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Forum » ‘I’m paycheck to paycheck.’ I make $350K a year,
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Thread: ‘I’m paycheck to paycheck.’ I make $350K a year,

post 1670798433 11-07-2022, 10:02 AM
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#31
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Originally Posted By Jacobcapra⏩
Only an absolute moron would carry 50% of their gross annual income in car notes. A nice number would be closer to like 10%.

You can get a perfectly respectable and reliable car for $25K. Guaranteed that a financial advisor would advise them to sell the cars and buy a couple Toyotas. Snowball everything into the student loans until it's just the house debt.


Also how is this guy paycheck to paycheck? a 350K salary should be something like $20K takehome each month. Even with two $1,000 car notes and a $4,500 mortgage and your typical living expenses he should have literally thousands left over each month.
I seen that article a couple days before. Pretty sure they're a woman
post 1670798593 11-07-2022, 10:04 AM
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Originally Posted By donblaximus⏩
Depending on state but its more like $14k take home after all the investment stuff.

I can see how that is close to paycheck to paycheck if he has a family. If they have those types of car notes and house payment on that salary they probably also have kids enrolled in all sorts of activities etc. Life adds up quickly.
The average household income is $76k. How is $14k/month pay check to pay check?
post 1670798623 11-07-2022, 10:04 AM
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#33
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if i was making 350k a year id be living as if i made 60k a year and save the rest


fkn morons
post 1670798633 11-07-2022, 10:04 AM
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This is called living beyond your means.
post 1670798653 11-07-2022, 10:05 AM
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Originally Posted By MikeLowrrrey⏩
The average household income is $76k. How is $14k/month pay check to pay check?
He's not p2p, as he's saving money each month.
post 1670798913 11-07-2022, 10:08 AM
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#36
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Originally Posted By MikeLowrrrey⏩
The average household income is $76k. How is $14k/month pay check to pay check?
See my other posts. People's definition on terms change as income changes. Im not saying its right or healthy....just does.
post 1670799483 11-07-2022, 10:16 AM
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#37
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Originally Posted By TomWanks⏩
You're not paycheck to paycheck when you have close to have a milli in assets, a 401K, and a liquid savings account.What a retarded way to look at your financial outlook srs.
Originally Posted By Destor⏩
Think it's because they're calling it paycheck to paycheck after also maxxing out 401K, putting money into savings, looking at buying out of state rental properties, etc

When I think of paycheck to paycheck, I picture that as struggling to put food on the table and supply the basics
Originally Posted By Jacobcapra⏩
I just always considered it to mean quite literally that you would be pretty screwed financially if you didn't get your next paycheck.A situation which a vast majority of America falls under, I'm sure.
income : expenses

vs.

assets : liabilities

I believe that most people equate paycheck to paycheck as "income relative to expenses". That is the only way I can make sense of this.



Because if you have a six figure income I sure hope you have some assets.
Originally Posted By Destor⏩
The founder of the company I work for right now is like this, not rocking an old Accord but would be driving a old used Lexus SUV while he was worth like probably hundreds of millions


Then you go to his house and he has Fine Art lamps that were worth $15k. I think everyone has stuff they splurge on, key is to figure out what adds value to your life and focus on that. I'm guessing people driving cheap cars just see it as something to get you from Point A to B, other people are passionate about automobiles and choose to put their money there moreso.
Yes, I've known some like this myself. Co-founder of the securities broker-dealer- drove a quite old Toyota Camry for years, spouse had a F150 I think. Liked to travel, lots of art glass, sculpture, and various objects collected from around the world.
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post 1670799943 11-07-2022, 10:23 AM
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You just have to keep a humble mindset and fight the urge to spend just because your creditors say you can afford something. Most people care about the image they portray. Learn not to.

As a household we bring in about 175k now and I have the same house that I did when I was starting out and making 55k a year and I have no plans to sell as I bought it 8 years ago cheap. I also STILL do 99% of the work on my vehicles and repairs and upgrades on my home as well. I have a 2017 F150 and a 2019 4 Runner which combined payments are $900
post 1670800143 11-07-2022, 10:27 AM
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#39
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I think someone like that could benefit from Dave Ramsey approach. He could easily get rid of car loans and pick up a used car in the 10K range that would be adequate/reliable. He should be able to pay for that cash or pay it off in a matter of 2-3 months. Then pay off his debts from smaller to greater ASAP. Then just have a mortgage and stack cash/begin investing a sh!tload.





I think a lot of people do not understand this is not an income problem, its a spending problem. Even if you make 1-2M per year you can easily out-spend your income and go deep into debt.
post 1670800303 11-07-2022, 10:30 AM
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Originally Posted By guest89⏩
I think someone like that could benefit from Dave Ramsey approach. He could easily get rid of car loans and pick up a used car in the 10K range that would be adequate/reliable. He should be able to pay for that cash or pay it off in a matter of 2-3 months. Then pay off his debts from smaller to greater ASAP. Then just have a mortgage and stack cash/begin investing a sh!tload.





I think a lot of people do not understand this is not an income problem, its a spending problem. Even if you make 1-2M per year you can easily out-spend your income and go deep into debt.
100%. I dont agree with Ramsey on the pay cash for everything mentality (I like good debt) but I do agree that the dude in OP probably bought too much house and definitely bought too much car.
post 1670801303 11-07-2022, 10:46 AM
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LMFAO some people are so fuking dogsht at managing their finances and making smart decisions FFS
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post 1670801653 11-07-2022, 10:50 AM
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Debt free
Make that income
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I’ve got a couple slow months coming income wise but no worries, we don’t spend much
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post 1670802243 11-07-2022, 11:01 AM
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I'd be retired in 10 years off that salary.
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post 1670803353 11-07-2022, 11:23 AM
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If you are putting money into savings every month then u are certainly not paycheck to paycheck lol
post 1670804433 11-07-2022, 11:48 AM
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Somewhere in the fields of east tennessee Dave Ramsey is chuckling to himself.
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post 1670807813 11-07-2022, 12:46 PM
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Originally Posted By donblaximus⏩
100%. I dont agree with Ramsey on the pay cash for everything mentality (I like good debt) but I do agree that the dude in OP probably bought too much house and definitely bought too much car.
I was thinking too that a $4,500 mortgage, irrespective of income, is a little over the top as well. It's one thing if you have a big family and work from home or whatever, and need a 5/4. But short of that situation, that seems like too much house. Assuming the house wasn't bought recently and they got a decent rate, that's likely to be a 800-900K house.

Again, if in LA or NYC then that's typical and maybe even modest. But anywhere else it seems like a bonehead move unless it's necessary.
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