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.”