4 in 10 Americans live paycheck to paycheck

[ncbill]

So, did she ever figure that out? Hard to feel sorry for someone who squandered a lifetime of earnings on "enabling" family members who squandered her money....the same way as the stats on SS recipients who owe a ton of loans for education....whose education? Adult children....?

To me, this is a totally different situation than someone who is downsized in their 50's and can't find decent employment. Or someone disabled earlier in life and having extreme expenses.

My relative borrowed to fund a new degree after being laid off around age 60.

That didn't work out, & since they just died I'll soon be filing to discharge their significant federal student loans.

 

[pjigar]

apart from a reasonable motprtgage (15 yrs fixed, 20-30% down with total monthly PITI no more than 40-50% of take home pay) there is no "good debt". so apart from that i completely agree.

Some examples of good debts:
Business debt at fixed rate when revenue are inflationary.
Debt to finance asset which appreciates at faster rate then interest.
On paper debt between corporations to generate tax free cash flow for both.


There are many number of debts millionaires and billionaires use for business. Do not single out just one good debt.

 

[YoungSaver]

The economy is doing good BECAUSE people are blowing through their paychecks.

 

[Nick12]

Looks like the estimations are all across the board. According to Career Builder in February 2018, 8 out of 10 Americans live paycheck to paycheck and 10% of Americans that make 100K or more annually live paycheck to paycheck.

 

[kgtest]

What if you worked for a private company and was told that you would have to work but not get paid for an undetermined time because the company had not gotten their budget together?

Dont need to imagine. When I first met DW I was working for a sketchy small business where every Friday got to be a gueeing game if we would get paid or need to wait. My ole man helped me find a new job so I threatened to sue they paid and I moved on. Eventually moved out of construction industry alltogether.

I think by definition living paycheck to paycheck means you will bot be able to afford to live if that next check doesnt come. I dont think I personally have ever been that down and out. I've always had some sort of fall back. Right now its some cash a small money market brokerage... Then I could sell some things if need be. TVs electronics rugs luggage jewelry... That might be enough to cover another months mortgage. I think at some level of unemployment you might look and say is it time to downsize.

 

[Mr. Tightwad]

Looks like the estimations are all across the board. According to Career Builder in February 2018, 8 out of 10 Americans live paycheck to paycheck and 10% of Americans that make 100K or more annually live paycheck to paycheck.

My kid's mom makes 152k, owns 3 cars (2 on payments) , owes on 2 visas, 3 department store cards, and her home, and besides a fat 401k hasn't a dime to her name.

 

[ckelly78z]

My co-worker is 41, divorced, but now living with a GF in a rental, with 2 large car payments just for himself at $950 a month. He hasn't even started contributing in his 401K after being there for 5 years, and only has plans to trade both vehicles in on 1 new Chevy truck @ $44,000. He eats lunch out every day, and is in bad bad shape, with no motivation....I fear for his future, even if he doesn't !

 

[travelover]

My co-worker is 41, divorced, but now living with a GF in a rental, with 2 large car payments just for himself at $950 a month. He hasn't even started contributing in his 401K after being there for 5 years, and only has plans to trade both vehicles in on 1 new Chevy truck @ $44,000. He eats lunch out every day, and is in bad bad shape, with no motivation....I fear for his future, even if he doesn't !

I don't know....do you have a picture of the GF?

 

[HFWR]

I hope to live until the next paycheck. And the next. And the next...

 

[MichaelB]

I hope to live until the next paycheck. And the next. And the next...

What happens when the paychecks stop?

 

[Nick12]

What happens when the paychecks stop?

+1. Only things for certain is death and taxes.

 

[HFWR]

What happens when the paychecks stop?

[-]Torches![/-] [-]Pitchforks![/-]

Eviction! Starvation!

 

[Dtail]

+1. Only things for certain is death and taxes.

Not necessarily true every year.
Neither my DGF or I will owe any taxes for 2018.

 

[JustCurious]

Not necessarily true every year.
Neither my DGF or I will owe any taxes for 2018.

I don't mean to be a Killjoy, maybe you did not pay federal income tax, but I'm certain you paid at least some form of taxes... medicare tax, social security tax (FICA), property tax, sales tax, state income tax, auto registration fees? I don't think it's realistically possible for someone to avoid paying taxes completely.

 

[Dtail]

I don't mean to be a Killjoy, maybe you did not pay federal income tax, but I'm certain you paid at least some form of taxes... medicare tax, social security tax (FICA), property tax, sales tax, state income tax, auto registration fees? I don't think it's realistically possible for someone to avoid paying taxes completely.

Yes just the no federal tax and state tax.