Name: Why Americans Can’t Keep Their Paychecks
Uploaded: 2024-02-26T09:56:44.000Z
Duration: 9 min 50 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

More than half of Americans with an income

of $100,000 a year or higher say they're living

This may be the result of a sneaky behavioral

Lifestyle creep is the common pattern of making a

little more money and starting to spend a little

If I reach this position or I get this promotion or

I make it to this age, then I can live this life,

or then I deserve to have these things, and then

they kind of go a little crazy or go a little wild

on it, and then it becomes like a trade off,

like they only can enjoy their present happiness

and they're not able to save or plan for the

There's nothing wrong with wanting nice things.

The mental, emotional reason why we want to

acquire more is generally rooted in this need for

We live in a world where the nicer car you drive,

Six out of every ten people surveyed said that

It does take a lot of joy from just life and always

being in this scarcity mindset when there isn't

Here's why Americans feel like they're constantly

struggling to keep their paycheck, even when they

Say you get a new job and you have a little bit of a

pay bump, suddenly there's a little more room

in your budget. You know, maybe you do some small

upgrades, like you eat out rather than cook at

home, or buy those Taylor Swift tickets or upgrade

Anything like that is an example of lifestyle

creep. It's just these little upgrades that are

A lot of people have this scarcity mindset around

money, and they spend so much of their lives

And so there can be this point where if you're

constantly saving your whole life, and then you

finally reach this marker of financial success, or

you finally reach this big paycheck number, you

feel like you finally deserve to enjoy your

The idea that people save and they just hit a point

Most people don't have $1,000 in the bank, like

most people cannot handle a tire blowout, or they're

financial literacy, no financial education that

happens. The average person does not think

I think it's something that's not even on the

This is often referred to as revenge spending or

Research shows that young adults are particularly

They feel discouraged by higher prices and making

ends meet, so they might feel like they'll never

They might as well enjoy themselves now, unlike

perhaps their parents were, young adults need to

be more responsible for their retirement because a

lot of the safety nets that maybe their parents

had, like a pension, no longer exist or are

extremely rare, so they need to contribute to

their own 401k if they want to shore up their

There's something about spending a little more

than we should that can feel like rebellious or

bad, and it often can be a reaction to our family

internalized rules around what we can give

ourselves. And some people might overspend as

like revenge against these rules, and some

might look at someone who's overspending and

think, and kind of label them as all bad or all

good. And there can be a lot of guilt and anxiety

Spending is a way for us to meet one need, one

I was 19 years old when I entered my first corporate

job. I was still figuring out how to adult as well

as how to be in this corporate world, make an

income, which for sure led to overspending.

I was getting serotonin through shopping.

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Why Americans Can’t Keep Their Paychecks

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