> […] wouldn't be so poor if they just saved up money. See Nick Maggiulli's "The Biggest Lie in Personal Finance": > All the expense tracking and goal settin

> […] wouldn't be so poor if they just saved up money. See Nick Maggiulli's "The Biggest Lie in Personal Finance": > All the expense tracking and goal setting in the world cannot make up for an insufficient balance. * https://ofdollarsanddata.com/the-biggest-lie-in-personal-finance/ https://ofdollarsanddata.com/the-biggest-lie-in-personal-fin... In the US, per BLS, the bottom 20% of earners spend more than they earn on basic necessities: housing, feed, healthcare, transportation. The next 20% barely managed to cover them, without much left over. This is why I liked Thomas Piketty's definition of the "middle class" being income earners in the 50th to 90th percentiles: enough to pay for life's necessities, with some left over for niceties (but not so much as get into the situation of having piles of money earning interest on interest). * https://en.wikipedia.org/wiki/Capital_in_the_Twenty-First_Century https://en.wikipedia.org/wiki/Capital_in_the_Twenty-First_Ce...