Money
Goldman Sachs Study Reveals 40% of High Earners Are Paycheck to Paycheck
Lewis Howes School of Greatness
The Psychology Behind Why You're Still Broke | George Kamel
What was said
"40% of people who make over $500,000 are paycheck to paycheck. They're broke. There's nothing left in the month after they make all of their payments."
George Campbell cited a Goldman Sachs study showing that 40% of Americans earning over half a million dollars annually live paycheck to paycheck, contradicting the assumption that higher income solves financial problems. He attributed the phenomenon to lifestyle creep and overleveraging, arguing that insecure people struggle to build wealth regardless of income because they spend on appearing rich rather than becoming wealthy.
Verification status
Attributed speaker claim
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Source and context
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- Programme
- Lewis Howes School of Greatness
- Episode
- The Psychology Behind Why You're Still Broke | George Kamel
- Clip time
- 1:38
- Original source
- Watch the source segment →
From this episode
Lewis Howes School of Greatness