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Yeah sure. I've just never really seen anyone think that tabloids are worthy of using as a basis for benchmarking your life. I mean, I'd love to take private jets everywhere I go but I realize in my small brain that isn't a realistic benchmark to set for normal lifestyles.
You might want to get out and talk to people more. There's people of all types that believe all sorts of things. Not everyone is the same as you, believe it or not. People consume all sorts of types of media.. facebook, twitter, nyt, etc. And, consuming doesn't mean benchmarking. The media industry is vast.
What does 'living paycheck to paycheck' mean for folks here?
I take it to mean folks don't have the rule of thumb 6 months savings of 'normal' expenditures in liquid savings. Then a family of 4 can take a hit and get by without maxing out the f'in credit cards.
Do the math, then set aside some money to save (not in IRA or 401k) to get to that amount. Sure, it may take some time to get there, but then you aren't living paycheck to paycheck.
This 'adulting' is WAY overstated.
This is a good question. Most people I know that are young and make that kind of money are saving (for retirement and for rainy days). We have to keep in mind that "Jenny" feels strapped for cash but isn't poor. The opening paragraph reads:
"Jenny Castillo makes over six figures, owns multiple homes in DC and vacationed in three countries already this year. But at the end of each month, she’s still counting pennies."
Owning multiple homes in DC, and vacationing around the world, hardly seems like a real struggle.
You're the first person in this thread to bring up tabloids being a credible source of media. I'm not sure where you're going with this.... But tabloids are media... just like social media. You can keep denying it all you want, but that doesn't change the industry.
So the thought (not mine) was that "the media" is influencing people. The example given was Facebook and Instagram.
My point was that the media people are choosing to consume is akin to tabloids, and while it may happen I just don't see many people adjusting their lifestyles to an article they read about in People magazine.
If people have strayed away from reason and logic in how they conduct their lives and where they get their outside influences, that's on them. All the better especially for those earning lots and spending it all. "Please and thank you!" is what I say to that!
This is a good question. Most people I know that are young and make that kind of money are saving (for retirement and for rainy days). We have to keep in mind that "Jenny" feels strapped for cash but isn't poor. The opening paragraph reads:
"Jenny Castillo makes over six figures, owns multiple homes in DC and vacationed in three countries already this year. But at the end of each month, she’s still counting pennies."
Owning multiple homes in DC, and vacationing around the world, hardly seems like a real struggle.
It’s because it’s a clear click bait article. It’s a license for every older person to think to themselves “I didn’t make 100k”. “I didn’t travel or get my nails done”. It’s basically an advertisement for this person’s blog. There’s no actual substance or real finance advice. And it’s also click bait because most of the country doesn’t understand COL indexes. Dc is expensive. 100k isn’t a lot there.
What does 'living paycheck to paycheck' mean for folks here?
I take it to mean folks don't have the rule of thumb 6 months savings of 'normal' expenditures in liquid savings. Then a family of 4 can take a hit and get by without maxing out the f'in credit cards.
Do the math, then set aside some money to save (not in IRA or 401k) to get to that amount. Sure, it may take some time to get there, but then you aren't living paycheck to paycheck.
This 'adulting' is WAY overstated.
Holding 6 months of low paying liquid savings in your 20s or 30s seems like a tremendous cost. That’s money you haven’t tax deferred, aren’t investing, or using to build home equity. It’s just too inefficient. It’s downright damaging for someone if that was their largest asset.
Even now, I would never want to hold that much like that with no end in sight. Let’s say 6 month of true cash outlay expenses is 30k. Do I really want that kind of money rotting? And even living way under your means, say spending 10 months of your 12 months of income would take 3 years just to get to that point.
Over conservatism can create the bad outcome you’re trying to avoid. I’d rather aggressively grow my way to prosperity to have the 6 months expenses than turtle to get it at the risk of the future.
The only emergency fund I’ve built, is from all credit card rewards I get are saved and rolled into a special Xmas account. I’ve made around 8k from this.
I don’t see what’s wrong with relying on credit cards to aid cash flow, if they’re interest free intro apr. Credit is a tool.
Last edited by Thatsright19; 11-27-2019 at 05:56 PM..
They are online versions of tabloid magazines. I've never heard anyone refer to tabloids as any sort of credible source of media, they are read purely for their entertainment value.
When did media mean “credible”? You have a misunderstanding of what “media” is.
I actually don't think that acquiring real estate at a young age is a horrible idea. As long as you are smart about it.
Acquiring real estate was one of the first goals I had. I even took on PMI to do it. But, I’ve made 50k of equity in the process(and stopped the ridiculous rent price increases) . People will tell you to pay off student loans or build x emergency fund...but had I done both of those things first, I’d be 50k poorer. My home purchase has got me 2x my student loan value out of college as equity.
Holding 6 months of low paying liquid savings in your 20s or 30s seems like a tremendous cost. That’s money you haven’t tax deferred, aren’t investing, or using to build home equity. It’s just too inefficient. It’s downright damaging for someone if that was their largest asset.
Even now, I would never want to hold that much like that with no end in sight. Let’s say 6 month of true cash outlay expenses is 30k. Do I really want that kind of money rotting? And even living way under your means, say spending 10 months of your 12 months of income would take 3 years just to get to that point.
Over conservatism can create the bad outcome you’re trying to avoid. I’d rather aggressively grow my way to prosperity to have the 6 months expenses than turtle to get it at the risk of the future.
The only emergency fund I’ve built, is from all credit card rewards I get are saved and rolled into a special Xmas account. I’ve made around 8k from this.
I don’t see what’s wrong with relying on credit cards to aid cash flow, if they’re interest free intro apr. Credit is a tool.
If one has to run up a credit card balance at double digit interest rates and that balance carries over month to month to month to month....then duh...a savings balance is going to come out ahead to take hits in sudden unexpected high dollar expenditures.
Otherwise - back to the clickbait premise of the OP; living paycheck to paycheck.
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