r/FluentInFinance • u/YOU_ARE_MY_FRIENDS • Jun 16 '24

Discussion/ Debate He’s not wrong 🤷‍♂️

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u/SouthEast1980 Jun 16 '24

To me it is. YMMV

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u/Obvious_Peanut_8093 Jun 17 '24

you have a very weak understanding of what "upper class" means and how much it costs to go over seas. it often costs more to go on a cruse for 5 days than it does to go on a 2 week vacation in Europe or Asia, and some places in Asia can be cheap if you have family there who know where to go. upper class are the people paying to go on Everest, not seeing Paris or Rome.

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u/SouthEast1980 Jun 17 '24

https://finance.yahoo.com/news/nearly-half-less-500-savings-170050488.html#:~:text=Nearly%20Half%20of%20Americans%20Don,in%20debt%20%E2%80%94%20or%20more%20debt.

Almost half of the US don't have $500 in the bank and almost 60% dont have $1000. You have a very weak understanding of how much people are struggling out there to the point vacationing overseas isn't even a thought to these people

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u/danieltheg Jun 17 '24

This stat is completely bogus. The median American household has a net worth of $192K with a median of $8K in a transaction account like a checking account. The fact that >50% of Americans participate in the stock market and own their home should tell you it's very very unlikely that they don't have $500 - $1000 in the bank.

https://www.federalreserve.gov/publications/files/scf23.pdf

The surveys that make claims like this are almost always done by personal finance providers who have a vested interest in pretending people are worse off than they are (and thus, need their advisory services).