More than two-thirds in U.S. live paycheck to paycheck
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[quote]([url=http://www.reuters.com/article/2012/09/19/us-usa-survey-paycheck-idUSBRE88I1BE20120919]Reuters[/url]) - More than two-thirds of Americans are now living paycheck to paycheck, according to a survey released on Wednesday by the American Payroll Association.
The survey of 30,600 people found that 68 percent said it would be somewhat difficult or very difficult if their paychecks were delayed for a week. These results show Americans are still struggling with the recession's effects, the association said.
"This study clearly shows that Americans are finding it hard to save," said Dan Maddux, executive director of the San Antonio-based association of payroll managers.
In 2006, 65 percent of respondents reported living paycheck to paycheck, a figure that shot up to 72 percent in 2010 in the wake of the recession.
The survey was released during a week when a video of Republican Mitt Romney sparked a national conversation about the 47 percent of Americans who, Romney told donors, don't pay income taxes and are dependent on government.
Tracy Martinez knows the feeling of living paycheck to paycheck.
The San Antonio woman has a college degree. She and her husband both work, but Martinez still holds her breath that she won't have any emergencies come up, especially in the days right before payday.
"It seems like all the money goes away so quickly," she said. "It's kind of scary."
Wendy Kowalik, president of the San Antonio financial planning firm Predico Partners, called the study "disturbing, but not surprising."
Saving money is becoming more difficult, if not impossible, for more U.S. workers, Kowalik said.
"All of us in the industry are seeing it more often, that more and more clients are unable to save for the future," she said.
The main reason Kowalik's clients live paycheck to paycheck is that they have come to see luxuries as essential expenses, she said.
"Cable used to be a luxury. Now it's expected," she said. "People have an expectation that they should have a mobile phone, you should be able to have the Internet. People are going to have to change their outlook and put things into perspective."
The American Payroll Association, a trade group for more than 20,000 people who prepare checks, said it conducted the online survey between May and September 7. It had a margin of error of plus or minus 1 percent.[/quote]
and so have the majority of the population done so for decades.
This isn't common knowledge?
I never really understood the term 'living pay-check to pay-check'. Is it basically that you have less savings than a single pay-check, so if you miss one you're either screwed or have to do with a lot less in the next month?
[QUOTE=SweetSwifter;37727329]I never really understood the term 'living pay-check to pay-check'. Is it basically that you have less savings than a single pay-check, so if you miss one you're either screwed or have to do with a lot less in the next month?[/QUOTE]
It's when the majority of money you have is from your last paycheck.
And yet so many people have iDevices. Even the seemingly poor people manage to get an iPhone somehow.
[QUOTE=Paramud;37727377][B]It's when the majority of money you have[/B] is from your last paycheck.[/QUOTE]
No, not at all.
It means all your money from your paycheck goes towards means of life, like paying bills and food.
[QUOTE=SweetSwifter;37727329]I never really understood the term 'living pay-check to pay-check'. Is it basically that you have less savings than a single pay-check, so if you miss one you're either screwed or have to do with a lot less in the next month?[/QUOTE]
It's what the poor are.
[quote] Cable used to be a luxury. Now it's expected," she said. "People have an expectation that they should have a mobile phone, you should be able to have the Internet. People are going to have to change their outlook and put things into perspective."[/quote]
Cable is a luxury, I'll grant that, and so are fancy phones, (a basic one is near mandatory, though) but the internet is pretty much necessary for day-to-day life, at least here. You get discounts on certain things for buying online, can pay bills online, apply for jobs online, keep contact with people online and so much more. It's like the people who make these lists never actually consider that something can become mandatory when society changes so drastically.
Living pay-check pay check doesn't necessarily mean someone is really poor. It could mean that they don't know how so manage their money well. Also, you have to look at how people view their own financial situations. Someone making a decent amount of money ca still see themselves as being poor, whether it's true or not.
