Over half of Americans making over $100K living paycheck to paycheck

A new study shows 51% of people with six-digit salaries are living paycheck to paycheck. Megan Leonhardt, a senior reporter for Fortune magazine, joins "CBS News Mornings" to explain some of the reasons and what it means for banks and borrowers.

#news #wages #salary

[HarmonixsLoL]

Everyone understands that $100K gross income after taxes isn't $100K. So just imagine what those that are making less than that are going through.

[joesphcu]

People are working and there is little or nothing to show for it. everybody is basically working to sort out one bill or the other. no savings.

[Pianodaddyy]

My parents always taught me:
It doesn't make how much you make, it's how much you can save.

[TheNobleBard]

I went into debt 40k during the pandemic. I had an emergency surgery and spent 10 months without work and without unemployment. So I put all my expenses on credit cards for months and made minimum payments with the few thousand dollars I had saved.

I recently got a much better job than my old one, but I am still struggling. It's not all fiscal irresponsibility. The government and society abandoned some of us doing the covid crisis. We did the best we could with the resources we had.

[Enchanteralle]

$100k may look good on paper, but don't forget 1/3 of that goes to tax. So you're left with around a little over $60k a yr. Given the inflation and increase in living expenses in some areas, you're left living paycheck to paycheck. Sure you can save and limit your budget, but $100k now is not the same as $100k 20-30 yrs ago.

[karlabritfeld]

My husband and I decided years ago that we were not going to live with debts. Paid off our mortgage within 11 years, drove our old car until it fell apart, paid off all credit cards and put every extra dime into savings. We now owe NO money to anyone. We invested money, currently worth over one million dollars. No inheritance, nobody helped us. We are "ordinary" people living within our means. I never made more than $40, 000 a year.

[luciacoeto]

This seems to be a huge problem for the us citizens rn! I believe everyone should Live below their means" adjust your lifest, be frugal, budget, save and invest. This helped me out as a 6 figure earner. I've grown over a million in retirement savings with this method

[AntonioBianh]

My spouse and I are adding a variety of stocks/ETF to my present holdings for the long term, We've set aside $250k to start following inflation-indexed bonds and stocks of companies with solid cash flows, I believe it is a good time to capitalize on the market for long-term gains, but it wouldn't hurt to know means of actualizing short term profit.

[holyland]

It depends where you live. 100K after tax in NYC is about 60K. Rent is 3K a month. After rent, utility and food, there isn't much left.

[SueLewisBuffalo]

Imagine how the rest of us are doing. Regular people can't afford to live here anymore.

[RowdyLpx]

I'm a disabled veteran finishing up my bachelors and getting ready to move on to post graduate here in a few months. It has been extremely difficult to find a job that can accommodate some of the basic needs for its workers. I was a decorated soldier and in the civilian world I feel lost.

[cambce]

Depends on where you live, who you live with, and habits. 100k for family of 4 in California vs 100k for single guy in Texas with a roommate is COMPLETELY different

[hawkeyebricks]

100k doesn't go very far when your house payment is 2-3k/month on top of food/utilities/car bills.

[pasitosjunior]

The problem also is that High earners live beyond their means. They buy expensive homes and cars but they hide their reality. I know people with 6 figures that live beyond their means just to show off but they are deeply in debt. It’s sad.

[Jim_Curtis]

Having no debt and 3-6 months of living expenses as a reserve is such a game changer financially.

[AFlyingMayMay]

People don’t budget and wonder where all their money goes. People depend on credit cards and wonder why their payments are so high. Even with inflation, budgeting is a valuable tool that will show you where your money is going and teaches you to tell your money where it should go. People are just too lazy to do it no matter the income

[CrissyLynnB]

Imagine how the rest of us out here struggling, trying to survive in single parent household 30k and

[susangowin]

My husband and I have always watched our spending (especially, around the holidays) even with 5 kids and one income over the last 20 years. We're so fortunate to have over 9 months of emergency funds saved up, but we really try to live as frugally as possible.

[johnthomas]

What happens is people in the same income level tend to live in the same areas. Landlords and retailers adjust prices and you end up in the same situation that people who are making less. Landlords know what you make so even if you come in with a low rent the first year when it’s time to renew they will hike up the rent. Buying used to be how you fix this but home prices are sky high.

[ChocoBabiChan]

Anyone making 6 figs and living paycheck to paycheck is living outside of their means. There's no excuse. This is definitely a first world problem. 🤦🏿‍♀️