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Travel and leisure would be the first thing I would "normally" expect people to cut back on when they're being squeezed. But... they're not? They seem to be spending... more!
I mean, I've been doing uber/doordash, and the amount of waste I see in what people order for delivery is insane. Across all socio-economic neighborhoods. Rich and poor alike, they'll spend $50 ordering in stuff that would have cost them $30 to purchase themselves if they just drove to get it.
I am curious to know how many of these people get some kind of rebate via their credit cards, which makes the upcharge more palatable. For instance, through my Amex platinum and gold cards, I get $25 worth of Uber/Uber Eats credits per month. I think other cards offer benefits for services like doordash as well. I know this doesn't explain everything (and perhaps not even anything close to most), but it is something I'm curious about.
Note, even with my monthly Uber Eats credits, I still only ever pick up my food (it's quicker than waiting for delivery and there's not a "tip" expectation).
Relating back to the topic, though, I can easily see how those who are just "blowing" money on services like Uber Eats are affording these high property prices today.
How accurate are your deliveries? Do you use the service for perishable food or just non-perishable items?
I get Walmart+ deliveries every week for fresh produce and other groceries. 100% accurate and the produce choices have been excellent. I order the night before for 8 am week day delivery. The time savings is well worth the tip. I don't allow substitutions.
I get Walmart+ deliveries every week for fresh produce and other groceries. 100% accurate and the produce choices have been excellent. I order the night before for 8 am week day delivery. The time savings is well worth the tip. I don't allow substitutions.
I use Walmart+ for groceries pretty regularly. When substitutions need to be made, they’re always in my favor. My only real complaint is that people who bag are pretty careless. I’m not particularly picky about how my groceries are bagged but a loaf of bread at the bottom with a bunch of canned stuff on top? Let’s use some common sense here
Rates have been higher, but you're not seeing the big picture, number one, the false value of the houses created the ability to borrow tons of money against them, problem is when the value of the house goes back to reality the money is still owed, the equity loan doesn't disappear with the inflated value of the home. I'm a builder, I only work for very wealthy people, they're not buying anything else for about six months to a year, I'm remodeling what they have bought in the last 6 years. These people are not going to buy until it drops 50 percent or more. So tell me how any average sucker who took out a loan for a 200 thousand dollar house, turns around and borrows another 120 on it when the fake value went up can sell it when it's dropping like a lead balloon, the bank will not roll the 120 like a used car loan, unless they got other properties to off set the loss, many don't, so in the end the sub prime 2008 crash was nothing to what's coming. Millions will be homeless. (in my dreams where we actually don't bail out everything and hold people accountable for reckless spending and overleveraging)
Last edited by Lizap; 09-30-2023 at 10:12 AM..
Reason: deleted offensive language
I am curious to know how many of these people get some kind of rebate via their credit cards, which makes the upcharge more palatable. For instance, through my Amex platinum and gold cards, I get $25 worth of Uber/Uber Eats credits per month. I think other cards offer benefits for services like doordash as well. I know this doesn't explain everything (and perhaps not even anything close to most), but it is something I'm curious about.
Note, even with my monthly Uber Eats credits, I still only ever pick up my food (it's quicker than waiting for delivery and there's not a "tip" expectation).
Relating back to the topic, though, I can easily see how those who are just "blowing" money on services like Uber Eats are affording these high property prices today.
My hypothesis is that a lot of people are spending through everything they've got.
I know from my personal conversations that not a lot of my peers (I'm 40), have a ton of liquid cash to burn. They make okay money but they spend most of it. I remember talking to one of my friends and we were talking about our car buying experiences. He asked me what kind of payments I had. I replied, quizzically, "payments?" I would never finance a car unless they were offering me 0% interest, or maybe 1.x%. Typically I pay cash when I need a car. I dip into a medium term goal fund to pay for stuff like that. Having 20-30k to do that kind of thing was amazing to him.
I'm kind of constantly obsessing about my net worth and how it's allocated, what's growing, what's not, etc.. My sense is not a lot of people think that way.
My hypothesis is that a lot of people are spending through everything they've got.
I know from my personal conversations that not a lot of my peers (I'm 40), have a ton of liquid cash to burn. They make okay money but they spend most of it. I remember talking to one of my friends and we were talking about our car buying experiences. He asked me what kind of payments I had. I replied, quizzically, "payments?" I would never finance a car unless they were offering me 0% interest, or maybe 1.x%. Typically I pay cash when I need a car. I dip into a medium term goal fund to pay for stuff like that. Having 20-30k to do that kind of thing was amazing to him.
I'm kind of constantly obsessing about my net worth and how it's allocated, what's growing, what's not, etc.. My sense is not a lot of people think that way.
I do not agree with you about what others have or others do or how they spend their money.
The inflation component of the economic problem is one for which we as the voting public can hold our elected representatives responsible.
My comment was not about controlling inflation - I was talking about incomes keeping up with inflation - that is not something I would want politicians involved in.
I do not agree with you about what others have or others do or how they spend their money.
We don't really know what people have or how they spend it, so anecdotes and surveys are all we've got.
But given how consumer spending doesn't miss a beat, either people have a lot more money than they used to, and I mean A LOT, or they're burning through what they've got and utlizing credit.
Last edited by redguard57; 09-30-2023 at 07:10 AM..
The actual items in the order are almost always accurate. There might be a minor substitute - Bird's Eye peas for Great Value peas, for instance. All of the perishable and even frozen items have come still cold or frozen.
The issue in my area is a lack of drivers to get the orders to homes. I've had to cancel a couple of orders because of a lack of drivers.
I'll bet there are plenty of people in your area who COULD drive vehicles and deliver orders, but that would mean giving up some or perhaps all of their freebie disability income from the government. Therefore, they'll stay home and watch TV and draw the government bennies rather than get a job actually doing something productive. I don't mean to pick on your area because the same thing is true of every area of the country to one degree or another.
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