https://www.bloomberg.com/news/artic...-entire-salaryMore than a third of Americans earning at least $250,000 annually say they are living paycheck to paycheck, underscoring how inflation is taking a bigger bite out of Americans’ budgets at all ends of the pay spectrum.
Some 36% of households taking in nearly four times the median US salary devote nearly all of their income to household expenses, according to a survey by industry publication Pymnts.com and LendingClub Corp.
It’s particularly true among millennials, who are now in their mid-20s to early 40s: More than half of top earners in that generation report having little left at the end of the month.
its over for wagecels.
|
-
06-01-2022, 06:00 PM #1
- Join Date: Oct 2009
- Location: New York, New York, United States
- Posts: 18,231
- Rep Power: 45398
One-Third of Americans Making $250,000 Live Paycheck-to-Paycheck, Survey Finds
F*ck Joe Biden
"Your problem is you spent your whole life thinking there are rules. There aren't. We used to be gorillas. All we had is what we could take and defend." - Lorne Malvo
“I'll do anything usually if there's money involved and little work.” — Daniel Tosh
Chef Crew | NYC Crew | Knee Draggers Crew | Wristwatch Crew
-
06-01-2022, 06:01 PM #2
Can't wait for that housing bubble to burst
"One day I won't be able to lift any more. Not I won't want to lift. I mean physically unable. That day could be decades from now or it could be tomorrow. All I know is that's the day I'll wish I could lift more than ever. The day I'd give anything for one more workout, one more set, or one more cardio session. So go hard and enjoy every workout, every set, every rep. Because one day you will wake up and you will never get it back."
-SoutheastBeast1
-
06-01-2022, 06:02 PM #3
-
06-01-2022, 06:02 PM #4
-
-
06-01-2022, 06:04 PM #5
-
06-01-2022, 06:05 PM #6"One day I won't be able to lift any more. Not I won't want to lift. I mean physically unable. That day could be decades from now or it could be tomorrow. All I know is that's the day I'll wish I could lift more than ever. The day I'd give anything for one more workout, one more set, or one more cardio session. So go hard and enjoy every workout, every set, every rep. Because one day you will wake up and you will never get it back."
-SoutheastBeast1
-
06-01-2022, 06:06 PM #7
- Join Date: Feb 2007
- Location: Minnesota, United States
- Posts: 12,974
- Rep Power: 55074
-
06-01-2022, 06:06 PM #8
I remember an article in a national newspaper years ago breaking down a couple that was making 300k a year and living paycheck to paycheck.
Of course - big house plus a vacation property, two leased luxury cars, kids in private school and expensive sports, other trips, groceries and things like gardeners and house cleaners. They could have lived like relatively normal people and saved 100k a year but of course they had to keep up with their friends.
-
-
06-01-2022, 06:07 PM #9
It's because most people earning $250k are in middle/upper management, and work chit 55 hour weeks in an office somewhere. They live in a city and have high cost of living.
Think about living in NYC.... You pay 50% to taxes, then you have $4000/mo in rent. Then like $1500 top student loans, and another $3500 to expenses.
It's actually not that hard. There are a lot of guys earning $250k thinking they made it, but in reality after a house, nice car, and expensive wife there's nothing else left.
-
06-01-2022, 06:08 PM #10
Tbh my dad was the same way at one point making over 300k a year and still racked up debt second made over 100k a year had to sell the house and upgrade and lease 3 cars ect. Then he passes and we go down to a 1 bedroom apartment when we were young. Horrible money management. My mom still Carry’s a lot of the debt.
-
06-01-2022, 06:09 PM #11
How can you get enough education to warrant being paid $250k a year and still never learn how to create a simple budget?
The closer we approach the uncertainty of life's ending the more we wish to trade all of the things we have acquired in exchange for all of the things we have lost: wealth for youth, knowledge for fresh curiosity, resignation for hope. We'd trade our wisdom for new experiences, but it is wisdom that will teach us that at the end of the road the only new experience is death.
-
06-01-2022, 06:11 PM #12
-
-
06-01-2022, 06:12 PM #13
-
06-01-2022, 06:15 PM #14
-
06-01-2022, 06:20 PM #15The closer we approach the uncertainty of life's ending the more we wish to trade all of the things we have acquired in exchange for all of the things we have lost: wealth for youth, knowledge for fresh curiosity, resignation for hope. We'd trade our wisdom for new experiences, but it is wisdom that will teach us that at the end of the road the only new experience is death.
