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60% of millennials earning over $100,000 say they're living paycheck to paycheck



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 1 month ago '15        #1
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60% of millennials earning over $100,000 say they're living paycheck to paycheck
 

 
High-earning millennials are feeling broke.

Sixty percent of millennials raking in over $100,000 a year say they're living paycheck to paycheck, according to a new survey by PYMNTS and lending company LendingClub which analyzed economic data and census-balanced surveys of over 28,000 Americans.

It found that the more than half (54%) Americans are living paycheck to paycheck. And nearly 40% of high-earners — those making more than $100,000 annually — say they live that way.

That means high-earning millennials aren't the only ones feeling stretched thin, but they feel that way more than their six-figure making peers. Living on constrained budgets may therefore have less to do with income and more to do with expenses, the report says.

That's partly due to lifestyle choices. Many of these millennials are likely HENRYs — short for high earner, not rich yet. The acronym that was invented back in 2003, but has come to characterize a certain group of 30-something six-figure earners who struggle to balance their spending and savings habits.

HENRYs typically fall victim to lifestyle creep, when one increases their standard of living to match a rise in discretionary income. They prefer a comfortable and often expensive lifestyle that leaves them living paycheck to paycheck.

A $100,000 salary isn't what it was
The economy is also a huge factor behind six-figure-earning millennials feel so broke.

As the report reads, "Living paycheck to paycheck sometimes carries connotations of barely scraping by and of poverty. The reality of a paycheck-to-paycheck lifestyle in the United States today is much more complex, and the current economic environment has made it even more complicated."

It cited the example of a college-educated 35-year-old earning more than $100,000 while juggling a mortgage, student-loan debt, and a child, which could leave them with little savings for big purchases or unexpected emergencies.

The generation is facing an affordability crisis. Income increases simply have not kept up with an exponential increase in living costs, and the pandemic hasn't helped matters by throwing job loss and pay cuts into the mix.

The cost of education has also more than doubled since the 1970s, leaving many millennials racked with student debt. Priya Malani, the founder of Stash Wealth, a financial firm that works with HENRYs, previously told Insider that 40% of her clients had student loans — they owe $80,000 on average.

As a byproduct of this increased cost in living, the middle class has been shrinking. Pew Research Center defines the US middle class as people earning two-thirds to twice the median household income, earning about $48,500 to $145,500 in 2018, per most recent data available.

That means a six-figure salary is no longer what it used to be. In today's economy, $100,000 is considered middle class in the US.

visit this link https://www.businessinsid .. -broke-2021-6?
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 1 month ago '17        #2
Lite  topics gone triple plat - Number 1 spot x2
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whats 100k to a new york millennial?
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 1 month ago '15        #3
Top Goon  topics gone triple plat - Number 1 spot x171 OP
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 Lite said
whats 100k to a new york millennial?
Exactly
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 1 month ago '05        #4
youngvito18 
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100k dont mean sh*t if your spending is 80k, dudes be using credit cards to pay sh*tnoff until theyre neck deep in debt
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 1 month ago '15        #5
Kdub31 
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Inflation fu*kin sucks. Housing prices are way too high. Too the point where college educated workers on salary can barely afford to have a family.


Homelessness has sky rocketed and nobody has a answer for either problem.
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 1 month ago '17        #6
Kingz2 
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I mean 100k isn’t sh*t when you have a family. By yourself ok cool 1 kid and your back living paycheck to paycheck because daycare expenses is out of this world
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 1 month ago '19        #7
Anomic  topics gone triple plat - Number 1 spot x7
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 Kdub31 said
Inflation fu*kin sucks. Housing prices are way too high. Too the point where college educated workers on salary can barely afford to have a family.


Homelessness has sky rocketed and nobody has a answer for either problem.
Seems like inflation doesnt apply for rich mfs
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 1 month ago '20        #8
AC3 
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Live below your means. It doesn’t matter how much you make. People need to understand the difference between needs and wants.
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 1 month ago '17        #9
DavidTheMan 
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lol, you mean 60% of those polled live pay check to pay check.
The high rate of athletes going bankrupt, should tell you its not how much you earn, but how you spend/save what you make that dtermines your financial health.
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 1 month ago '04        #10
Tastemaker331  topics gone triple plat - Number 1 spot x18
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Just because a cat making 6-figures is living paycheck to paycheck, doesn’t mean he’s not living a good a*s life
sh*t is different when you increase your income
Eating better. Buying sh*t you want. More comfortable living situation
I’d sleep better being broke with the sh*t that I want, than to have an extra $5k in the bank while being frugal

