Nearly two-thirds of Millennials earning over $100K a year report living ‘paycheck-to-paycheck’

[mountaineer]

Well not just that, Millennials and the following generation Z live for the moment, they are all about eating out not in, coffee bought at Star*ucks not brewed at home, upscale bars and entertainment, expensive vacations, gadgets and always the next new gadget bigger TV, leasing expensive cars so they look good. Saving for the future and buying their own home just isn't their thing because they would have to cut back on their toys and fun

If they see things like the latest iPhone and other electronics, home-delivered meals and eating out (never preparing one's own meals, in other words), clubbing, and vacationing as necessities - and don't consider saving equally necessary - then it's not surprising they have no money. And I have no sympathy.

[DefiantMassRINO]

Taxes on payroll income:
Federal Income Tax - 24%
Social Security Tax - 6.2%
Medicare Tax - 1.45%
State Income Tax - 5.0%

Taxes paid with remaining income:
Local Property Tax - 12% ($12,000 [$20 per $1000])
Sales Tax - 5.0% state, 2.5% local = 7.25%
Meals Tax - 5.0% state, 2.5% local = 7.25%
State Gas Tax - $0.24/gallon
State Underground Gas Storage Cleanup Fee - $0.026/gallon
Federal Gas Tax - $0.183/gallon
State Wireless Phone Tax - 10.32%
Federal Universal Service Fund (Wireless Phone Tax) - 9.83%

[thackney]

Taxes on payroll income:
Federal Income Tax - 24%
Social Security Tax - 6.2%
Medicare Tax - 1.45%
State Income Tax - 5.0%

Taxes paid with remaining income:
Local Property Tax - 12% ($12,000 [$20 per $1000])
Sales Tax - 5.0% state, 2.5% local = 7.25%
Meals Tax - 5.0% state, 2.5% local = 7.25%
State Gas Tax - $0.24/gallon
State Underground Gas Storage Cleanup Fee - $0.026/gallon
Federal Gas Tax - $0.183/gallon
State Wireless Phone Tax - 10.32%
Federal Universal Service Fund (Wireless Phone Tax) - 9.83%

To make it even worse, every product you buy has similar levels of tax imbedded in the cost, paid by you.

[sneakypete]

 

most of us have the same expenses; mortgage, home owners insurance, health insurance, flood insurance, property taxes, etc., and daily cost of living.

@libertybele

Nope,don't think so. Most of us who are retired are of the generation taught to work to be debt-free so you could be comfortable when you retire.

There is a reason I worked all the 10-12 hour days I could get back when I was still working. My house and 8 acres were paid for in 1980. I did borrow money on them again in 85 or so to put a new roof on the house and build a 1800 sq ft workshop,get it wired,plumbed,air-conditoned,and heated,but had that paid off again by 1990. Damn good thing,too,because it was shortly after that I was forced into retirement on medical disability.

I don't personally know of anyone that is retired and still owes money on their house. Franky,I don't even understand the concept,although I know there are no doubt plenty of people out there that just don't worry about owing money.

[sneakypete]

And McMansion mortgages, and car payments, and every other thing bought on credit, making payments... and every kind of subscription and services automatically debited from your bank accounts. And ready-made meals, take-out, and every other sort of convenience.

And a six dollar cup of coffee every day...

I know. I seen me do it.
I LIVE on less than I once spent per month on coffee.

@roamer-1

I admit to having a stupid truck payment on the 2016 Silverado I bought new,but I could easily afford it,and needed something reliable with a warranty in case I had to start making the 120 mile round trips to the VA hospital again.

It is now worth a lot more than I owe on it,and it mostly sits in the yard while I use a 03 4 cylinder Ranger for daily driving locally,and it will probably continue to sit idle unless I need to make a trip of more than 40 miles or so,and need something more comfortable than the Ranger.

Actually,I have always seen the Silverado as more of a tool I might need than a daily driver. Might even sell it to my ex,who wants to buy it. Last time I was hospitalized,she drove it to the hospital to pick me up and bring me back home,and loved it.

Selling it would free up some monthly money,but it would have zero effect on my life.

[roamer_1]

@roamer-1

I admit to having a stupid truck payment on the 2016 Silverado I bought new,but I could easily afford it,and needed something reliable with a warranty in case I had to start making the 120 mile round trips to the VA hospital again.

It is now worth a lot more than I owe on it,and it mostly sits in the yard while I use a 03 4 cylinder Ranger for daily driving locally,and it will probably continue to sit idle unless I need to make a trip of more than 40 miles or so,and need something more comfortable than the Ranger.

Actually,I have always seen the Silverado as more of a tool I might need than a daily driver. Might even sell it to my ex,who wants to buy it. Last time I was hospitalized,she drove it to the hospital to pick me up and bring me back home,and loved it.

Selling it would free up some monthly money,but it would have zero effect on my life.

@sneakypete

As long as I can fix it, or have a son or grandson that can, There ain't a single chance in hell I would buy a new rig, even if I could afford it. I am just oriented differently than that.

There is always something coming down the river (figurative) that is busted somehow, that I can pick up for a song, debt free. It will never make sense to me to buy new.

Besides, what I need the truck to be is not available. What I want the truck to do would inevitably have to be added to it.

Right now I am going through an old hay truck - I had thought it was a 2T, but it turns out it is a 5T with air brakes... The air brakes threw me off, but the intention is to cut the bed off, mount a pickup bed or flatbed on it, drop a Cummins 12v in it with a set of military axles... I am fixing to build the last truck I will ever need.

And even with the big iron, and the diesel, I will get it done nearly (or should I say, comparatively) for free. Why should I pay them azzholes more for a tinfoil replica of a truck?

Don't make no sense.

It is very rare that I buy anything new. certainly no big ticket item. Certainly no computer, certainly no furniture.
My kid just bought me a new air conditioner... I am pretty sure that is the ONLY thing that has entered this house new over 400 bucks. Very rare.

[Hoodat]

Student loan payments - the modern world's equivalent of indentured servitude.

It is now that the federal government has monopolized the student loan business.  Rates are a lot higher too, which you would expect with a monopoly.