The middle class is shrinking, but not for the reason you think.

It’s hard to escape the doom-and-gloom narratives: wages are stagnant, the rich are getting richer, and everyday Americans are getting crushed. But when you look at the inflation-adjusted figures, a very different story emerges.

For years, we’ve been told that the middle class is collapsing. But it’s not. It’s moving up. Incomes in the U.S. have actually surged over the last 30-40 years.

People are getting wealthier, so why doesn’t it feel like it?

The reality is that where you live, how you live, and what you owe have a much bigger impact than your tax bracket. Yes, housing has outpaced inflation, but other costs—like college tuition, childcare, and healthcare—have blown past it. A millennial with student debt and less purchasing power feels much poorer than someone in another area of the country—even if they earn the same salary. It’s a tale of two Americas.

But there’s an even bigger distinction between millennials who have prospered and those who continue to struggle, and you might have more control over which side you land on after all.

Insights from today’s episode: 

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The Wealth System You Were Taught Is a Lie (Here’s the Real One)

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