More than 60% of Americans are living paycheck to paycheck. Here's what researchers say is to blame.

[KhunLA]

34 minutes ago, Nick Carter icp said:

Those $100 000K high earners should be taxed more to help pay for the poor people  

I think we paid more than enough already.  25-35+% (that's just fed tax) of our income, and the bottom half, pay 15-0%

 

You don't have enough money, try earning more.

 

Because ... Sooner or later, you run out of other people's money.

 

"The top 10 percent of earners paid 74 percent of all income taxes and the top 25 percent paid 89 percent. Altogether, the top fifty percent of filers earned 89 percent of all income and were responsible for 97.7 percent of all income taxes paid in 2020."

source

[placeholder]

9 minutes ago, KhunLA said:

I think we paid more than enough already.  25-35+% (that's just fed tax) of our income, and the bottom half, pay 15-0%

 

You don't have enough money, try earning more.

 

Because ... Sooner or later, you run out of other people's money.

 

"The top 10 percent of earners paid 74 percent of all income taxes and the top 25 percent paid 89 percent. Altogether, the top fifty percent of filers earned 89 percent of all income and were responsible for 97.7 percent of all income taxes paid in 2020."

source

Actually, Americans pay about 10% less in total taxes than do most other developed nations. As for that figure of how much the wealthy pay. That's due to the fact that they earn a far larger share of total income than they used to. America is number 1 in terms of income inequality among all the developed nations. The UK runs a not particularly close 2nd place.

[KhunLA]

17 minutes ago, placeholder said:

 That's due to the fact that they earn a far larger share of total income than they used to.

... nuff said

 

Reason for the wide disparity, when top income earners get to a certain point, they actually start earning money, all bit itself, unless you do really stupid stuff. 

 

Once you have more coming in than you know what to do with, the fund, equity, income just steamrolls, like a snowball down a hill.  

 

As long as banks are sucking 20% of your income, especially on stupid crap that does not appreciate, or impress anyone, you'll never move forward.

 

30 yr mortgages, are people still that stupid.  It's mind boggling.  

 

Tough making the monthly bills ... and there is alcohol, cigs, in the house ... nuff said.

 

Do you really need a new car ?  I owned 1 in the USA, and it was for work.

 

You have extra money, we need a holiday ... no, you don't, you need to pay off your mortgage earlier.

 

Credit is for investing, not toys & good times.

 

Stupidity

[placeholder]

1 minute ago, KhunLA said:

... nuff said

 

Reason for the wide disparity, when top income earners get to a certain point, they actually start earning money, all bit itself, unless you do really stupid stuff.  Once you have more coming in than you know what to do with, the fund, equity, income just steamrolls, like a snowball down a hill.  

 

As long as banks are sucking 20% of your income, especially on stupid crap that does appreciate, or impress anyone, you'll never move forward.

 

30 yr mortgages, are people still that stupid.  It's mind boggling.  

 

Tough making the monthly bills ... and there is alcohol, cigs, in the house ... nuff said.

 

Do you really need a new car ?  I owned 1 in the USA, and it was for work.

 

You have extra money, we need a holiday ... no, you don't, you need to pay off your mortgage earlier.

 

Credit is for investing, not toys & good times.

 

Stupidity

If the interest rates are low, as they had been for about 20 years, why would a 30 year mortgage be stupid? You might want to look up something called opportunity cost. 

As for the rest of the stuff you listed not really worth replying to.

[Isaan sailor]

They should make basic personal finance a requirement in all high schools.  Better yet, for all people on public assistance.  Learn to live within your means.

[KhunLA]

20 minutes ago, placeholder said:

If the interest rates are low, as they had been for about 20 years, why would a 30 year mortgage be stupid? You might want to look up something called opportunity cost. 

As for the rest of the stuff you listed not really worth replying to.

You really have to ask why a 30 yr mortgage is stupid.  Better than renting, but that's about it.

 

 

 

By spending (<$31k) $171 more a month, for only 15 yrs, you save over $100k.  And paid off in half the time.

 

 

[placeholder]

6 minutes ago, KhunLA said:

You really have to ask why a 30 yr mortgage is stupid.  Better than renting, but that's about it.

 

 

 

 

This is what I wrote:

If the interest rates are low, as they had been for about 20 years, why would a 30 year mortgage be stupid? You might want to look up something called opportunity cost. 

[KhunLA]

9 minutes ago, placeholder said:

This is what I wrote:

If the interest rates are low, as they had been for about 20 years, why would a 30 year mortgage be stupid? You might want to look up something called opportunity cost. 

Spend $31k. over 15 urs, that you have to spend anyway, save $100k.

 

You better read (lost) opportunity cost.  No cost, No risk, guaranteed return.  Anyone else offering that.   

