63% of Americans are living paycheck to paycheck — including nearly half of six-figure earners

I got a 12 percent raise this year, and absolutely nothing about my budget has changed. I buy the same stuff, same house, same car, same expenses and I have exactly the same at the end of the month. I live in a relatively cheap city.

I had been waiting for this raise for a few years, and it just didn't keep up - I thought it would beef up retirement. Frugality isn't really an option, I'm already frugal. Not a huge problem, but kinda lame that "raises" are just really cost of living increases, and they happen too late, and aren't really "raises" at all. Same actual income, larger number.

This system isn’t working!

How the fuck is someone earning six figures living paycheck to paycheck unless they have 6 kids to support?

I’m assuming most dataloungers will humblebrag about their finances on this thread - but maybe not?

Fuck NO

@r4, To say you're NOT living paycheck to paycheck is now considered humblebragging? 🤦‍♂️

My partner and I earn 6 figures combined and live paycheck to paycheck almost exclusively due to student loans.

No, but I'd have to go into my 401k after about 6 months of not working

I am one of the 37% because I have always lived under my means and have never wanted for anything because all my needs were modest.

One good caftan and two sets of earrings.

I’m retired, but how long my savings and investments will last are definitely affected.

One byproduct for me: going back to cooking and eating like I did growing up. No more fast food, coffee stops, microwave meals. No 'treats' that don't meet a nutritional need. A very rare, 'let's do lunch', otherwise I eat at home. Cook everything from scratch and in bulk to freeze... And I hate it with a passion of 10,000 suns. I made it to the middle class (whatever that means) and figured with what I had saved for retirement I would stay there... more or less until the end. Nope. and yes this way of eating is more nutritious, darfur orphan, etc. It's the SUDDEN lack of choice and the realization that the next bump will put me underwater. What's left to cut?

Yes, part of that 37%, but my husband and I feel far from rich. Everything is so much more expensive.

I am living proof that you can save and invest your way to early retirement by living frugally, even if you have mediocre salary.

What the fuck does your lifestyle look like if you're living on a six figure salary and cant save??

r14, the yatcht tax breaks were not big enough.

This will probably be called humble-bragging, but I'll give my two cents anyway. I feel like I live "paycheck to paycheck", but that's really only because I'm automatically saving as much as I can so I don't see it in my "paycheck". And as soon as I do get my check, I also calculate how much I'll have in expenses for the next two weeks, and I move the rest over to savings. So the survey of people saying they are living paycheck to paycheck may include some people like me, who have retirement savings, paid-off assets, etc. and only psychologically feel poorer than they are.

I have a friend who says about a lot of his clients - "they are living paycheck to paycheck - but on a higher plane" (He's a very high-end landscaper and yard maintenance person). I think a lot of people with 6 figure incomes feel that they are entitled to, and in fact, need certain trappings of wealth. A new car every few years, a nice home, lots of gadgets to go in that home and car, a physical trainer, a gym membership, the latest kind of phone, someone to maintain the insides and outsides of the home (housekeeper, gardener, pool guy, window cleaners), symphony or theater tickets, sports and rock concert tickets, lots of eating out, travel and vacations, TV and internet deluxe passages, etc. Plus, people in that income range are hit on by all their friends who are in fundraising. These things quickly add up and can swamp even an annual income of $250,000 or more. It's not the American way, but I think people should always live one income class lower than their salary number indicates. So someone earing $100,000 should try to live like a middle class person and a middle class person should live like a lower middle class person and so forth. That's the only way to make sure that there is money in the account at the end of every month, but it's very hard, especially for people who feel they've earned those perks that an increased salary seems to make possible.

Student loans that keep ballooning because of high interest or deferred payments are a big problem for many. And medical costs also add up for a lot of people.

I'm grateful I don't live paycheck to paycheck, but it's not because I'm a trust fund baby or have a huge salary. Quite the opposite in fact. I just live frugally and always have, because the thought of having to scrounge or borrow to get the money to pay an electric bill or replace a small appliance terrifies me.

