If I own my home via mortgage and I'm paying way above interest, am I considered living from "paycheck to paycheck"?
this post was submitted on 19 Mar 2025
138 points (97.3% liked)
Work Reform
11278 readers
281 users here now
A place to discuss positive changes that can make work more equitable, and to vent about current practices. We are NOT against work; we just want the fruits of our labor to be recognized better.
Our Philosophies:
- All workers must be paid a living wage for their labor.
- Income inequality is the main cause of lower living standards.
- Workers must join together and fight back for what is rightfully theirs.
- We must not be divided and conquered. Workers gain the most when they focus on unifying issues.
Our Goals
- Higher wages for underpaid workers.
- Better worker representation, including but not limited to unions.
- Better and fewer working hours.
- Stimulating a massive wave of worker organizing in the United States and beyond.
- Organizing and supporting political causes and campaigns that put workers first.
founded 2 years ago
MODERATORS
I make 100k a year living paycheck to paycheck because before that I was poor, very poor. Had to pay off all my student loans and car payments. Now that that's finally all said and done the cost of rent increased so damn much along with utilities and a bag of groceries costing $120 for practically nothing. I also have a three year old and I'm a single father. Anyways, after taxes, retirement funds, and funds I've started for my child so when I'm dead he at least has a foundation that no one in my family has ever seen before I'm basically left with nothing. It's crazy I somehow keep finding better jobs every few years but by the time I do the cost of living increases so god damn much that it doesn't matter. I don't live in New York City or anything either I live in a shitty two bedroom apartment in a crappy city that a bunch of wealthy people randomly started moving to in COVID and kicking everyone else out that's lived there for their entire lives by buying the rental properties and increasing rent to the point of where they can't stay anymore. Problem is I'd have to move like an hour and a half away from my job to find anything affordable and I can't do that because then I'd have zero time with my kid after work which I value higher than anything else on this planet.
I make what most people here would consider a good salary but am somehow in the ranks of paycheck to paycheck. A huge part of that is supporting a family, ridiculous housing costs, and loss of college financial aid.
If you reply that I should be able to do better, you’re probably right. However since divorce I was finally able to set aside an emergency fund and start saving the max toward retirement, but financial aid considers those part of the family contribution to my kids college, so I can’t win. Divorce also cost me a mortgage lasting until I’m almost 80, yet college financial aid counselor asked me to extend that with a reverse mortgage
My family is comfortable, in a house with a mortgage and cars that run and a bit in the bank. We are not "paycheck to paycheck" in that a missed check will doom us. But loss of income for any longer than a month or two would be disaster. I think that's what this statistic also includes.
So basically, Americans don't have a safety buffer. In a country where your government doesn't really give you any social security, I would advice against it.
In my city, people earning minimum wage live in illegal encampments.
Nobody really lives paycheck to paycheck. They survive paycheck to paycheck. That ain't really livin'.
Conservatives don't care what's true, they govern off vibes.
Well, here is a perfect vibe check: y'all feel like most people you know are financially all set? Not worried about work or a sudden medical expense? How's it feeling out there?
Does it feel like Trump and his billionaire boys club are helping you?
"It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so."
- Mark Twain
50-60% with some being self imposed ie high income living ourside their means so likely closer to 40-50% of people who are actually a pay check away from being destitute
I'm not sure that pisses my vibe check. 10% of people are smart enough to make good money and not be poor, but are dumb enough to fuck it up? That seems high. Mostly because I don't think that many people make good money.
I know 100 people, and I can't think of ten like that.
But if you mean "make not great money and fail to super optimize because of the stress", that I get.
Cute of you to correlate smarts with income....
Income is primarily in function of class and social background
And many suburban millenails expect to live like they grew up and that is no longer economicaly feasible without parental assistance even if you make "good" money.
Best example if people in major cities with 100k plus income loving pay check to pay check and crying about cost of living. Which is fair and all but there people in that same city living on 60k. So from that perspective it is a bit clown.
You guys are getting paychecks?
🙋♂️
Me.
Might as well be everyone.