What percent of people you know do you think are in debt/paycheck to paycheck?

[Anonymous]

Anonymous wrote:Not the general population, but people you actually know - friends/family/neighbors/coworkers - have car payments/leases, credit card debt, would need to go into debt for a home repair/major vacation, etc. ?

We live in a upper middle class (but not rich) neighborhood of $600-800K houses and I actually think A LOT of people lease cars, have home equity lines, credit card debt, etc. to live the lives they lead. Maybe 1/3. DH thinks this number is way too high.

WDYT?

I would think a considerable number. We haven't been a thrifty nation in a good 60 years or so. Most people leverage to live a better lifestyle.

[Anonymous]

I think part of the rise in paycheck to paycheck living has to do with electronic banking. I know we manage our money so that we have very little left in checking before getting paid. We send a significant portion to a brokerage account, paying bills etc before we can even touch it.

[Anonymous]

Anonymous wrote:I think part of the rise in paycheck to paycheck living has to do with electronic banking. I know we manage our money so that we have very little left in checking before getting paid. We send a significant portion to a brokerage account, paying bills etc before we can even touch it.

I'm pretty sure you and the PP banking 10k in credit union realize that paycheck to paycheck doesn't mean - I can't access my money bc I save soooo much of it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I think part of the rise in paycheck to paycheck living has to do with electronic banking. I know we manage our money so that we have very little left in checking before getting paid. We send a significant portion to a brokerage account, paying bills etc before we can even touch it.

I'm pretty sure you and the PP banking 10k in credit union realize that paycheck to paycheck doesn't mean - I can't access my money bc I save soooo much of it.

Of course. But I also would be in the category of living paycheck to paycheck!

[Anonymous]

I think our friends and colleagues are about 50-50. 1/3 either earn $$$ or just good with money. 1/3 either make good money but went to expensive grad schools so they still have student loans (law school, med school, MBA) on top of having young children requiring expensive childcare (nanny or daycare). 1/3 just make bad decisions or seem to have bad luck. Didn't finish school. Didn't do well in school. Picked a low paying profession. Married someone with debt. Got divorced. Seem to be struggling. Live paycheck to paycheck and have debt they can't pay off.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think part of the rise in paycheck to paycheck living has to do with electronic banking. I know we manage our money so that we have very little left in checking before getting paid. We send a significant portion to a brokerage account, paying bills etc before we can even touch it.

I'm pretty sure you and the PP banking 10k in credit union realize that paycheck to paycheck doesn't mean - I can't access my money bc I save soooo much of it.

Of course. But I also would be in the category of living paycheck to paycheck!

Don't be dense.

[Anonymous]

There are lots of reasons for leasing a car, you out of touch moron troll

[Anonymous]

car leases are bad...
http://www.daveramsey.com/index.cfm?event=askdave/&intContentItemId=10367

[Anonymous]

Anonymous wrote:

Anonymous wrote:I think part of the rise in paycheck to paycheck living has to do with electronic banking. I know we manage our money so that we have very little left in checking before getting paid. We send a significant portion to a brokerage account, paying bills etc before we can even touch it.

I'm pretty sure you and the PP banking 10k in credit union realize that paycheck to paycheck doesn't mean - I can't access my money bc I save soooo much of it.

Actually the topic is about judging people on what most of you know nothing about. I'm not claiming to live paycheck tonpaycheck, but some of you probably so because I don't take a break between jobs and would pester accounting if they missed payroll. You would smugly roll your eyes, while completely clueless.

[Anonymous]

I am dying of curiosity to know how some of the people I know can afford the life they lead. For example,
We have friends (two teacher family) who have three kids in private school. I'm assuming that they get ridiculous financial aid or a family member is paying? The long and short is that it is 100% none of my business, but it doesn't stop me from being curious. And for the record, you never really know about anyone's finances. We live modestly, but have almost paid off our house and have a ridiculous amount of money saved. Do I judge people on my assumed understanding of their finances, yes. Do I try not to? Yes, of course.

[Anonymous]

Anonymous wrote:I am dying of curiosity to know how some of the people I know can afford the life they lead. For example,
We have friends (two teacher family) who have three kids in private school. I'm assuming that they get ridiculous financial aid or a family member is paying? The long and short is that it is 100% none of my business, but it doesn't stop me from being curious. And for the record, you never really know about anyone's finances. We live modestly, but have almost paid off our house and have a ridiculous amount of money saved. Do I judge people on my assumed understanding of their finances, yes. Do I try not to? Yes, of course.

Many people have an inheritance. I have friends who are quite open about digging themselves into debt. They also know that when his parents die they will get a huge chunk of change. I suspect they will manage to blow through that, but a lot of people get help from the family. Not gonna lie, wish I were in that boat!!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think part of the rise in paycheck to paycheck living has to do with electronic banking. I know we manage our money so that we have very little left in checking before getting paid. We send a significant portion to a brokerage account, paying bills etc before we can even touch it.

I'm pretty sure you and the PP banking 10k in credit union realize that paycheck to paycheck doesn't mean - I can't access my money bc I save soooo much of it.

Of course. But I also would be in the category of living paycheck to paycheck!

No, that's not what it means. You're joking right?

[Anonymous]

Only on dcum would this be so difficult to grasp. Paycheck to paycheck does NOT mean - I'm socking soooo much money away or putting it in illiquid investments or putting it in inconvenient banks so I have nooo money until my next paycheck. Bc in those cases you DO have money, regardless of how much it may inconvenience you or hurt your investments to access it.

Paycheck to paycheck = if I don't get my next check either my bills go unpaid or I pay them via CC debt/borrowing from family/ payday loans or some combo of all these options.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I don't think that many people I know personally are paycheck to paycheck but I do wonder about what a few people do w their money. Not bc it's my business but just bc I don't get their comments sometimes and it's not my place to ask. One is a 45-ish yr old single woman who was in biglaw for all of 3 yrs who STILL talks about the cut she took to go to the govt. I simply don't understand how the govt salary isn't enough esp since she doesn't seem extravagant - regular town home and car. But she went to law school at age 35, got a few grad degrees before that and had low-ish paying jobs, and bought the house after age 40. So I wonder if there's CC debt or school debt or just a general angst to play catch up on retirement and mortgage - while her peers who started at age 25 have longer investment horizons.

The bolded could easily be $200+K in student loans.

I have a friend like this as well - at least 2 masters in general things like public policy and then law school at age 35. Don't know who paid for the grad degrees, but I've always gotten the sense there was law school debt as her parents were in their 70s when she went. And she also only stayed in biglaw for 2-3 yrs so it's not like she walked away with 10 yrs savings before heading to the govt. I don't understand the lifestyle - she'll complain about how tickets home to her parents in Detroit are so expensive for holidays or she'll talk about how unbelievably tough govt shutdowns are financially even if you're paid later, and then she'll go buy a $1000 cat or lease the newest Mercedes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:50/50 but no one will admit it.

Then how do you know? I don't know my friends' and relatives' financial position and they don't know ours. I also know that some people get to write off their auto leases as a business expense.

I have eyes. I know about where everyone works. I know what freebies they get. I know about what they make from the internet. I doubt the military lets anyone write off a luxury car.

As for family ? If you pay attention, struggles slip out. No one calls to chit chat anymore. They ALL need something. KWIM ?

So all your family and friends are in the military? My parents were military officers and didn't know their friends' finances. You are a silly busybody.