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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]This is how we get communist regimes sending out the "elite" into the fields for re-education. I'm wealthy. Those people are giving wealthy people a bad name. They need to be re-educated.

[/quote]

Is that your worry?  That you’ll be given a bad name?

It’s not hard to believe that people start to need every dollar of their paycheck going to monthly expenses.    They overextended themselves with a $2 million dollar house and top of the line everything. [/quote]
If any of their "monthly epenses" include any kind of savings: retirement, 401K contributions, 529, scontributions,-- they are not living paycheck to paycheck.  Words have meaning.  People can certainly lock themselves into high levels of spending that are difficult to reverse, but that's not the same thing [/quote]

I thought that would be understood when I wrote that every dollar went to monthly expenses but I should have wrote “and they do not save a dime, no retirement, no 529, no basic savings.  Maybe they assume they will be able to do that later. But they took out the largest mortgage allowed, they leased two top of the line cars, they put vacations on the charge cards and pretty soon they can barely make the monthly payments.  [/quote]

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