Anonymous
06/02/2022 15:34
Subject: Re:Over half of Millennials earning 250K or more a year lives paycheck to paycheck
Anonymous wrote:Don't forget student loan payments. For years we put everything extra at the end of the month towards paying them off early.
This. Millennials are the first generation that really experienced astronomical university and graduate school tuitions. Between student loans and housing inflation, I'd expect families not savings as much in traditional savings accounts to become closer to the norm.
Anonymous
06/02/2022 15:30
Subject: Over half of Millennials earning 250K or more a year lives paycheck to paycheck
I looked at the report and it has no definition of paycheck-to-paycheck and doesn't include the actual survey question. Did they leave it up to interpretation? If your definition of living paycheck-to-paycheck is that you have nothing left over after expenses and saving, then everyone is living paycheck-to-paycheck.
Anonymous
06/02/2022 14:27
Subject: Over half of Millennials earning 250K or more a year lives paycheck to paycheck
Anonymous wrote:We live "paycheck to paycheck", meaning that we "spend" all that we get in for the most part. Most people do budget that way. But our "spending" isn't just spending. It includes, like a PP said, putting $ in 401ks, college funds, and mortgage payment for our house (in which we have a decent amount of equity.
This is very different than someone who has no cushion or ability to get $$ if they need it.
Same. We have a default budget that results in us almost running out of money between pay periods. DH is a spender and he's always going to spend what's in his or our checking account, so we use the "pay yourself first" approach and money goes directly from paychecks to 401k, 529 plan and brokerage account, then what's left over goes to checking and inevitably gets spent.
Anonymous
06/02/2022 14:20
Subject: Re:Over half of Millennials earning 250K or more a year lives paycheck to paycheck
Don't forget student loan payments. For years we put everything extra at the end of the month towards paying them off early.
Anonymous
06/02/2022 14:19
Subject: Over half of Millennials earning 250K or more a year lives paycheck to paycheck
Anonymous wrote:Anonymous wrote:This is not the same as lower-income people living paycheck to paycheck. These people are reporting having no money left at the end of the pay period after paying mortgages, paying their CC bill in full, and saving for retirement.
"Living paycheck-to-paycheck doesn’t necessarily mean hardship, and LendingClub makes the distinction between those can pay their bills easily and those who can’t. Only a fraction of high earners -- roughly one in ten -- reported issues covering all their household expenses in April, according to the survey."
You are correct that it dovetails neatly with the DCUM "I feel so poor after I purposely spend all my money on expensive bills I chose to take on and also save more than most people make in a year" posts.
The thing is if they lose their job they’re in a really bad situation.
Don’t see it much different than lower income people living paycheck to paycheck.
Your first comment really reflects the behavior so many umc people have. Umc people are closer to low income people than the wealthy and affluent.
Oh I would say having multiple 1000s of dollars in savings is a bit different from those who dont have 500 in savings. This is an inflammatory article to say the least and puts "liberal elites" in a bad light.
Anonymous
06/02/2022 14:19
Subject: Re:Over half of Millennials earning 250K or more a year lives paycheck to paycheck
Anonymous wrote:Worth noting this article is about millennial households earning 250k, not individuals
So what? A household earning that much has even less reason to live paycheck to paycheck due to shared housing costs.
Anonymous
06/02/2022 14:18
Subject: Over half of Millennials earning 250K or more a year lives paycheck to paycheck
Okay as much as I think millennials get unwarranted insults, this seems a little much. It’s unfair that student loans are so high and housing costs are astronomical in many areas, so precious generations got more with the same income. But sometimes you just have to suck it up and save.
Anonymous
06/02/2022 14:18
Subject: Re:Over half of Millennials earning 250K or more a year lives paycheck to paycheck
We keep upping our retirement contributions so we have nothing left at the end of the month. On top of 401ks we contribute to backdoor Roth IRAs. It's a good tax strategy. How was the question worded?
Anonymous
06/02/2022 14:16
Subject: Over half of Millennials earning 250K or more a year lives paycheck to paycheck
Not surprising with millennials need to constantly keep up with the Jones’s. That’s why a high income means nothing if you can’t even balance a checkbook.
Anonymous
06/02/2022 13:18
Subject: Re:Over half of Millennials earning 250K or more a year lives paycheck to paycheck
Worth noting this article is about millennial households earning 250k, not individuals
Anonymous
06/02/2022 12:52
Subject: Over half of Millennials earning 250K or more a year lives paycheck to paycheck
We live "paycheck to paycheck", meaning that we "spend" all that we get in for the most part. Most people do budget that way. But our "spending" isn't just spending. It includes, like a PP said, putting $ in 401ks, college funds, and mortgage payment for our house (in which we have a decent amount of equity.
