Posted on 09/18/2023 4:51:34 PM PDT by ChicagoConservative27
It’s not just low-income Americans drowning under inflation and interest rates — some higher-income folks are feeling the strain on their wallets as well.
Data from a June survey conducted by personal finance software company Quicken revealed that 32% of Americans earning at least $150,000 a year are currently living paycheck to paycheck, while 36% of folks earning $50,000 to $150,000 and 55% of households earning less than that reported the same.
(Excerpt) Read more at moneywise.com ...
People think that can take on debt like they did five years ago. News flash. You can’t. If you try, you’re going to need a huge amount of income to pay your bills. Your typical car loan, even for someone with great credit, is approaching 10%.
Nobody said that building a fascist oligarchy was going to be easy.
People are financially illiterate. They used to teach this stuff in schools, but that stopped a long time ago.
Also, our whole culture is obsessed with consumerism and impressing other people with all the swell stuff you bought, or the fabulous vacation you had. It’s a shallow existence.
1984 was the first and last car I bought on credit.
Cars are the the dumbest expenditure out there.
Somebody making $150k and relying on credit cards sounds like an idiot emulating the government.
Screw them.
This reminds me of the older commercial showing this man riding an expensive mower in front of a McMansion telling us about all the neat things he owns - followed by “help me, I’m over my head in debt.” The spouse and I have been very lucky, saving bucks, paying off debts, and living a very comfortable retirement. I do not in any way feel superior to those who are suffering, and hope that somewhere, somehow, we find those who are responsible for the present awfulness and make them suffer very, very much. Before they assume room temp. I will pay to pull the cord on the guillotines - if I can also take pics.
branDUHnomics! $150k/yr would be nice about now. Ain’t no raises tied into my retirement check.
I make about $35k at my piddly factory job. How do you think I’m fairing? My wife makes about $50k in medical. We feel like we’re barely making it. Inflation is slowly destroying us, so I’m not sure I sympathize with a family making $150k.
The $50K-$150K number is actually better than I expected.
I read this as that roughly 1/3 of Americans are fiscally undisciplined -- coincidentally, about the same proportion of Americans who are registered Democrats!
I would suggest the figure is much higher than 1/3.
No sympathy. We make less than $100,000 even with inflation and have determined on a lifestyle well within those limits. Grow up.
Time to reduce your overhead expenses!
“have determined on a lifestyle well within those limits.”
Been that way since I was a kid when brothers and I got a dime allowance per week.
My brothers would immediately spend and I would save.
Later when I could have shopped at Nordstrom, I shopped at Sears.
It’s just common sense cuz s**t happens and it’s best to be prepared. DUH!
“...our whole culture is obsessed with consumerism and impressing other people with all the swell stuff you bought, or the fabulous vacation you had. It’s a shallow existence.”
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Spot on. You just described half of the people in Southern California.
It’s a good thing I refi’d when I did, in 2021. Even so, I was dipping into savings to stay afloat. Then Mom died last year and left me and my brothers some cash and stocks. Her and Dad lived like paupers. Thanks Mom, Thanks Dad!
Sorry if you make 150k A year and can’t pay your bills you are living way richer than needed. Granted 150k doesn’t buy what it used to, but its plenty to live on if you are financially careful.
I don't think we have experienced anything like what is coming down the road.
Crazy idea here. Stop buying stuff you do not need. I know...crazy.
A number of events in my life taught me that if you aren’t stinking rich having no debt is the way to go.
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