How much money does it take to be in the upper 5% of wealth in Argentina?

[Finance Prof]

The common classes are how society generally views an individual and how they fit into different categories, both on an economic and social level (the two are not the same. this is a pretty good read that talks more about it.) Not saying that's how one should view oneself on an individual level and I agree your classification gives a better idea for how you as an individual are living. Especially given, it allots you more control of how you view your circumstances.

Very true. I've found many people are miserable no matter how much money they have. One thing I like about Argentina is that people are more content here overall just being with the family, having enough for a place to live and food on the table. If they can just get that they would be happy. Here many don't feel the need to be wealthy. Just having those things would make them feel wealthy.

 

[earlyretirement]

I think people focus too much on the typical classifications of socioeconomic classes and top/bottom x%. I believe the following classifications are more helpful:

* Struggling * - struggling (uncertain) to have enough money to fund the basic necessities such as food, shelter, healthcare.

* Stretched * - having enough to fund the basic necessities, but has to watch the budget constantly and make adjustments to purchase certain things.

* Content * - not worried about the basic necessities. Able to purchase some of the things they want, and optimistic about achieving their plans to purchase the other things they want in the future.

* Comfortable * - no worries about money, no budgeting required, working is optional.

* Philanthropist * - People in any class can give to charity because there are always some who are less fortunate than us, but here, I refer to 'philanthropist' as someone who is very 'comfortable' and does not give mainly for tax benefits or having their name on a wall.

The interesting thing about these classifications is that the individual has a lot of control over which class they belong to. Isn't it interesting that some in the upper middle class and perhaps even some from the upper class don't even feel "content" and consider themselves "stretched"? Some have a very warped sense of what are basic necessities and an unlimited appetite for the things they "want" , which are often really just things that others want...so they want them too.

It's also interesting that some who depend on government benefits can feel "content." Some people even think the government should provide enough benefits for people to feel "content" instead of "stretched."

Which class from the above do you belong to?

I like the way you think @TonyTigre. I think many Americans are brainwashed into always worrying about money. Because it's subjective. One person making a ton of money that would be more than enough for most people will have a higher-end lifestyle so the house might be 5 X bigger and 8 X more expensive than the typical house. So they have to be on a budget to afford that lifestyle. I hate that about the USA and many other countries.

I like the point you make about the individual having control over which class they belong to. This is excellent and intelligent thought process @TonyTigre. Thanks for sharing.

 

[earlyretirement]

The common classes are how society generally views an individual and how they fit into different categories, both on an economic and social level (the two are not the same. this is a pretty good read that talks more about it.) Not saying that's how one should view oneself on an individual level and I agree your classification gives a better idea for how you as an individual are living. Especially given, it allots you more control of how you view your circumstances.

This is great @FuturoBA and spot on target.

 

[Vince]

Vince, was it you who a while back said that you are considering leaving Argentina to take care of your parents?

Hi Sunny. Yes, maybe at the end of this year. It isn't for certain yet. My sister is taking care of my folks now. Dad has cancer and mom has early stages of Alzheimers, So the idea is maybe to spend some time back home for a while but things are still up in the air.

 

[earlyretirement]

Hi Sunny. Yes, maybe at the end of this year. It isn't for certain yet. My sister is taking care of my folks now. Dad has cancer and mom has early stages of Alzheimers, So the idea is maybe to spend some time back home for a while but things are still up in the air.

Sorry to hear about this @Vince. My mother died last year from Alzheimer's. It is a tough situation as she was in a special memory care loss facility. I wish you and your family the best. As I always say, getting old sucks.

Then having them come here isn't an option. Not an easy situation. Many people on Reddit's expat forum post about that.

For many people I'd think it would be difficult because Medicare probably will cover some of this in the USA but I doubt they would cover anything outside of the country. Plus many older parents just want to be in familiar surroundings and don't want to move across the world. Many probably don't speak Spanish either. It's a tough situation.

 

[lark]

I saw this income class chart online today. I don't know how accurate it is.

According to one consulting firm called Moiguer Consultancy, they say the middle class now represents 42% of the population (previously at 39%) and the lower class was reduced to 53% (from 56% in April). The upper class they say remained the same.

Not sure if these numbers are right, especially if they say the poverty rate is so high in other studies. Not sure which is correct.



April 2024

 

[Vince]

I saw this income class chart online today. I don't know how accurate it is.

According to one consulting firm called Moiguer Consultancy, they say the middle class now represents 42% of the population (previously at 39%) and the lower class was reduced to 53% (from 56% in April). The upper class they say remained the same.

Not sure if these numbers are right, especially if they say the poverty rate is so high in other studies. Not sure which is correct.

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April 2024

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I'm not sure that I would buy the argument that the number of the lower class and middle class has gone up the past few months. The ones that I know have actually been struggling more since April with the rapid increase in cost of living and bills and expenses. The middle class is disappearing. Never heard of this company but I have doubts in how accurate it is.

Salaries have gone up a little but not enough to match true inflation on cost of living.

 

[Betsy Ross]

I'm not sure that I would buy the argument that the number of the lower class and middle class has gone up the past few months. The ones that I know have actually been struggling more since April with the rapid increase in cost of living and bills and expenses. The middle class is disappearing. Never heard of this company but I have doubts in how accurate it is.

Salaries have gone up a little but not enough to match true inflation on cost of living.

I would have to agree with you Vince. I am hearing the same thing with my local friends and some that live in the interior. Most of them are struggling more now vs. a few months ago. Many are going through savings in dollars that they had saved up. I don't believe the number of poor and middle class has improved since April.

 

[import export]

I would have to agree with you Vince. I am hearing the same thing with my local friends and some that live in the interior. Most of them are struggling more now vs. a few months ago. Many are going through savings in dollars that they had saved up. I don't believe the number of poor and middle class has improved since April.

It is difficult or impossible to really trust many of these surveys. The answer can differ depending on who you ask or who is conducting it. I saw poverty numbers look like they are dropping according to Di Tella University.