You don't need an advanced degree. I have a buddy who makes 33k a year. He has a wife who doesn't work, a kid, a house (mortgage), a fully funded emergency fund, and he is self funding a master's degree. While it is different for people who are on a fixed government income, I put very little stock in the little guy can't get ahead argument. People don't have to make a killing to have an emergency fund. There are options.