Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Just heard a statistic that 70% of America is living Paycheck to Paycheck....
Old 07-10-2006, 04:37 PM   #1
 
Posts: n/a
Just heard a statistic that 70% of America is living Paycheck to Paycheck....

On Oprah.


Your first reaction is why am I watching Oprah? The answer is any show that concerns America's finances I watch. Even Oprah! :P

70%! - Paycheck to Paycheck

WOW!
__________________
  Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck...
Old 07-10-2006, 04:47 PM   #2
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,156
Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck...

Quote:
Originally Posted by Cut-Throat
[...70% of America is living Paycheck to Paycheck] On Oprah.

Your first reaction is why am I watching Oprah?
Actually that was my second reaction. My first was "I knew the woman was loaded, but how the heck is she funding 70% of the US population?"

__________________

__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck....
Old 07-10-2006, 04:54 PM   #3
Full time employment: Posting here.
 
Join Date: Jun 2006
Posts: 718
Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck....

I grew up in a blue collar area of the US. Does not suprise me one bit. Unless you go out and get a college education that is basically the type of hourly jobs you get.
__________________
Mwsinron is offline   Reply With Quote
Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck....
Old 07-10-2006, 05:07 PM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jun 2005
Posts: 8,627
Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck....

Technically, I am living paycheck to paycheck. I get paid every 2 weeks and in that 2 weeks I live for about 2 weeks as well. Some weeks, I get an extra second, but that's pretty rare.

Yep, that's living paycheck to paycheck.
__________________
LOL! is offline   Reply With Quote
Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck...
Old 07-10-2006, 05:14 PM   #5
 
Posts: n/a
Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck...

Quote:
Originally Posted by LOL!
Technically, I am living paycheck to paycheck. I get paid every 2 weeks and in that 2 weeks I live for about 2 weeks as well. Some weeks, I get an extra second, but that's pretty rare.

Yep, that's living paycheck to paycheck.
So you are saying that if your paycheck stopped, you would have to borrow money to survive?
__________________
  Reply With Quote
Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck....
Old 07-10-2006, 05:18 PM   #6
Thinks s/he gets paid by the post
SteveR's Avatar
 
Join Date: Jul 2005
Posts: 2,803
Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck....

I don't find that too hard to believe. *However, I will take the actual figures with the required grains of salt when it comes to Oprah.

I have examples of real people on both sides of that statement. *Some are college grads and others are Blue collar folks. *Some can't stretch their paycheck to the next one and others have become FI on a very small income. * I have been on both sides of this myself. *I know what it is like to have to choose which bill gets paid this month and which one gets put off until next month. *Been there, done that, and don't want to go back to living that way ever again. *

__________________
Work? I don't have time to work....I'm retired.
SteveR is offline   Reply With Quote
Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck...
Old 07-10-2006, 05:25 PM   #7
Thinks s/he gets paid by the post
BUM's Avatar
 
Join Date: Feb 2004
Location: Mid Hudson Valley
Posts: 1,778
Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck...

Seventy percent? Thats all? Heck 100% of my kids are living that way. :
__________________
In a panamax down by the river.
BUM is offline   Reply With Quote
Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck....
Old 07-10-2006, 05:50 PM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck....

I wonder what percent arent making it to the next paycheck?

My wife was telling me about one of her coworkers this morning. She got a settlement, didnt report it on her taxes, didnt report some other stuff on her taxes, tried to file for bankruptcy while hiding some money she hadnt spent yet, now that she's run out of cash she's borrowing money until next weeks paycheck shows up.

In the meanwhile, there are some legal gears turning on the taxes and bankruptcy fraud. I suspect she'll do jail time. She'll almost certainly lose her license to do her job, as they usually frown on felonies and fraud in the medical business. Her most recent bold financial move was to give a cell phone to her 20 year old unemployed boyfriend, who is friends with her 21 year old unemployed son. He ran up a $250 bill the first month and she cant pay it.

Just a little glance at the slimy underside of life... :P
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck....
Old 07-10-2006, 05:55 PM   #9
Recycles dryer sheets
 
Join Date: Oct 2005
Posts: 443
Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck....

it GOT to be an exageration (spelling). i know a tons of people are pretty well off. Some are pay check to pay check people but definitely not 70%

enuff
__________________
Enuff2Eat is offline   Reply With Quote
Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck...
Old 07-10-2006, 06:01 PM   #10
Full time employment: Posting here.
 
Join Date: Feb 2006
Posts: 784
Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck...

CFB, I finally understand why people read tabloids! Do you have any more dirt to dish?
__________________
Cool Dood is offline   Reply With Quote
Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck....
Old 07-10-2006, 06:04 PM   #11
Moderator Emeritus
laurence's Avatar
 
Join Date: Feb 2005
Location: San Diego
Posts: 5,234
Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck....

