1365: Ask Farnoosh: Making $250,000 a Year But Living Paycheck to Paycheck

So Money with Farnoosh Torabi

Farnoosh Torabi

Entrepreneurship, Business

4.7 • 1.9K Ratings

🗓️ 3 June 2022

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

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Summary

Farnoosh shares thoughts on a recent article about households earning $250,000 but living paycheck to paycheck. Audience members want to know: Can I retire early? What to do with an inheritance? How can doctors and healthcare workers improve their finances without leaving the industry? How to be fiscally responsible with a new raise? Want more articles and videos by Farnoosh? Check out www.cnet.com/somoney. Subscribe to her weekly So Money newsletter for the latest updates and advice. Catch her weekly money videos on YouTube. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	So money is brought to you by CNET, the site that shows how to navigate change all around us.
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0:28.8	it MailChimp, the number one email marketing and automation brand. Based on customer numbers,
0:33.9	per verification email, advertising at MailChimp.com. So money episode 1365, ask for news.
0:41.5	You're listening to So Money, with award-winning money guru Farnoosh Karabi.
0:46.0	Each day, in a 30-minute dose of financial inspiration from the world's top business minds,
0:51.2	authors, influencers, and from Farnoosh ourselves. Looking for ways to save on gas or double your double
0:58.3	coupon? Sorry, you're in the wrong place. Seeking profound ways to live a richer half your life.
1:04.7	Welcome to So Money. Welcome to So Money, everybody. It's Farnoosh. It is June 3rd. How are you doing?
1:13.6	All right, I'm not wasting time. I want to talk about this article that came out this week
1:17.6	on Bloomberg posted about it on my social media, on Instagram, and the community went wild.
1:24.2	And I have to take the time now to talk about it with you. In case you missed it,
1:30.0	an article on Bloomberg, here was the headline. One-third of Americans making $250,000 live paycheck
1:38.6	to paycheck according to a survey. So at first glance, this headline seems absolutely bogus.
1:46.8	Right? How is it possible that a third of Americans making a quarter of a million dollars,
1:51.1	which is five times the average income in this country, unable to save? So what is living paycheck
1:59.2	to paycheck even mean, right? We all have in our minds this idea of what paycheck to paycheck means.
2:04.2	And it's different. Some people may assume that it means you are in debt or you can't make ends meet
2:10.9	that you're barely covering your expenses. And while that may be true for some people who
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