I live comfortably and alone on only my monthly Social Security check of $1,349. I live in Middle America, my house is newer and paid off and I have no debt. I have other money but since I retired 11 years ago I have never touched it and of course it has grown, I am thankful it is there for emergencies if they happen. I am a homebody and don't travel and don't want to. My checking account has $1800 more from my SS checks than it did at this time last year so I have managed to save that amount in the last year. I have always been a saver even as a kid. My brother would spend his allowance as soon as it his the palm of his hand, I would save mine.

I know some people who have many kids and work full time but they have no savings. I don't know how these people can live. I would be a nervous wreck.

I am not one of those idiots. And I don’t buy lots of things I don’t need. I have a modest home and I keep my my yard. I have a practical car and I have saved for my retirement.

God help them when they lose their Social Security and Medicare, and they have to live on the streets because they never saved a dime. These are the same people who don’t know how to vote for people who are looking out for their interests.

Yes, but by now we have no mortgage, own our home, have no car payments or student loans, and no children or other dependents. We are fortunate, not virtuous. And fucking old!

I have about 6 months' expenses in the bank and that's it, though I'm working on it. No debt, thankfully. One thing that helped was giving up keto. I was tired of so much meat and dairy and now meat is too expensive to have everyday. I gave up my fear of carbs and make a lot of bean soups and salads. Thanks to that change my grocery bill has stayed about the same. I also quit most of the supplements I was taking. Now it's just fish oil and Curcubrain.

Well this other survey doesn’t correlate with humblebrags on this thread

Yes, we’re all suffering from inflation. So you have to make different choices. Like another poster I stop buying meat. For me that was red meat and adjusting my diet to the healthier alternatives. There’s lots of ways to save money.

Housing costs in this country are insane, for renters it is so outrageous that it borders on the criminal. Many people pay nearly their entire paycheck on rent, that’s unsustainable.

$65 billion to Ukraine so far.

Another $50 billion planned during the coming lame duck Congress.

I'm squeezed for the first time in decades. I'm 49. I have always lived below my means. When I get raises, I keep my standard of living the same. I have elderly parents and both of my siblings are losers. I am supporting both parents, also losers, in their 70s. The cost of basic medications for my dad (COPD inhalers are 1k each - total ripoff!) and my mom (cancer, alzheimers) are sucking us dry. I make 380k and live in a rental one bedroom now and drive a VW because most of my income goes to taxes, health insurance premiums, out of pocket expenses.

yes, I remember many posters on DL have mentioned lentils are cheap and nutritious!

Stealth Humblebrag thread

[quote]$65 billion to Ukraine so far.

1 Trillion in tax cuts for the rich, nothing for the middle and lower class. - Republicans 2016.

Strangely, that is also the percentage of people with IQs between 85 and 100.

I have no sympathy for someone making six figures and living pay check to pay check. You are rich by most of the worlds standards. Yes, I know, oh you live in NYC in a nice but small apartment while your friends make 10 times more and they only consider themselves meddle class. I call BULLSHIT.

There's a magic number where people can live a normal life without the fancy trappings of dinners out all the time or living in the center of the most expensive cities in the world just so you don't have to commute to your job. That number in the U.S. is around 50,000 per year. That's what most jobs with a 4 year college degree pay and that's where most people are on the edge of struggling. Anyone making double that should not be struggling. If they are, it's by choice not circumstance.

I guess I'm a "37%-er"

Paychecks are for the poors

^ Actually you're right. Truly wealthy people live on dividends and interest

R3, Because the cost of every fucking thing has gotten so expensive. No one wants to live low brow. Vote them all out. All of em. Let's start anew.

R9, I love your last sentence. Cute and funny.

r16, that's the way we were before retirement. We lived in a rural community and saved up to 50% of our net income. I wouldn't do it that way again though.

I suspect that most of those six figure people live in areas with high housing costs and bought a place recently.

Remember that in the Bay Area, a six figure income is nothing, whereas in Flyoverstan it's still quite substantial

Jesus Christ. It’s not difficult to live within your means and still save for retirement. Are you all stupid? Stop buying shit you don’t need

It’s credit card or loan debt that’s stifling people.

