Most Americans live paycheck to paycheck

a reply to: annoyedpharmacist

Look im not here to say anything other than how i spend money and use credit. Im 50, i apparently make an enviable amount of cash given the responses Ive seen. Responsibility is beyond a number and includes properly used credit. Im building a business worth a few million...not big but crrdit in the right hands has always been a viable path...but thats not truly the topic is it?

originally posted by: annoyedpharmacist

originally posted by: BlueJacket
a reply to: TEOTWAWKIAIFF

Yes sir...thats it. I buy everything except cars and house with cash...and if i had it to do over...id not of bought our new vehicles...total waste

When I buy something, I pay it in full. Car: paid off Credit Cards: no balance. The only major debt I have is school loans, and wow, is it a doozy unfortunately. I am also preparing as much as possible for retirement. My paycheck has the most I am allowed to remove pre tax to put into my 401k.

If I continue to save at this rate, and the market doesnt fall apart, I should have over 750,000 to retire on. The only trade off is that my take home is significantly less than it could be......so sometimes I do not have a huge margin for error. But I will take that, to ensure a comfortable retirement.

Do you have personal control over your 401K and what are the maintenance fees and other fees. Having a real estate background, I would forget the 401k and learn how to invest your own money. It comes down to "one having control over its assets" and I'm in my 60's and I been out of the States for about 25 years now. I say this because living in a foreign country and not having control over your investment assets is really like throwing your money in a trash can and watching a typhoon (market crash) wash it down to the ocean floor.

originally posted by: cynicalheathen

originally posted by: WeRpeons
a reply to: toysforadults

It's only going to get worst since colleges and universities are strapping this young generation with enormous debt! They have no disposable income left to put back into our economy, save for their retirements or buy a home. I've said it before, this will be one of the main reasons that will cause the U.S. economy to crash. If young people have no spendable income, it will directly effect businesses, the real estate and stock market.

Who forced the young people to get that debt? Was a gun held to their head?

I hold a GED. I make 10% more than the median household income of my state by myself. This doesn't include my wife's income.

I saw no benefit to a college degree. I didn't have a degree in mind for what I wanted to do. I wasn't willing to take on debt without a goal in mind. Now I have a much higher net worth than my friends who went to college and don't use their degrees.

I get what you're saying. Part of the problem is they brainwash kids into thinking you HAVE to go to college or you'll be a bum. Just go, get a degree. If you don't know what you wanna do, go anyway. Get your electives out of the way, you'll figure it out... sound familiar?

They teach you to do everything backwards. Go to college then find a job. The key is to figure out what you want to do first, then do some research. Are there many openings for that type of job in my area or will I have to move? What kind of pay will I see with the degree if I do get the job? Is it enough to offset the amount of debt I'd be taking on? Do I absolutely need a degree to get into that field? Do they offer internships or similar programs? Can I get started with just a 2-year degree or even just some certificates?

Don't worry about all that just get started on those electives. Enjoy your debt. And oh in the meantime make sure you're getting the latest phone, TV, etc that everyone else has.

originally posted by: kyleplatinum
a reply to: toysforadults

If you make 6 figures and live paycheck to paycheck, you are definitely doing something wrong.

It depends on where you're living in the country. $125k in Carlsbad, CA for example will get you a 2 bedroom apartment with a roommate.

a reply to: musicismagic

Yep..its why i keep hard assets

originally posted by: Aazadan

originally posted by: kyleplatinum
a reply to: toysforadults

If you make 6 figures and live paycheck to paycheck, you are definitely doing something wrong.

It depends on where you're living in the country. $125k in Carlsbad, CA for example will get you a 2 bedroom apartment with a roommate.

This is very key. This is why when I got out of the service I moved from Alaska to Pennsylvania. Much lower cost of living, at least in rural PA.

a reply to: TEOTWAWKIAIFF

There is a relationship between manufacturing and service, or an equilibrium. We have passed the equilibrium and are too fat with service.

I see very little incentive to make things in the US, there is too much $$$ in making things in 3rd world hell holes. The media is supposed to inform the citizens of this sort of thing, but sadly the corporations own the news and the third world manufacturing (GE and NBC).

.

a reply to: SoEpic

The supply of Labour is a huge part of the problem - more people going for each job - the success of immigration is the destruction of salaries. Before anybody accuses me of racism etc - I married an immigrant and I employ many.

bingo-the only thing large corps love more than scared non union workers are illegal immigration workers. They can abuse the workers, make them work in super dangerous conditions, who they going to tell.

Trump has the right idea on illegal immigration.

Apparently I'm doing prettt ok.. just turned 27, I have a 300k house, have a new jeep rubicon and an older one to offroad, my girlfriend has a 12 grand Cherokee limited.. and I just dropped 40k cash on a kitchen remodel.. if you live paycheck to paycheck that's your own fault.. also
I don't have a college degree

Wow, took a break and well, anyway.

Looks like two different arguments are being combined.

There is a debt to income ratio, or if you prefer, no debt at all. This falls into a personal responsibility situation.

The other, is wages. Supply and demand can dictate wages, sure however lets not overlook the fact that the bottom rung wage earners are kept there by force. There simply is no incentive for a company to pay a worker more for a large amount of blue collar jobs. To that same scenario, there is also little incentive to not rely on government assistance in exchange for a minimum wage job.

The problem? Government involvement.

a reply to: JinMI



Ohhh wrong one he was on the other day. 1001

that's what happens when government regulations, out of control banks and corporations get in the way of the invisible hand. everything will eventually collapse if it stays this way and countries make it harder for capitalism to thrive with more and more regulations and not punish corporations for their abuses.

After reading through the thread, I think businesses have been lying about to many regulations and too high taxes. Business owners are doing very well.

a reply to: MOMof3

I am a business owner and in my business, property development there are few regs. But taxes are indeed high, but the "customer" pays those. In other words higher costs.

Large corps love regs-they got lawyers to deal. Small businesses do not. In fact corps on occasions lobby FOR regs.

a reply to: MOMof3

Half of all businesses fail

Not to mention, even businesses that are staying above water are still negatively impacted by excessive regulation. The tighter your bottom line is, the less generous you can be to your employees. Everyone suffers.

a reply to: face23785

Sounds like people don't think things through. No surprise. Think about the people you know, imagine them starting a business.

The reality, still, is that many businesses do fail. According to the 2015/2016 Global Entrepreneurship Report published by Babson College and several other organizations, over half of businesses discontinue operations because of lack of profits or financial funding.

A big issue is under-capitalization at the outset of starting a business. Business owners frequently underestimate how much money will be needed to fund operations. At the same time, they can overestimate how quickly their products and services will catch on in the marketplace.

When I hear "owners underestimate how much will be needed to sustain operations" I think most people don't realize just how much it will cost them to comply with all the regulations and taxes. But you still have a point. Before people start a business it would behoove them to find all that out.

a reply to: face23785

Most people I know think it is romantic to be your own boss. It is not, well not totally.

It depends on the business as far as regs. Most do not create haz waste-so it is not rocket science as to regs.

You start to handle flammables or haz waste you better do your home work. Your ass will be buried deep if you do not cross your tee's.

a reply to: seasonal

Until they designate everything that's not made out of paper a hazardous waste. There's even regs about what to do with batteries now. Not car batteries. AAs.