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@resnikoff.bsky.social

I think the real finding from surveys like this is that a lot of self-pitying rich people don't know what "paycheck to paycheck" means. If you are spending hundreds of thousands of dollars annually on voluntary expenditures like prep school tuition, you don't count. finance.yahoo.com/economy/arti...

finance.yahoo.comMore than a third of Americans earning over $500,000 say they’re living paycheck to paycheck, Goldman Sachs findsNearly half of $500K-plus households pay only the minimum on their credit cards, and 80% have put off a major financial goal—more than middle earners on both counts.

David Ciani

@davidciani.com

These findings tell me that the survey questions need work. Asking well-off people if they live “paycheck to paycheck” is just a folksy way of asking about their savings rate.

17/10/26, 4:57 am1 repost1 like

David Ciani

@davidciani.com

I’d break it into a few different questions along the lines of: “Are you regularly out of or close to out of money right before payday?” “Do you have to use savings to cover every day expenses?” “Do you worry about having enough money to take care of an unexpected auto repair or medical expense?”