The cost of living seems to always be on the rise, but that doesn't mean your annual income is rising along with it.

Chances are you are spending more than ever, but still making the same amount of money that you have for years.

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Your current salary puts you in one of five categories,

  • Poor
  • Lower-middle class
  • Middle class
  • Upper- middle class
  • Wealthy

According to a report on FOX 2 via Smart Asset, to be considered middle class in Michigan, your household salary must be between $42,544 and $126,996.

In 2022, the United States Census Bureau reported a family's poverty threshold was $35,801 annually or below. In order to rank in the wealthy category, Smart Asset reports a person needs to be making $540,009 per year. A person with an annual income of $500,000 would be considered rich.

Like it or not, the size of your income does matter in Michigan.

If this inspires you to become rich, Smart Asset offers the following tips to help you,

  • Earn more (no kidding)
  • Get on a budget
  • Reduce your debt
  • Invest
  • Save more money

Great advice, but much easier said than done. Maybe you should just try asking for a raise (good luck with that).

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