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$150k isn't a lot of money at all in many parts of the country.
After taxes, health care, retirement contributions, etc....you aren't left with much. Rents cost $2000-2500 for a very modest place in many parts of the country. Childcare can cost $2-3k per mo. for a single child. You're actually kinda poor if you're making $100-125k where we are and have a family. Barely scraping by. Forget about owning a home. Oh yeah, somehow you're also supposed to save for a rainy day emergency fund, fund your kid's college plans, and afford a car to get to work (new cars now running $40k). And you wonder why a single setback like a medical emergency ruins people these days?
Yes what part of the country you live in does make a difference. But so does how you spend the money. I got married in 1972 and by 1980 we had 3 kids and one income. All our furniture and household items were hand me downs from family. Our first house was a fixer upper and the interest rate on the mortgage was 12%. Clothes for kids were passed around between friends. We owned 2 old paid for cars and often only one was running. When I didn’t have a car during the day the kids and I rode the bus.
We didn’t eat out and had no debt other than the mortgage. Vacation was driving 1k miles to stay with family. We always had a emergency fund and saved for retirement. We fixed up our house ourselves as we could afford it. I still remember how thrilled I was to buy my first new couch in 1982 and new small car with no options but a radio in 1985. The kids were in scouts and local recreational sports. No one wants to live within their means anymore until they can afford nicer things like we did and our parents before us.
it has gotten totally out of control -- EVERYONE is price gouging.
It cost more for my cats ultrasound than it cost for MY ultrasound.
Yes, I see the gouging in Healthcare supplies. We are seeing an increase well above inflation rates (30%-40%) in everything we order for 3 clinics in my area. Keep in mind there is no shortage with Covid ramping down.
Invest in 3M and J&J now if you haven't because they are raking healthcare facilities over the coals.
Yeah, numerous price gouging investigations going on right now. Seems many companies are using "inflation" as cover to increase prices well beyond their increased costs and taking out record profits.
"Of folks earning 100K or more, they are MORE likely to live beyond their means than those earning less."
If you earned 50K (instead of 100) how different would your life be? What size house? What kind of car? Vacations? Food? College? All the rest ...and then realize that the choice to spend all 100K of (week to week) is yours - not inflation.
Sure, inflation hurts - but that doesn't mean you save less. It means you spend less. Cars cost more? Guess you get a kia this year instead of an acura. Houses more? Live in 1500 sq feet instead of 3000. And so on . You are promised nothing. Live within your means and all your problems go away, until your means are really - really - low.
For the rest of folks - inflation should be a non-issue, within reason.
it has gotten totally out of control -- EVERYONE is price gouging.
It cost more for my cats ultrasound than it cost for MY ultrasound.
No one is price gouging - costs are going up so prices are going up. Medical costs are contracted and partially covered by insurance so the true cost increase is not seen on those services.
Inflation is the cost of these stimulus packages - the last of which was not really necessary.
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Yes prices are going up. Inflation is very real. People get increases in salary and it is immediately eaten away by inflation. Also you have to consider how many want to live the lives. Most want that big house in the great neighborhood with the fantastic schools. So they buy more than they can afford and then when that is done they are house poor. Also you have a huge segment of the population that spend and spend and spend and spend some more. My sister and her husband are making over 300k a year. They have a ton of things. Material things mean a lot to them. You know what they don't have? Money in the bank! Even though we are siblings we could not be more different. She spends and I save. Two different philosophies. I have some nice things but I make sure to put away thousands monthly. We are wired different and we think differently. There are a ton of people like my sister who think the same way.
No one is price gouging - costs are going up so prices are going up. Medical costs are contracted and partially covered by insurance so the true cost increase is not seen on those services.
Inflation is the cost of these stimulus packages - the last of which was not really necessary.
Profit margins are increasing therefore prices are rising well ahead of increased costs due to inflation. We are NOT seeing 30%+ inflation but we are seeing that in price increases.
And why stop at 30% increases, lets just keep going up every 4 months?
Quote:
Clorox late on Thursday said it plans to raise prices on 85% of its products by the end of June, up from a previously planned 70%, with some of the company's brands set for multiple rounds of price hikes.
We stand prepared to take more pricing (action) if necessary," Jacobsen said. "We want to see how inflation will play out this fiscal year," which ends June 30, 2022.
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