Living paycheck to paycheck is now 'the most common financial lifestyle'

[theking]

At least these folks still earn a "paycheck" so more respect for them than the LAZY ones that just live in their mommy's basement and do nothing but play COD 24/7 and then leech off their mommy for money.

Living paycheck to paycheck is now 'the most common financial lifestyle' in the US — even the wealthy aren't immune

Pushing yourself to save can be a challenge, but more and more consumers are tallying up their monthly expenses to find they have nothing left to save anyway.

A recent study shows 58% of Americans report living paycheck to paycheck in May, up from 54% the same month last year. Of those earning $50,000 to $100,000, about 62% were stuck in this cycle.

But it’s not just lower-income groups struggling to foot the bills, according to the report produced by payments and commerce platform PYMNTS and personal loans website LendingClub.

Taking even the researchers by surprise, 30% of people with incomes of $250,000 or more were living paycheck to paycheck as well.

Anuj Nayar, financial health officer at LendingClub, told Matt Nesto of PYMNTS that this was “a real eye-opener.”

“A year ago, when [people] heard the term paycheck to paycheck, they were thinking it’s low income, it’s subprime, all these people maybe in the lower income sphere. Actually, no. It’s everyone. It’s all of us,” says Nayar.

[hmgROCK]

$100k is alot of money
Just gotta budget better

Eat out less
Cook more at home
Get rid of your 10mpg tacoma


 

[DuMa]

The logic makes sense. 

The difference between a poor man living paycheck to paycheck and a rich guy living the same way is the purchasing power.  The poor guy makes less, buy less toys and are in debt to his smaller things.  The rich guy makes more, buy more expensive toys and are in debt to those as well. 

The answer is debt to income ratio.  To make a profit as a company, you gotta make more than your expenses.  Even a homeless guy who gets $1 begging and uses 10 cents to buy a bubble gum but saves 90 cents is already a winner in this game. 

[theking]

$100k is alot of money
Just gotta budget better

Eat out less
Cook more at home
Get rid of your 10mpg tacoma


 

I ALREADY STOP CLICKUON THEM

 

[theking]

The logic makes sense. 

Live within you means, and you should be OK...

[DuMa]

$100k is alot of money
Just gotta budget better

Eat out less
Cook more at home
Get rid of your 10mpg tacoma


 

For a $10 an hour person, it will take you about 5 years of slavery working 8 hours a day to see that 100K before tax.  Considering you give your mommy all of your paycheck to save for you. 

Come to cali, you'll get to see it in 2 years.  That's why they say time is money.  You can make more money but you can't buy your time. 

[theking]

Regardless of income, money management is not a universal skill...Just ask guys like Mike Tyson.. :

[VillainousHero]

Also very important is the adage of Living below your means.

In simplicity your living expense should be less than your earnings.

At work, so many employees are telling me how they have no food in their house.  Come on, they all earn just as much as I do with this minimum wage hike.  And they have no food in their house.  I have a mortgage and a family to care for and I still have food in the house.  We all earn the same wage at our work place.  Some people live a lavish lifestyle of fun and expense, yet have no food in the house.

Myself, if I miss one paycheck, I'm screwed.  If I incur additional expenses, I'm screwed.  Yes, I do live paycheck to paycheck. 

[theking]

Like I've said, money management is just not a skill all can acquire...unfo rtunately