We’re not sure if it was a man or woman or non-binary person who looked to MarketWatch for financial advice, so we’ll just call them “they.” They are the head of the household and the sole breadwinner and will earn $350,000 before taxes in 2022. However, they’re still living paycheck to paycheck and don’t know what to do. Take out a home equity loan? Invest in some rental properties?
"'I'm paycheck to paycheck'" I make $350K a year"https://t.co/r3kFWpwigz
— Jeff Stein (@JStein_WaPo) October 10, 2022
— Nic-Ghoul-as Satan (@NSlayton) October 10, 2022
They write:
By the end of 2022, I will have made $350,000 before taxes as the sole breadwinner and head of household. This is a great starting point and I’m very aware how blessed we are to be in this position, but I’m always looking ahead on how to improve. I currently have $88K left in student loans (originally close to $150K) and very little credit card debt (less than $2K with more than $25K available). I have two auto loans totaling $170K for two electric vehicles at 5% interest.
… But my biggest concern is that after taxes, 401(k) contributions, bills, savings and mortgage ($4,500), on paper I’m paycheck to paycheck.
Unfortunately, they make too much to qualify for President Biden’s student loan cancellation.
they'll keep writing these articles as long as people keep clicking on them
— Joey Politano 🏳️🌈 (@JosephPolitano) October 10, 2022
I'm going to keep clicking them
— travis (@TsCFC2) October 10, 2022
"But my biggest concern is that after taxes, 401(k) contributions, bills, savings and mortgage ($4,500), on paper I’m paycheck to paycheck."
— Nathan Tankus (@NathanTankus) October 10, 2022
I would simply not spend 170 thousand dollars on cars.
— Tuba Gooding Jr. (@GoodingTuba) October 10, 2022
But they’re not paying anything for gas, which is expensive.
Yeah, but think about how much she's saving not having to fill up at the gas station. Granholm and Mayor Pete approve.
— rusty stonelake (@collectorgrid) October 10, 2022
I can offer financial advice for free: sell those cars!
— Sudha Lakshmi (@sudha_lakshmi) October 10, 2022
….$170k in car loans… what?
— HoneyBear (@Honey_BearxX) October 10, 2022
A new Toyota Prius would run around $30k.
— Meg (@MegShanCol) October 10, 2022
— Gregory Brew (@gbrew24) October 10, 2022
If you have a sizeable savings account, you are *not* paycheck to paycheck 🤦♀️
— 🤷♀️ (@smilingrain122) October 10, 2022
Poor things. Bless their hearts.
— Eddie (@PseudoRefuge) October 10, 2022
Whether it's people claiming they live "paycheck to paycheck" or that they have experienced "homelessness" or "food insecurity", I think there is an increasingly large list of wildly exaggerated claims of hardship that abound.
— Paul Hamrick (@HamrickPaul) October 10, 2022
This is the dril scented candles meme in real life
— Barret 🍶🍺🍻🥂🍷🥃🍸🍾 (@_barretme) October 10, 2022
It is:
Food $200
Data $150
Rent $800
Candles $3,600
Utility $150
someone who is good at the economy please help me budget this. my family is dying— wint (@dril) September 29, 2013
That sounds like a you problem.
— Rachel (@rachelwiechman) October 10, 2022
"I'm living beyond my means. Why can't I make ends meet?"
— Lighten up, Francis (@LightnUpFransis) October 10, 2022
If you make a lot of money and then spend it all you're just as broke as someone who actually lives paycheck to paycheck
— Frank Reynolds 🗽🌐 (@malarkeyhater8) October 10, 2022
Cry me a river. 🙄 pic.twitter.com/tr3bzty72m
— Nancy (@SameOldNancy) October 10, 2022
I don't think a financial advisor can help with that. A psychologist, maybe.
— Raising Civic Literacy From the Dead (@raisingcivlit) October 10, 2022
So your college debt wasn’t from a finance degree?
— BrianW (@BrianWelch67) October 10, 2022
What did they do with that stimulus check from Biden’s pocketbook? That $0.16 they saved on Fourth of July dinner?
Related:
New Yorker: 91-year-old owes $329,306 in student debt after taking out $29,000 in federal loans https://t.co/4TgPn2AOuP
— Twitchy Team (@TwitchyTeam) August 29, 2022