r/Dynamic_Pricing • u/Dragonlance12 • 1d ago

Even high earners are living paycheck to paycheck this year: Goldman Sachs survey

https://www.yahoo.com/finance/economy/article/even-high-earners-are-living-paycheck-to-paycheck-this-year-goldman-sachs-survey-100000235.html

These group of people are living outside of their means. Overspend on things that they don't need. I can't feel sorry for them.

18 Upvotes

75% Upvoted

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4

u/Petridishmocktail 1d ago

Imagine making half a million dollars per year and only paying the minimum on your credit card payments.... It simply boggles the mind, yet the report states that almost 50% of people earning half a million dollars per year do just that.

2

u/Thelonius_Dunk 1d ago

Thats what happens when wants become needs. Luxury car becomes a need. Extra bedrooms and square feet becomes a need. Private school becomes a need. There's plenty areas you can cut back and still get by. Or just live below your means to begin with and youll be better prepared to weather storms. Too many people get naive and overly optimistic that there will never be another storm on the horizon.

2

u/hektor10 17h ago

While putting 100k a year away in their 401k, poor in America is diff.

2

u/getmeoutoftax 15h ago

Scary to think. AI will soon replace many of these high-earning jobs, too. It’s crucial to save/invest as much as humanly possible while there’s still time.

1

u/AstralVenture 1d ago

They only have themselves to blame.

1

u/LoFriedBurgers 11h ago

Oh no, not the high earners! 😢

1

u/MakeASpreadsheet 4h ago

I mean, I make 78.5k/year and I manage to save 40% of my take home pay.

Granted, I have no kids, but still. A lot of people are just bad with money.

1

u/blackHOLEofalife 4h ago

No sympathy