This is very different than someone who has no cushion or ability to get $$ if they need it.
This is very different than someone who has no cushion or ability to get $$ if they need it.
Anonymous
06/02/2022 12:44
Subject: Over half of Millennials earning 250K or more a year lives paycheck to paycheck
Anonymous wrote:Anonymous wrote:This is not the same as lower-income people living paycheck to paycheck. These people are reporting having no money left at the end of the pay period after paying mortgages, paying their CC bill in full, and saving for retirement.
"Living paycheck-to-paycheck doesn’t necessarily mean hardship, and LendingClub makes the distinction between those can pay their bills easily and those who can’t. Only a fraction of high earners -- roughly one in ten -- reported issues covering all their household expenses in April, according to the survey."
You are correct that it dovetails neatly with the DCUM "I feel so poor after I purposely spend all my money on expensive bills I chose to take on and also save more than most people make in a year" posts.
The thing is if they lose their job they’re in a really bad situation.
Don’t see it much different than lower income people living paycheck to paycheck.
Your first comment really reflects the behavior so many umc people have. Umc people are closer to low income people than the wealthy and affluent.
If they are saving, they have a cushion if they lose there job. That is very, very different from those who truly live paycheck to paycheck. I agree that UMC have more in common with lower income people than wealthy people, but its disingenuous to compare the "living paycheck to paycheck" between the 2.
Anonymous
06/02/2022 12:05
Subject: Over half of Millennials earning 250K or more a year lives paycheck to paycheck
Anonymous wrote:This is not the same as lower-income people living paycheck to paycheck. These people are reporting having no money left at the end of the pay period after paying mortgages, paying their CC bill in full, and saving for retirement.
"Living paycheck-to-paycheck doesn’t necessarily mean hardship, and LendingClub makes the distinction between those can pay their bills easily and those who can’t. Only a fraction of high earners -- roughly one in ten -- reported issues covering all their household expenses in April, according to the survey."
You are correct that it dovetails neatly with the DCUM "I feel so poor after I purposely spend all my money on expensive bills I chose to take on and also save more than most people make in a year" posts.
The thing is if they lose their job they’re in a really bad situation.
Don’t see it much different than lower income people living paycheck to paycheck.
Your first comment really reflects the behavior so many umc people have. Umc people are closer to low income people than the wealthy and affluent.
Anonymous
06/02/2022 10:08
Subject: Over half of Millennials earning 250K or more a year lives paycheck to paycheck
This is not the same as lower-income people living paycheck to paycheck. These people are reporting having no money left at the end of the pay period after paying mortgages, paying their CC bill in full, and saving for retirement.
"Living paycheck-to-paycheck doesn’t necessarily mean hardship, and LendingClub makes the distinction between those can pay their bills easily and those who can’t. Only a fraction of high earners -- roughly one in ten -- reported issues covering all their household expenses in April, according to the survey."
You are correct that it dovetails neatly with the DCUM "I feel so poor after I purposely spend all my money on expensive bills I chose to take on and also save more than most people make in a year" posts.
"Living paycheck-to-paycheck doesn’t necessarily mean hardship, and LendingClub makes the distinction between those can pay their bills easily and those who can’t. Only a fraction of high earners -- roughly one in ten -- reported issues covering all their household expenses in April, according to the survey."
You are correct that it dovetails neatly with the DCUM "I feel so poor after I purposely spend all my money on expensive bills I chose to take on and also save more than most people make in a year" posts.
Anonymous
06/02/2022 10:04
Subject: Over half of Millennials earning 250K or more a year lives paycheck to paycheck
A recent report indicates that 1/3rd of Americans earning more than 250k a month live paycheck to paycheck. This dovetails with the frequently seen posts on DCUM that people feel "poor" while making what seem to be very high salaries. Expectedly, this phenomenon affects the younger generation more, since they tend to live in higher cost of living areas and have many more life expenses such as housing loans, student loans, dependent childcare/education, active lifestyles, etc.
Here's a like to a Bloomberg article on the report:
https://www.bloomberg.com/news/articles/2022-06-01/a-third-of-americans-making-250-000-say-costs-eat-entire-salary#xj4y7vzkg
Here's a like to a Bloomberg article on the report:
https://www.bloomberg.com/news/articles/2022-06-01/a-third-of-americans-making-250-000-say-costs-eat-entire-salary#xj4y7vzkg