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One-Third of Americans Making $250,000 Live Paycheck-to-Paycheck, Survey Finds
06-01-2022, 07:00 PM
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#1
- Nocturnal310
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- Nocturnal310
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One-Third of Americans Making $250,000 Live Paycheck-to-Paycheck, Survey Finds
More than a third of Americans earning at least $250,000 annually say they are living paycheck to paycheck, underscoring how inflation is taking a bigger bite out of Americans’ budgets at all ends of the pay spectrum.
Some 36% of households taking in nearly four times the median US salary devote nearly all of their income to household expenses, according to a survey by industry publication Pymnts.com and LendingClub Corp.
It’s particularly true among millennials, who are now in their mid-20s to early 40s: More than half of top earners in that generation report having little left at the end of the month.
https://www.bloomberg.com/news/artic...-entire-salarySome 36% of households taking in nearly four times the median US salary devote nearly all of their income to household expenses, according to a survey by industry publication Pymnts.com and LendingClub Corp.
It’s particularly true among millennials, who are now in their mid-20s to early 40s: More than half of top earners in that generation report having little left at the end of the month.
its over for wagecels.
F*ck Joe Biden
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06-01-2022, 07:01 PM
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Can't wait for that housing bubble to burst
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06-01-2022, 07:02 PM
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- Krackerjacked
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Those folks really need to learn to manage their money lol
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06-01-2022, 07:02 PM
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06-01-2022, 07:04 PM
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06-01-2022, 07:05 PM
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- SoutheastBeast1
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Originally Posted By AWSbruh⏩
40k is the new $40250k is the new 40k srs
"One day I won't be able to lift any more. Not I won't want to lift. I mean physically unable. That day could be decades from now or it could be tomorrow. All I know is that's the day I'll wish I could lift more than ever. The day I'd give anything for one more workout, one more set, or one more cardio session. So go hard and enjoy every workout, every set, every rep. Because one day you will wake up and you will never get it back."
-SoutheastBeast1
06-01-2022, 07:06 PM
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#7
- 2020Wellness
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Originally Posted By TugOfPeace⏩
what a failure at money management to not be able to save making quarter million/year
Originally Posted By Krackerjacked⏩
These.Those folks really need to learn to manage their money lol
This isn't suddenly because of rising prices. This is because they've over-extended themselves in their purchasing decisions. Buying the giant house and the brand new 80k car isn't the way to do it.
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06-01-2022, 07:06 PM
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- WoofieNugget
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I remember an article in a national newspaper years ago breaking down a couple that was making 300k a year and living paycheck to paycheck.
Of course - big house plus a vacation property, two leased luxury cars, kids in private school and expensive sports, other trips, groceries and things like gardeners and house cleaners. They could have lived like relatively normal people and saved 100k a year but of course they had to keep up with their friends.
Of course - big house plus a vacation property, two leased luxury cars, kids in private school and expensive sports, other trips, groceries and things like gardeners and house cleaners. They could have lived like relatively normal people and saved 100k a year but of course they had to keep up with their friends.
06-01-2022, 07:07 PM
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- OliverHeldens
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It's because most people earning $250k are in middle/upper management, and work chit 55 hour weeks in an office somewhere. They live in a city and have high cost of living.
Think about living in NYC.... You pay 50% to taxes, then you have $4000/mo in rent. Then like $1500 top student loans, and another $3500 to expenses.
It's actually not that hard. There are a lot of guys earning $250k thinking they made it, but in reality after a house, nice car, and expensive wife there's nothing else left.
Think about living in NYC.... You pay 50% to taxes, then you have $4000/mo in rent. Then like $1500 top student loans, and another $3500 to expenses.
It's actually not that hard. There are a lot of guys earning $250k thinking they made it, but in reality after a house, nice car, and expensive wife there's nothing else left.
06-01-2022, 07:08 PM
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#10
- Fishin4gainz
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Tbh my dad was the same way at one point making over 300k a year and still racked up debt second made over 100k a year had to sell the house and upgrade and lease 3 cars ect. Then he passes and we go down to a 1 bedroom apartment when we were young. Horrible money management. My mom still Carry’s a lot of the debt.
06-01-2022, 07:09 PM
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- MyGhettoFantasy
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How can you get enough education to warrant being paid $250k a year and still never learn how to create a simple budget?
The closer we approach the uncertainty of life's ending the more we wish to trade all of the things we have acquired in exchange for all of the things we have lost: wealth for youth, knowledge for fresh curiosity, resignation for hope. We'd trade our wisdom for new experiences, but it is wisdom that will teach us that at the end of the road the only new experience is death.
06-01-2022, 07:11 PM
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- RaibeartBruis
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Originally Posted By WoofieNugget⏩
That example budget is hilarious lolI remember an article in a national newspaper years ago breaking down a couple that was making 300k a year and living paycheck to paycheck.
Of course - big house plus a vacation property, two leased luxury cars, kids in private school and expensive sports, other trips, groceries and things like gardeners and house cleaners. They could have lived like relatively normal people and saved 100k a year but of course they had to keep up with their friends.
