Here’s another trend of the “new normal”: the working poor.
30% of Americans making $100,000 or more each year are living paycheck to paycheck, reports a CareerBuilder study this week. That’s up from 21% last year — a number that still seems awfully high.
61% of all Americans say they are in a similar bind… making just enough to finance their lifestyle every month. Just a year ago, 49% were living paycheck to paycheck.
The No. 1 way to make ends meet on a tough month? Cut savings. Check out these quick stats:
* 21% of correspondents have reduced or eliminated 401(k) contributions in the last six months
* 36% don’t put any money toward retirement
* 33% don’t save at all
* 30% that do put some away save less than $100 a month.
Puts an interesting twist on the much belabored rising savings rate, doesn’t it? The personal savings rate as reported by the government has nearly doubled from this time last year — from roughly 2.5% to 5%. But to what end?
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CANADIANS JUST RIGHT BEHIND YOU:
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I know I live paycheck to paycheck. I refuse to be one of those people who work 4 jobs to make ends meet, thus never seeing or spending time with my 5 yr old boy. Instead I shop at the goodwill, eat beans and rice and have the basic cable package. I want a higher standard of living though. It would be nice to be able to take a vacation for once in my life. Go someplace to see the ocean and stay in a nice hotel. Oh well. Probably won't ever happen before the great econmic crash.
ReplyDeleteThey failed to add my group of stats:
ReplyDelete*30% are TWO WEEKS behind when they receive their paychecks
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ReplyDeleteHi! I would love to donate, but I want to do so without using a CC or whatnot. Do you,by chance have a PO Box I can send cash to? I don't even need to know your name.
ReplyDeleteHi 3:02 please email me, thanks!
ReplyDeleteAnyone making $100,000 a year and living paycheck to paycheck is a damn poor manager.
ReplyDeleteNot much more can be said on that.
3:48, I agree to a point. We live in a mobile home that is paid off. We did just buy property where the mortgage is $1K. Mobile home space rental is $500. $1,500 a month is low in our area. For the kind of square footage we have, we would pay at least $2,200 for the same in a real house. We do not have cell phones. Nor cable or satellite. We do have 2 cars - one sips gas and the other take a bit more. We do havea $1,300 month child care bill. And then at the end of our paycheck, we dont have much left over. That being said, there are definintely areas we could cut corners and still be fine. but we don't have fancy things and live pretty humbly.
ReplyDeleteRice and Beans, Beans and Rice, I proposed sometime ago on this blog to help you out a little. All I asked for is your healthy kidney or other viable organ, in return we would compensate you for $200 US dollar. We have yet to hear from any of you. We are terribly dissapointed with you. And now how will I tell the sheiks in Saudi Arabia I could'nt come through? It's noodles for you now blokes, better stock up on plenty, cause you had your shot mates.
ReplyDeleteHalf the people I know live paycheck to paycheck. Some of them drive a Mercedes. Nice clothes. They play the part very well though. You'd think they were truly wealthy.
ReplyDeleteForget IRA and 401(K) contributions that is what the banksters want you to do. Instead buy silver! Read your Constitution people, Silver and Gold are real coin of the Realm. Paper money is a scam the bankers pulled over the eyes of the people with the assistance of governments. For your on sake do it!
ReplyDeleteMoney, gold and silver are scams.
ReplyDeleteamericans dont understand the concept of saving anymore.
ReplyDelete