I'm Rich, sort of.

[arakboss]

With all the pessimism surrounding the economy, I have been trying to find a bright side to it. I read this statistic that claims half of Americans have $250 or less of discretionary income left each month. I am guessing that many people in poorer countries have much less than $250 left over each month.

After my debt is paid off in a couple of weeks I will have about $2300 of discretionary income left over each month. I probably would not be welcomed at any country clubs but I can say that I am better off than half the country.

"According to a 2021 survey by The Balance, however, over half of Americans had $250 or less of discretionary income each month."

If you are feeling poor, consider that you might have a lot more discretionary income than many others around the country and the world.


You might even be better off than these guys.

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[Heyjoe]

If you live in the United States and have a home you are the 1% at the top for wealth worldwide.

 

[Alexx1401]

Even the "poor" have it so good in this country that the big problem is people eating themselves into an early grave. We really need to have the ability to send some of the complainers to a country where the people who are "poor" really do not have enough to eat. From what I have seen a LOT of the people who have very little money to play with do it to themselves. They choose to live above their means. If they make 30K a year they want to live like they make 35K and such. Maybe I am the odd man out here but I have never wanted to do that. When we buy a car we look at payments that are FAR lower than what we can swing. Same with places to live. We always looked first at what area we were comfortable with than look for a price we could swing EASILY. I have never quite understood having a home and or vehicle that the payments were so much of what you made you could barely make them.

 

[arakboss]

Even the "poor" have it so good in this country that the big problem is people eating themselves into an early grave. We really need to have the ability to send some of the complainers to a country where the people who are "poor" really do not have enough to eat. From what I have seen a LOT of the people who have very little money to play with do it to themselves. They choose to live above their means. If they make 30K a year they want to live like they make 35K and such. Maybe I am the odd man out here but I have never wanted to do that. When we buy a car we look at payments that are FAR lower than what we can swing. Same with places to live. We always looked first at what area we were comfortable with than look for a price we could swing EASILY. I have never quite understood having a home and or vehicle that the payments were so much of what you made you could barely make them.

I am guilty of the complaining myself. I am trying to be more cognizant of the fact that so many people are much worse off than I.

 

[Longwalkhome]

Average person who worked their entire life paying into SS is receiving $1,400 a month. They are giving the border jumpers $2,200 a month +. No wonder Amercans are said to not have $250 extra.

 

[parallax]

Average person who worked their entire life paying into SS is receiving $1,400 a month. They are giving the border jumpers $2,200 a month +. No wonder Amercans are said to not have $250 extra.

a thing thats frustrating, is ya have to pay tax on a portion of your social security, if you make too much money. i feel that social security at retirement, should never be taxed...

 

[JustShoot]

"According to a 2021 survey by The Balance, however, over half of Americans had $250 or less of discretionary income each month."

Less than 250-$ a month for leftover end of month discretionary money for an average . I would not worry about it, as your government has it all figured out. The standard of living will be raised and spread equally for all . Soon as you are ordered that you have 120 days to declare and take all US currency to a federal authorized location, To exchange your 'Paper' for your new WEF Digital Credit Currency. ....LOL
.

 

[Alexx1401]

a thing thats frustrating, is ya have to pay tax on a portion of your social security, if you make too much money. i feel that social security at retirement, should never be taxed...

People line up and tell Gov they want money. So Gov lines up to say they need taxes. An amazing number of those yelling for more money never seen to see where that money comes from.

 

[Ruger Rich]

a thing thats frustrating, is ya have to pay tax on a portion of your social security, if you make too much money. i feel that social security at retirement, should never be taxed...

You were taxed all along as you worked and unlike a 401K the SS withdrawn from each paycheck was taxed. Now again
when you go to collect at 65/66 you will again be taxed. I feel that the sum total of your SS contribution should not be
taxed unless you reach the point where you've used that up. Past that point being taxed might seem fair.

 

[arakboss]

My plan for the discretionary income is to spend it on or invest it in things that will lower my monthly obligations. This should create more discretionary income going forward. I am not sure yet, what items I will buy or where I will invest it but inflation will be top of mind.

I could prepay the rest of my son's child support. That would amount to roughly $3600. Not sure that would really help me avoid inflation but it might help him if he was going to buy hard goods with it?

 

[wired]

You were taxed all along as you worked and unlike a 401K the SS withdrawn from each paycheck was taxed. Now again
when you go to collect at 65/66 you will again be taxed. I feel that the sum total of your SS contribution should not be
taxed unless you reach the point where you've used that up. Past that point being taxed might seem fair.

