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Message
re: 64% of Americans are now living paycheck to paycheck
Posted on 3/8/22 at 5:46 pm to Cs
Posted on 3/8/22 at 5:46 pm to Cs
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.
25 years later, making 3 or 4 times the money, We are able to save and invest more money than is spent. And you get to a point where what you've put away has a bigger impact on your wealth than your salary.
However, that's taken over 25 years and lots of discipline, and watching others buy/drive/wear/go much nicer than you. It also didn't hurt to take a few finance classes and being taught the time value of money, and a little bit on how to invest.
Are things harder for the kids coming out today? Maybe. They were harder for us than it was for our parents.
25 years later, making 3 or 4 times the money, We are able to save and invest more money than is spent. And you get to a point where what you've put away has a bigger impact on your wealth than your salary.
However, that's taken over 25 years and lots of discipline, and watching others buy/drive/wear/go much nicer than you. It also didn't hurt to take a few finance classes and being taught the time value of money, and a little bit on how to invest.
Are things harder for the kids coming out today? Maybe. They were harder for us than it was for our parents.
3
Posted on 3/8/22 at 5:47 pm to cheobode
quote:y
quote:
1 physicians assistant income, a stay at home wife, and 3 kids under 6 manage to buy a 475k house
I like doing math so, a PA would take home about $6k a month and the note on that house is about $2,500 so it's doable.
Usually if there is something a bit "off", there is family money that allowed them to get degree without student loans or helped buy the house. People who just assume people who seem successful just because of their own hard work don't realize how starting out even in upper middle class can be a big boost. In the medical field just not having to pay back a ton of student loans is a massive headstart.
Posted on 3/8/22 at 5:49 pm to TexasTiger90
quote:
Not really, had a lot of fun there while I was in college. But it is important in simple sentence structure to have a subject.
Was BR the subject of any of your three sentences?
Posted on 3/8/22 at 5:51 pm to PassingThrough
quote:
Usually if there is something a bit "off", there is family money that allowed them to get degree without student loans
Guess my blue collar union parents had "family money" then, as they allowed me to go to school without loans.
We've done the same for our kids.
quote:
or helped buy the house
Now that's what I call "family money."
Posted on 3/8/22 at 5:54 pm to yellowfin
quote:
0% of the OT
On the OT not even our butlers' yard men live paycheck to paycheck.
Posted on 3/8/22 at 5:54 pm to thegreatboudini
quote:
My wife and I don't live paycheck to paycheck by any stretch, but how the hell does my neighbor with 1 physicians assistant income, a stay at home wife, and 3 kids under 6 manage to buy a 475k house?
I think a doctor type salary can afford that.
Posted on 3/8/22 at 5:55 pm to Grievous Angel
quote:
Are things harder for the kids coming out today? Maybe. They were harder for us than it was for our parents.
My parents did the same thing- never were paid crazy salary, but didn't mind just living normal middle class lifestyle and are quite comfortable in their retirement. Then again they also were able to take advantage of a job market where people were given good benefits along with a livable salary and stayed in the job for a lot longer.
Posted on 3/8/22 at 5:59 pm to Grievous Angel
quote:
Guess my blue collar union parents had "family money" then, as they allowed me to go to school without loans.
We've done the same for our kids.
As did my parents for at least undergraduate. I am just saying we don't realize what a significant boost that is a lot of the time.
Posted on 3/8/22 at 6:04 pm to MardiGrasMambo
quote:
Learning to save money is an invaluable life skill.
This and make a budget. A coworker said our boss needs to increase everyone’s wages to keep up with cost of living. This is the same guy that buys packs of cigarettes, cokes, monsters, breakfast and lunch everyday. People these days need to understand the difference between needs and wants. You save so much money just sticking to a budget.
Posted on 3/8/22 at 6:09 pm to Warfarer
quote:
I make right at 6 figures now, I struggle to pay some bills here and there but it is because I a: am saving about 23% right now between 401k, Roth and mutual funds and b: I buy shite I shouldn’t
I don't think that counts as paycheck to paycheck. Sounds like you're doing it right.
Posted on 3/8/22 at 6:10 pm to Loup
I wonder if people maxing out 401k’s and have a full emergency fund and portfolio but don’t add anything to their savings consider themselves “living paycheck to paycheck” because 64% seems high.
Posted on 3/8/22 at 6:15 pm to Grievous Angel
quote:
Guess my blue collar union parents had "family money" then, as they allowed me to go to school without loans.
Coming from a lower income family where I paid for both undergrad and grad school and had to take out loans and paid them back for 20 years…yes, you had family money.
That being said, I know I have it better than some others out there.
Posted on 3/8/22 at 6:22 pm to sledgehammer
quote:
A coworker said our boss needs to increase everyone’s wages to keep up with cost of living. This is the same guy that buys packs of cigarettes, cokes, monsters, breakfast and lunch everyday
He's not wrong but he's doing it the wrong way
Posted on 3/8/22 at 6:24 pm to Cs
Well into 6 figures, holding off on major purchases (car is 11 yrs old and paid off) and dipping into savings more than I'd like.
Let's go Brandon!
Let's go Brandon!
Posted on 3/8/22 at 6:27 pm to Suntiger
quote:
Coming from a lower income family where I paid for both undergrad and grad school and had to take out loans and paid them back for 20 years…yes, you had family money.
That being said, I know I have it better than some others out there.
It may be a matter of time frame. When I went to college in the early 80's, my bill per semester was in the mid hundreds of dollars. I had worked a couple of years and saved up and I think I got a couple of Pell grants, but it was doable.
Posted on 3/8/22 at 6:39 pm to ffhouston
quote:
Well into 6 figures, holding off on major purchases (car is 11 yrs old and paid off) and dipping into savings more than I'd like.
Same. My house keeps kicking me in the dick: first it was HVAC then the roof and now repainting the exterior.
Once I get over this hump, I'll be chillin. I live comfortably and save 40% to 45% of my income. Cash position is lower than I like at the moment.
Posted on 3/8/22 at 6:43 pm to TexasTiger90
quote:
But let's not forget BR isn't the center of the universe
It's the butthole of the universe
Posted on 3/8/22 at 6:47 pm to PassingThrough
quote:
And that is my point. They have 60% of the country screaming about welfare when a far bigger issue is corporate welfare.
Keeping a corporation in business is a net positive to society, it provides jobs, products and services, enables ordinary people to build wealth by being a shareholder. I would rather my tax money bail out a corporation than go to individuals that contribute nothing I society.
Posted on 3/8/22 at 6:48 pm to Cs
That is almost to Wall streets goal of 80%
Posted on 3/8/22 at 6:48 pm to Cs
It they have tats, new SUVs and go to Disney every year
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