4 ms·

> inconsequential $100k bonus in my portfolio It seems we are truly ducking poor here in the EU. My parents have been running a farm for 40 years in the Nether

> inconsequential $100k bonus in my portfolio It seems we are truly ducking poor here in the EU. My parents have been running a farm for 40 years in the Netherlands and they’re doing well financially. Still, $100k is not inconsequential for them!

csomar 2y ago
For most of the world, $100k in savings is simply beyond reach. So no, you are definitely not ducking poor in the EU.
benterix 2y ago
I don't think Americans are that much different in that respect from Europeans in general: https://www.bankrate.com/banking/savings/emergency-savings-report/ https://www.bankrate.com/banking/savings/emergency-savings-r... One fourth have no savings at all. European stats are similar: https://www.statista.com/statistics/1221416/households-without-savings-europe/ https://www.statista.com/statistics/1221416/households-witho...
lifty 2y ago
The world is split into two kids of people: the ones that have managed to take advantage of the massive financialization of the world, and the ones who haven’t.
- tim333 2y ago
  The world was even more divided in the past. When I went to China in 1983 the GDP per capita per year was $285. Even adjusted for inflation they were poor. No more really. Trade and the internet have leveled things up.
  - lifty 2y ago
    My comment sounds overly cynical but I fully agree with you, there’s been so much progress in getting people out of poverty world wide. Yes there’s a big gap in wealth but it’s probably the smallest it has ever been on average, and way more people have their basic needs met than ever before.
- PawgerZ 2y ago
  > the ones that have managed to take advantage of the massive financialization of the world This group is further split into two kinds of people: Those who had an opportunity to take advantage of the massive financialization of the world, and those who weren't afforded that opportunity.
piva00 2y ago
HN is a bubble of very rich folks compared to the vast majority of the global population. It's easy to fall into the trap of how people here talk about money, like a US$ 150k salary is too low, or like having less than US$ 300k in savings makes you poor. Just remind yourself this place is an extreme outlier whenever you hear someone here treating life-changing sums of money for 90-95% of the global population as "inconsequential".
JohnTHaller 2y ago
Nearly half of folks in the US have no way of paying an unexpected $1,000 expense. $100,000 isn't inconsequential to the majority of the world.
- deanmoriarty 2y ago
  Is this true? The few net worth government statistics I can find from a quick google search point at median net worth, excluding house equity, to be significantly higher than $1k, so I wonder what I am missing. Is the implication that a person with $100k in their 401k still cannot cash flow $1k in an emergency? Totally happy to be educated. Would love to see some data, as anecdotally, living in the Bay Area, I cannot at all relate to your comment given the massive amount of wealth virtually anyone I know has. People routinely drop $1k on a couple of mid-tier restaurant dinners around here (restaurant prices show that a drink these days is $25, crazy, good thing I stopped consuming alcohol), which I do understand is an outlier. Thanks.
  - myffical 2y ago
    https://www.federalreserve.gov/publications/2024-economic-well-being-of-us-households-in-2023-expenses.htm#xunexpectedexpensesandemergencysavin-e41f3c67 https://www.federalreserve.gov/publications/2024-economic-we... > When faced with a hypothetical expense of $400, 63 percent of all adults in 2023 said they would have covered it exclusively using cash, savings, or a credit card paid off at the next statement [...] 37 percent of adults [...] would not have covered a $400 expense completely with cash or its equivalent
    - deanmoriarty 2y ago
      Thanks, very helpful! I am still puzzled how this data reconciles with the median net worth figures that are also produced by the federal government (too lazy to google again).

csomar 2y ago

For most of the world, $100k in savings is simply beyond reach. So no, you are definitely not ducking poor in the EU.

benterix 2y ago

I don't think Americans are that much different in that respect from Europeans in general: https://www.bankrate.com/banking/savings/emergency-savings-report/ https://www.bankrate.com/banking/savings/emergency-savings-r... One fourth have no savings at all. European stats are similar: https://www.statista.com/statistics/1221416/households-without-savings-europe/ https://www.statista.com/statistics/1221416/households-witho...

lifty 2y ago

The world is split into two kids of people: the ones that have managed to take advantage of the massive financialization of the world, and the ones who haven’t.

tim333 2y ago
The world was even more divided in the past. When I went to China in 1983 the GDP per capita per year was $285. Even adjusted for inflation they were poor. No more really. Trade and the internet have leveled things up.
- lifty 2y ago
  My comment sounds overly cynical but I fully agree with you, there’s been so much progress in getting people out of poverty world wide. Yes there’s a big gap in wealth but it’s probably the smallest it has ever been on average, and way more people have their basic needs met than ever before.
PawgerZ 2y ago
> the ones that have managed to take advantage of the massive financialization of the world This group is further split into two kinds of people: Those who had an opportunity to take advantage of the massive financialization of the world, and those who weren't afforded that opportunity.

piva00 2y ago

HN is a bubble of very rich folks compared to the vast majority of the global population. It's easy to fall into the trap of how people here talk about money, like a US$ 150k salary is too low, or like having less than US$ 300k in savings makes you poor. Just remind yourself this place is an extreme outlier whenever you hear someone here treating life-changing sums of money for 90-95% of the global population as "inconsequential".

JohnTHaller 2y ago

Nearly half of folks in the US have no way of paying an unexpected $1,000 expense. $100,000 isn't inconsequential to the majority of the world.

deanmoriarty 2y ago
Is this true? The few net worth government statistics I can find from a quick google search point at median net worth, excluding house equity, to be significantly higher than $1k, so I wonder what I am missing. Is the implication that a person with $100k in their 401k still cannot cash flow $1k in an emergency? Totally happy to be educated. Would love to see some data, as anecdotally, living in the Bay Area, I cannot at all relate to your comment given the massive amount of wealth virtually anyone I know has. People routinely drop $1k on a couple of mid-tier restaurant dinners around here (restaurant prices show that a drink these days is $25, crazy, good thing I stopped consuming alcohol), which I do understand is an outlier. Thanks.
- myffical 2y ago
  https://www.federalreserve.gov/publications/2024-economic-well-being-of-us-households-in-2023-expenses.htm#xunexpectedexpensesandemergencysavin-e41f3c67 https://www.federalreserve.gov/publications/2024-economic-we... > When faced with a hypothetical expense of $400, 63 percent of all adults in 2023 said they would have covered it exclusively using cash, savings, or a credit card paid off at the next statement [...] 37 percent of adults [...] would not have covered a $400 expense completely with cash or its equivalent
  - deanmoriarty 2y ago
    Thanks, very helpful! I am still puzzled how this data reconciles with the median net worth figures that are also produced by the federal government (too lazy to google again).