Much of the growth in a perceived middle class, Nijman argues, is based not on income but on consumption driven by credit.
January 31, 2010. 1  Many people retain old financial documents for much longer than necessary, while others are quick to toss information that can help them later. Keep old tax returns for at least seven years and paycheck stubs until you have received your W-2.
Records for tax deductions taken. Length of time to keep, and why: Seven years. 1  The IRS has three years from your filing date to audit your return if it suspects good-faith errors.ength of time to keep, and why: From six years to permanently. 1  Keep all records documenting the purchase price and the cost of all permanent improvements -- such as remodeling, additions and installations.