1/3 of Americans earning $150,000+ a year say they're living paycheck to paycheck

submitted by hfxB0oyA from finance.yahoo.com

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[–]TaseAFeminist4Jesus 4 insightful - 1 fun4 insightful - 0 fun5 insightful - 1 fun -  (3 children)

What does "paycheck to paycheck" mean, though? I have a positive net worth and I make well over $150,000 per year, but I don't have thousands of dollars in cash just sitting around. Sometimes I might have $1,000 - $2,000 "extra" after I get paid and pay bills, but I mostly use that to pay down a home improvement loan.

So yeah, I might only have $500 or less in my checking account sometimes, but it's mostly because there's no real advantage to sitting on cash.

[–]jet199 3 insightful - 2 fun3 insightful - 1 fun4 insightful - 2 fun -  (2 children)

Yep, you are one of the idiots.

If something terrible happened to you like happened to the people in Maui then you'd have to throw yourself on the mercy of the state for your basic needs (have everyone else pay for you).

[–]TaseAFeminist4Jesus 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

I would not have to ask for a handout if my house burned down. Even in the very worst case, I would continue working from a hotel or a modest apartment while I sorted out my insurance claim. I also have about $60,000 in retirement accounts I could liquidate without penalty if something terrible happened.

[–]TitsAndWhiskey 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

You must have a huge mortgage/car payments/other bills if you make over $150 with only $60k in retirement and no cash assets.