the same core values as before. While the foundation has remained the same, the way they actualize their agendas including the way they work with professionals has evolved.

Many are obsessed with digging themselves out of the financial wholes they dug. Meanwhile, the newly minted middle-class millionaires have often learned by close observation to avoid the mistakes of being overconfident believing that their future earning power will only increase along with the value of their investments.

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