Another 6 figures combined here, both in our 50’s. I have opted to work above 40 hours recently because there’s more PTO doled out each week I do. We vacation often so I need it. We paid off all our debt, but I’ve noticed companies like Apple make it extremely easy to fall back onto it with zero percent financing and the sly way they structure their offerings. I feel these past two years with stimulus etc. have lulled many subconsciously into expecting more government generosity- forming opinions and putting off or making plans as though it’s going to happen- I’ll just say plan instead on working hard instead and you won’t be disappointed!

We had the chance to buy another condo in our complex as an investment and declined when we saw how much work it needed, thank God we didn’t take that on. I would’ve in my 20’s but in my 50’s there isn’t enough time to recoup the expenditure towards profitability. It’s also why I don’t start my own company- there simply aren’t reliable employees in my field- it took me two years to fully staff my corporate hair salon with good people. It cost the company 3 grand every time someone quit, and I trained a dozen of people that quit the first 3 months.

This may sound dour, but If you are struggling, do whatever you have to do to throw every dollar at paying down your personal debt and stop waiting for the government to forgive it. It took me two decades, a plan, debt counseling and further understanding how credit works. My score is 815 now and it had more to do with an intent on never getting back in debt again. Anything that gets in the way of this will only cause you more pain.

That said, I also think the entire credit system is teetering into insolvency or obsolescence within two decades if future generations don’t respect it.

Is the simple word “bragging” no longer in use? Boasting about how much you save is bragging, not humble bragging. The same is true of almost all uses of this fad term.

[quote]are you part of the exclusive 37 percent?

FTFY

R27, get ready to have all your social security and Medicare fucked with.

R17, one of my sorta-colleagues is a financial guy and that's exactly what he described as well. A few months ago I noticed my sister and BiL showing signs of financial struggle, which is kinda bizarre as I'm pretty sure they have close to $500k coming in a year. I actually flat out asked him if it was possible for a couple, like my sister and her husband, to be under financial duress and his answer, of course, was "of course." He said people have been taking on a lot of debt and really blowing through their savings to basically fund some kind of lifestyle that at least competes with their peers. My bf and I have well avoided, for the most part, getting caught up in a pissing match between our neighbors and friends. But it is very easy. And of course, inflation has been bad. But Americans are way too comfortable blowing away money on things they fundamentally don't need. My sister's kids don't each need new iPhones every year. They don't need their kids to be in three sports every single day of the year. They don't need to vacation in Hawaii or stay in some fancy Miami resort. My sis doesn't need to drink nearly as often with her friends as she does and my BiL doesn't need to golf as much as he does.

More evidence of the income disparity in the US. There will always be people living in the edge and beyond their means- even among the very rich. But this number should be far lower. I know of professionals making good salaries paying down huge education loans, and also large home loans due to the nutty real estate market.

I’ve never married or raised a family- just me- and have always been compulsive about having savings. I have lived within my means. So….

I have not had to depend on savings due to family wealth, but for most of my life I have lives as if that wealth was not there. It is and now I “mine” some of it and soon I will live off its income. I will probably not go into the principle, because I find I have what I need without- and I will always maintain significant cash savings.

It’s just the way I am.

Life is a banquet!

It’s amazing how many have no savings. While the myth of of self funded retirement continues. As Gen X is the first no pension generation, it will be painful to see how many slip into poverty in retirement.

The American way makes it way too easy to spend money you don’t have - starting with college at 18. .

R16, I do the same but in reverse. I put everything into savings and then move it to checking as needed. Not currently living check to check, but I have in the past. I buy nothing on credit unless it’s a special, same as cash offer. Those incentives serve us very well. Remodeled our house one project at a time without paying interest. Thankful.

[quote] I'm assuming most dataloungers will humblebrag about their finances on this thread - but maybe not?

Take heart, it IS an anonymous forum. You could always join in the fun, no one will know you have nothing in your life that warrants a humblebrag.

[quote] @[R4], To say you're NOT living paycheck to paycheck is now considered humblebragging?

Welcome to Datalounge! Where even the poors serve snark and attitude.

Most people in the U.S. have been living from paycheck to paycheck for decades. This isn’t anything new. Real wages here have barely moved in decades. As a result most people can’t withstand even a small amount of additional financial stress.

[quote] What the fuck does your lifestyle look like if you're living on a six figure salary and cant save??

