More Than a Third of 250k Earners Live Paycheck-to-Paycheck
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Anonymous
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Honestly this all makes so much more sense. Our household income with no kids is over 250k, but we max 401k/IRA/stock purchase and live in just a ‘decent’ place. I always wonder how these people can afford multiple luxury vacations, new cars, designer clothing, etc.
Bunch of Weekend Millionaires ™️ in this city I suppose! https://www.fool.com/investing/2022/06/01/more-than-a-third-of-250k-earners-live-paycheck-to/ |
Anonymous
| I never trust these surveys that rely on self-reporting personal financing information. Are people really going to divulge how well they're doing to some random telephone pollster? Or maybe they auto-invest 75% of their paycheck, and feel like they're living paycheck to paycheck on that remaining 25% that gets put into their checking account? |
Anonymous
| This my and my DH’s income and we are in this situation. Should be better in November, thank god. |
Anonymous
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If you have a bunch of automatic investments/deposits into retirement/investment/college accounts, then you are not living paycheck to paycheck just because you spend all the rest of the money every month. You could save less (ask someone making 60k if they are maxing their 401k contribution and they will either laugh at you or get confused because unless their housing is free, that's probably not possible). Just change your contributions. Easy.
Choosing to aggressive save/invest a huge portion of your income can be a smart strategy in the long rung. It doesn't magically make you poor. The opposite, actually. People are so, so dumb. |
Anonymous
| Several times a year I think "where does all our money go???" because when I look at our checking account balance- it doesn't seem to match our salaries. But then I remember- we are making double house payments, putting money into investments and college fund, maxing out 401Ks, etc... but if someone didn't know those things they would think the 50K in our checking account was pathetic. |
Anonymous
50k in checking is stupid to begin with. 3-6 months total expenses, the rest should be invested. |
Anonymous
We make $1m and we barely save. we live in NYC and once we pay for 2 kids in private ($120 so $240 pre tax income), give half of salary away to tax, pay mortgage, pay maintenance, it's mostly gone. we will 'make' more money by qualifying for a big mortgage and buying a house that is a good investment. but we certainly are not saving big. |
Anonymous
This is actually hilarious. |
Anonymous
We’re like you but managed to get out of this a couple of years ago when HHI exceeded $300K. Before that with a lower income and multiple kids etc we would often have to save nothing at all for the future, and we’ve never had a luxury vacation and my car is from the last century. At this income level, though, it seems like most of the people who do live paycheck to paycheck are doing it by choice. |
Anonymous
Let’s get this straight: you’re rich and so you can afford the mortgage on your $3M+ house and drop a few hundred $K on private schools, and you’re resentful of the huge sums you’re “giving” to tax, and somehow these things make you feel not rich? |
Anonymous
Our mortgage is $4k/month. So that’s $24k right there for 6 months. $50k would barely keep the lights on unless you live in WV or bought your house in the 90s. |
Anonymous
Stop counting your taxes in what you spend. Everyone pays taxes so it is assumed you also pay them. |
Anonymous
? you choose to send your kids to an expensive private. If you pull your kids out of that expensive school, you can easily save $100K/year. You are delusional and kind of dumb. -dp |
Anonymous
pathetic is what it is |
Anonymous
Some people don't make $50k a year. This thread is weird and depressing. |