Is Inflation Really Ruining Your Finances? (You Won’t Like the Answer)
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- Опубликовано: 28 авг 2024
- Inflation has changed our daily living expenses dramatically over the last few years. While we can’t control all of our expenses, there are many things in your control that can help you become a Financial Mutant and build wealth better than your peers.
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Inflation hits people a lot harder than a crashing stock or housing market as it directly affects people's cost of living that people immediately feel the impact of. It's not surprising negative market sentiment is so high now. We really need help to survive in this Economy.
“Help” is the reason inflation was so high. Printing money and giving it out to people very obviously drove the inflation we are complaining about.
"We are not suggesting--" "I AM!" Classic.
My hot take is that...with the current tipped-employee wage laws, Tips should be considered charitable donations and be tax deductible.
I hate tipping but I always do
Just f*ing pay service workers. Stop trying to benefit from other people's poverty
No, it's income!!! You are their employer
@@youtubekeepscensoringme3357He is saying for the customer who is paying the tips. The customer should be able to mark them off as a tax deduction, since they are not mandatory and are essentially a charitable act similar to a donation.
Tell me most of your income is from tipping without telling me most of your income is from tipping.
I am glad to see Aldi is getting the love it deserves for being an affordable place to shop. My wife and I have been going there for years, along with Walmart and the Dollar Tree (for food and toiletries). Our monthly budget is $400 for food and $200 for toiletries. Inflation has made only a small difference.
It has certainly affected the type of food and proteins we are eating. Many people will never see inflation matching wage increases, and this heavily impacts finances over multiple years.
I worked for a Fortune 500 company for 20+ years never got more than a 2% yearly increase, sometimes none at all. I was promoted a few times and that's where the I got the majority of my pay increases.
@sandiellett1786 that's the thing though, executives ARE getting inflation beating raises and bonuses, but loyal employees are most often seeing pay DECREASES when you account for inflation.
I agree with the tipping culture 1 million percent. I hate getting prompted on a freaking iPad to leave 20% when I go buy ice cream.
I went through the drive thru at a hamburger place and I got the prompt to tip :/ I got so caught off guard, I felt that I needed to (although I left a lot less than what they recommended). I asked for extra ranch after that lol
I just hit no tip without even thinking about it 🤷♂️
I buy groceries every week. Chicken Breast is up 40% since 2020. Wages are no where near that, single digit growth. Price inflation is real.
Yep, in my area all the basic stuff doubled in price. Pack of lunch meat was 2.49, now it's $5+, canister of store brand oatmeal was $1.49, now $4.49, toilet paper, paper products, meat prices went from $4.99/lb. to almost $9/lb. It's insanity.
I might argue you're cherry picking a bit there
I would argue that the cost of chicken is impacted by the cost of production.
I mean I just used Chicken Breasts as an example cause nearly everyone will buy that on a regular grocery trip. I can point out that cans of vegetable's and beans etc used to be less than a dollar and are now over that. 88-98c vs 1.29 now in a lot of cases. Or perhaps my coca cola bottles which used to be 3.99 and is now 4.99. How about 900g bags of pasta, used to be 99c now its $2. Better yet, how about we talk about shrinkflation which is arguably an even bigger phenomenon considering its very deceptive and just a hidden inflationary tax. My bags of chips are smaller, saltines are the same size box but its missing 20% of the product. I can go on and on.
@@boostedfist100% when it comes to product shrinking.
Lucky my introversion keeps me from going out to eat, going to the gym, and "showing off" my base model car with cloth seats and no sunroof.
Bo was trying so hard not to be the target of a lawsuit and Brian wouldn’t let him avoid it lol 23:48
I love him. Brian " I AM"
Definitely the highlight of the show. That "I AM" came from somewhere deep.
“I AM!” 😂😂😂😂
That 3% number doesn't include energy or food anymore. And when the grocery budget triples, and fuel/heating/electricity double standard of living goes down or available investing income goes down. There is no way around it.
RUclips premium (not YT TV) is the best money I've ever spent.
Aldi has reasonable pricing for the most part. But they may be out of stock on what you’re looking for as it’s a smaller discount grocery store. It’s probably as important to consider transportation costs and timing issues. Shopping online for groceries may make sense when total cost is less than the commute cost to go to/from the store. For example, it might cost $12 for a round trip to Aldi if it’s 8 miles away, whereas you would save overall, by overpaying $4 at the walking distance Whole Foods. Also, running errands where you go to several grocery stores along the way makes sense as it spreads out the costs of commute.
EXACTLY - 🎯💯👍🙌
You're right, but that wasn't the point.