I have such a friend who once said, pridefully, at a gathering: "We live large!"

He has since gotten a divorce and declared Bankruptcy. Not living so large these days.

Life is good...for me. 🙋‍♂️

That's the one thing good about getting older, you finally realize you have more stuff than you need, you've got more house than you need and the old car is running fine, so you don't even need one of those. Suddenly most of your money just goes in the bank

I was raised in a wealthy household, yet my parents taught me the value of a dollar, and always stressed that you must always live below your means, and never buy anything on credit. I'm 70 on my next birthday and I'm proud that in all my years alive I've never paid one red cent in interest. Interest is something to be earned, not paid. When I was much younger if there was something I wanted that I didn't have the money to pay for in full I just saved for it until I could afford it. When I see people who make a high income but still can't control their spending and are constantly worried about how they're going to pay all the bills each month I just want to grab them and knock their heads against a wall. Then I get real and think, better them than me. Dumbasses.

R55, can I have some of the stuff you no longer need? Starting with that life-size cutout of 'Dark Lady' Cher?

In the US, no matter how frugal you are, it is entirely within the realm of possibility to be totally wiped out financially within months if you get any kind of chronic health problem.

It's not only the health bills that can max your insurance, but if you don't have 'Short Term Disability', the fact that your income faucet gets turned off can hurt a lot too.

This is probably much more common than most people realize.

[quote] As Gen X is the first no pension generation, it will be painful to see how many slip into poverty in retirement.

Oddly, these same Gen X-ers vote for the MAGAts who allowed corporate Amerikkka to eliminate their pensions and steal their retirement. My mother was a teacher who lived better than comfortably until her death on a TEACHER'S PENSION. She never came close to earning six figures in her lifetime. These dumb Gen X-ers have allowed Republicans to destroy our collective livelihood and most of them will have a lower standard of living than their parents.

[quote] As Gen X is the first no pension generation, it will be painful to see how many slip into poverty in retirement.

Oddly, these same Gen X-ers vote for the MAGAts who allowed corporate Amerikkka to eliminate their pensions and steal their retirement. My mother was a teacher who lived better than comfortably until her death on a TEACHER'S PENSION. She never came close to earning six figures in her lifetime. These dumb Gen X-ers have allowed Republicans to destroy our collective livelihood and most of them will have a lower standard of living than their parents.

The problem is people living beyond their means.

Sorry for the double post but I'm double-pissed

Car payments!

New Cars/Trucks/SUVs are very expensive now. Some people have car loans of $2,000 a month these days. I have a co-worker who makes about $750/week - yet for some reason he traded in his four year old Toyota Rav4 for a brand new Lexus SUV. He's now paying $900 a month just for his car! A whole week at work doesn't even cover his car loan for the month.

People like to live large in this country. And there are many who think that the moment their check hits their bank account, they should spend it. Incredibly easy access to credit makes this all worse. I have a friend who told me she has never paid a credit card bill in full. "Why would I ever pay the maximum? That's just stupid." She now carries a monthly balance of $20,000 a month on one card. She has no kids, makes $85,000 a year and works 45/hrs week yet has no savings and is deep in debt.

@r57, No, pumpkin, you can't have my Cher, but I passed by Goodwill today and I picked up this frock just for you

No, you don't have to thank me, just cover up... Please 😳

I make 7 figures and still live p2p

R1, and many generally on this website, have no clue about this, OP.

They cannot relate.

And they do not care about people.

They are this period’s “Screw you—I’ve got mine!” citizens.

[quote] New Cars/Trucks/SUVs are very expensive now. Some people have car loans of $2,000 a month these days.

????

Diane, I'm going to need you to show me the receipts on that $2000 a month car payment.

You're a stingy bitch, r64.

The joke is on you, I DONATED that caftan to the Goodwill years ago.

I've upgraded!

"—Large and in charge!"

Fat ain't where it's at

r60 and others that keep talking about pensions.

Not sure if you are aware but here, and in the UK we are having numerous issues with pensions and solvency.

Perfectly timed to be announced after the election.

Salaries in the US are pathetic. People are getting paid like it's 1999.

