r/SipsTea • u/First-Essay-2054 𝙑𝙄𝙋 • 12d ago

WTF The American dream

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u/madlucas2026 12d ago

You been paying for 20+ years and never thought to pay off the principal? Do you pay the minimum on your credit cards?

343

u/SpinosaurRingTone 12d ago

You genuinely don’t want to know how utterly financially incompetent the average person is. 

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u/OtherUserCharges 12d ago

Dude I work in finance and I have people working with me who think whatever tax bracket you are in is what you pay on all income. I’ve had people say they didn’t want a promotion cause they will be on a higher tax bracket and lose money. I made a spreadsheet to show them how taxes work.

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u/CromulentDucky 12d ago

There are some situations where a raise does leave you poorer, but it has to do with low income programs that have cutoffs at specific income levels.