Middle-class asset and liability statement:


1. Asset side: Over 80% of wealth is locked in real estate, falling house prices = evaporating net assets
2. Income side: Relying on a single employer for salary income, no capital income
3. Liability side: 30-year mortgage is a fixed expense, income decreases but monthly payments remain unchanged
4. Psychological side: Consumption habits are built on the expectation that "income will continue to grow," the expectation collapses but inertia remains
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