 

Now you take the equity, borrow against that, buy another house, rent that out.

 

Repeat ... 30 years you retire, have your money back, with income, along with your work pension and or Soc Sec.

[placeholder]

2 minutes ago, KhunLA said:

Spend $31k. over 15 urs, that you have to spend anyway, save $100k.

 

You better read (lost) opportunity cost.  No cost, No risk, guaranteed return.  Anyone else offering that.   

How many ways do I have to say this? When interest rates were low, a 30 year mortgage made a lot of sense. Now? I'm not sure that it is even better than renting. Depends on where one lives.

[KhunLA]

9 minutes ago, placeholder said:

How many ways do I have to say this? When interest rates were low, a 30 year mortgage made a lot of sense. Now? I'm not sure that it is even better than renting. Depends on where one lives.

Wow ... mind boggling.  I doesn't matter what the rate is, low or high, it's the length of the loan.

 

Put any #s in you want.  It's still NO cost, NO risk, Guaranteed Return.  Or you can buy that new shiny car, make payments on that every month, and take 30 yrs to pay off your biggest investment, instead of 15 yrs, and put money in your pocket.   

 

Or pay the house early by simply keeping the POS car your friends laugh at.

 

But when you retire at 46, with more money than you know what to do with, and they are still working till 66 ... then retire on fixed income.

... who's laughing now.

 

This isn't rocket science...

This isn't even Ph'd stuff

Don't need a college degree.

 

Just common sense.

[Isaan sailor]

34 minutes ago, placeholder said:

If the interest rates are low, as they had been for about 20 years, why would a 30 year mortgage be stupid? You might want to look up something called opportunity cost. 

Agree.  I had a 30-year mortgage, used the mortgage interest tax write off, refinanced several times, and finally paid it off 10 years early when I retired.

[GypsyT]

People should cut off all credit cards and start to use CASH.

 

When you see CASH you tend to think and not spend freely.

Cash also gets best deals - still do ????

 

I use cards (to collect Airline miles etc benefits) but I'm smart and always pay in full = Never a penny of interest.

 

[ozimoron]

The major problem for the US in particular is the dramatic shift in wealth from the poor to the rich over the past 50 years. Taxing the rich is indeed the only way out.

 

https://www.imperial.ac.uk/news/242756/gap-between-rich-poor-increased-more/

[ozimoron]

Red state Americans are not well served by their elected leaders.

 

America’s Surprising Partisan Divide on Life Expectancy

 

Centuries-old settlement patterns — and the attitudes they spawned about government — are to blame for differences in longevity between red southern states and bluer parts of the country.

 

The geography of U.S. life expectancy — and the policy environments that determine it — is the result of differences that are regional, cultural and political, with roots going back centuries to the people who arrived on the continent with totally different ideas about equality, the proper role of government, and the correct balance point between individual liberty and the common good. Once you understand how the country was colonized — and by whom — a number of insights into Americans’ overall health and longevity are revealed, along with some paths to improve the situation.

 

https://www.politico.com/news/magazine/2023/09/01/america-life-expectancy-regions-00113369

[youreavinalaff]

16 minutes ago, ozimoron said:

Taxing the rich is indeed the only way out.

I've asked this question, of those who say the same as I've quoted , many times but am yet to get an answer. 

 

Please define " rich".

[ozimoron]

6 minutes ago, youreavinalaff said:

I've asked this question, of those who say the same as I've quoted , many times but am yet to get an answer. 

 

Please define " rich".

Millionaires.

[youreavinalaff]

25 minutes ago, ozimoron said:

Millionaires.

Is that someone with a million in cash? Do you include assets in that figure?

 

How about a millionaire that doesn't work? How would you tax them any differently to what gets taxed now?

 

[bbko]

Why don't all you naysayers STHU and let Regan's promise of the GOP's trickle down work it's way down? Sure it's been over 40 years, but those tax cut for the rich will help the common folk eventuality, right? I mean the GOP wouldn't lie to us right?

[pomchop]

Learn to tell the difference between what you want and what you need would be a good lesson for a LOT of people.  Also teach your kids that "you can't always get what you want" so they don't grow up head over heels in debt from buying all sorts of "stuff" just because the ads convince them that they have to have this or that..

 

There are a zillion simple ways to cut your cost of living...example:  drink water when you go out to eat rather than a $4 coke or iced tea.  Make your own coffee at home rather than a starbucks $5 a day cup of coffee la de da...learn to live with you tube and over air TV rather than giving spectrum or a cable company $100 or so a month....the list goes on and on and while some are small amounts they do add up over time.

 

There are a lot of things in life that are free ...like a nice walk, watching a sunset, going for a swim, books from a library, etc.  Learn that entertainment does not always come with a price tag.

