Reply to 40% of people making 500K/year are living paycheck to paycheck

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[quote=Anonymous]I think most people living paycheck to paycheck, whether they make $50K/year or $500K/year have bad money habits.

There may be a definitional problem here (as has been debated for the last 10 pages), but Michael Jackson had a spending problem (lots of other problems too).

We have a lot less sympathy for someone making $500K/ year that spends everything they earn but it is possible to do.

I “could” drive a luxury car, always fly first class, and eat dinner out 5 nights a week and I probably would spend a lot more if my money.

Instead, we have a moderately nice newish car, I do not fly first class, and we have good retirement savings and can send our kids to private college.  Our dining out budget is enough for 3 dinners out a month where we like to go.  We have two sets of seasons tickets to local sports teams.  We drop 12-15K on international vacations every so often.

Everyone makes choices with their resources.  There are certainly people that are better with their money and earn more than us.  And there are people that are worse.  What we are not doing is living paycheck to paycheck.  I have two friends/family members that are that make less than me.  One would do that no matter how much money she made and one would do much better (and is on her way there now, just transitioning).

We are all just baffled at the ideas that 40%  of Households with the enough wherewithal to make 500K/year are THAT BAD with money.[/quote]

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