Comment by BizarroLand
1 month ago
Somewhere around 50-60% of Americans do not have $15k in the bank. The average American is more likely to have about $8k available to them, and of course that average is only an average, so likely 33% or more of Americans do not have $8,000 available to them.
This is likely easily skewed because the bar is set so low and the top 5% are so far above that bar that 1 person can outweigh the cash availability of tens or hundreds of thousands.
> The average American is more likely to have about $8k available to them, The average American is more likely to have about $8k available to them, and of course that average is only an average
That is the median. The earlier figure was mean. But, still, that just means starting half the farm I did, which is still quite realistic. You don't need 30,000 acres in your first year — or, frankly, ever. It's a good chunk of change, but not what "rich" usually implies.