a new survey finds that one third of americans who make less than $250,000
a quarter of a million dollars a year are living paycheck to paycheck.
The publication by lendingclub corporation reveals the immense
impact of inflation on many americans budgets.
The survey showing us high earners to report living paycheck to paycheck
Millennials that's us appeared to be bearing the brunt of these expenses.
With the survey finding more than half of the highest earners
in that demographic reporting, they have barely any savings by the end of the month.
And one of the most disturbing things to as I continue is that a
lot of these folks can't even make a $400 emergency payment in some cases.
Now,
the new data comes as the country deals with skyrocketing prices ranging from food
To home supplies and gas.
Many Americans looking to offset those costs by changing their lifestyle habits,
including dining out less or canceling subscriptions, but that whole $400
emergency fund
not being able to even keep up with. That is super alarming to me.
Right?
And so in the last segment we were talking about
what should you do in a rising rate environment,
number one advice pay down debts.
So you aren't caught off guard with higher rates, more money that you have to pay.
Number two actually is trying to build up that emergency fund right?
In case you have a minor expense or anything that can come out of the woodwork.
We saw a lot of people unfortunately lose
their emergency savings during the start of the pandemic
because of the unprecedented situation.
And then that third piece of advice is try to put
money away for retirement because it compounds over time and technically stocks
kind of are on sale for now.
What was shocking to me, I want to pull up that full screen if we can, can,
who is living paycheck to paycheck
for the highest income
earning
millennials, 50% of them are living paycheck to paycheck.
Yeah, that's pretty rough and it's like here it is now.
So that's got to be a lot of avocado toast and it's got to be a lot of traveling.
I mean you've got
that's right, there's a lot of lats, a lot of travel, like a lot of instagram outfits.
This is shocking to me. It is 5.4%
wow.
You know it's it's very humbling to so when you're on the subway or if
you're out driving and you see somebody
who's looking super fresh and super expensive.
Just know they're broke, Everyone's broke apparently according to this survey.
So we're all broke in this together. But yeah, pay down your debt.
Try not to subscription thing and I think that's a big one cause
people don't realize how much it eats up over the course of a year
and just try to,
And you're
right, we did that. Yeah, exactly. Make your own toast, maybe eat some crackers.
That's all we're gonna have crackers and butter
butter over there kind of like avocado.
It's kind of like an avocado toast supplement.
But we did a story. I think earlier this week, you and I did that.
The average consumer spends $150 on subscriptions a month.
That's also mind blowing. So look,
I know it's easier said than done, but like, now,
especially you want to look at the money coming in and
the money going out so that you're not losing money.
Yeah, you really got to start budgeting, sit down,
have those tough conversations and hold yourself accountable.