I believe it. *Out of ten households on DW's side of the family, ours and one others are not living paycheck to paycheck. *Both my parents are pretty secure, but I'd be hard pressed to find many more couples not that way. And I have friends making between 50k (computer tech) to 250k+ (Doctor, specialist). The Doctors (both husband and wife are MD's) I can understand, because they are just out of med school (3 years?) and chose to buy a house now to raise their family, between that and the med school loans they are in "serious but stable" condition. *But my other friends really have no excuse. *It's socially acceptable to live that way, and if you fall down, you can just blame something else.
__________________
laurence is offline   Reply With Quote
Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck...
Old 07-10-2006, 06:19 PM   #12
Recycles dryer sheets
mark500's Avatar
 
Join Date: Feb 2006
Posts: 146
Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck...

Yeah, I know people making mid six figures living paycheck to paycheck. They spend a lot.
__________________
The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of misery.

Winston Churchill
mark500 is offline   Reply With Quote
Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck....
Old 07-10-2006, 06:44 PM   #13
Full time employment: Posting here.
 
Join Date: Feb 2006
Posts: 987
Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck....

I must admit, DW/me live paycheck-to-paycheck.* Spend half, save/invest the other half (never withdraw anything* ).* Following payday, do the same thing.....

- Ron
__________________
rs0460a is offline   Reply With Quote
Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck....
Old 07-10-2006, 06:50 PM   #14
Recycles dryer sheets
 
Join Date: Nov 2005
Posts: 152
Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck....

I personally dont know anyone that isnt living paycheck to paycheck.. Then again all of these people are in the under 30 crowd. :
__________________
trixs is offline   Reply With Quote
Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck...
Old 07-10-2006, 06:53 PM   #15
Thinks s/he gets paid by the post
 
Join Date: Mar 2004
Posts: 2,083
Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck...

Quote:
Originally Posted by Ron'Da
I must admit, DW/me live paycheck-to-paycheck. Spend half, save/invest the other half (never withdraw anything ). Following payday, do the same thing.....

- Ron
I think you meant 1/2 paycheck to 1/2 paycheck.
__________________
I look to the present moment because that's where I live my life.
MJ is offline   Reply With Quote
Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck....
Old 07-10-2006, 06:54 PM   #16
Recycles dryer sheets
IBWino's Avatar
 
Join Date: May 2006
Posts: 423
Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck....

I believe it. *I know several people that bought large expensive homes in the past few years that they can barely afford. *Now, home values are falling, rates are rising, *and it's costing some of them $150/week in gas to drive to a job they can't afford to lose.
__________________
IBWino is online now   Reply With Quote
Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck....
Old 07-10-2006, 07:18 PM   #17
Moderator
Alan's Avatar
 
Join Date: Jul 2005
Location: Eee Bah Gum
Posts: 21,153
Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck....

I believe it. Well over 70% of my family live paycheck to paycheck. Even the ones with good jobs don't save anything for a rainy day as has been demonstrated several times with layoffs and strikes.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Now it's adventure before dementia
Alan is online now   Reply With Quote
Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck....
Old 07-10-2006, 07:30 PM   #18
Thinks s/he gets paid by the post
Sheryl's Avatar
 
Join Date: Apr 2004
Posts: 1,459
Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck....

I believe it! My partner, who makes more than I do does this. If he's out of town on a payday, his wife will show up to get the check and take it to the bank so she can pay bills. She has them all set up to be due when the check comes. It caused them terrible headaches when we went from twice-monthly to every two week paychecks.

He does make a token 401k contribution.

He also pesters me constantly about why don't I buy a nice new expensive car since I have so much money. I just told him, that's WHY I have so much money.

__________________
Sheryl is offline   Reply With Quote
Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck....
Old 07-10-2006, 07:58 PM   #19
Recycles dryer sheets
 
Join Date: Sep 2004
Posts: 250
Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck....

I absolutely believe it. Just look at the success of those payday loan places.

I personally only a handful of people who could survive missing a paycheck without borrowing money.
__________________
FlowGirl is offline   Reply With Quote
Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck....
Old 07-10-2006, 08:03 PM   #20
Full time employment: Posting here.
 
Join Date: Jun 2006
Posts: 718
Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck....

"He also pesters me constantly about why don't I buy a nice new expensive car since I have so much money. *I just told him, *that's WHY I have so much money."

Wow I can relate to that. DW and I pay cash for our cars. We have relatives who have luxury cars complaining about the size of their car payments and telling us why dont we get one. Nah our Hyundai is fine bought and paid for. Id rather stick the extra 10k in investments and reap the rewards down the road.
__________________

__________________
Mwsinron is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

 
All times are GMT -6. The time now is 02:39 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.