76% PAYCHECK TO PAYCHECK

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76% PAYCHECK TO PAYCHECK

Postby Nobunaga on Fri Jul 05, 2013 7:01 pm

76% of Americans apparently are living paycheck to paycheck.

http://money.cnn.com/2013/06/24/pf/emer ... index.html

That's amazing to me.
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Re: 76% PAYCHECK TO PAYCHECK

Postby waauw on Fri Jul 05, 2013 8:00 pm

wallstreet flourishes and mainstreet exacerbates,
common practice for politicians and bankers
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Re: 76% PAYCHECK TO PAYCHECK

Postby DoomYoshi on Fri Jul 05, 2013 8:56 pm

I don't believe that. Lamborghini claims they are selling more cars than ever before.

The American people are very rich.
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Re: 76% PAYCHECK TO PAYCHECK

Postby saxitoxin on Fri Jul 05, 2013 10:06 pm

The Bankrate survey says "paycheck to paycheck" would include someone who had 5.5 months of cash on hand.

In other words, as I understand it - and I could be wrong - a person making the median income of $52,000 would be considered living paycheck to paycheck if they had $24,000 in their checking account and $240,000 in non-liquid assets like securities in an IRA and home equity. IIRC, Dave Ramsey recommends 4 months + $1K of emergency money but anything beyond that should be invested and not held in cash. So a person following Ramsey's advice would fall in Bankrate's definition of paycheck-to-paycheck.

Where is BBS/Fruitcake? Does anyone remember the phrase we're supposed to use to summon BBS into a thread? It's like "Zawo Zawo BBS, Appear Now!" or something like that, I think.
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tRe: 76% PAYCHECK TO PAYCHECK

Postby Army of GOD on Fri Jul 05, 2013 10:31 pm

saxitoxin wrote:Where is BBS/Fruitcake? Does anyone remember the phrase we're supposed to use to summon BBS into a thread? It's like "Zawo Zawo BBS, Appear Now!" or something like that, I think.


I thought it was something about penises or the like...
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Re: 76% PAYCHECK TO PAYCHECK

Postby Phatscotty on Fri Jul 05, 2013 11:27 pm

many people who live paycheck to paycheck waste most of their money.

For many I think it's a life choice. I know more then a few people who can't hold onto a dollar if their life depended on it, it actually does burn holes in their pockets, and many people are too lazy to stretch their dollars out or look for deals or negotiate rents and bills and services or simply refuse to go without HBO-Showtime package and the HD upgrade.

Every time most of us get an opportunity to get ahead, we instead up our services/consumption. It also makes sense in an economic environment where the savings rate cannot even outperform inflation, so who wants to hold onto money anyways right?
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Re: 76% PAYCHECK TO PAYCHECK

Postby Army of GOD on Fri Jul 05, 2013 11:29 pm

I live paycheck to paycheck but my paycheck is 0 dollars
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Re: 76% PAYCHECK TO PAYCHECK

Postby jonesthecurl on Sat Jul 06, 2013 12:09 am

Army of GOD wrote:I live paycheck to paycheck but my paycheck is 0 dollars


At least they pay you what you're worth.
And remember what the poet said – “in booty there is loot, and in loot booty.” Or sump’n like that.
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Re: 76% PAYCHECK TO PAYCHECK

Postby john9blue on Sat Jul 06, 2013 12:42 am

Phatscotty wrote:many people who live paycheck to paycheck waste most of their money.

For many I think it's a life choice. I know more then a few people who can't hold onto a dollar if their life depended on it, it actually does burn holes in their pockets, and many people are too lazy to stretch their dollars out or look for deals or negotiate rents and bills and services or simply refuse to go without HBO-Showtime package and the HD upgrade.

Every time most of us get an opportunity to get ahead, we instead up our services/consumption. It also makes sense in an economic environment where the savings rate cannot even outperform inflation, so who wants to hold onto money anyways right?


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Re: 76% PAYCHECK TO PAYCHECK

Postby BigBallinStalin on Sat Jul 06, 2013 1:23 am

saxitoxin wrote:The Bankrate survey says "paycheck to paycheck" would include someone who had 5.5 months of cash on hand.

In other words, as I understand it - and I could be wrong - a person making the median income of $52,000 would be considered living paycheck to paycheck if they had $24,000 in their checking account and $240,000 in non-liquid assets like securities in an IRA and home equity. IIRC, Dave Ramsey recommends 4 months + $1K of emergency money but anything beyond that should be invested and not held in cash. So a person following Ramsey's advice would fall in Bankrate's definition of paycheck-to-paycheck.

Where is BBS/Fruitcake? Does anyone remember the phrase we're supposed to use to summon BBS into a thread? It's like "Zawo Zawo BBS, Appear Now!" or something like that, I think.


Let's see here...

