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

Forum Index » Money and Finances

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

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][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]

This!!!  Everyone chooses how to spend their $$$.  We lived more moderately, despite having a high income.  That means our retirement is fully funded, our kids were able to pick any college (and also have grad school paid for).  We now have plenty and have switched to us flying business/first most of the time, and traveling whenever and wherever we want.  But the ability to do that is because we lived more moderately previously.  We saved so in our 50+ we can spend what we want and enjoy life.  [/quote]

Some people, though not most, don’t really have a choice how to spend their money, and I say this as a person who has tried to settle a lawsuit for the better part of two years. I really don’t have a choice on that front. The same is true for people with certain exorbitant medical bills and divorce decrees, among other circumstances. [/quote]

Absolutely, but not 40 percent of households making $500K/year.  What you are describing is an outlier.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics