Topic: Almost 80% of US workers live from paycheck to paycheck. Here's why (Read 359 times)
August 26, 2018, 06:09:43 PM
In addition to the point raised above, I think lot of people don't give much thought to Investment too and therefore spend a large proportion of Thier monthly income on consumption goods such as expensive cars and others.
August 26, 2018, 06:01:31 PM
August 26, 2018, 05:37:34 PM
I don’t agree with the title: it’s not a “good jobs” crisis, it is a behavior crisis. It is easier to save money if you make $200,000 a year than if you make $20,000 a year but what usually happens is that the guy making $200,000 a year tends also to live paycheck to paycheck. He gets a much bigger house (or two), a much more expensive car (or two), spends more on vacation and so on.
If someone has ever watched the Dave Ramsey show, will know what I’m talking about.
When you learn to spend less than you earn, i.e. you save, you have money to buy assets, like stocks, funds or bitcoin but most people go the way of debt.
I agree with you. Sometimes, the savings did not determine by number of your earnings but by your way of living. There are always been an advantage of having a huge amount of salary but if you are sophisticated person, what your income may gone even in a few weeks. Unlike to the person who can live in a simple life can save 50% of his income. At the end, the one who have simple life and lower income can save than the person who earns 150k dollars. If someone has ever watched the Dave Ramsey show, will know what I’m talking about.
When you learn to spend less than you earn, i.e. you save, you have money to buy assets, like stocks, funds or bitcoin but most people go the way of debt.
August 26, 2018, 04:10:10 PM
Sadly true, even in an advanced society such as the US. That is why the next economic crash will affect many.most persons are not prepared
August 26, 2018, 04:08:15 PM
You could also argue I guess that US workers tend to live beyond their means, which is something not solely based on their income alone, but rather their total mentality and spending habits. I don't think this aspect is being analyzed at all during this piece.
This could well happen.
I think that crypto adoption will either be accelerated through people's wages increasing, leading them to have more spare funds to invest into bitcoin (which isn't possible when their wages are much less); or an economic crisis in which the fiat currency depreciates so much that people are forced to find an alternative currency to store their wealth.
If wages do grow, then it wouldn't be surprising to see these employees that previously had no spare funds to invest turn to actively seeking to invest in something, in which case, more people may become intrigued with bitcoin and actually have the means to adopt it.
Quote
This could mean that future economic improvment, better job markets and wage hikes could be correlated with a rise in the userbase and crypto holdings. That's assuming that 80% of workers living paycheck to paycheck is preventing many who would like to buy bitcoin from purchasing due to monetary and wage constraints.
This could well happen.
I think that crypto adoption will either be accelerated through people's wages increasing, leading them to have more spare funds to invest into bitcoin (which isn't possible when their wages are much less); or an economic crisis in which the fiat currency depreciates so much that people are forced to find an alternative currency to store their wealth.
If wages do grow, then it wouldn't be surprising to see these employees that previously had no spare funds to invest turn to actively seeking to invest in something, in which case, more people may become intrigued with bitcoin and actually have the means to adopt it.
August 21, 2018, 08:38:20 PM
that is the sad truth, a lot of people not only americans, are not into any kind of investment such as bitcoin, aside from the fact the they lack of bravery and financial capacity, they are too busy with their dayjobs, many are spending more time doing something to earn instead of sitting in front of a computer and do crypto trading, it is just not the typical way to earn, but they are missing the whole point, they still havent tried it yet, and the stigma continues.
August 21, 2018, 06:44:35 PM
But that is not easy especially in this moment of history where everyone is so used to getting their wants satisfied immediately that they cannot simply wait to save to buy whatever they want, I can understand asking a credit for a major purchase like a house but now almost everything can be bought on credit.
That directly exposes the fragility of this system. If you want everything to thrive on debt, which has been the case for many decades, you basically take for granted that once every 10 to 20 years massive debt bubbles pop.I can access €5000 in credit without any problems right now, and that while I never signed up for anything that would grant me access to credit. It's there solely to tease me to use it. It's a nasty practice.
It has never been easier to cover yourself in debt in today's world, and that while after the previous credit crisis everything was meant to be taken care of when it comes to how easy it is to access credit. It has only become worse.
August 21, 2018, 01:13:18 PM
I didn't say that he should give his money away. I simply used it to show the gap between the richest and the rest of the society.
As for what you've said, even if you gave a million people some money and 5% used it to pay their debts and get out of the shitty life they're living, wouldn't that be worth it? You can never help everyone, but that doesn't mean that we shouldn't keep trying. Giving them jobs would of course be a much better idea.
We shouldn't wait for the government to do it. Those who have billions lying around should really put some of it into the lowest levels of society, or the'll one day have to fight to keep their wealth. The larger the gap the higher the incentive for an uprising.
