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One-Third of Americans Making $250,000 Live Paycheck-to-Paycheck
Posted on 6/3/22 at 2:58 pm
Posted on 6/3/22 at 2:58 pm
Piggybacking off of the "Personal Savings Rate at 14yr Low" and "Anyone else feel poor?" threads, this survey citing $250K earners amazes me.
quote:
One-Third of Americans Making $250,000 Live Paycheck-to-Paycheck, Survey Finds
By Alexandre Tanzi
June 1, 2022
More than a third of Americans earning at least $250,000 annually say they are living paycheck to paycheck, underscoring how inflation is taking a bigger bite out of Americans’ budgets at all ends of the pay spectrum.
Some 36% of households taking in nearly four times the median US salary devote nearly all of their income to household expenses, according to a survey by industry publication Pymnts.com and LendingClub Corp.
It’s particularly true among millennials, who are now in their mid-20s to early 40s: More than half of top earners in that generation report having little left at the end of the month.
Among all consumers surveyed, 61.3% reported living paycheck-to-paycheck in April, a 9 percentage-point increase from a year earlier, LendingClub said in its report.
To finance their lifestyles, higher-income households are more likely to put expenses on credit cards -- but also more likely to be able to pay off their balance in full. US consumer borrowing soared in March by the most on record as credit-card balances ballooned and non-revolving credit jumped, highlighting the combined impact of solid spending and rising prices.
LINK
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Posted on 6/3/22 at 3:00 pm to NC_Tigah
quote:
More than a third of Americans earning at least $250,000 annually say they are living paycheck to paycheck,
The same people on the OT that say this are putting $20k a year in their 401k. I suspect this data isn't very reliable since it's a questionnaire.
Posted on 6/3/22 at 3:00 pm to NC_Tigah
one thing that greatly concerns me is the sheer number of people that aren't prepared and will never be prepared for retirement and the social ramifications of that. I'm unsure if living paycheck to paycheck is a byproduct of investing heavily into retirement, but if not that's pretty bleak.
Posted on 6/3/22 at 3:01 pm to NC_Tigah
quote:
One-Third of Americans Making $250,000 Live Paycheck-to-Paycheck
That has to be impossible. I could believe 10%, but 33%? Geez, how do you spend that much?
This post was edited on 6/3/22 at 3:05 pm
Posted on 6/3/22 at 3:06 pm to kywildcatfanone
Big homes. Fat cars. Kids in private. 250k goes quick.
This post was edited on 6/3/22 at 3:08 pm
Posted on 6/3/22 at 3:06 pm to kywildcatfanone
They must all live in Cali or NYC.
Posted on 6/3/22 at 3:07 pm to Mingo Was His NameO
quote:You'd like to think so. But >20% maintaining continuous revolving CC debt jibes with the claim.
The same people on the OT that say this are putting $20k a year in their 401k. I suspect this data isn't very reliable since it's a questionnaire.
Posted on 6/3/22 at 3:09 pm to JayDeerTay84
quote:Those typos are perfect.
Bug homes. Fat cars.
Posted on 6/3/22 at 3:26 pm to JayDeerTay84
I guess multiple kids and their private schools and travel ball make a big difference but still crazy to me.
Posted on 6/3/22 at 3:28 pm to NC_Tigah
A lot of people always want more than they currently have.
Posted on 6/3/22 at 3:31 pm to NC_Tigah
Do they have where this is occurring? Being the skew towards millennials, I’d bet the numbers are predominately in Northeast and West. Expensive to live and with no sense of money management, can easily live paycheck to paycheck.
But yes, people are morons.
But yes, people are morons.
Posted on 6/3/22 at 3:33 pm to NC_Tigah
quote:
You'd like to think so. But >20% maintaining continuous revolving CC debt jibes with the claim.
That’s 20% of people who maintain a credit card with a balance. If you don’t have a credit card or you don’t have any balance on the card, you’re not included in the denominator.
Posted on 6/3/22 at 3:41 pm to slackster
quote:Interesting parse. What % of high earners do you imagine fall into that category?
That’s 20% of people who maintain a credit card with a balance. If you don’t have a credit card or you don’t have any balance on the card, you’re not included in the denominator.
Posted on 6/3/22 at 3:49 pm to NC_Tigah
Probably not that many, but even if it’s only 10%, that means nearly 90% of high earners pay off their balances or don’t maintain a balance with any real frequency.
Posted on 6/3/22 at 3:56 pm to slackster
quote:10%? For high earners?
but even if it’s only 10%
If it's even 1/100th of that, I'd be amazed.
Posted on 6/3/22 at 3:57 pm to NC_Tigah
Lots of Orange County CA input into that survey. The plastic people may be skewing this a bit (The LendingClub survey was conducted from April 6-13, based on about 4,000 US consumers, per article).
That said, never ceases to amaze me how financially undisciplined the average American is--speaking specifically to those who are far from destitute ($100k+ incomes), untethered from health and family financial crises, and have lots of discretion in their spending. I am not surprised by article's title.
That said, never ceases to amaze me how financially undisciplined the average American is--speaking specifically to those who are far from destitute ($100k+ incomes), untethered from health and family financial crises, and have lots of discretion in their spending. I am not surprised by article's title.
Posted on 6/3/22 at 3:57 pm to slackster
quote:
that means nearly 90% of high earners pay off their balances or don’t maintain a balance with any real frequency.
Posted on 6/3/22 at 4:13 pm to JayDeerTay84
quote:
Big homes. Fat cars. Kids in private. 250k goes quick.
My childcare bill is as much as my mortgage. My mortgage is reasonably affordable thank God but 2 car notes, groceries, gas, insurances, vacations. It doesn't take long to burn through 250k anymore sadly.
This post was edited on 6/3/22 at 4:14 pm
Posted on 6/3/22 at 4:15 pm to NC_Tigah
This is like the deceptive old people and “fixed income” argument. Most people have a mortgage. @250k I’d assume they have a large mortgage…and probably have $1mil in equity. They’ll be fine if they run into any problems.
This post was edited on 6/3/22 at 4:32 pm
Posted on 6/3/22 at 4:37 pm to JKLazurus
quote:Yet 20% of them are dropping 14%-25% rates on credit card loans? They'll be fine???
This is like the deceptive old people and “fixed income” argument. Most people have a mortgage. @250k I’d assume they have a large mortgage…and probably have $1mil in equity
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