- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: 78 % of non-OT members live paycheck to paycheck
Posted on 5/17/18 at 9:14 pm to Will Cover
Posted on 5/17/18 at 9:14 pm to Will Cover
Glad to be part of the 22% that doesn't! 
0
Posted on 5/17/18 at 9:15 pm to Mingo Was His NameO
quote:I’ve had a house fire, a burglary, and a bad Katrina experience.
I was just asking a question, and for the third time there are many legit reasons to have that much cash.
$30k is not a large percentage of my net worth.
Have a house fire, a burglary, and a bad Katrina with a wife and kids and get back to me on the time value of money.
I travel internationally a lot.
If I’m in Costa Rica and something bad happens, I can have more options with $30k that I can lay my hands on.
The OT is the wrong place to assume as you did.
Posted on 5/17/18 at 9:18 pm to soccerfüt
quote:
I’ve had a house fire, a burglary, and a bad Katrina experience.
$30k is not a large percentage of my net worth.
Have a house fire, a burglary, and a bad Katrina with a wife and kids and get back to me on the time value of money.
I travel internationally a lot.
If I’m in Costa Rica and something bad happens, I can have more options with $30k that I can lay my hands on.
All legit reason, that's why I asked.
quote:
The OT is the wrong place to assume as you did
I didn't assume anything. All I said was the money was losing value, which it is. For the fourth time now, that doesn't mean there aren't legit reasons to have it.
I don't know why you're so offended by a simple question.
Posted on 5/17/18 at 9:19 pm to soccerfüt
quote:
If I’m in Costa Rica
Fishing?
Posted on 5/17/18 at 9:20 pm to Will Cover
Cost of living and inflation continues to rise while wages stagnate. Most places these days offer 3% raise max. Which is a joke for most people.
This is what happens when you let banks run wild and bail out failing and irresponsible companies. And spend trillions blowing up brown people around the world.
This is what happens when you let banks run wild and bail out failing and irresponsible companies. And spend trillions blowing up brown people around the world.
This post was edited on 5/17/18 at 9:20 pm
Posted on 5/17/18 at 9:21 pm to thelawnwranglers
Could be.
NOT Zip Lining.
frick that.
NOT Zip Lining.
frick that.
Posted on 5/17/18 at 10:00 pm to soccerfüt
quote:
We have about $30k in an Emergency Fund.
Do you have it parked in a money market account?
Posted on 5/17/18 at 10:04 pm to jefforize
quote:
yeah...i prefer my emergency fund to be very accessible . Life has a funny way of saying "frick YOU" every now and then
When you have money socked away for an "emergency," the emergency becomes less of an emergency and more of an inconvenience.
Posted on 5/17/18 at 10:42 pm to Will Cover
We follow a tight arse budget. Every dollar has a purpose. Wife is fully on board. She helps to make a menu for 4-5 weeks at a time and she is also not an a-hole shopper.
We're extremely aggressive on student loans. Trying to pay off Med School & MBA by 2021-2022 at the latest.
I have our current income, expenses, anticipated nanny costs, anticipated schooling after nanny, accelerated debt payments after nanny & starting school, etc... through 2023. Bonuses and raises are just lagniappe to that.
We're extremely aggressive on student loans. Trying to pay off Med School & MBA by 2021-2022 at the latest.
I have our current income, expenses, anticipated nanny costs, anticipated schooling after nanny, accelerated debt payments after nanny & starting school, etc... through 2023. Bonuses and raises are just lagniappe to that.
This post was edited on 5/17/18 at 10:49 pm
Posted on 5/17/18 at 10:53 pm to Will Cover
quote:
Why is it so difficult for people to live within their means and live on less than what they make? Is this really a hard concept for the majority of people to grasp?
What do you think the average paycheck is?
Now add housing, which only rises, elec, water, car insurance, gas, food, etc.
All those costs rarely lower, but the average pay never rises.
Most small apartments rents will cost two weeks or more pay for someone making $13/hr.
That's well above minimum wage.
Posted on 5/17/18 at 10:56 pm to dukeg
quote:
Because you have people who have a combined income of 100k living in $300,000 homes and driving $50,000 vehicles
This! And then have the nerve to tell you that you don't want to pay everything off bc your credit will go down.
I'LL BUY EVERYTHING WITH CASH! NO NEED FOR CREDIT!
Posted on 5/17/18 at 11:20 pm to Will Cover
It’s a question of priorities. I would love to see a list of their monthly expenses. My guess there are massive dollars spent on items / services absolutely not needed.
Posted on 5/18/18 at 12:30 am to TH03
quote:
If you have funds available for retirement or other savings, you aren't living paycheck to paycheck. Paycheck to paycheck means every penny in goes out for bills, etc. No savings, no emergency funds. Hence not being able to afford $500 for car repair or $1000 for an ER visit.
Eh.
I wouldn’t say that explanation was wrong, but I always took it more literally.
Regardless of the particulars of your situation, you were dependent on each and every paycheck to avoid disruption. This doesn’t preclude retirement savings.
Similar to things like house equity, these aren’t assets that can be reasonably tapped if you keep zero liquid buffer.
And personally, I think it is fair. I’ve been in a period of self inflicted paycheck to paycheck due to aggressive retirement savings and it was a source of moderate stress and double checking to see if a poorly timed check will bounce. This was true even with the building of assets in the background. And I sure as well wasn’t going to raid my retirement to make a 500 dollar auto repair bill.
It’s a world of difference having a buffer (ideally IMO a month, no more or less) kept liquid. It’s amazing how pervasive the lack of stress is.
Posted on 5/18/18 at 3:28 am to Will Cover
quote:
8 in 10 Employees Live Paycheck to Paycheck
This is mostly by choice, many people have very poor money management skills.
Posted on 5/18/18 at 3:41 am to Will Cover
I bet a majority of those people have a newer car that had to be financed over 5 years. That’s the biggest brained of wealth out there.
Posted on 5/18/18 at 8:02 am to Volvagia
quote:
due to aggressive retirement savings
I get what you mean with your post, but I just think if you have the ability to scale down retirement savings thus upping your take home, the paycheck to paycheck you're living is a bit different.
Some people going paycheck to paycheck aren't even able to put money towards retirement.
Posted on 5/18/18 at 8:28 am to Mingo Was His NameO
quote:
Doesn't change the time value of money.
Yeah wait until you have to withdraw from a retirement plan and pay taxes and penalties to cover something unexpected
3 months is bare minimum, 6 months is preferred
Source: lots of folks who get paid to protect people from themselves
Posted on 5/18/18 at 8:30 am to bayoumuscle21
quote:
This! And then have the nerve to tell you that you don't want to pay everything off bc your credit will go down.
I'LL BUY EVERYTHING WITH CASH! NO NEED FOR CREDIT!
If someone is going to let me use their money for less than I can make on my own money, I will jump on that with a quickness
Posted on 5/18/18 at 8:42 am to Will Cover
Its living beyond means. Met with a client last week. Combined take home after taxes is 6900/mo. They have almost 50k in credit card debt and want to buy a 600k house. Having to use parents to qualify.
Posted on 5/18/18 at 8:43 am to cahoots
quote:where did i say that?
i live paycheck to paycheck. But i have most of my paycheck going into multiple retirement types of accounts and a mortgage
So you have multiple retirement accounts but no emergency fund?
Page 11 of 12
Popular
Back to top
Follow TigerDroppings for LSU Football News