Pay Check to Pay Check

[QUINNSCOMMENTARY]

Living pay check to pay check, you hear that phrase a lot these days and one can easily get the impression that many, even most Americans are bordering on being poor. Andy Stern, President of the Service Employees International Union said in a recent WSJ article that 7 out of 10 Americans are living pay check to pay check. To me living pay check to pay check was what my parents did. They paid their basic bills like rent, bought food and clothes, saved virtually nothing, had no debt, didn’t own a car for most of their marriage and couldn’t afford to pay for college or weddings.

Notice I didn’t mention vacations or trips and certainly no purchases beyond the necessities, only small gifts at Christmas and for birthdays. To do this my father worked six days a week (seven until the law barred sales on Sunday). Today with an average credit card debt of about $9,000 it appears that the pay check to pay check thing includes a lot more than the bare necessities.

If seven out of ten Americans were living like my parents did, they would all be driving ten year old cars, theme parks would be empty, all TVs would be 21 inches or less (with an antenna on the roof or rabbit ears in the living room) and we would have one phone in the house that actually rang instead of playing Beethoven’s 5th. Only the very wealthy would ever see the inside of a cruise ship and I wouldn’t be typing this on a laptop while enjoying a $4.00 coffee at Starbucks. There is a heck of a lot that comes between paychecks beyond struggling to get buy – and that’s for at least 7 out of 10 Americans. We may not be able to afford to save, but we sure as hell can afford to spend…or at least borrow.

quinnscommentary.com

[Lon]

Originally Posted by QUINNSCOMMENTARY

Living pay check to pay check, you hear that phrase a lot these days and one can easily get the impression that many, even most Americans are bordering on being poor. Andy Stern, President of the Service Employees International Union said in a recent WSJ article that 7 out of 10 Americans are living pay check to pay check. To me living pay check to pay check was what my parents did. They paid their basic bills like rent, bought food and clothes, saved virtually nothing, had no debt, didn’t own a car for most of their marriage and couldn’t afford to pay for college or weddings.

Notice I didn’t mention vacations or trips and certainly no purchases beyond the necessities, only small gifts at Christmas and for birthdays. To do this my father worked six days a week (seven until the law barred sales on Sunday). Today with an average credit card debt of about $9,000 it appears that the pay check to pay check thing includes a lot more than the bare necessities.

If seven out of ten Americans were living like my parents did, they would all be driving ten year old cars, theme parks would be empty, all TVs would be 21 inches or less (with an antenna on the roof or rabbit ears in the living room) and we would have one phone in the house that actually rang instead of playing Beethoven’s 5th. Only the very wealthy would ever see the inside of a cruise ship and I wouldn’t be typing this on a laptop while enjoying a $4.00 coffee at Starbucks. There is a heck of a lot that comes between paychecks beyond struggling to get buy – and that’s for at least 7 out of 10 Americans. We may not be able to afford to save, but we sure as hell can afford to spend…or at least borrow.

quinnscommentary.com

I enjoy your commentaries and tend to agree with most of them, perhaps it's the age. With many of our citizens it's not a lack of $$$, but the inability to manage $$$ as well as debt.
Speaking of Starbucks. I went grocery shopping early last Tuesday and this particular super market has a Starbucks. The smell of the coffee really got to me and I thought what the hell, have a Starbucks. I went to the counter and noticed at least 15 people standing in line. The three bucks is bad enough, but there is no way that I will stand in line for a cup of coffee. I went home and had some instant Yuban.

[Dewey2Me1MoThyme]

A few quips I've heard on a syndicated finance help show, via local radio station ...

ACT YOUR WAGE

LIVE LIKE NO ONE ELSE, SO LATER, YOU CAN LIVE LIKE NO ONE ELSE

RICE AND BEANS, BEANS AND RICE

and one my Dad taught me, "The world owes you a living, you just have to work to collect it"

and my own "If you can't afford it, you don't need it"

Dew

"Anything worth dewing is worth dewing well"

[nvalleyvee]

BTS and I do $1600.00 a month for mortgage = we have another 20 years to go. That isn't going to happen - it will be sell - sell - sell when we are 65.. The stupid house is worth $550,000. Our mortgage is $225,000. Can you say retirement?

[Accountable]

Debt free here.