Of course - big house plus a vacation property, two leased luxury cars, kids in private school and expensive sports, other trips, groceries and things like gardeners and house cleaners. They could have lived like relatively normal people and saved 100k a year but of course they had to keep up with their friends.
HTC
STEMcel
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06-01-2022, 07:12 PM
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- OliverHeldens
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Originally Posted By MyGhettoFantasy⏩
It's because people get promoted, so they begin to upgrade their lifestyle. More trips, 2nd home(lakehouse with a boat), different social circle, etc. But in reality, $250k still isn't thaaaaaat much money.How can you get enough education to warrant being paid $250k a year and still never learn how to create a simple budget?
06-01-2022, 07:15 PM
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- SamIAm1892
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Glad I am not the only one. Living paycheck to paycheck on a 1 mill salary, don't know how I will make next months mortgage on my Mcmansion and 17 lease ferraris and my Yacht with 10 hula girls.
06-01-2022, 07:20 PM
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Originally Posted By OliverHeldens⏩
It's really not. Don't get me wrong, if you're making $250k count your blessing because you can be really comfortable, and you can have enough to do some solid investing.It's because people get promoted, so they begin to upgrade their lifestyle. More trips, 2nd home(lakehouse with a boat), different social circle, etc. But in reality, $250k still isn't thaaaaaat much money.
It's not stupid money, though.
The closer we approach the uncertainty of life's ending the more we wish to trade all of the things we have acquired in exchange for all of the things we have lost: wealth for youth, knowledge for fresh curiosity, resignation for hope. We'd trade our wisdom for new experiences, but it is wisdom that will teach us that at the end of the road the only new experience is death.
06-01-2022, 07:24 PM
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#16
- viennafat
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I don't care what anybody says, if you're making $250K and living paycheck to paycheck then your money management skills are total shyt.
Regardless of inflation or big city expenses, that's simply stupid.
Unless you're a degenerate gambler, drug addict, or supporting a family of 12, there is no excuse for that.
Regardless of inflation or big city expenses, that's simply stupid.
Unless you're a degenerate gambler, drug addict, or supporting a family of 12, there is no excuse for that.
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06-01-2022, 07:24 PM
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#17
06-01-2022, 07:27 PM
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#18
06-01-2022, 07:30 PM
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#19
- nothingshocking
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I had a co-worker who made 250K plus bonus. The had 3 kids and an ex-wife. Child support was 33% and his alimony was 30%.
His take home was 37% of 250K = 92K, but he was paying taxes at the 250K bracket, basically he was living a 75K lifestyle.
This is reality boyos
His take home was 37% of 250K = 92K, but he was paying taxes at the 250K bracket, basically he was living a 75K lifestyle.
This is reality boyos
06-01-2022, 07:36 PM
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#20
Originally Posted By OliverHeldens⏩
It's easy for your expenses to grow with your income.It's because people get promoted, so they begin to upgrade their lifestyle. More trips, 2nd home(lakehouse with a boat), different social circle, etc. But in reality, $250k still isn't thaaaaaat much money.
If you told me 20 years ago what I would be making now I would think future me was rich, but in reality even being debt free including home and no CC's, my income isn't really keeping up.
Going to one concert this summer and pay $900/year for lake access but I'm freaking out about one $7,000 bill I gotta pay Monday.
I kinda overreact though, if I don't have 10-15k liquid I feel broke, so not exactly paycheck to paycheck.
Don't put that on me Ricky Bobby, don't you ever put that on me.
06-01-2022, 07:36 PM
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- WoofieNugget
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Originally Posted By TugOfPeace⏩
You didn't factor in kids. If they are in private school for two kids it's $40k a year so there's another 3k a month. My sister who is upper middle class in Toronto paid 16k a year just for one of her kids to play AA hockey and she had that plus another kid in baseball. So there's another 1-2k a month just for kid activities.It's $13,617/month after maxing 401k.. doesn't sound like a lot but it depends on how much of a retard the person making that money is.
Nice home could be had for $4k/month
Two luxury cars could be had for $1.5k/month
Car insurance would run $300/month
Gas would run $300/month
Food would possibly be $1k/month
Phone/internet/utilities for the family, another $500/month
Family insurance another $400/month
All in you're looking at $8k/month expenditures which is little more than half. That family would pocket $5.4k/month or $64.8k/year. When you factor in clothes, toys, misc expenses, vacations, they'd still be pocketing ~$40k minimum
Nice home could be had for $4k/month
Two luxury cars could be had for $1.5k/month
Car insurance would run $300/month
Gas would run $300/month
Food would possibly be $1k/month
Phone/internet/utilities for the family, another $500/month
Family insurance another $400/month
All in you're looking at $8k/month expenditures which is little more than half. That family would pocket $5.4k/month or $64.8k/year. When you factor in clothes, toys, misc expenses, vacations, they'd still be pocketing ~$40k minimum
06-01-2022, 07:38 PM
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- OliverHeldens
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Originally Posted By MyGhettoFantasy⏩
I've made $250k+ like 4 years in a row now, and although I'm comfortable and not even slightly worried about expenses, I still am not out there buying $60k cars and living in an $800k Condo. Maybe in another couple years of doing it, but really the comfort to start making big purchases comes when you have investments as well that are also producing good income. Everybody knows a job can disappear tomorrow.It's really not. Don't get me wrong, if you're making $250k count your blessing because you can be really comfortable, and you can have enough to do some solid investing.
