Both the wealthy and the poor living paycheck to paycheck
Living paycheck to paycheck isn’t just for the poor.
The Washington Post recently looked into how the style of living paycheck to paycheck — unable to save because of growing costs and having to spend an entire paycheck before the next one — isn’t just reserved for the poor. In fact, there are wealthy Americans — about 38 million households, according to a study outlined by The Post — living the same lifestyle, The Post reported.
“But a staggering two-thirds of these households are not actually poor — while they resemble poor families in their lack of liquid wealth, they own substantial holdings ($50,000, on average) in illiquid assets,” The Post reported. “Because this money is locked up in things like their houses, cars and retirement accounts, they can't easily dip into it when times get tough.”