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Money and Finances
Reply to "Goldman Sachs: 40% of $400-500K and $500K+ households “live paycheck to paycheck”"
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[quote=Anonymous]For UMC families, "paycheck to paycheck" means that after retirement, 529 plans, mortgages, life insurance, etc., the net income is spent every month. I don't think that's atypical, especially for young families who bought their homes after interest rates rose and are paying for childcare right now. $400k in income doesn't leave a lot once it is net of 401k contributions, mortgages at today's rates, childcare, and 529 contributions. Also, plenty of folks don't believe in keeping an emergency fund or much cash. They rely on credit to cover emergencies, which some think are so remote that they don't need to plan for them. I suppose in extreme cases, there are folks making $400k who don't have 401ks, 529 plans, brokerage accounts, home equity, etc., but those folks are few and far between. [/quote]
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