If somebody has made more money, why does that mean he/she should be required to give it to somebody? I have never understood this logic. Well, I guess it is just communism or socialism.As for what you've said, even if you gave a million people some money and 5% used it to pay their debts and get out of the shitty life they're living, wouldn't that be worth it? You can never help everyone, but that doesn't mean that we shouldn't keep trying. Giving them jobs would of course be a much better idea.
We shouldn't wait for the government to do it. Those who have billions lying around should really put some of it into the lowest levels of society, or the'll one day have to fight to keep their wealth. The larger the gap the higher the incentive for an uprising.
You're confusing socialism with charity. Socialism forces people to share, charity does not. I believe that if you are fortunate enough to have so much money that you could heat up your house by burning cash in the fireplace you can always donate some of it to help others. It's also a smart thing to do because by saving people from total poverty you're also protecting yourself and the economy that you have to function in.
August 20, 2018, 10:57:30 AM
I agree with people above me. I did earned couple hundreds dollars per month before (live in a third world country) and that was alright with me and I lived from pay check to pay check.
However I have also made tens of thousands of dollars as well some months (selling stuff online) and I also lived paycheck to paycheck back than. There are a lot of people like me who spend what they have, if its 100 dollars we spend 100 dollars, if its 10 thousand dollars we spend 10 thousand dollars. The bad part is in the end you do not put any money aside for bad days.
Good part though is having memories you otherwise could never have.
If you go and see a financial manager the first thing that he will say to you or anyone else is to begin saving at least 20% of your income and to invest it for the long term in your retirement fund or in some low risk investment, if you do that by the moment you retire you will retire comfortably unlike most people that still spend everything they have and even more since they use credit to fuel their lifestyle.However I have also made tens of thousands of dollars as well some months (selling stuff online) and I also lived paycheck to paycheck back than. There are a lot of people like me who spend what they have, if its 100 dollars we spend 100 dollars, if its 10 thousand dollars we spend 10 thousand dollars. The bad part is in the end you do not put any money aside for bad days.
Good part though is having memories you otherwise could never have.
But that is not easy especially in this moment of history where everyone is so used to getting their wants satisfied immediately that they cannot simply wait to save to buy whatever they want, I can understand asking a credit for a major purchase like a house but now almost everything can be bought on credit.
August 20, 2018, 04:16:05 AM
I agree with people above me. I did earned couple hundreds dollars per month before (live in a third world country) and that was alright with me and I lived from pay check to pay check.
However I have also made tens of thousands of dollars as well some months (selling stuff online) and I also lived paycheck to paycheck back than. There are a lot of people like me who spend what they have, if its 100 dollars we spend 100 dollars, if its 10 thousand dollars we spend 10 thousand dollars. The bad part is in the end you do not put any money aside for bad days.
Good part though is having memories you otherwise could never have.
However I have also made tens of thousands of dollars as well some months (selling stuff online) and I also lived paycheck to paycheck back than. There are a lot of people like me who spend what they have, if its 100 dollars we spend 100 dollars, if its 10 thousand dollars we spend 10 thousand dollars. The bad part is in the end you do not put any money aside for bad days.
Good part though is having memories you otherwise could never have.
August 20, 2018, 02:27:31 AM
August 20, 2018, 02:04:56 AM
I don’t agree with the title: it’s not a “good jobs” crisis, it is a behavior crisis. It is easier to save money if you make $200,000 a year than if you make $20,000 a year but what usually happens is that the guy making $200,000 a year tends also to live paycheck to paycheck. He gets a much bigger house (or two), a much more expensive car (or two), spends more on vacation and so on.
If someone has ever watched the Dave Ramsey show, will know what I’m talking about.
When you learn to spend less than you earn, i.e. you save, you have money to buy assets, like stocks, funds or bitcoin but most people go the way of debt.
Right! The thing with a lot of people is that they tend to want to live above their means and to even be able to save in such scenarios, let alone invest, becomes a problem. A lot usually do not have future plans and would rather want to show off in the present while wallowing in debt than sacrifice a little now, focus on the future and plan ahead. If some low income earners can invest in anything as long as they set their mind to it, I really see no excuse for anyone not to. What is important is to cut your suit according to your size, sacrifice some things now and enjoy better in the future, at least something huge to retire on. If someone has ever watched the Dave Ramsey show, will know what I’m talking about.
When you learn to spend less than you earn, i.e. you save, you have money to buy assets, like stocks, funds or bitcoin but most people go the way of debt.
August 20, 2018, 01:51:29 AM
I think that it is not necessary to invest in cryptocurrencies to have income from this technology, there are many other ways to earn
August 18, 2018, 04:34:19 PM
I didn't say that he should give his money away. I simply used it to show the gap between the richest and the rest of the society.
