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re: 78 % of non-OT members live paycheck to paycheck
Posted on 5/17/18 at 6:55 pm to dukeg
Posted on 5/17/18 at 6:55 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 shows how disconnected this board is from the real world. $100k household income puts you higher than ~75% of households in the country. Your example represents a microscopic portion of those truly living paycheck to paycheck.
1
Posted on 5/17/18 at 6:55 pm to fightin tigers
quote:
Like half a plant operators income. I don't get how they survive.
And the may actually be home to spend it. I don't know how they would ever survive.
Posted on 5/17/18 at 6:56 pm to slackster
How does he think someone at a combined 100k can’t afford a 300k house? Even with little down, the mortgage would be around 1700-1800. Someone at 100k combined could afford that.
Posted on 5/17/18 at 6:56 pm to fightin tigers
quote:
How much did you withhold for 401k?
That doesn’t matter in this scenario. I could add on anything I want to make the take home less. The automatic assumption was that $4100= $75-80k which is a pretty generous assumption.
Posted on 5/17/18 at 6:58 pm to 13SaintTiger
quote:
Which would be dumb. $4100 a month combined is more like $65k a year
It's a minimum 70k.FICA, fed, and state (if Louisiana) is like 30% effective rate minimum.
Posted on 5/17/18 at 6:58 pm to Paul Allen
quote:
How does he think someone at a combined 100k can’t afford a 300k house? Even with little down, the mortgage would be around 1700-1800. Someone at 100k combined could afford that.
Yea. You’d still have enough to get that $50k car and not have to live paycheck to paycheck. Living paycheck to paycheck usually isn’t pinpointed to one or two things, it’s a culmination of bad spending habits.
Posted on 5/17/18 at 6:59 pm to Mingo Was His NameO
There are a lot of variables to where differing amounts of monthly "take home" is ok. Like, living in Denham Springs vs Austin, Tx. Or, having a $2000/monthly mortgage vs having paid off your house. Or maxing out a 401k, hsa, 2 IRAs (1 per spouse), etc.
For example: what could you survive on monthly if you were completely debt free?
For example: what could you survive on monthly if you were completely debt free?
Posted on 5/17/18 at 6:59 pm to 13SaintTiger
quote:
That doesn’t matter in this scenario. I could add on anything I want to make the take home less. The automatic assumption was that $4100= $75-80k which is a pretty generous assumption.
My take home number is after 401k and other deductions. I would make the same assumption for others
Posted on 5/17/18 at 7:00 pm to Mingo Was His NameO
quote:
and state (if Louisiana) is like 30% effective rate minimum.
Everyone doesn’t live in Louisiana. Like I said, it’s not a good automatic assumption. Here in TN, $4100 is closer to $65k than 75-80k
Posted on 5/17/18 at 7:01 pm to Paul Allen
quote:
What’s wrong with that?
I've always lived by the old adage that you shouldn't purchase/finance a home more than 2.5x your income
Posted on 5/17/18 at 7:03 pm to 13SaintTiger
quote:
The automatic assumption was that $4100= $75-80k which is a pretty generous assumption.
It's not way off but probably closer to 70k.
Posted on 5/17/18 at 7:04 pm to PhiTiger1764
quote:
When you can cover a $500 car bill or $1000 emergency bill by simply lowering your retirement savings for a month, you aren't living paycheck to paycheck.
BIG WRONG. Never touch a retirement fund. One should have 6 months of pay stashed away just for that.
It might take someone a couple years to build that, but the biggest thing is to do it and not touch it till you need it.Posted on 5/17/18 at 7:05 pm to fallguy_1978
How much could you live on monthly if you were completely debt free?
Posted on 5/17/18 at 7:05 pm to Will Cover
It's no wonder so many people live paycheck to paycheck when real wages are only 10% higher than they were in 1973.
Contrast that with the following:
1. Health care costs rising by 300% since the late Fifties
2. The cost of college tuition tripling since the late Eighties.
3. The enormous rising costs of buying a home. The median home value today is roughly $200,000. In 1940, the average home cost was less than $40,000 in today's money. Home prices are growing twice as fast as wages.
People haven't magically gothen dumber and less responsible over the generations. The cost of key things has far outpaced wage growth.
Contrast that with the following:
1. Health care costs rising by 300% since the late Fifties
2. The cost of college tuition tripling since the late Eighties.
3. The enormous rising costs of buying a home. The median home value today is roughly $200,000. In 1940, the average home cost was less than $40,000 in today's money. Home prices are growing twice as fast as wages.
People haven't magically gothen dumber and less responsible over the generations. The cost of key things has far outpaced wage growth.
Posted on 5/17/18 at 7:06 pm to fishfighter
quote:he never said withdraw from retirement. I read that as reducing the retirement contribution to cover the emergency.
fishfighter
Posted on 5/17/18 at 7:07 pm to Chuck Barris
Big issue is that paychecks haven't matched the cost of other things.
Posted on 5/17/18 at 7:09 pm to Chuck Barris
Great point. And yet people think it’s still a spending problem. They’re so many moving parts to this.
Posted on 5/17/18 at 7:09 pm to hashtag
quote:
How much could you live on monthly if you were completely debt free?
Assuming I'm not paying private school tuition any longer? $2500-3000 per month probably
Posted on 5/17/18 at 7:09 pm to Will Cover
People are stupid.
Posted on 5/17/18 at 7:10 pm to tduecen
Meh, the bigger issue is that people feel entitled to "own" things, go on vacation, eat out, drive nice cars...etc. much like our government, spending is out of control.
How many people who can't afford a $500 emergency buy a $800 iPhone every few years and pay $250/month on cell phone, home internet, and cable TV?
I'd bet a large portion.
How many people who can't afford a $500 emergency buy a $800 iPhone every few years and pay $250/month on cell phone, home internet, and cable TV?
I'd bet a large portion.
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