Student loan forgiveness is NOT the way. I'm so glad that that stupid, regressive, Lib plan is getting resisted at every step.

Our family Income is mid six figures, but because we live in such a high cost of living area, there are certainly months when we live paycheck to paycheck. We have a lot of cushions, so don’t have the same fears that others do. But certainly feels tighter than it should at our income level. And we’re not extravagant.

More proof that capitalism is a scam

I think the last time I didn't worry about money I was a senior in college.

I've been telling you gays this for over 20 years. 🤦‍♀️

Sorry, I don't feel sorry for people who live beyond their means, who run up their credit cards and then declare bankruptcy.

I feel guilty for buying Walmart's Great Value brand because I feel cheap but I'm not going to pay $3.89 for baking soda at Ralph's if I can get it for $1.29 at Walmart

R78 That's not the problem- that's the solution.

Eldergays, while it's great that you have saved and lived in a more forgiving economy, 100K is considered middle class I would say in most of America. 50K is going to be struggling for a small family or even an individual. Apartments are around 2K median in the US. Student loans. Food, gas - life is expensive. Also, I do believe you want to enjoy and live life to a certain extent. There are too many horror stories of people putting off doing things they want to do only to not get to do them when the time comes. Life is precious. I think experiences are more important than possessions.

And yet half the country votes for the political party that sucks up all the money and sends it to the rich, that moves all the jobs to offshore, that makes sure any safetynet program stay underfunded.

We have brought this on ourselves by staying stupid.

You can buy baking soda for 55¢ at Aldi's.

I use it to keep my teeth sparkly white.

Who is Mr Aldi?

so they don't even have savings?

Nope. Wait until millions retire with no savings whatsoever. Complete disaster.

And the GOP wants to end Social Security and Medicare....

Actually, 44 percent of Gen X identify as independent. —the highest proportion of independent voters in any generational block. This makes sense since Gen-X are the first gen to be left at home while both parents worked. They had to figure things out for themself. By age 10 you were expected to act like a little adult, move out on your own the minute you turned 18. Boomers had a full time mother and a father who didn't have to work crazy hours to support the whole family, Millennial had helicopter parents. Gen Z had more relaxed holistic type parents.

I myself and a Democrat, so are 90% of my same aged friends. This "Republican Gen-X" thing is largely overblown. In my experience it is Boomers who are the largest number or Republicans.

Just my own experience, it's true. The first year I received six figures I was astonished how little cushion I had.

Totally my own fault. I bought too much house.

[quote] Eldergays, while it's great that you have saved and lived in a more forgiving economy, 100K is considered middle class I would say in most of America.

I dont know how anyone lives on $100k. Middle class families earn around $250k.

[quote] Nope. Wait until millions retire with no savings whatsoever. Complete disaster.

They won't retire. They will work until laid off or until a disability renders them unable to work. I have colleagues (white collar professionals) in their late 60s -- sitting on jobs, taking up space and impeding the advancement of their younger colleagues.

As of October, 60% of Americans were living paycheck to paycheck. A year ago, the number of adults who felt stretched too thin was closer to 56%.

YAY, Capitalism is working so well!!

I have resorted to buying generic, cooking for myself, waiting for kohl's 30% off coupons and occasionally forgetting to scan something at the self checkout.

I'm Australian, so it's very easy to get ahead and stay ahead financially.

Back in thew 80's and 90's there were some excellent government policies that put the average Australian well ahead financially; A solid public health system, publicly funded student loans at low interest that only need to be paid back once you're earning a livable wage (plus a small monthly stipend if you come from a low income family), tax offsets for dependents and a compulsory employer funded 10% of wages put aside for retirement. Those initiatives smooth out a lot of the financial bumps through life, so even if you're not great at planning ahead, a lot of it is done for you.

Also most of our home loans are either variable or only on set interest rates for a few years at a time. But they come with an offset account or re-draw facility. So if you throw extra money at the mortgage you're rewarded with lower loan repayments, a buffer if interest rates go up and a nest egg you can draw on if you need it (as your bank, parents, financial advisor, co-workers, friends, taxi driver, barmaid, third cousin and yoga instructor will remind you).