But, the assumption starts with equal access to the stores.
Also, the majority of people should not be going to the grocery store for a $8 (or $12) purchase.
- That seems like a waste of time and fuel.
The quality at Aldi isn’t as good for many items so you’re paying a lower price for a lesser product. And a stripped down offering of products
The Aldi's near me is *terrible* about keeping things in stock
Great episode and all I can say is listen to these guys, especially the old guy on the porch! I've always said that the more expensive something it to buy, it is probably more expensive to own. This is certainly true of homes and cars. I remember many times talking to friends and co-workers and I would bite my lip because they were crying poverty and lamenting the cost of gas and I was thinking well you drive a brand new full size pickup truck to work everyday and the bed is empty 99% of the time. Or the cost of their insurance and property taxes is so high, but they were paying those bills on homes and autos that were way more than they needed. I will preface this by saying wages have not risen in line with inflation, and food is a huge expense (for me it has always been housing, taxes, and groceries as the big 3). That is a harder nut to crack and if you really are not living a luxurious life style, then I sympathized greatly if you struggle to eat as well as you have been. That being said however, inflation can be a great motivator to take a look at all the places your money goes and where it is really being wasted. If you take a look at the lifestyle we lead today, there are a lot of bills that our parents, grandparents and great grand parents didn't have, entertainment and dining are 2 big examples. Let's not forget that inflation is also applied to those food delivery services as well, so you in that case the inflation is applied to both the food and the delivery. This episode is tough for a lot of us to hear (myself included) as it is much easier to lament about inflation (which is perfectly legit but...) than to admit that maybe I didn't make or am not making the best decisions on where my money is spent , or for that matter, do I even know where it all goes.
I don't use delivery services, but it's mostly not because of the cost. It's because they suck. I'm not (again) paying double the cost in order to get cold food delivered an hour after I'm not even hungry anymore, or possibly not even showing up at all.
Did you see that recent short RUclips video of the door dash driver’s male friend dipped his scr@tum in the customer’s iced tea because the tip was considered low? go get your own food.
Yep. Took a good hard look earlier this year and realized a lot of the “inflation” I was experiencing was just… lifestyle inflation.
As someone who worked service for a decade, tipping IS bad. Don’t get me wrong, we default 20% regardless because these folks are underpaid and overworked, but rather than some 1920’s era relic of an excuse to underpay and overwork your employees by shoving the cost of their labor into the patrons, we should just pay workers a living wage.
Nah, we should pay people what their work is worth. It's on each individual to earn what they need.
@@schuylerw4606I mean, the person waiting your table can make or break your experience and is essentially the face of your franchise. I understand your point as well, but they are worth more than someone flipping a patty at McDonalds imo. Someone forgetting your pickle on a burger won't have as much an impact on your experience as a waiter with an attitude that throws your plate down with your bill cause the cook messed up and never refills your water....I'll go get a burger again and emphasize the pickle but I won't go back to that restaurant again. That would be part of my argument when pertaining to company value.
@@schuylerw4606OK I didn't get deep enough in the video..I'm guessing you were there and yes Kiosk tipping would be completely out of scope. At that point I'm tipping the computer for forcing me to be introverted. I personally will not go to a place that utilizes a kiosk to order. No thanks, I'll take the human to human contact but I'm not tipping a counter employee.
@@schuylerw4606 so how would you implement a system where each and every single individual has a different amount they’re paid? What if someone has a bad day and they aren’t feeling good? So you dock their pay? Who is the judge of that? What are the rules? How do you know? Is someone just, constantly watching cameras everywhere? How would you enforce that? This is the silliest thing I have ever heard lmao. “Them poors can get paid based off of what I, schuylerw, personally think is a good amount for this particular day of this particular week with these particular tasks for 7 billion individuals.” Lmfao. The more I think about it the more hilarious it gets. Will make up any insane, impossible hypothetical to refute a living minimum wage hahahaha
Peloton bike owner here. 🙋🏻♀️Not only can you get exactly the same benefits with a used bike as the original owner- you can get the same benefits with a Peloton dupe. I love my Peloton bike but I have a friend that uses a cheaper brand spin bike with the Peloton app. The app is a separate monthly fee and has tons of programs unrelated to a stationary bike.
Shake Shak was founded in NYC in 2007 by Danny Meyer, I stood in line at the food kiosk on their first day! It was bare bones and the burger was okay but at that price I never had another one!
It’s worth it. No fillers, preservatives and the price is now close to fast food.