The phrase “it’s not what you earn, it’s what you keep” is coping mechanism sh*t


Last edited by Tastemaker331; 06-19-2021 at 05:32 PM..
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 1 month ago '15        #11
SSJ4 Goku  topics gone triple plat - Number 1 spot x8
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 AC3 said
Live below your means. It doesn’t matter how much you make. People need to understand the difference between needs and wants.
Facts. I get want to cop a new game system & add another tattoo on me. But rent & that light bill always comes first.
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 1 month ago '15        #12
mwtx 
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Definitively depends where you live. In the south you should be absolutely fine earning that, but in an expensive a*s city like NY,SF, or LA.. yea probably not.
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 1 month ago '04        #13
A.G 
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Most of the high earning millenials live in expensive cities that have to pay people that income to even get them to work there..

$100k in a city like NYC or SF is nothing. Of course they're living paycheck to paycheck, because they're high earners relative to the rest of the country, but average income in the cities they live/work in.
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 1 month ago '21        #14
Mr Wendal  topics gone triple plat - Number 1 spot x6
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Programmed by big business to soend all of their money. Its pretty simple just look at your instagram feed
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 1 month ago '16        #15
Novii  topics gone triple plat - Number 1 spot x1
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Because 60% of millennials are dumb as fu*k.
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 1 month ago '21        #16
AdmRu 
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Them sh*tty a*s $2k monthly NY apts are dead a*s considered $650 Efficiencies where I'm from...
Shiiddd.. I've lived like damn near royalty for Half Less than that 100k back in my day kiddos lol smh... .y'all got it Baaaaddddd out here
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 1 month ago '20        #17
rocknrolla  topics gone triple plat - Number 1 spot x8
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 Lite said
whats 100k to a new york millennial?
those mfs go to the sh*tty a*s club and spend 5k on bottle service with a sh*tty couch people put their feet on
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 1 month ago '19        #18
Rackitup 
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1 bedroom in NYC for a year plus utilities is roughly 19k-23k a year.

Transportation for a monthly metro a year is around 1.5K

Food depends on lifestyle but a single male is probably 350 a month x 12 is a little under 4K

So that around 30k

Sound like to me that most have hella debt from going to private institutions, cc debt, and frankly living above their means.

I live in NYC and make significantly less and live a good existence. The people clearing this probably live very lavishly. They are probably vacaying and ride sharing everywhere so it a matter of knowing when to spend and when to save
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 1 month ago '16        #19
Forza Nocta  topics gone triple plat - Number 1 spot x19
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 Lite said
whats 50k to a n*gga like me can you please remind me?
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 1 month ago '10        #20
SwooshWonder 
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No excuses. As a new Yorker I will tell you a 100K in this country goes far. A $2K a month apartment is only 16% of yearly income. If you're sh*tting away the other $84K that's on you real talk
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 1 month ago '11        #21
Broseph Stalin  topics gone triple plat - Number 1 spot x5
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Man if it’s one thing covid has done it’s shown just how overrated urban living can be when the city dead.

was literally reading some sh*t earlier about how crazy it is up here

If you relocated from Atlanta to Boston and earned the national average wage of $51,960, you’d have to get a job that paid at least $75,137 to maintain the same standard of living that you’re accustomed to in Boston. That’s because Boston’s cost of living is 50% higher than the national average
so essentially living up north is costing me the difference of a brand new sedan yearly.


Last edited by Broseph Stalin; 06-19-2021 at 06:06 PM..
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 1 month ago '05        #22
pnoi89  topics gone triple plat - Number 1 spot x4
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This is dumb. Aside from the exceptions like San Fran or New York, you should be able to live rather comfortably (or slightly uncomfortable maxing out your 401k, IRA, etc.) with a six figure salary.
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 1 month ago '07        #23
young mad 
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Student debt, high rent and rising cost of goods across the board. It’s definitely real. Budgeting and trying not to keep up with your circle will help as well. Keep it a hunnit
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 1 month ago '05        #24
Micheal C. Will  topics gone triple plat - Number 1 spot x2
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I make over 62K living in NYS, about 50 miles from the city and I'm living comfortably.

I guarantee the main culprit is people living beyond their means.

The more money you make, usually the more money people spend.
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 1 month ago '16        #25
PolygodJr 
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Well...good for them
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