Just heard a statistic that 70% of America is living Paycheck to Paycheck....

[Cut-Throat]

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!

70%! - Paycheck to Paycheck

WOW!

 

[REWahoo]

Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck...

[...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?"

 

[Mwsinron]

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.

 

[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.

 

[Cut-Throat]

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.

So you are saying that if your paycheck stopped, you would have to borrow money to survive?

 

[SteveR]

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.  

 

[BUM]

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. :

 

[cute fuzzy bunny]

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...

 

[Enuff2Eat]

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

 

[Cool Dood]

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?

 

[laurence]

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.

 

[mark500]

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.

 

[rs0460a]

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

 

[trixs]

I personally dont know anyone that isnt living paycheck to paycheck.. Then again all of these people are in the under 30 crowd. :

 

[MJ]

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

I think you meant 1/2 paycheck to 1/2 paycheck.

 

[IBWino]

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.

 

[Alan]

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.

 

[Sheryl]

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.

 

[FlowGirl]

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.

 

[Mwsinron]

"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.

 

[Gumby]

I am a serious disappointment to my family in the car department, driving a 13 year old and 10 year Honda Accord. Every time they see me, they say "You're rich. You can afford a better car than that. You should get a Mercedes."

I'd rather have a fat bank acccount.

 

[Cool Dood]

Re: Just heard a statistic that 70% of America is living Paycheck to Paycheck...

I believe it. What, everyone else was saying that!

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.

I admit, it took me a couple tries to figure this one out.

 

[Siv]

The other day I open up discussion regarding why american makes so much but is still poorer compare to average chinese I know of...boy, do I get an attack left and right.

They said americans pay so much tax.

I must admit sometimes I look at my own life and thought, how depressing...I save and save, my living expense is close to nothing and yet don't feel necessarily "richer" than others. Money in the bank is not someting I can show off in front of people.

 

[Cal]

I believe it. Almost all of my blue collar family live like this - and those that aren't living that way, it's because they don't make it to the next pay check. Two of my four cousins declared bankruptcy before 25 - and they lived at home. Too many people spend far more than they make.

The people at work whose financial situation I know are almost in the same boat. With the expensive CA real estate, most have stretched to afford homes that they really can't afford and now that rates are going up and their adjustable mortgages are adjusting, they are barely paycheck to paycheck even though they make a lot more money than my blue collar relatives.

Look at the number of bankruptcies...the total debt carried by household. How can you not believe that number?

 

[MonarchDon]

I have a friend that is a Finance Manager for a car dealership, in his estimation 90% of the people he finances are "buying a car payment". They go with the terms that get the monthly payment as low as possible. He has a tricky job getting most customers financed because most of them are whay over extended, but they have to have that brand new car.