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> most Americans can’t afford an unexpected $400 expense This is just not true despite the fact that a few media sources twisted a statement from the reserve b
by theferalrobot 7y ago
> most Americans can’t afford an unexpected $400 expense
This is just not true despite the fact that a few media sources twisted a statement from the reserve board a while back.
Here is a fact that may help provide some context: The median net worth of a us household is $97,300.
- cpursley 7y agoYou can't pay your light bill or insurance deductible with your net worth
- theferalrobot 7y agoExcept: The actual statistic is that when asked if they could cover an unexpected 400$ bill - 40% of Americans responded that they would sell something to pay it OR couldn’t pay it Secondly the survey itself admits that it had an, “oversample of individuals with a household income less than $40,000 per year” https://www.federalreserve.gov/publications/files/2017-report-economic-well-being-us-households-201805.pdf https://www.federalreserve.gov/publications/files/2017-repor...
- remote_phone 7y agoI think you need to educate yourself on how Americans are doing financially. https://www.cnbc.com/2019/07/20/heres-why-so-many-americans-cant-handle-a-400-unexpected-expense.html https://www.cnbc.com/2019/07/20/heres-why-so-many-americans-...
- theferalrobot 7y agoEven your source says a minority of Americans (even though it again, cherry picks from that study). The actual statistic is that when asked if they could cover an unexpected 400$ bill - 40% of Americans responded that they would sell something to help pay it OR couldn’t pay it. Secondly the survey itself admits that it had an, “oversample of individuals with a household income less than $40,000 per year” https://www.federalreserve.gov/publications/files/2017-report-economic-well-being-us-households-201805.pdf https://www.federalreserve.gov/publications/files/2017-repor...