/biz/ - Business & Finance

>>999041

It's not technically average, but its the calculated average when you add up everyone's debt and finances and divide it.

The upper middle class areas are the worst with debt. Many of them buy houses out of their comfortable price range to live in borderline rich or rich areas.

On top of this, they have a penchant for buying overly expensive things, but the cheap (relatively) and unreliable models, all on credit, so the replacement and repair costs absolutely destroy them. They will generally keep these financial drains no matter what, despite them costing in the end 3-5 times more than the expensive and reliable models they didn't choose.

Here's a story of a very upper middle class family who is a financial Wreck.

>father manages to buy a shipping company and in the first financial year it saw very good growth with the forecast predicting far more growth
>the mother of the family just got promoted in citibank corporate, and just had her first child
>in celebration and because of their now newfound wealth, which looks to be growing, they buy a 1.4 million dollar home in a gated neighborhood within a north shore community on long island
>fast forward to modern day
>post housing bubble, the home they bought while it was being constructed is now worth 700k, but is probably less because of the bad choices by the family
>the accessories put in the house and property were all very cheap and built to low standards, as the family spent too much on the base house
>the central air they put in breaks down constantly and is completely inadequate for the size of the house as well as using far more electricity than it should
>despite this, they refuse to replace it, and because of the maintenance fees and replacement parts, costs 10x what it originally did
>they put in an extremely cheap pool after the zoning for a 12 foot deep one, that is filtered and heated by a waterfall landscape that is also built to no standard and is always in repair
>cont