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Paycheck to paycheck
Posted on 9/5/08 at 7:19 pm
Posted on 9/5/08 at 7:19 pm
Interesting article...
LINK
I want to say that I'm surprised at the stats of non-saving. But then, it's not that surprising.
LINK
I want to say that I'm surprised at the stats of non-saving. But then, it's not that surprising.
3
Posted on 9/5/08 at 7:30 pm to Zach
Not a big surprise, but I noticed that the survey is by "careerbuilders.com," a job website. Doesn't it stand to reason that people actively seeking a new job are more likely to be underpaid? (or at least to think they are underpaid)
Posted on 9/7/08 at 3:08 am to Zach
I don't see anywhere in th earticle that takes into account 401k's, IRA's, Life Insurance w/cash value, etc. There are a lot of ways to save money without a savings account.
For instance, I have a few hundred in my savings account and less than that in checking, but I have plenty in my 401k that I can take a loan against which is what I did when I bought my house.
These are things that usually are not considered when I see or hear about this "paycheck to paycheck" lifestyle of most Americans.
For instance, I have a few hundred in my savings account and less than that in checking, but I have plenty in my 401k that I can take a loan against which is what I did when I bought my house.
These are things that usually are not considered when I see or hear about this "paycheck to paycheck" lifestyle of most Americans.
Posted on 9/7/08 at 12:46 pm to alajones
quote:
alajones
so how's living paycheck to paycheck treat you?
Posted on 9/7/08 at 2:13 pm to smyce
My bills are paid, we went on vaction to the Rockies and to Yellowstone this summer. I have two cars that are paid for.
My point is that this idea of needing to have so much set aside in a savings account is really outdated. there are so many other ways to save money than just a 4% savings account, most of which are never included in studies.
My point is that this idea of needing to have so much set aside in a savings account is really outdated. there are so many other ways to save money than just a 4% savings account, most of which are never included in studies.
Posted on 9/7/08 at 2:23 pm to alajones
I agree w/ you! Why put money in a low yield savings account when you can make more interest in a CD, 401K, Wroth, ETC. My opinion is keep enough in your savings for short lived hard times, and invest the rest.
Posted on 9/7/08 at 5:30 pm to alajones
How did you pay for your two cars if you only have a few hundred in savings/checking? If you financed then you paid interest on the loan.
Posted on 9/7/08 at 5:50 pm to Zach
quote:
My point is that this idea of needing to have so much set aside in a savings account is really outdated. there are so many other ways to save money than just a 4% savings account, most of which are never included in studies.
Sorry to be ignorant, but why are retirement funds not included in savings (other than savings accounts)? Don't most people have a good idea of the value of what they have invested?
Posted on 9/7/08 at 8:22 pm to Zach
First of all, I am by no means a financial guru, and yes I do live essentially "paycheck to paycheck". I bought my car for 5000 in 2000 and paid it off in 2001. My wife's car we paid 2600 cash for which we got mostly from selling her other car.
I remember seeing a John Stossel "Give me a break" episode where he was debunking the myth that Americans aren't saving as much as they used to. He was saying that these studies don't usually include 401k's or 529's. That is where most of my "savings" would be.
I remember seeing a John Stossel "Give me a break" episode where he was debunking the myth that Americans aren't saving as much as they used to. He was saying that these studies don't usually include 401k's or 529's. That is where most of my "savings" would be.
Posted on 9/7/08 at 9:29 pm to alajones
quote:
I remember seeing a John Stossel "Give me a break" episode where he was debunking the myth that Americans aren't saving as much as they used to. He was saying that these studies don't usually include 401k's or 529's. That is where most of my "savings" would be.
Right, this is what I don't understand. I don't see why this is not considered savings. Guess I'm missing something.
Posted on 9/8/08 at 8:47 am to Zach
If the average american made an additional $500 per paycheck they would just spend that additional money on junk that they didn't really need.
Posted on 9/8/08 at 9:24 am to Camp Randall
quote:
If the average american made an additional $500 per paycheck they would just spend that additional money on junk that they didn't really need.
You are 100% correct.
You my friend, will win a Nobel Prize for Economics.
This post was edited on 9/8/08 at 9:26 am
Posted on 9/8/08 at 6:18 pm to alajones
But what about the stress factor? When I go to bed at night I know that if my wife breaks the computer I can just go out and write a check for a new one. She dented the car last week. The deductable is a thousand. I wrote a check. The rental car for the week that the car is being fixed is 300. I wrote a check. How do you handle these things with so little cash and not worry about unforeseen circumstances?
Posted on 9/8/08 at 6:38 pm to Zach
quote:
my wife breaks the computer
quote:Sounds like it might be cheaper just to get a new wife?
She dented the car last week. The deductable is a thousand.
Posted on 9/8/08 at 7:02 pm to Cold Cous Cous
She's accident prone but she makes more money than I do.
Posted on 9/9/08 at 9:48 pm to Zach
quote:Well, I have a 50/250 deductible. Having said that, it takes me about 5 minutes to take out a 500 or so dollar loan from my bank's website. I set it up to where they payment comes automaticcally out of my account every two weeks (payday) and pay it off in about 6 months.
How do you handle these things with so little cash and not worry about unforeseen circumstances
Posted on 9/10/08 at 8:00 am to alajones
now-a-days..to solve..no one talks about getting a second job...or just stop spending
Posted on 9/10/08 at 8:25 am to alajones
quote:
I don't see anywhere in th earticle that takes into account 401k's, IRA's, Life Insurance w/cash value, etc. There are a lot of ways to save money without a savings account.
For instance, I have a few hundred in my savings account and less than that in checking, but I have plenty in my 401k that I can take a loan against which is what I did when I bought my house.
These are things that usually are not considered when I see or hear about this "paycheck to paycheck" lifestyle of most Americans.
401K is for retirement...
You're clearly living above your means
Posted on 9/10/08 at 8:39 am to Powerman
quote:I totally agree. However, I'm not withdrawing it, I'm taking a loan against it. These are two different things. I probably bought a bigger house than I need, but I have no credit cards, no flat screens, no man cave, 2 cars that are 13 and 14 years old respectively, so I don't consider myself living "above my means".
401K is for retirement
Posted on 9/11/08 at 7:15 am to alajones
quote:
There are a lot of ways to save money without a savings account.
I'm finding that out the hard way. I have plenty stashed away in an account that I cannot access until I'm 55. I can't even borrow against it. I was so weird about "saving for the future" that I ignored the present.
This post was edited on 9/11/08 at 7:16 am
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