whoisjohngalt
Junior Associate
Joined: Dec 18, 2010 14:12:07 GMT -5
Posts: 9,140
|
Post by whoisjohngalt on Oct 2, 2013 11:19:29 GMT -5
It might be just media tactic or what-not, but all those "stories" about people worrying so much about not being paid for a day/week, etc is scary I know the world outside of YM doesn't plan financially as well as YM does, but still...... How can so many people be living paycheck to paycheck? How can so many people be so unprepared I know this is nothing new, but for some reason, I am beginning to think that this country even deeper in a toilet than I thought
|
|
cronewitch
Junior Associate
I identify as a post-menopausal childless cat lady and I vote.
Joined: Dec 20, 2010 21:44:20 GMT -5
Posts: 5,979
|
Post by cronewitch on Oct 2, 2013 11:29:36 GMT -5
It is scary and most won't do anything but complain and not pay bills. One coworker had her rent raised so is having to clean a house every week for money for basic bills. She bought something from us but didn't pay so now every week the boss has to ask her for a payment. She needs to go to lunch to get change for $40 to give us $25, I suggested she just pay the $40 against her bill. She will drag out a $200 bill for two months after being two months late paying and having the boss talk to her about 8 times. She won't find a cheaper apartment because you would need a first and last month rent and security deposit and she likes her 2 bedroom in a nice building. She works like she pays her bills and is 55 with nothing saved for retirement. We have talked of replacing her with a good worker, she will be in a world of hurt. I tell her no jobs are secure and everyone needs an emergency fund but she is worse that payday to payday.
|
|
resolution
Junior Associate
Joined: Dec 20, 2010 13:09:56 GMT -5
Posts: 7,244
Mini-Profile Name Color: 305b2b
|
Post by resolution on Oct 2, 2013 11:33:12 GMT -5
It depends on how you define paycheck to paycheck. Most surveys are placing it around 35-40 percent of the population but some have it as high as 65%.
Other surveys have shown only 25% of Americans have 6 months of expenses saved.
|
|
NomoreDramaQ1015
Community Leader
Joined: Dec 20, 2010 14:26:32 GMT -5
Posts: 48,073
Member is Online
|
Post by NomoreDramaQ1015 on Oct 2, 2013 11:34:06 GMT -5
People have lived paycheck to paycheck since forever. You just didn't have 24/7 media accessing every Tom, Dick and Harry across the nation and making their woes "news".
I don't think we're worse off I think we've just given everyone access to 15 minutes of fame. Gotta do something to fill in the spots between "real" news on those stations.
|
|
greeniis10
Well-Known Member
Joined: May 9, 2012 12:27:09 GMT -5
Posts: 1,834
|
Post by greeniis10 on Oct 2, 2013 11:42:11 GMT -5
True, about giving people the platform to announce their woes to the world. It is, in fact, counterproductive, because when people who ARE in dire situations hear that they are not alone and a lot of other people are in the same boat I personally believe they are even LESS likely to try to change their situation.
It's easier to play the blame game and try to garner sympathy. What they don't seem to realize is that even if people ARE sympathetic, no one is going to swoop in and save them. Spend your time and energy on being more producitve instead! (this is just a broad generalization on my part; I don't at all believe that everyone is like this)
|
|
Abby Normal
Senior Member
Joined: Dec 22, 2010 12:31:49 GMT -5
Posts: 3,501
|
Post by Abby Normal on Oct 2, 2013 11:45:47 GMT -5
It might be just media tactic or what-not, but all those "stories" about people worrying so much about not being paid for a day/week, etc is scary I had to laugh last night. Someone was complaining about how eventually the shutdown would affect her job and how was she going to go without pay. I admit she's not my favorite person so I grinned my evil grin, and told her she'd survive the same way she did when her union when on strike last year.
|
|
|
Post by The Walk of the Penguin Mich on Oct 2, 2013 11:49:01 GMT -5
I suspect it has more to do with them not knowing how long this is going to go on.
