Another thing that this doesn't account for is an overall difference in situations for the rich vs everyone else. As a class traitor, I have a huge support network and safety net. And that completely changes your relationship with money. Buying a house you can barely afford is very different when your parents can help you cover mortgage shortfalls, for example.
The real question is the one at the end: could you cover an unexpected $400 expense. For most people the answer is barely or probably not. For everyone making that much money, the answer is absolutely yes.
Another thing that this doesn't account for is an overall difference in situations for the rich vs everyone else. As a class traitor, I have a huge support network and safety net. And that completely changes your relationship with money. Buying a house you can barely afford is very different when your parents can help you cover mortgage shortfalls, for example.
The real question is the one at the end: could you cover an unexpected $400 expense. For most people the answer is barely or probably not. For everyone making that much money, the answer is absolutely yes.