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Chasing dreams in a harsh reality - the American income disparity dilemma.

Chasing dreams in a harsh reality - the American income disparity dilemma.

In the land of dreams, the average American aspires to earn a comfortable $233,000 annually. Yet, the stark reality is that the median income in 2022 stood at a mere $75,203. This disparity underscores a profound disconnect between the financial aspirations and the actual earnings of many.

The dream of financial security seems to be slipping further away for a vast majority, with 72 percent admitting to feeling financially insecure given their current circumstances. The numbers paint a grim picture.

The median monthly income for full-time American workers in Q2 2023 was approximately $4,400. After deductions, this dwindles to around $3,308, barely covering the escalating cost of living. From healthcare to education and housing, expenses have soared, but wages haven't kept pace. For instance, the median monthly rent in the U.S. as of June 2023 stands at $2,029, consuming a staggering 46 percent of the median pre-tax income. Such figures highlight the financial strain many face, with housing being a primary concern.

Inflation, coupled with stagnant wage growth, has further exacerbated the situation. Essentials like food and healthcare have become pricier, leaving little room for savings or investments. The burden of credit card debt looms large, with 36 percent of Americans admitting to having more credit card debt than emergency savings. The average American's debt balance, encompassing credit cards, auto loans, and mortgages, is substantial.

So, what's the way forward? Omar Zambrano, attorney at law and a bankruptcy and debt expert, emphasizes the importance of seeking professional guidance. Financial hardships can be overwhelming, but with the right advice and strategy, there's hope for a fresh start. Give us a call today. We offer free consultations by calling 626-338-5505.

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