So only about 30% of Australians live payday to payday, and I don't think we're a different species to Americans. This is a systemic problem that America has. Despite the high GDP and high incomes the system doesn't allow many individuals to accumulate much wealth.

How dumb can people be to get into a situation where you live paycheck to paycheck? Help me understand it.

R95 Really? Student loan interest, rising rental/home costs, stagnant wages while overworking, medical bills…..oh yeah, and by the way, that’s BEFORE the worst inflation in all goods since the 1980s.

Boomers and some others seem to think that costs of living that rise faster than inflation should be ignored, apparently.

Hell, my trash bill, water/sewer bills ($100/month plus), electricity/gas, and property taxes go up every single year without fail—every single year. Every dollar declines in value when prices just keep rising and my pay doesn’t. The bridge toll near me goes up $1/year to pay for transportation projects that don’t benefit me at all in my area of the city (it’s $7 now).

R11 makes an excellent point. SO many people say they either can't cook, or have never cooked -- they spend $50-100/day eating out because they're too lazy to make a few meals ahead of time and freeze 'em.

We just got out of a major recession a little more than 10 years ago, but people never think it'll happen again. It will, and if you're not prepared, it's because you didn't prepare.

No hate, but Australia is a total nanny state and your currency is worth about half of the US dollar. No thank you.

[quote] and occasionally forgetting to scan something at the self checkout.

You must be in some really backwards flyoverstan state or you really haven't shopped in 20 years. All self checkout stands monitor your purchase by weight. If you skip the scanner and place it on the surface where the bag is, the scanner starts beeping and helper comes over to show you what you" did wrong". That "oops" I forgot to scan hasn't worked in decades in most major grocery stores that I know of.

they have cameras in from of the self check out machines and don't do this at walmart, they are going after people who "forget" to scan, like pressing charges etc

[quote]How dumb can people be to get into a situation where you live paycheck to paycheck? Help me understand it.

Not everyone has a fantastical job with great pay Daddy-O. Salaries didn't keep place with the cost of living like in your day. Back then you could probably find a part-time job say 20 hours a week without any previous experience and it would be enough to pay for rent on a small apartment, used car, food and utilities. That still gave you time to go to college full time. Well I dare you to try that now. Rents are so high you need a full time job that pays well above minimum wage. Cars and the price of school has outpaced wages 10 fold what you paid back then. But salaries have not gone up 10 fold. Maybe only 3 times what you made back then. So imaging trying to save money when you were young making 60% less than you did renting the same place, living the same lifestyle. Which was probably minimal to start with.

R98 - Huzzah for the nanny state, I say.

Humans are not designed for long term planning, an 80 year lifespan, limitless food and children who are dependents until their mid 20's.

We're just clever omnivores who learned how to game the system. Our frontal lobes might reason that we need to cut down on the carbs, save for the distant future and handle that belligerent neighbour with tact, but the rest of our minds and body are screaming "fight, flight, gorge, fuck and rest"

So just like we have a system of road rules that allow us to navigate our cities in reasonable safety (despite that crazy chimp inside of us that wants cut across lanes and ignore red lights and speed limits). Why can't we have a system of financial rules that allows us to navigate our complex financial lives in reasonable safety?

P.S. As far as what different currencies are worth, you really should look up Purchasing Power Parity and the Big Mac Index.

I wonder what percentage voted Republican.

Almost 50% R104.

R99. What on earth does the denomination of the Australian currency have to do with their standard of living? The British pound is worth more than a dollar. do British people have a higher standard of living than Americans?

Meh. It's only money, honey! 🤷‍♂️

what about now? in 2024? what are the latest figures?

Alas, poor me. The ice cream that I like is $5/quart.

I claim Bullshit to the 6 figure earners living check to check- they're fucking morons with money!!

I do know someone who makes 300k but has lots of expenses and bills. They barely have any savings but has a pension from govt so she goes around putting people down coz they don't have a pension blah blah blah

[quote] Salaries in the US are pathetic. People are getting paid like it's 1999.

Have a look at salaries in Canada and Europe.

R3 Living beyond means. But even having 1 kid can do that to you. Not saving and living above your means. I’ve been there myself and I don’t even have no chirren.

Teacake, cutting back on the T might help.