|
|
Tiny
Senior Associate
Joined: Dec 29, 2010 21:22:34 GMT -5
Posts: 13,488
|
Post by Tiny on Oct 2, 2013 11:51:59 GMT -5
Yeah, it depends on how you define "paycheck to paycheck" Here's an article with some % 76% of Americans are living paycheck-to-paycheck money.cnn.com/2013/06/24/pf/emergency-savings/index.htmlI can see 27% having no savings at all... those are the people I'd consider living paycheck to paycheck and quite possibly being on the edge of disaster. They can't keep up with inflation, nor can they navigate any change in their income (except maybe when more income comes in). I don't have a 6 month EF... at this point I don't really have a 3 month EF - more like a 1 month EF. I do have alot of money tied up in 'investments' that I could tap but at a cost and I would do that if necessary. I don't think I'm living paycheck to paycheck - no bills will go unpaid - atleast not for a month (maybe two) before it starts costing me money (when I tap other investments to cover day to day living).
|
|
Deleted
Joined: Oct 7, 2024 8:41:18 GMT -5
Posts: 0
|
Post by Deleted on Oct 2, 2013 11:53:42 GMT -5
EI would be almost enough to cover my essential expenses and give me a year or two to find a new job or make arrangements.
|
|
resolution
Junior Associate
Joined: Dec 20, 2010 13:09:56 GMT -5
Posts: 7,244
Mini-Profile Name Color: 305b2b
|
Post by resolution on Oct 2, 2013 12:00:26 GMT -5
I think it seems so ubiquitous because it is more acceptable to complain about not having money than it is to brag about having it.
We have friends that regularly complain about money, so we are well aware of the fact they are paycheck to paycheck. We will sometimes try to talk them out of stupid purchases but other than that keep our mouths shut. In the mean time our other friends that are doing fine just keep their mouths shut so we never hear or think about them doing fine.
|
|
Miss Tequila
Distinguished Associate
Joined: Dec 19, 2010 10:13:45 GMT -5
Posts: 20,602
|
Post by Miss Tequila on Oct 2, 2013 12:35:57 GMT -5
EI would be almost enough to cover my essential expenses and give me a year or two to find a new job or make arrangements. Unemployment in the US is very low. I don't have many bills so I'm sure it would cover the bare minimum....but I'm not sure. If I was living paycheck to paycheck and counting on unemployment (and divorced, since my husband could more than afford all of the bills) I might be a little worried
|
|
Formerly SK
Senior Member
Joined: Feb 27, 2011 14:23:13 GMT -5
Posts: 3,255
|
Post by Formerly SK on Oct 2, 2013 12:59:28 GMT -5
I think it's just the media doing its regular "the sky is falling" bit. If you ask enough people, you find a few who will bitch about how much they're suffering. And even then, people may complain about it when the ramifications aren't even that horrible. Say the govt is closed for a week. That's 1/52 of your annual income (1/104th of your income if you have a dual income family). Take away taxes and we're not talking a large percentage of pay. Don't get me wrong, it sucks to lose it. But it sucks to replace your dishwasher too and in the end the costs may be about the same.
But mostly I attribute it to the media being idiots.
|
|
thyme4change
Community Leader
Joined: Dec 26, 2010 13:54:08 GMT -5
Posts: 40,763
|
Post by thyme4change on Oct 2, 2013 15:05:03 GMT -5
There is also a difference between paycheck to paycheck and hand to mouth. Sure, some people have very little savings, but they spend on frivolous stuff, and can make adjustments quickly if need be. They also probably have enough available debt to carry them through at least a couple of months.
Some people are living a lot closer to the edge than that - meaning every bill is late, all credit is maxed and missing even a small amount of income will hang them up immediately.
I suspect a lot of these people griping are in the first group, or even have a few months income saved up - but griping just for the fun of it.
|
|
Deleted
Joined: Oct 7, 2024 8:41:18 GMT -5
Posts: 0
|
Post by Deleted on Oct 2, 2013 15:21:42 GMT -5
A friend posted an album of things for sale, PayPal, fire sale, on facebook last night. I'm sure something happened
|
|
cronewitch
Junior Associate
I identify as a post-menopausal childless cat lady and I vote.