As for what you've said, even if you gave a million people some money and 5% used it to pay their debts and get out of the shitty life they're living, wouldn't that be worth it? You can never help everyone, but that doesn't mean that we shouldn't keep trying. Giving them jobs would of course be a much better idea.
We shouldn't wait for the government to do it. Those who have billions lying around should really put some of it into the lowest levels of society, or the'll one day have to fight to keep their wealth. The larger the gap the higher the incentive for an uprising.
If somebody has made more money, why does that mean he/she should be required to give it to somebody? I have never understood this logic. Well, I guess it is just communism or socialism.As for what you've said, even if you gave a million people some money and 5% used it to pay their debts and get out of the shitty life they're living, wouldn't that be worth it? You can never help everyone, but that doesn't mean that we shouldn't keep trying. Giving them jobs would of course be a much better idea.
We shouldn't wait for the government to do it. Those who have billions lying around should really put some of it into the lowest levels of society, or the'll one day have to fight to keep their wealth. The larger the gap the higher the incentive for an uprising.
USA has been touted to be 'land of the free' and 'country where dreams come true', but it has all turned out to be a mirage. College graduates are leaving the system deep in debt with no job security as having a diploma nowadays doesn't guarantee employment. A law or a medical degree for example costs in the ballpark of $100k-$150k and people are basically slaves to the banks for many years to come not taking into account any other loans they might have taken out like car or house loans etc. No wonder people are living paycheck to paycheck.
Google tells me that lawyers make an average of $115,000/year. Doctors seem to be making closer to $200,000. The problem is still that people are spending almost all they make. There are lots of people comfortably living on $24,000/year, for example. If they just lived a simple life for a very brief time, they could pay those debts back so quickly and be "free", but no, they have to have the be house and the luxury cars, right away. I mean, if you can get approved for the credit, why not take it, right? *smh* 
August 17, 2018, 03:05:34 PM
80% of workers living paycheck to paycheck could partially explain why more consumers haven't bought bitcoin:
The majority of workers are unable to collect sufficient disposable income to invest in crypto currencies.
This could mean that future economic improvment, better job markets and wage hikes could be correlated with a rise in the userbase and crypto holdings. That's assuming that 80% of workers living paycheck to paycheck is preventing many who would like to buy bitcoin from purchasing due to monetary and wage constraints.
Also note this piece while containing good info and a good historical overview was authored by a berekeley economist in liberal california who could be resorting to FUD to mislead people into unfairly blaming Trump for everything.
The majority of workers are unable to collect sufficient disposable income to invest in crypto currencies.
This could mean that future economic improvment, better job markets and wage hikes could be correlated with a rise in the userbase and crypto holdings. That's assuming that 80% of workers living paycheck to paycheck is preventing many who would like to buy bitcoin from purchasing due to monetary and wage constraints.
Also note this piece while containing good info and a good historical overview was authored by a berekeley economist in liberal california who could be resorting to FUD to mislead people into unfairly blaming Trump for everything.
I would disagree with the fact that its because of not having excess disposable income is partially responsible as that would be misrepresentation for
1. You don't need to have enough money to invest in bitcoin or crypto currency no matter the little you have, you are very much welcome and with proper trading skills the fund can be turned over positively within a short period of time.
2. People who have excess disposable income does not automatically mean they would be investing because of factors that they are privy to and responsible for their decision making. Several others have even be publicly antagonise. Names like Warren, Bill, top bank CEOs have come to raise their voice against bitcoin.
August 17, 2018, 02:26:41 PM
Capitalism needs people to spend. The government needs people to spend to keep the economy moving. Unfortunately, this means the government will never teach people to save their money. The whole system is a mess, in my opinion, but you can't fix it by throwing money at it.
This is the perpetual treadmill that USA finds itself on. Many citizens have to work several jobs just to keep up with the bills. It's even commonly accepted that people have huge amounts of debt that they can't handle. What is wrong with society when so much money is being circulated, inflation is so high, but wages can't keep up and people have to work harder and harder to keep themselves from going under?
And yeah, people would just blow that money on useless shit because that's what Hollywood has trained them to do.
USA has been touted to be 'land of the free' and 'country where dreams come true', but it has all turned out to be a mirage. College graduates are leaving the system deep in debt with no job security as having a diploma nowadays doesn't guarantee employment. A law or a medical degree for example costs in the ballpark of $100k-$150k and people are basically slaves to the banks for many years to come not taking into account any other loans they might have taken out like car or house loans etc. No wonder people are living paycheck to paycheck.
August 17, 2018, 01:35:56 PM
I watched they talk about it on Keiser Report and apparently over 1/3 Americans have completely no savings and another 1/3 have less than 1000 USD in the bank. The amount of people living in total poverty, unable to pay their bills rose from 36 to 48 million in 7 years. And all this while Jeff Bezos holds 150 billion. Enough to give every single poor american a thousand dollars and still be a filthy rich billionaire.
