63% of Americans are living paycheck to paycheck — including nearly half of six-figure earners

[Beast]

ROFL. That day has come three times a week over the last decade on PDF, without fail.



Still has not happened, in real life.

LOL... And the China economy collapse shout by US troll for last 2 decades... and may I have the exact date?

 

[VCheng]

LOL... And the China economy collapse shout by US troll for last 2 decades... and may I have the exact date?

The world needs the Chinese to provide their cheap labor to produce goods. Look at how well the Chinese economy has progressed, clearly. The facts speak for themselves.

 

[letsrock]

One must define what is paycheck to paycheck. Somebody making 300k but putting in 20k to retirement plan some 7k to health savings acounts etc will be left with 150 -160k after taxes. Technically they can go paycheck to paycheck in a high cost of living.

But they will be fine - they have health insurance to take care of sudden health expenses, credit cards for ocassional splurge. And also their mortgages are generally not "spending" - they are creating an asset.

School education is free in america, college loans are guarenteed.

 

[VCheng]

One must define what is paycheck to paycheck. Somebody making 300k but putting in 20k to retirement plan some 7k to health savings acounts etc will be left with 150 -160k after taxes. Technically they can go paycheck to paycheck in a high cost of living.

But they will be fine - they have health insurance to take care of sudden health expenses, credit cards for ocassional splurge. And also their mortgages are generally not "spending" - they are creating an asset.

School education is free in america, college loans are guarenteed.

What a horrible way to survive!

 

[yuba]

Punjabi saying basicly looking at people's stone structures dont knock down your mud ones live within your means

 

[nahtanbob]

Do you know China is the world factory.. If one day, China declared they will not accept US dollar to buy Chinese commodities. Do you think suddenly there will be zero demand for Chinese goods?

China account for world 70% electronics and finished goods. If you think Rome can be build in a day by re allocated to India or Vietnam in a single day. Go ahead. Can the globe wait for a year without these commodities? Do you know why much inflation you will suffer if without made in China?

This day will come sooner or later. US dollar now walking a tightrope.

I am a wealthy foreigner. I am not Chinese. I need to invest $100 billion. What can I do with Chinese currency ? I do not give a **** if others cannot buy Chinese made goods.

63% of Americans are living paycheck to paycheck — including nearly half of six-figure earners​

PUBLISHED MON, OCT 24 202210:29 AM EDT
Jessica Dickler@JDICKLER

KEY POINTS

• With persistent inflation eroding wage gains, the number of Americans living paycheck to paycheck is near a historic high, according to a recent report.
• Almost half of those earning more than $100,000 say they are just getting by.

As rising prices continue to outpace wage gains, families are finding less cushion in their monthly budget.

As of September, 63% of Americans were living paycheck to paycheck, according to a recent LendingClub report — near the 64% historic high hit in March. A year ago, the number of adults who felt strained was closer to 57%.

“Consumers are not able to keep up with the pace that inflation is increasing,” said Anuj Nayar, LendingClub’s financial health officer.

“Being employed is no longer enough for the everyday American,” Nayar said. “Wage growth has been inadequate, leaving more consumers than ever with little to nothing left over after managing monthly expenses.”

Inflation has steadily caused real wages to decline.

The consumer price index, which measures the average change in prices for consumer goods and services, was up 8.2% year over year in the latest reading, still hovering near the highest levels since the early 1980s.

Real average hourly earnings fell 0.1% for the month and are down 3% from a year ago, according to the Bureau of Labor Statistics.

A separate report by Salary Finance found that two-thirds of working adults said they are worse off financially than they were a year ago.

Even high-income earners are stretched too thin, LendingClub said. Of those earning more than six figures, 49% reported living paycheck to paycheck, a jump from the previous year’s 38%.

As a result, many Americans have dipped into their cash reserves or gone into debt.

At this rate, financial distress could reach an all-time high by the end of 2022, according to Nayar.

“With inflationary pressures not expected to subside anytime soon, living paycheck to paycheck has become the norm,” he said.

For its part, the Federal Reserve hiked its target federal funds rate by 0.75 percentage points for the third time in a row to calm runaway inflation.

The central bank has indicated even more increases are coming until inflation shows clear signs of a pullback.

63% of Americans are living paycheck to paycheck — including nearly half of six-figure earners

With persistent inflation eating away at wage gains, more Americans are struggling financially. The share living paycheck to paycheck is near a historic high.

www.cnbc.com

I live paycheck to paycheck. This is after 100k in mortgage principal repayments, 529/IRA/401k contributions

 

[KAL-EL]

ROFL. That day has come three times a week over the last decade on PDF, without fail.



Still has not happened, in real life.

People like that live in a magical fantasy bubble.

 

[VCheng]

People like that live in a magical fantasy bubble.

That is it, PDF in a nutshell.

 

[KAL-EL]

That is it, PDF in a nutshell.

Sad, but true.

 

[VCheng]

Sad, but true.

Why be sad at something that is by design?

 

[jhungary]

People like that live in a magical fantasy bubble.

What's fun is that's the same people keep saying US predict the fall of China.......

 

[Menthol]

Throw the US dollar and replace with another one. Case closed.

But but but...

If the price of the good is USD 100.

Using another currency, the price is still USD 100.

 

[gambit]

I live paycheck to paycheck. I have a lot of bills:

- Kawasaki Z900RS Cafe
- Knob Creek Single Barrel 9 Yrs
- Mortgage on a brand new townhouse
- Petrol for road trips
- Books
- Steaks
- Date nights at The Oceanaire
- Ammo and range fees

I struggle every month budgeting these demands.

 

[Brainsucker]

I used to earn around 85,000 a year, I went paycheck to paycheck, my wife earns around 120,000 a year, she went paycheck to paycheck. That's just how people spend their earning.

If you ask most Western people, they will tell you they don't put money in bank, they will rather spend it on holiday and buying luxury item and so on, their concept of money is to enjoy life. It's rather pointless to put the money in a bank and store digitally and gain minimal interest. I would much rather it got turn into things I can enjoy.

On the other hand, I have a family trust oversee 5 factories in China, US and Vietnam. So money for me is not really an issue. That probably also contribute to the spending habit.


4K is not really any money if you are talking about dumping it into your hobby. A friend of mine spend that much on a collectible toy locomotive. And I spend that much on my coin and uniform collection (I collect military uniform and once spend around 20k for an authentic Civil War confederate uniform.) I mean, if you like something, you don't see the money side of value, you see the "value" side of value...


My sister had a 2 seater leather sofa that set her back around 2000 USD. She has the option to go with the Lazyboy as well, but she didn't go for it, that lazyboy would have cost her another 800.

But man, I would have to say, that beat the crap out of my IKEA sofa.....lol I can sleep on that leather sofa all day...

Reading OP and your post make me think that It seems living in Aussie is better than in US.

 

[jhungary]

Reading OP and your post make me think that It seems living in Aussie is better than in US.

Depends.

I earn around 50,000 US when I was working for the Kansas Police. Which is roughly the same amount here. But I pay around 25k AUD tax here, back in US, I pay less than 10K (because I served and have veteran benefit, so I got less tax)

On the other hand, a normal 3 bedder in Australia is about 750,000-1 million AUD. The same house in US suburb is seldom more than 340,000 USD (around 500,000 AUD)

So, if you ssat on your arse and do nothing and collect the 550/fornight here in Oz, yes, that's better off, because US unemployment is shit, but if you work, a lot of money goes to your government in Oz