 

 

 

 

 

 

 

 

 

 

 

 

[hotchilli]

19 hours ago, Social Media said:

About 61% of Americans are living paycheck to paycheck, an issue that impacts both low-wage and high-income families alike, according to new research from LendingClub. 

And thousands  are living on the streets without a pay-check

[IAMHERE]

Sixty-one percent get a paycheck? That's good news. I thought fifty percent were living on government handouts, social security, etc.

[2baht]

20 hours ago, Social Media said:

Low-wage earners are most likely to live paycheck to paycheck,

Here's a tip, sell your guns! ????

[Danderman123]

10 hours ago, Nick Carter icp said:

Biden is President , your leader is in charge now, what has Biden done to address the current problem ?

https://amp.cnn.com/cnn/2023/08/30/politics/overtime-pay-salaried-workers-biden/index.html

 

Millions of salaried workers would get overtime pay under Biden administration proposal

[Danderman123]

10 hours ago, Nick Carter icp said:

Biden is President , your leader is in charge now, what has Biden done to address the current problem ?

https://theintercept.com/2023/08/29/insulin-medicare-drug-price-negotiation/

 

BIDEN ADMINISTRATION ADDS INSULIN TO DRUG PRICE NEGOTIATION LIST IN MAJOR BLOW TO BIG PHARMA

 

That's just this week. More than Trump did in 4 years.

[Skipalongcassidy]

On 9/1/2023 at 10:29 AM, Tug said:

Obviously many are living beyond their means I’d also add easy access to credit lack of discipline 

"We actually need much higher interest rates. The problem is we can't afford them. So any interest rate high enough to fight inflation is too high for the markets. And in fact, not only does the Fed create a recession. But it creates a financial crisis, and that financial crisis will be considerably worse than the one we had in 2008,"

[EVENKEEL]

6 hours ago, ozimoron said:

Millionaires.

Again, that demands a definition. Some folks own property worth millions but are not rich.

[Skipalongcassidy]

13 hours ago, KhunLA said:

Wow ... mind boggling.  I doesn't matter what the rate is, low or high, it's the length of the loan.

 

Put any #s in you want.  It's still NO cost, NO risk, Guaranteed Return.  Or you can buy that new shiny car, make payments on that every month, and take 30 yrs to pay off your biggest investment, instead of 15 yrs, and put money in your pocket.   

 

Or pay the house early by simply keeping the POS car your friends laugh at.

 

But when you retire at 46, with more money than you know what to do with, and they are still working till 66 ... then retire on fixed income.

... who's laughing now.

 

This isn't rocket science...

This isn't even Ph'd stuff

Don't need a college degree.

 

Just common sense.

"We actually need much higher interest rates. The problem is we can't afford them. So any interest rate high enough to fight inflation is too high for the markets. And in fact, not only does the Fed create a recession. But it creates a financial crisis, and that financial crisis will be considerably worse than the one we had in 2008,"

[Srikcir]

10 hours ago, Nick Carter icp said:

There is a whole World out there that doesn't revolve around 
Trump .

The article is about America, so Trump applies.

[KhunLA]

Live by your choices, stop blaming everything or somebody else for you station in life.

 

Cousin posting photos of their holiday at Cancun, MX.   They are NOT in the $100+k income bracket.   Have decent house, cars, kids at Uni.

 

People working unskilled labor, are getting $15 hr.  McD pays that for flipping burgers,$30+k a year.  2 income = $60+k a year for household income.   You can't live on 60k, then you're a idiot.

[EVENKEEL]

5 hours ago, pomchop said:

Learn to tell the difference between what you want and what you need would be a good lesson for a LOT of people.  Also teach your kids that "you can't always get what you want" so they don't grow up head over heels in debt from buying all sorts of "stuff" just because the ads convince them that they have to have this or that..

 

There are a zillion simple ways to cut your cost of living...example:  drink water when you go out to eat rather than a $4 coke or iced tea.  Make your own coffee at home rather than a starbucks $5 a day cup of coffee la de da...learn to live with you tube and over air TV rather than giving spectrum or a cable company $100 or so a month....the list goes on and on and while some are small amounts they do add up over time.

 

There are a lot of things in life that are free ...like a nice walk, watching a sunset, going for a swim, books from a library, etc.  Learn that entertainment does not always come with a price tag.

 

 

 

 

 

 

 

 

 

 

 

 

Your words of wisdom earned you a laughing moji. You're 100% correct. I lived my life as you recommended. My lunches came from home, no new car. It depends on how you were raised. I have a friend 66 yrs old and can't retire. They took advantage of the good years and refinanced the home, bought expensive toys, took vacations. Now...just keep working.