It's not stupid money, though.
It's not stupid money, though.
06-01-2022, 07:44 PM
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#23
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Originally Posted By OliverHeldens⏩
Smart. You're way ahead of the curve.I've made $250k+ like 4 years in a row now, and although I'm comfortable and not even slightly worried about expenses, I still am not out there buying $60k cars and living in an $800k Condo. Maybe in another couple years of doing it, but really the comfort to start making big purchases comes when you have investments as well that are also producing good income. Everybody knows a job can disappear tomorrow.
My wife and I saw some clip on YouTube where someone alleged financial guru did some calculation to make the claim that on $100k a year you can afford a $700k house. We both looked at each other and laughed, thinking "there is no way anyone believes that ****."
Then you see articles like this. Smh lol.
The closer we approach the uncertainty of life's ending the more we wish to trade all of the things we have acquired in exchange for all of the things we have lost: wealth for youth, knowledge for fresh curiosity, resignation for hope. We'd trade our wisdom for new experiences, but it is wisdom that will teach us that at the end of the road the only new experience is death.
06-01-2022, 07:46 PM
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#24
- isawthesign
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Just because you make 250k doesn't mean you don't have a mortgage lol. Paying a mortgage is still pay check to pay check. 250k means u probably live in a nice house. you wouldn't be renting an apartment in the ghetto.
06-01-2022, 07:47 PM
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#25
Originally Posted By TugOfPeace⏩
This. Seriouslywhat a failure at money management to not be able to save making quarter million/year
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06-01-2022, 07:49 PM
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#26
- OliverHeldens
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Originally Posted By WoofieNugget⏩
Yep, $250k as a single guy will allow basically any lifestyle he wants, but as soon as he takes on a wife, all bets are off. Expensive ass wife, with kids who have expensive ass hobbies. Living in a much bigger house than he needs. Chit gets pricey.You didn't factor in kids. If they are in private school for two kids it's $40k a year so there's another 3k a month. My sister who is upper middle class in Toronto paid 16k a year just for one of her kids to play AA hockey and she had that plus another kid in baseball. So there's another 1-2k a month just for kid activities.
06-01-2022, 07:52 PM
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#27
06-01-2022, 08:08 PM
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#28
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Originally Posted By nothingshocking⏩
beyond brutal. this is the future for 99% of miscersI had a co-worker who made 250K plus bonus. The had 3 kids and an ex-wife. Child support was 33% and his alimony was 30%.
His take home was 37% of 250K = 92K, but he was paying taxes at the 250K bracket, basically he was living a 75K lifestyle.
This is reality boyos
His take home was 37% of 250K = 92K, but he was paying taxes at the 250K bracket, basically he was living a 75K lifestyle.
This is reality boyos
<HTC>
06-01-2022, 08:11 PM
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#29
- TheJediBrah
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You would have to be genuinely mentally retarded to make 250k a year and not have massive savings
06-01-2022, 08:23 PM
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#30
- meanstringbean
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- meanstringbean
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Keeping up with the joneses aka individuals hate their lives and their jobs but need to justify it somehow, instead of finding purpose they just buy chit to impress people. Here’s how you burn that 250k:
- expensive wife
- 2 luxury SUVs/nice cars (because if you have one she needs one)
- kids that have to go to private school (lol biggest scam in existence)
- expensive mortgage
- lawn, kitchen, bathroom, etc renovations because you get bored. Probably another 15-20k a year
- vacation home , or expensive vacations
- get the newest toys. No, the new iPhone won’t break you. But when you get it for everyone in your family, new MacBook for your wife to ******** message Chad with, designer clothes, etc it adds up fast
Hilarious to see but not surprising
The key to building wealth is simple:
- get a wife that won’t be a financial drain. Either she needs to make good money, is ok living frugally, or ideally both.
- live in a decent enough area for kids to go to public school. Private school is a scam
- keep your mortgage under 3 years income. Don’t buy too much house you can afford
- cars are toys. Never have a car payment.
Do the above and you can become multi millionaires in your 40s on half the income in the OP
- expensive wife
- 2 luxury SUVs/nice cars (because if you have one she needs one)
- kids that have to go to private school (lol biggest scam in existence)
- expensive mortgage
- lawn, kitchen, bathroom, etc renovations because you get bored. Probably another 15-20k a year
- vacation home , or expensive vacations
- get the newest toys. No, the new iPhone won’t break you. But when you get it for everyone in your family, new MacBook for your wife to ******** message Chad with, designer clothes, etc it adds up fast
Hilarious to see but not surprising
The key to building wealth is simple:
- get a wife that won’t be a financial drain. Either she needs to make good money, is ok living frugally, or ideally both.
- live in a decent enough area for kids to go to public school. Private school is a scam
- keep your mortgage under 3 years income. Don’t buy too much house you can afford
- cars are toys. Never have a car payment.
Do the above and you can become multi millionaires in your 40s on half the income in the OP
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