Hm-hmm.

M-hmm.

Mhm-hmm.

Yeah, you covered it. Let's all pack our stuff and gtfo this thread.
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Re: 76% PAYCHECK TO PAYCHECK

Postby nietzsche on Sat Jul 06, 2013 1:31 am

Phatscotty wrote:many people who live paycheck to paycheck waste most of their money.

For many I think it's a life choice.


Up to that point it was accurate, except they don't waste it, jut decide to spend it in whatever they like in the moment.
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Re: 76% PAYCHECK TO PAYCHECK

Postby Woodruff on Sat Jul 06, 2013 1:52 am

Phatscotty wrote:many people who live paycheck to paycheck waste most of their money.

For many I think it's a life choice. I know more then a few people who can't hold onto a dollar if their life depended on it, it actually does burn holes in their pockets, and many people are too lazy to stretch their dollars out or look for deals or negotiate rents and bills and services or simply refuse to go without HBO-Showtime package and the HD upgrade.

Every time most of us get an opportunity to get ahead, we instead up our services/consumption. It also makes sense in an economic environment where the savings rate cannot even outperform inflation, so who wants to hold onto money anyways right?


Sure, all of that is true, in my opinion, as well. The difference is that I don't necessarily think that's a bad thing for those who choose to live that way, as long as they're not putting themselves into debt doing it (which is a very different matter). Is it a risky proposition? Absolutely. But if they're in a career where it doesn't matter because either there are massive numbers of similar jobs available (fast food, etc) or their job is highly specialized and not overflowing with workers, then it's not even so risky really.
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Re: 76% PAYCHECK TO PAYCHECK

Postby Woodruff on Sat Jul 06, 2013 1:54 am

Nobunaga wrote:76% of Americans apparently are living paycheck to paycheck.

http://money.cnn.com/2013/06/24/pf/emer ... index.html

That's amazing to me.


I was paycheck-to-paycheck for most of my military career...unavoidable, really, until I reached about E-6. So if you consider how many lower-enlisted military there are, that's at least a noticeable portion of that 75% of Americans.
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Re: 76% PAYCHECK TO PAYCHECK

Postby The Voice on Sat Jul 06, 2013 8:42 am

Woodruff wrote:
Phatscotty wrote:many people who live paycheck to paycheck waste most of their money.

For many I think it's a life choice. I know more then a few people who can't hold onto a dollar if their life depended on it, it actually does burn holes in their pockets, and many people are too lazy to stretch their dollars out or look for deals or negotiate rents and bills and services or simply refuse to go without HBO-Showtime package and the HD upgrade.

Every time most of us get an opportunity to get ahead, we instead up our services/consumption. It also makes sense in an economic environment where the savings rate cannot even outperform inflation, so who wants to hold onto money anyways right?


Sure, all of that is true, in my opinion, as well. The difference is that I don't necessarily think that's a bad thing for those who choose to live that way, as long as they're not putting themselves into debt doing it (which is a very different matter). Is it a risky proposition? Absolutely. But if they're in a career where it doesn't matter because either there are massive numbers of similar jobs available (fast food, etc) or their job is highly specialized and not overflowing with workers, then it's not even so risky really.


Precisely! I can give two examples.

EXAMPLE ONE: I would say that my wife and I are currently living paycheck-to-paycheck. I only own 25% of my home and about 70% of my wife's car, but neither of us have any other loans or debt. We have one credit card with a $500 spending limit.

Living this way has taught me how to balance a budget, which is something that I would've never learned otherwise. Refusing to go without HBO-Showtime? Hell, we don't even have basic cable...or even a Netflix subscription. That's just one example (of many) of how we save money. I would consider my job pretty safe (small business in IT, owner likes me, etc.). Also, both my wife's dad and my parents would be in a position to be our safety nets should the worst happen.

EXAMPLE TWO: A close family friend died recently leaving his wife with $30,000 in credit card debt. They have quite a few assets, but own next to nothing on their home, so probably not enough to repay everything (and certainly not enough to continue living without some type of assistance). This couple was not living paycheck-to-paycheck (they're both retired). And the last year, they had spent $100,000 renovating their kitchen. Now I ask, are my wife and I in the better position or is my friend?

TL;DR: Living paycheck-to-paycheck could be much better than the alternative.
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Re: 76% PAYCHECK TO PAYCHECK

Postby Army of GOD on Sat Jul 06, 2013 1:49 pm

The Voice wrote:Living this way has taught me how to balance a budget, which is something that I would've never learned otherwise. Refusing to go without HBO-Showtime? Hell, we don't even have basic cable...or even a Netflix subscription. That's just one example (of many) of how we save money. I would consider my job pretty safe (small business in IT, owner likes me, etc.). Also, both my wife's dad and my parents would be in a position to be our safety nets should the worst happen.


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