lemmyman comments on What does it mean?

A Boring Dystopia

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[–] lemmyman@lemmy.world 23 points 8 months ago (1 child)

Also, supposedly 41% of people earning 300-500k/yr are "paycheck to paycheck."

I couldnt find it just now, but there was a profile I read on one such person a while back. Of course, after paying private school tuition for 3 kids, monthly payments on their two Mercedes, and maxing out two 401ks, two iras, and hsa...they didn't have much money left over every month.

So I'm willing to believe that the OOP was more about this than about actual hand-to-mouth situations

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[–] jacksilver@lemmy.world 9 points 8 months ago

Yeah, paycheck to paycheck doesn't mean you are scrapping to get by, it means your monthly income is about the same as your monthly expenses.

That means it's not about your income or wealth, just cash in vs cash out. Why this can be misleading is that if you make $300k and are month to month, that means selling assets or filling chapter 11 bankruptcy could fix your finance problems. However, someone with a small income is probably already doing all they can do to survive. Both fit the definition, but their situations are vastly different.

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