-
06-01-2022, 06:24 PM #16
I don't care what anybody says, if you're making $250K and living paycheck to paycheck then your money management skills are total shyt.
Regardless of inflation or big city expenses, that's simply stupid.
Unless you're a degenerate gambler, drug addict, or supporting a family of 12, there is no excuse for that.Architect, Marine Biologist, Importer-Exporter, Latex Manufacturing.
-
-
06-01-2022, 06:24 PM #17
-
06-01-2022, 06:27 PM #18
-
06-01-2022, 06:30 PM #19
I had a co-worker who made 250K plus bonus. The had 3 kids and an ex-wife. Child support was 33% and his alimony was 30%.
His take home was 37% of 250K = 92K, but he was paying taxes at the 250K bracket, basically he was living a 75K lifestyle.
This is reality boyosI'm just a white guy from the future, I'm completely out of touch
This machine is obsolete
-
06-01-2022, 06:36 PM #20
It's easy for your expenses to grow with your income.
If you told me 20 years ago what I would be making now I would think future me was rich, but in reality even being debt free including home and no CC's, my income isn't really keeping up.
Going to one concert this summer and pay $900/year for lake access but I'm freaking out about one $7,000 bill I gotta pay Monday.
I kinda overreact though, if I don't have 10-15k liquid I feel broke, so not exactly paycheck to paycheck.Don't put that on me Ricky Bobby, don't you ever put that on me.
-
-
06-01-2022, 06:36 PM #21
You didn't factor in kids. If they are in private school for two kids it's $40k a year so there's another 3k a month. My sister who is upper middle class in Toronto paid 16k a year just for one of her kids to play AA hockey and she had that plus another kid in baseball. So there's another 1-2k a month just for kid activities.
-
06-01-2022, 06:38 PM #22
I've made $250k+ like 4 years in a row now, and although I'm comfortable and not even slightly worried about expenses, I still am not out there buying $60k cars and living in an $800k Condo. Maybe in another couple years of doing it, but really the comfort to start making big purchases comes when you have investments as well that are also producing good income. Everybody knows a job can disappear tomorrow.
-
06-01-2022, 06:44 PM #23
Smart. You're way ahead of the curve.
My wife and I saw some clip on YouTube where someone alleged financial guru did some calculation to make the claim that on $100k a year you can afford a $700k house. We both looked at each other and laughed, thinking "there is no way anyone believes that ****."
Then you see articles like this. Smh lol.The closer we approach the uncertainty of life's ending the more we wish to trade all of the things we have acquired in exchange for all of the things we have lost: wealth for youth, knowledge for fresh curiosity, resignation for hope. We'd trade our wisdom for new experiences, but it is wisdom that will teach us that at the end of the road the only new experience is death.
-
06-01-2022, 06:46 PM #24
-
-
06-01-2022, 06:47 PM #25
-
06-01-2022, 06:49 PM #26
-
06-01-2022, 06:52 PM #27
-
06-01-2022, 07:08 PM #28
-
-
06-01-2022, 07:11 PM #29
-
06-01-2022, 07:23 PM #30
Keeping up with the joneses aka individuals hate their lives and their jobs but need to justify it somehow, instead of finding purpose they just buy chit to impress people. Here’s how you burn that 250k:
- expensive wife
- 2 luxury SUVs/nice cars (because if you have one she needs one)
- kids that have to go to private school (lol biggest scam in existence)
- expensive mortgage
- lawn, kitchen, bathroom, etc renovations because you get bored. Probably another 15-20k a year
- vacation home , or expensive vacations
- get the newest toys. No, the new iPhone won’t break you. But when you get it for everyone in your family, new MacBook for your wife to ******** message Chad with, designer clothes, etc it adds up fast
Hilarious to see but not surprising
The key to building wealth is simple:
- get a wife that won’t be a financial drain. Either she needs to make good money, is ok living frugally, or ideally both.
- live in a decent enough area for kids to go to public school. Private school is a scam
- keep your mortgage under 3 years income. Don’t buy too much house you can afford
- cars are toys. Never have a car payment.
Do the above and you can become multi millionaires in your 40s on half the income in the OP
Bookmarks