The flow of wealth from the poor to the rich is huge and frankly cannot be stopped. The more poor people there are the richer the 1% becomes. People became the slave of the system they're living in, because everything has a price tag.
Giving people money will not fix their money problems for the most part. If you give everybody $1000, people who aren't go at managing money will spend it right away. What percent of they do you think would put it towards taking down their credit card debt? I think it would be pretty small. If you give a man a fish, he'll eat for a day. If you teach a man to fish, he'll eat for a lifetime. Capitalism needs people to spend. The government needs people to spend to keep the economy moving. Unfortunately, this means the government will never teach people to save their money. The whole system is a mess, in my opinion, but you can't fix it by throwing money at it.The flow of wealth from the poor to the rich is huge and frankly cannot be stopped. The more poor people there are the richer the 1% becomes. People became the slave of the system they're living in, because everything has a price tag.
I didn't say that he should give his money away. I simply used it to show the gap between the richest and the rest of the society.
As for what you've said, even if you gave a million people some money and 5% used it to pay their debts and get out of the shitty life they're living, wouldn't that be worth it? You can never help everyone, but that doesn't mean that we shouldn't keep trying. Giving them jobs would of course be a much better idea.
We shouldn't wait for the government to do it. Those who have billions lying around should really put some of it into the lowest levels of society, or the'll one day have to fight to keep their wealth. The larger the gap the higher the incentive for an uprising.
August 17, 2018, 12:49:43 PM
Capitalism needs people to spend. The government needs people to spend to keep the economy moving. Unfortunately, this means the government will never teach people to save their money. The whole system is a mess, in my opinion, but you can't fix it by throwing money at it.
This is the perpetual treadmill that USA finds itself on. Many citizens have to work several jobs just to keep up with the bills. It's even commonly accepted that people have huge amounts of debt that they can't handle. What is wrong with society when so much money is being circulated, inflation is so high, but wages can't keep up and people have to work harder and harder to keep themselves from going under?
And yeah, people would just blow that money on useless shit because that's what Hollywood has trained them to do.
August 17, 2018, 06:15:09 AM
I don’t agree with the title: it’s not a “good jobs” crisis, it is a behavior crisis. It is easier to save money if you make $200,000 a year than if you make $20,000 a year but what usually happens is that the guy making $200,000 a year tends also to live paycheck to paycheck. He gets a much bigger house (or two), a much more expensive car (or two), spends more on vacation and so on.
If someone has ever watched the Dave Ramsey show, will know what I’m talking about.
When you learn to spend less than you earn, i.e. you save, you have money to buy assets, like stocks, funds or bitcoin but most people go the way of debt.
If someone has ever watched the Dave Ramsey show, will know what I’m talking about.
When you learn to spend less than you earn, i.e. you save, you have money to buy assets, like stocks, funds or bitcoin but most people go the way of debt.
I agree with you sir, people who lives paycheck after paycheck often ends in big debt because they usually spending more than they earn thinking that they will get their salary for the next time bit thinking that it will not last for the rest of their lives. The time they want to save is the time they found themselves in big debt and regrets all the unnecessary expenses they made.
August 16, 2018, 05:49:06 PM
I don’t agree with the title: it’s not a “good jobs” crisis, it is a behavior crisis. It is easier to save money if you make $200,000 a year than if you make $20,000 a year but what usually happens is that the guy making $200,000 a year tends also to live paycheck to paycheck. He gets a much bigger house (or two), a much more expensive car (or two), spends more on vacation and so on.
If someone has ever watched the Dave Ramsey show, will know what I’m talking about.
When you learn to spend less than you earn, i.e. you save, you have money to buy assets, like stocks, funds or bitcoin but most people go the way of debt.
oh oh wait, guys with early 200K profit live paycheck to paycheck? Then can you tell me how we have billionares? Do they live from paycheck to paycheck? What about to give them less profit and grow employees wages? Not a good idea for fatty businessmen?If someone has ever watched the Dave Ramsey show, will know what I’m talking about.
When you learn to spend less than you earn, i.e. you save, you have money to buy assets, like stocks, funds or bitcoin but most people go the way of debt.
Something what I like at some point in comunists is that everyone has to live equal, no poors and no multi billionares, only one class of people. The only reason I don't like this is that it kills ambitious of becoming better than others.
As I know taxes are huge in USA and almost my every friend lives in rental, people usually don't have their own home. But you have hourly wages and min 6-7$ isn't that low, you have to they nothing if you see what's wage in some other countries. People can't get as much monthly as you earn daily.
Limit profit, everything over business owner's pure 100K must be used to grow wages and donate education, healthy lifestyle...
Jump to: