Don’t worry about the billionaires they would still have a lot of money even if they took a 50% total asset drop. But those who, in just the last decade, were still dreaming the American dream, are now living the American nightmare.
Falling income and reduced buying power means that the family needs to cope with the rising expenses. It might be selling the house or the car but adjustments need to be made.
Savings and assets are now devalued. With the market flat, stocks and other such investments aren’t really offering any real value for the long term.
Raising a child is a millionaire’s job. From the moment of conception to the kid’s college graduation, a child is probably a person’s biggest expense in a lifetime.
With education costs sky-high and rising, families are now deliberating whether the can actually send their kid to college. And even at that, a college degree isn’t exactly a clear guarantee of future success in the job market.
And in the near future when health care becomes an issue thanks to the natural process of ageing, middle class Americans would need a fortune to cope with these expenses.