I knew some guy back in high school who had a job and always bragged about his money and blew every paycheck of his on useless junk that he ended up throwing away at some point. He's still the same and complains about having no money and that his job doesn't pay him enough. Hmm, I wonder why. It seems a lot of people I know are usually bad with money and blow their whole paycheck on something with nothing left to save, hell, they even overdrop their bank accounts to buy expensive shit. Now there are people out there who actually use the money from their paycheck on all bills and food, but I haven't seen many of them recently, it just seems like a lot of people here are bad with money.
Don't worry, the free market will take care of us!
[QUOTE=SweetSwifter;37727329]I never really understood the term 'living pay-check to pay-check'. Is it basically that you have less savings than a single pay-check, so if you miss one you're either screwed or have to do with a lot less in the next month?[/QUOTE]
Basically it means that your paycheck covers your costs of living, and fuck all else, there's no money left at the end of that paycheck for the little luxuries or as a rainy day fund, it's immediately spent on bills and food and shit and if something happens that requires money, then you're fucked sideways.
[QUOTE=itisjuly;37727432]And yet so many people have iDevices. Even the seemingly poor people manage to get an iPhone somehow.[/QUOTE]
It's things like that with a high monthly fee that cause people to live paycheck to paycheck I reckon
I live paycheck to paycheck, if I miss one I'm out of a house and I've got no food for two weeks.
I do find it hard to believe 2/3's of the u.s. do this as well.
I make decent cash and still live paycheck to paycheck. Money is all relative, as my income goes up, so do my expenses. Then again, I'm a dumbass and bought an '08, so.
[QUOTE=Sobotnik;37727680]It's what the poor are.[/QUOTE]
That is got the be the most stupid thing that someone could say when explaining this.
You could live paycheck to paycheck making $100m a year.
[QUOTE=areolop;37728109]That is got the be the most stupid thing that someone could say when explaining this.
You could live paycheck to paycheck making $100m a year.[/QUOTE]
If you earn 100 million dollars a year and you're living paycheck to paycheck you've got some major problems.
nothing wrong with the economy or job market at all nope these people are just lazy who need to work harder to get MORE PAYCHECKS
Occupy Wallstreet has no legitimate claims.
I live paycheck to paycheck and by no means am I extraordinarily poor.
[QUOTE=Pierrewithahat;37728128]If you earn 100 million dollars a year and you're living paycheck to paycheck you've got some major problems.[/QUOTE]
Better cut back on those 10 car purchases a month.
I wish I got paychecks.
[QUOTE=SockFC;37728267]I live paycheck to paycheck and by no means am I extraordinarily poor.[/QUOTE]
would you be in trouble if your paycheck was delayed by a few weeks or lost your job?
[QUOTE=Pierrewithahat;37728128]If you earn 100 million dollars a year and you're living paycheck to paycheck you've got some major problems.[/QUOTE]
its an example
I wonder whether you could claim the internet as a tax expense, if you could only pay your taxes online.
I love having $5 left out of every paycheck.
This is the case for my family right now, about 80% of my parents paychecks go to trying to pay my college payments.
The only "luxury" bill they pay is internet, they do not have cell phones and do not get cable/satellite TV.
[editline]though[/editline]
Things should get better once they manage to get their old house sold, it is weird knowing that they are actually quite well off if you count the value of the house but until it is sold they are completely broke.
[QUOTE=imptastick;37729901]This is the case for my family right now, about 80% of my parents paychecks go to trying to pay my college payments.
The only "luxury" bill they pay is internet, they do not have cell phones and do not get cable/satellite TV.[/QUOTE]
So what you're saying is you could live off of 20% of your income? and could miss 4 paychecks before having serious problems?
[QUOTE=zakedodead;37729957]So what you're saying is you could live off of 20% of your income? and could miss 4 paychecks before having serious problems?[/QUOTE]
No I am saying they are barely getting by. As in $1 frozen dinners, and ramen noodles broke.
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