We have two vehicles: one '98 and one '99, both bought 3 years old and both paid for with a check. I still kick myself for not negotiating better.

For over 20 years my beloved's full-time job has been making my average paycheck do above-average things. Lord knows I make it hard for her because I always want to get new toys, but hers is the final word.

It irritates me when I hear people whinge (winge? I can't find my Brit dictionary) about not having enough money, yet they get brand new cars every few years bought on credit, buy lunch at work rather than packing one from home, and think that "can I afford it?" means "can I get it without maxing out my credit cards?"

A little patience and dicipline now will help keep blood pressure down in the future.

[Nomad]

Originally Posted by Accountable

Debt free here.

We have two vehicles: one '98 and one '99, both bought 3 years old and both paid for with a check. I still kick myself for not negotiating better.

For over 20 years my beloved's full-time job has been making my average paycheck do above-average things. Lord knows I make it hard for her because I always want to get new toys, but hers is the final word.

It irritates me when I hear people whinge (winge? I can't find my Brit dictionary) about not having enough money, yet they get brand new cars every few years bought on credit, buy lunch at work rather than packing one from home, and think that "can I afford it?" means "can I get it without maxing out my credit cards?"

A little patience and dicipline now will help keep blood pressure down in the future.

I love you.

[QUINNSCOMMENTARY]

Originally Posted by Lon

I enjoy your commentaries and tend to agree with most of them, perhaps it's the age. With many of our citizens it's not a lack of $$$, but the inability to manage $$$ as well as debt.
Speaking of Starbucks. I went grocery shopping early last Tuesday and this particular super market has a Starbucks. The smell of the coffee really got to me and I thought what the hell, have a Starbucks. I went to the counter and noticed at least 15 people standing in line. The three bucks is bad enough, but there is no way that I will stand in line for a cup of coffee. I went home and had some instant Yuban.

Well at least we have to admit that now a gallon of gas actually costs more than a cup of coffee and that's without whipped cream or favor syrups. Now we can walk to Starbucks and burn off the calories in the process.

I'm with you, since I was in the Army many years ago I don't do lines. This frustrates my wife to no end because she frequently has to go to another restrauant or stand in line Alone to buy something (Iv'e walked away). The way I figure it, they want my money and the least they can do is have sufficent people to collect it from me.

Two years ago I was on a cruise and we had to wait 45 minutes to eat and yet there were many empty tables. What's the deal I asked. "We don't have enough people to wait on the tables." I went beserk and upon seeing two dozen people waiting to eat, I yelled out (as my wife cringed in the corner), "Why are you putting up with this service?" Alas, the mutiny did not ensue, they just looked at me. It cost me an extra $15.00 each for dinner as my wife insisted on eating in the upscale dining room...no waiting, but it took nearly three hours to eat.......they didn't have sufficient people either.

[Joe]

Originally Posted by nvalleyvee

BTS and I do $1600.00 a month for mortgage = we have another 20 years to go. That isn't going to happen - it will be sell - sell - sell when we are 65.. The stupid house is worth $550,000. Our mortgage is $225,000. Can you say retirement?

Already you've doubled your investment. Sell your house now & you've made nearly $¼m profit!!!! Why is the house stupid?

I wish I could afford the English equivalent of a $1600 a month mortgage! That, at about £800 a month, is more than the total I earn each month. You aint doing so bad.

[gmc]

Originally Posted by Accountable

Debt free here.

We have two vehicles: one '98 and one '99, both bought 3 years old and both paid for with a check. I still kick myself for not negotiating better.

For over 20 years my beloved's full-time job has been making my average paycheck do above-average things. Lord knows I make it hard for her because I always want to get new toys, but hers is the final word.

It irritates me when I hear people whinge (winge? I can't find my Brit dictionary) about not having enough money, yet they get brand new cars every few years bought on credit, buy lunch at work rather than packing one from home, and think that "can I afford it?" means "can I get it without maxing out my credit cards?"

A little patience and dicipline now will help keep blood pressure down in the future.

allow me

http://www.askoxford.com/?view=uk

My mortgage is paid off next year

[Accountable]

Originally Posted by gmc

allow me

http://www.askoxford.com/?view=uk

My mortgage is paid off next year

Not sure the link worked. Either that or ..... well ........ Nah, the link must be off.