Joined: Dec 20, 2010 21:44:20 GMT -5
Posts: 5,979
|
Post by cronewitch on Oct 2, 2013 15:32:21 GMT -5
I have never had an emergency fund yet have always been fine. When unemployed 8 months at a time Unemployment and roommate income more than paid all expenses. I also had 100K line of credit I could have tapped but didn't need to. I also had about 100K in a ROTH IRA I could have withdrawn some if needed but I didn't need to.
Currently I save half my income and have 862K in investments, 50K line of credit and 25K or more of empty credit cards but no emergency fund so am living pay check to pay check according to some.
|
|
Rocky Mtn Saver
Junior Associate
Joined: Dec 23, 2010 9:40:57 GMT -5
Posts: 7,461
|
Post by Rocky Mtn Saver on Oct 2, 2013 16:25:30 GMT -5
I suspect it has more to do with them not knowing how long this is going to go on. Yeah, but it's way too early to be gnashing teeth and wailing. History is on the side of it being short-term.
|
|
haapai
Junior Associate
Character
Joined: Dec 20, 2010 20:40:06 GMT -5
Posts: 5,983
|
Post by haapai on Oct 2, 2013 16:25:49 GMT -5
There is also a difference between paycheck to paycheck and hand to mouth. Sure, some people have very little savings, but they spend on frivolous stuff, and can make adjustments quickly if need be. They also probably have enough available debt to carry them through at least a couple of months. Some people are living a lot closer to the edge than that - meaning every bill is late, all credit is maxed and missing even a small amount of income will hang them up immediately. I suspect a lot of these people griping are in the first group, or even have a few months income saved up - but griping just for the fun of it. Or joining the chorus in order to avoid being hit up for a loan. I might have four or five months of liquid savings, but I'd never mention that to any of my coworkers without first swearing them to silence. The odds of getting a sob story are just too great. If I ever have to tap that EF, I'll make up some vague story about my parents helping me out.
|
|
Deleted
Joined: Oct 7, 2024 8:41:18 GMT -5
Posts: 0
|
Post by Deleted on Oct 2, 2013 17:47:48 GMT -5
There is also a difference between paycheck to paycheck and hand to mouth. Sure, some people have very little savings, but they spend on frivolous stuff, and can make adjustments quickly if need be. They also probably have enough available debt to carry them through at least a couple of months. Some people are living a lot closer to the edge than that - meaning every bill is late, all credit is maxed and missing even a small amount of income will hang them up immediately. I suspect a lot of these people griping are in the first group, or even have a few months income saved up - but griping just for the fun of it. Or joining the chorus in order to avoid being hit up for a loan. I might have four or five months of liquid savings, but I'd never mention that to any of my coworkers without first swearing them to silence. The odds of getting a sob story are just too great. If I ever have to tap that EF, I'll make up some vague story about my parents helping me out. Or that... Anyone close to us believe or think we are living paycheck to paycheck... That also kept everyone from salon us for money in the past 2 years or so. Heck a friend went all YM on me about saving for retirement, and come to find out I was saving more than double what he was saving. Did I tell him that? Hell no, I let him have his moment and listened to his awesome advice about saving for retirement.
|
|
sapphire12
Well-Known Member
Joined: Dec 19, 2010 19:02:12 GMT -5
Posts: 1,211
|
Post by sapphire12 on Oct 2, 2013 20:24:14 GMT -5
I'll say it's an interesting dynamic. It's more a mindset. YMers are proactive and know the value of options, even if one doesn't have an EF as defined by some; most on here still have access to money to cover the gap, either investments, lines of credit, etc. But remember, we heard the wall streeters wailing when they lost their bonuses when the financial crisis first hit. The world does not end because you don't get a bonus. It really doesn't. You may not like life as much, but it doesn't end.
|
|
Deleted
Joined: Oct 7, 2024 8:41:18 GMT -5
Posts: 0
|
Post by Deleted on Oct 2, 2013 21:52:11 GMT -5
I'm not surprised that people are living paycheck to paycheck.
I'm surprised that so many people are freaking out over the gov't shutdown and trying to get sympathy. Boohoo, you had to stay home for a few days from work.
|
|