Thanks Guys for doing this show! Definitely highlights the importance of small decisions that can impact our future selves, such as food delivery service fees. Love Brian being 💯 Real and authentic with us!!❤
Great content guys! We purchased a used Peloton bike for $500. We were waiting for the right time and knew the second-hand market was the way to go. One caveat...you have to purchase their all access membership for $44/mo. We still feel like we came out on top since most used pelotons in Atlanta, on the second-hand market, go for $800-$1000. Plus, we work out at home and do not have a membership at a gym, since we have two little ones so the $44/mo was okay for us.
I budget every expense and I definatly am seeing the impacts. Gor example home insurance, no claims, went up 50% I shop store brand on most items and even those went up. By changing jobs and requesting payroll increases I may have been able to keep up but there is an erosion of quality of life. Similar to how household income from the 70s has remained flat but that ignores the fact that most households have two working members now
You most likely live in Florida, but also potentially California or a state in the Deep South. Insurance has remained similar or unchanged in the rest of the US.
@@5daysofcoffee not accurate. Mine went up by 40% and I'm in AZ.
Mine went up 20% + in Virginia in all categories (home, auto, umbrella), I’ve had no claims, and I use an insurance broker who shops rates among many insurers.
@5daysofcoffee Do you have the statistics to back that up or are you just being a an AOC?
And considering inflation. I just increased the amount that I cover for a vehicle collision. If I caused it and happened to decimate a $100000 vehicle..A lot of them out there!..I can't afford to be under insured
Tipping etiquette has always been:
15% default tip for sit down satisfactory service
18% default for large parties (8+)
20%+ for exceptional service
No tip is customary on takeout you pick up yourself (you can tip if you want)
10% default for food delivery
Tipping today has gotten out of control based on the preset options and receipt printouts - used to be 15, 18, 20 or custom. Today it’s 20, 25, 30 or custom
My wife bought a Peloton last year for $600. She loves it!
Peloton typically makes you pay a monthly subscription, so it makes it difficult to use a used one.
Retired and dont need any fancy car going from point A to B and my 2009 corolla fits the bill.
Those will be collectors items in 10 years at that this pace. Newer cars have ridiculous gadgets that us simple folks don’t want. 2009 Corolla is the goat!
Just an FYI on the gas cost part. The octane rating recommended is usually based on the compression ratio of the motor. Vehicles with a ratio over 10.1:1, which is a lot modern vehicles, will recommend premium or at least mid-grade. Anything with a turbo will (almost) always recommend premium. Check your owner's manual, it will tell you what is best for your motor. These days premium is not just for luxury cars anymore.
We don’t have cheap grocery store options where I’m from. I keep hearing about this Aldi place. Wish we had one. Our local chain H‑E‑B is the only main pony in town
Planet fitness in my area is 10$. If you include the annual fee. Like 14$ per month. No sign up fees or anything.
That’s where I go.
do cheap gyms actually inspire you to train tho? Cheap gyms draw... 'cheap' people... My life expectancy feels like it takes a dip at cheaper gyms
@@IntrovertMaxxing I’ve had the same experience at expensive and cheap gyms in my area. Go inside, and no one talks to you. It’s all about your own effort.
@@IntrovertMaxxing I honestly feel more inspired at cheap gyms. The fancy gyms have a kind of intense culture that intimidates me-while all the $10/month folks at PF are keeping their treadmill speeds just as low as I am 😂
The largest raise you will ever receive is to get out of debt. It is crazy how much more money you will have each month without the debt.
I think there is a bit more to say on the food & fuel discussion; lots of the packaged foods (such as sauces like Ketchup, Mayonnaise, & Ranch) are cheaper to make at home than to buy. Additionally, buying in season food is going to save a lot of money on produce over the course of a year.
On Fuel & cars; people can be honest with thems whether they actually _need_ to drive to work, or it is a convenience they are willing to pay for.
Something that I have always done is track every single drop of fuel I’ve put in each of our vehicles. Seems unnecessary to most, but it does give you a number of data points you can use to help narrow down your actual costs. One big advantage is the tracking of long term averages. Since I have close to 7 years of averages at my disposal, I can very easily budget what fuel is going to cost over a number of different scenarios. Taking a road trip? I can easily set a realistic budget based on my actual average fuel economy, based on current fuel prices and the distance I’m travelling. Considering buying a new vehicle to save money on fuel? I know both what I’ve been spending annually to fill up, as well as actual average annual mileage travelled and again, overall average fuel economy. I can very quickly use those averages based on the higher unit cost of fuel today to know exactly what kind of savings might be realized, and whether or not it will be worth while in the end. News flash….in most cases, it’s not worth while.
The fee to pick up your groceries is $4.95.
