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re: 64% of Americans are now living paycheck to paycheck
Posted on 3/8/22 at 8:08 pm to Grievous Angel
Posted on 3/8/22 at 8:08 pm to Grievous Angel
quote:
My first job 25 years ago was out of college was 44k. I saved money then. I saved money BEFORE then. I saved more money with every raise. Focused on a reasonable housing (3,000 sq/ft for 254k, not quite 20 years ago), paid it off early. Still drive the same basic "class" of vehicles we always have.
My first job out of college was 42k, problem was I only graduated 5 years ago instead of 25. I think that's the problem. Wages have not increased requisite with costs of living. That's why we're seeing these issues so widespread.
This post was edited on 3/8/22 at 8:09 pm
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Posted on 3/8/22 at 8:09 pm to CorkRockingham
Did a cash flow spread sheet earlier this year, we’re putting 55% of our take home into savings/brokerage. But we have no kids and no car note. That will change soon enough.
Posted on 3/8/22 at 8:13 pm to Cs
Since this is turning into a thread to complain about wasteful spending.
I have several relatives who gripe about living paycheck to paycheck, but if you go to their house and look in their fridge, it’s all organic this and natural that.
I don’t even listen to their money gripes now. If you can afford to pay two or three times the normal price for eggs just so you can have warm fuzzy feelings about the life of the chicken who laid them, you have extra money.
I have several relatives who gripe about living paycheck to paycheck, but if you go to their house and look in their fridge, it’s all organic this and natural that.
I don’t even listen to their money gripes now. If you can afford to pay two or three times the normal price for eggs just so you can have warm fuzzy feelings about the life of the chicken who laid them, you have extra money.
Posted on 3/8/22 at 8:26 pm to OGtigerfan87
quote:
What exactly are does paycheck to paycheck mean here. Like completely broke by the time your next check hits or you occasionally have to pinch pennies. Some months with bigger expenditures are tighter than others
Yeah, I feel like I live paycheck to paycheck, but then I realize I have retirement accounts with a significant amount of funds, and two months salary sitting in a savings account. I just don’t look at that as money I can touch.
So I feel like I’m living paycheck to paycheck, especially in inflationary times like now. Worrying about money just seems natural to me. I’m assuming people who are really living paycheck to paycheck making six figures they have to have the worry switch set to off.
Posted on 3/8/22 at 8:29 pm to Loup
My issue is that the stuff I put my money into is very difficult to get back out of. I could cash out a mutual fund but I would pay insane taxes on it right now. I need to actually get a cash slush fund going to be more liquid.
Posted on 3/8/22 at 8:32 pm to OGtigerfan87
quote:
What exactly are does paycheck to paycheck mean here
Alot of people have missed the mark here. Paycheck to Paycheck basically means you need your paycheck consistently to pay your expenses. Without your income for an extended period of time, could you still meet your expenses. Honestly, I am shocked it's only 64% but I 100% agree, without a solid definition it's hard to say if 64 is high or low.
Do they mean 6 months of salary saved in a cash account, not a 401K ? Do they mean two months? Two weeks?
Posted on 3/8/22 at 8:32 pm to BigGreenTiger
If that don’t work. Help us all.
Posted on 3/8/22 at 8:39 pm to PassingThrough
I don’t think you get what I was saying. You advocate for a strong central government but that same government helped us get to a place where we have these monopolies. I don’t have faith in it to help get us out.
Cutting the corporate welfare would be a huge start, but our politicians tend to be of the bought and paid for variety so wake me up when it actually happens.
Cutting the corporate welfare would be a huge start, but our politicians tend to be of the bought and paid for variety so wake me up when it actually happens.
This post was edited on 3/8/22 at 8:45 pm
Posted on 3/8/22 at 8:43 pm to CorkRockingham
This thread is chock full of singles calling middle aged families of 4-5 morons.
Posted on 3/8/22 at 8:45 pm to CorkRockingham
Between that and both of us maxing out our Roth 401k’s we will be ok. Some people just don’t have the financial literacy to live within their means. It should honestly be taught in high school.
Posted on 3/8/22 at 8:45 pm to Meauxjeaux
If you’re middle aged and living paycheck to paycheck… moron is putting it nicely
Posted on 3/8/22 at 8:45 pm to Cs
It'll get much much much higher than 64% in the coming months.
Biden's America.
Biden's America.
Posted on 3/8/22 at 8:50 pm to BigGreenTiger
Already taking the take home hit and being comfortable with it. I plan on switching both my wife and I to our company sponsored Roth 401ks. I will need to the numbers to get a feel for how bad the take home hit and tax increase will be first but have been busy.
I probably just say frick it one day and just do it. That tax free compounding over 30 years just sounds to enticing.
I probably just say frick it one day and just do it. That tax free compounding over 30 years just sounds to enticing.
Posted on 3/8/22 at 8:54 pm to CorkRockingham
It’s worth it, unfortunately the phaseout for the IRA deduction is pretty low for married filing jointly. So if you have any sponsored plan and make over 220k you won’t get the deduction.
Posted on 3/8/22 at 8:55 pm to Cs
Just buy an electric car bro
Posted on 3/8/22 at 9:01 pm to cheobode
That's not that much and that's not surprising.
Posted on 3/8/22 at 9:03 pm to BigGreenTiger
Wait I don’t understand. If you contribute to a Roth 401k you don’t get any deduction because it’s after taxes right?
Posted on 3/8/22 at 9:10 pm to Cs
I make $400k+ base and my bonus usually runs ~$150k. My wife and I have no kids. While we save $2-3k a month, you throw kids in the mix and some new tires and we’re strapped.
Posted on 3/8/22 at 9:11 pm to CorkRockingham
Correct, contributing to the Roth 401k won’t reduce your AGI. It’s worth it to never have to pay taxes on it in retirement.
Posted on 3/8/22 at 9:12 pm to BabyTac
quote:none of this is true
I make $400k+ base and my bonus usually runs ~$150k. My wife and I have no kids. While we save $2-3k a month
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