Ah, fairness. Never happens.

Im always happy when I pass the SS max each year. It's like getting a immediate 6% pay raise .

 

[Flopsweat]

My plan for the discretionary income is to spend it on or invest it in things that will lower my monthly obligations. This should create more discretionary income going forward. I am not sure yet, what items I will buy or where I will invest it but inflation will be top of mind.

I could prepay the rest of my son's child support. That would amount to roughly $3600. Not sure that would really help me avoid inflation but it might help him if he was going to buy hard goods with it?

The later you pay the child support, the less the money you're paying should be worth. Low interest debt should be held if you're expecting more inflation, for the same reason. Put the money into savings or investments and you will have more money in the long run. Also put a portion of it in low-risk stuff. Really you should hire a professional for these sorts of questions or get on a financial forum.

 

[arakboss]

The later you pay the child support, the less the money you're paying should be worth. Low interest debt should be held if you're expecting more inflation, for the same reason. Put the money into savings or investments and you will have more money in the long run. Also put a portion of it in low-risk stuff. Really you should hire a professional for these sorts of questions or get on a financial forum.

For my son's sake paying child support early would benefit him if he was going to spend it on something useful and subject to inflation.

I am a long ways off from needing or trusting a CFP.

Right now I want to lower my reoccurring monthly expenses to as low as possible. Then save up an emergency fund. If I can spend money on things that will cut my monthly expenses, I am prepared to do that.

I agree with low interest debt being a benefit in times of high inflation. I just want to be done with debt and have as few payments as possible every month.

 

[Mikej]

People line up and tell Gov they want money. So Gov lines up to say they need taxes. An amazing number of those yelling for more money never seen to see where that money comes from.

The drug dealer across the street, that likely never held a job very long, if at all, get's social security. He served 16 years of his life in prison. It's a long story that started when they moved in to an apartment across the street from us and we watched the comings and goings. We've been here 22 years.
How about those kinds of people? How many of those do you think there are? That fat **** is in and out all times of the day still!

 

[parallax]

The drug dealer across the street, that likely never held a job very long, if at all, get's social security. He served 16 years of his life in prison. It's a long story that started when they moved in to an apartment across the street from us and we watched the comings and goings. We've been here 22 years.
How about those kinds of people? How many of those do you think there are? That fat **** is in and out all times of the day still!

It's frustrating for sure... I did everything " right " in my life, never been to prison, never been arrested, worse thing i ever got caught doing was a speeding ticket in 2003, yet i went to work every day, paid anywhere from 30-50% of my income back to the government in some form of taxes.. I know people who have never held a job for more than a year or 2, and have lived on government for decades, they still do.... moving to a foreign land, and collecting my s.s. retirement overseas, where i can live like a king, is looking better and better.

 

[arakboss]

I contribute a sizable chunk of my income to charity. The Organization is called IRS. I am guessing they don't score well on Charity Navigator but I am stuck with this outfit for now.

 

[wired]

It's frustrating for sure... I did everything " right " in my life, never been to prison, never been arrested, worse thing i ever got caught doing was a speeding ticket in 2003, yet i went to work every day, paid anywhere from 30-50% of my income back to the government in some form of taxes.. I know people who have never held a job for more than a year or 2, and have lived on government for decades, they still do.... moving to a foreign land, and collecting my s.s. retirement overseas, where i can live like a king, is looking better and better.

Loosen up

 

[arakboss]

75% of people age 50 and up worry Social Security will run out of money in their lifetimes, survey finds

Negative headlines about Social Security's future may influence the retirement benefit decisions people make. Here's what experts say to focus on instead.

www.cnbc.com

 

[wired]

75% of people age 50 and up worry Social Security will run out of money in their lifetimes, survey finds

Negative headlines about Social Security's future may influence the retirement benefit decisions people make. Here's what experts say to focus on instead.

www.cnbc.com

Oddly enough I don't worry about that. If there's anything our government is good at it's printing more money. Last I heard our national debt was an astounding 130% of GDP . What's a few more zeros ?

Biggest debtor country? In terms of cash it's us . Go team America. In terms of percentage of GDP it's Venezuela followed closely by Japan of all places.

 

[Alexx1401]

The drug dealer across the street, that likely never held a job very long, if at all, get's social security. He served 16 years of his life in prison. It's a long story that started when they moved in to an apartment across the street from us and we watched the comings and goings. We've been here 22 years.
How about those kinds of people? How many of those do you think there are? That fat **** is in and out all times of the day still!

Sadly a LOT of them.