According to the St. Louis Federal Reserve, the top 10% of U.S. households by wealth had about $6.9 million on average, holding 67% of household wealth, while the bottom 50% had just $51,000.
Dave Ramsey explains that the rich avoid interest payments by paying upfront, whereas the middle class often engages in monthly payments, believing credit card rewards will lead to wealth.
The wealth gap is exacerbated by poor financial decisions, with the financially struggling resorting to payday lenders and believing in lottery wins as a path to riches.
While wealthier individuals question the total cost of items, the middle and lower classes often make choices that perpetuate their financial struggles, leading to a widening wealth gap.
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