Anonymous wrote:We make 6 figures - about 7 or 800k. We have pretty good savings and cover our monthly expenses. So no, it's not everyone.

It's almost as if 'six figures' spans an entire order magnitude of range, lol.

Anonymous wrote:In theory we do and it isn't a bad thing. First you pay yourself first, retirement accounts and savings are funded first-college was funded when kids were growing up.

Then you pay your bills etc. If we have any left over it goes to savings. Makes no sense to have extra money sitting in a checking account not making you money.

so yes, we live pay check to pay check

Sweeping excess cash out of checking into a higher-earning account doesn’t mean you are living “paycheck to paycheck”.

Anonymous wrote:We make 6 figures - about 7 or 800k. We have pretty good savings and cover our monthly expenses. So no, it's not everyone.

you make a lot but have reading comprehension issues. Re-read the thread title.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I was raised by much old depression era parents and I have to say I’m a little appalled by how people spend money. We make a lot more than that but I don’t feel like o can comfortably afford a lot of the luxury items that people making a lot less than me are buying, as far as vacations, clothes, purses and shoes, Botox, manicures, etc .

me, too. My parents were low income, uneducated immigrants. So, I save save save, and am frugal. My spouse grew up more privileged than I did, though not wealthy by any means, so spouse's spending habits reflected that. When we got serious I told my spouse that they needed to save more for retirement. Spouse is happy that they listened cause now we can retire earlyish (still have kids college to pay for).

We have taught our kids to be frugal, too, and budget and spend their money wisely. They obviously have grown up way more privileged than we did but we can still teach them the value of money.

This list is not surprising to me though since so many Americans don't have an emergency $500 savings. My sibling who is not a high earner, even has $500 in emergency savings. We are all save first, and then spend what is left over.

I was raised similarly and am very frugal. I think people buy stuff to make themselves feel good. The problem is all of the stuff people buy keeps them chained to work and all of the BS that goes along with it for longer. As I have gotten older I have less of a zest for work.

PP here.. agree. This was one of the reasons why we chose not to buy in a more expensive area even though we could afford to. Our mortgage broker told us that we could double what we are borrowing, but I said no. I did not want a mortgage noose around my neck, which I know many have in hcol areas. I can't wait to retire in a few years. I'll be in my mid 50s. The ability to retire early has always been my goal since I was 30.

In theory we do and it isn't a bad thing. First you pay yourself first, retirement accounts and savings are funded first-college was funded when kids were growing up.

Then you pay your bills etc. If we have any left over it goes to savings. Makes no sense to have extra money sitting in a checking account not making you money.

so yes, we live pay check to pay check

We make 6 figures - about 7 or 800k. We have pretty good savings and cover our monthly expenses. So no, it's not everyone.

I never understand this. Our HHI is between 120 and 150k. Money is tight but we still put away money every month for retirement and college savings, plus some money going into emergency funds. Do we have a ton of disposable income afterwards? No. Do I consider us to be living paycheck to paycheck? Also no -- we have a 30k in a reserve fund in case of emergencies, over 300k in 401ks, a pension that will fully vest in 7 years, and another 10k in college funds (we need to work on this one but we only have one kid and don't want to over-save for college because our mortgage will be paid off by then so we may be able to just pay out of pocket since we'll still be working).

We're not rich. We currently need to replace a car and we'd prefer not to finance it unless we got a 0% loan (unlikely in current lending environment, though we did this last time), so we're building out that reserve fund and looking for a decent used care for 20-25k. I am sure this is different than the many people on DCUM who will just happily go buy a 50k SUV, or finance one, without thinking much about it. But I don't think that means we live paycheck to paycheck. It means we have to budget and we have to sacrifice in some areas in order to afford certain things.

We're middle class. That's what that means.

Anonymous wrote:Most people are trying to keep up with others or show off rather than truly enjoy their lives.

+1 Exactly this. Acceptance into higher socioeconomic classes demands buying and showing off trendy/expensive items like homes, cars, clothing, and jewelry.

Anonymous wrote:This is a bullshit, irresponsible story about a clickbait survey. They barely define “paycheck to paycheck” but it includes people with more than $15k of savings. It includes “people who pay their monthly bills but have little left over” but it does not say if that includes your 401k contribution, your Equinox membership, etc. It’s not real research, it’s just marketing. Shame on CNBC for running it like a new story.
https://www.pymnts.com/wp-content/uploads/2021/06/PYMNTS-Reality-Check-Paycheck-to-Paycheck-June-2021.pdf

Agreed.

Anonymous wrote:

Anonymous wrote:I was raised by much old depression era parents and I have to say I’m a little appalled by how people spend money. We make a lot more than that but I don’t feel like o can comfortably afford a lot of the luxury items that people making a lot less than me are buying, as far as vacations, clothes, purses and shoes, Botox, manicures, etc .

me, too. My parents were low income, uneducated immigrants. So, I save save save, and am frugal. My spouse grew up more privileged than I did, though not wealthy by any means, so spouse's spending habits reflected that. When we got serious I told my spouse that they needed to save more for retirement. Spouse is happy that they listened cause now we can retire earlyish (still have kids college to pay for).

We have taught our kids to be frugal, too, and budget and spend their money wisely. They obviously have grown up way more privileged than we did but we can still teach them the value of money.

This list is not surprising to me though since so many Americans don't have an emergency $500 savings. My sibling who is not a high earner, even has $500 in emergency savings. We are all save first, and then spend what is left over.

I was raised similarly and am very frugal. I think people buy stuff to make themselves feel good. The problem is all of the stuff people buy keeps them chained to work and all of the BS that goes along with it for longer. As I have gotten older I have less of a zest for work.

Anonymous wrote:

Anonymous wrote:I’ve never completely understand what paycheck to paycheck means. Does it mean I can’t skip a paycheck without going in the red? Then yes. But I also put money into a TSP and 529 each month (before I ever see it), so it’s not like I’m not saving. I make $176k.

No, paycheck to paycheck means that is all you have to live on. Obviously no savings.

Different poster. If that's what it means then no I'm not living paycheck to paycheck.

Anonymous wrote:I was raised by much old depression era parents and I have to say I’m a little appalled by how people spend money. We make a lot more than that but I don’t feel like o can comfortably afford a lot of the luxury items that people making a lot less than me are buying, as far as vacations, clothes, purses and shoes, Botox, manicures, etc .

me, too. My parents were low income, uneducated immigrants. So, I save save save, and am frugal. My spouse grew up more privileged than I did, though not wealthy by any means, so spouse's spending habits reflected that. When we got serious I told my spouse that they needed to save more for retirement. Spouse is happy that they listened cause now we can retire earlyish (still have kids college to pay for).

We have taught our kids to be frugal, too, and budget and spend their money wisely. They obviously have grown up way more privileged than we did but we can still teach them the value of money.

This list is not surprising to me though since so many Americans don't have an emergency $500 savings. My sibling who is not a high earner, even has $500 in emergency savings. We are all save first, and then spend what is left over.

The people who I know making the most money are always in debt and living paycheck to paycheck with the need to “show off” (big house, fancy cars, etc). It’s pretty funny considering nobody cares about that kinda stuff but them. We’re not paying for it but to each their own.

Most people are trying to keep up with others or show off rather than truly enjoy their lives.

This isn't me but look at childcare costs -- seriously. Childcare and housing are the culprit here