For our family of 5 we spend EXACTLY $150 per week in groceries. How are we able to do that? We pay the fee to have our groceries picked up. We analyze what purchases we are making and calmly get the items we need for our meal planning in our online cart. If we go over the $150 per week, we take stuff out of our cart. We're not doing any unnecessary impulse buys because we saw something in the store and wanted to try it.
Grocery pick up is worth EVERY penny and we've literally never been able to get our groceries cheaper (even when we were just a family of 2 about 15 years ago.) The main thing here is that you take out all the impulse buys and you get complete control over every penny spent. If you aren't happy with the total the gets rung up, congrats you can change that!
Doing grocery pickup is the equivalent of knowing EXACTLY what your money is doing in inarguably one of the biggest categories people spend $ on.
I’ve noticed the same! I have such better self-control doing pickup.
Shake Shack is east coast. In N Out is the west coast chain we like to brag about.
❤ me some In'n'Out
What-a-burger is #1 😂
I bought a 07 Camry off of FB marketplace for 3500 bucks and I've been driving it for 2 yrs. Runs like a cream puff. 326k miles. I'm going for 500k.
Should be everyone’s goal. That’s why I hate there 20, 3, 8 rule. It encourages people to buy vehicles they dont need when a less than $5000 car will realistically work for 75% of the population. And for the rest, a $10,000 minivan will work.
The best way to battle inflation is to buy less junk.
Love your content! Excellent advice, BUT Shake Shack started in NYC.
Haha 😂 … Shake Shack is not a west coast thing… they exist but they are originally from NY … thanks for all your guidance
Everyone wants to talk about inflation as all bad but if you own stocks or houses, inflation ends up bringing up those values as well
House prices have dropped because interest rate has gone up..
I love your show and regularly watch the channel! I wanted to add for those looking to reduce food costs - people like to diss on Aldi, but honestly as a long time Aldi shopper, they are a great value. They have organic and gluten free items that are fantastic and budget friendly. My son and I have Celiac so we have to eat gluten free. We regularly enjoy the Aldi gluten free options and have never had any bad issues from contaminations. I will say like any other grocer, locations can vary as they are managed, but overall they are a great option. Keep up the great work everyone! :)
I love Whole Foods they have my dairy free and gluten free options. I get sparkling water from Publix only if it’s on sale. I rarely get non bogo items from there. If I get meat, I go to the local butcher in north Ga where you can see the cows outside.
Only shop sales. Don’t be scared to go somewhere else or wait.
Not everybody has an aldi that is local to them. Grocery store choice is a choice that can save you money but the grocery stores that are near you are going to get the majority of your business.
20-3-8. Car newer than 2020, no more than 3x your annual income, keep for 8 months then repeat. Did I get that right?
Hopefully everyone can see your tongue squarely pushed into the side of your cheek 🤦♂️
@@MoneyGuyShow😊😇
Thanks guys, great content. Sometimes people gotta reality check themselves.
I personally make my own bread, pizza, buns, etc. Super easy and longest part it baking and waiting for the dough to rise.
Grocery shopping i use an excel to break down prices at each store on our list. They are all close to eachother and i price it out as either $/lb and $/qty
Saves us over 100$ each month
People just got used to easy living. I buy whole chickens and I cut them up. Save myself money. That’s how my grandpa taught me. They taste better too because the meat is on the bone longer.
@@lance3635 I agree with that, but how much you saving /lb once you cut all that bone out? I've done some fryer chickens like that but they were 0.30/lb at the time.
@@shane7150I'm not sure... I use the bone to make broth! I save them up in ziplock bags after cutting them up. So it's not a waste. I did the frozen chicken route but I found out that frozen chicken has a lot of salt water to freeze better(?) So the weight is deceiving for frozen chicken parts..
@@lance3635 yea frozen chicken is a total waste of money. I buy mine in bulk but am always down to for a cheaper route. Using the bone is something I need to start doing.
Brian’s reaction to food delivery services was priceless lol
Brian, Shake Shack is actually originally from NYC lol
Live below your means -- is the key.
You can have a couple items (Whole Foods, fitness, etc) that you spend on, just not all. You need to look at your spending and stick to a budget.
Enjoy life within reason 😊
I needed a good kick in the ass. I’m ready to get back in the game now coach!
Loved the point about tipping. When I go to the baseball game, they want 20% tip to flip the tab on my beer. They should allow cash transactions again- I'm more willing to leave a dollar tip.
There is a brewery nearby that defaults to a 30% tip. The lowest selection on the screen is 25%😂. You have to press other to actually do a 20% tip. Serving a beer out of a tap is not worthy of 30%+.
I've had memberships to LA Fitness and Planet fitness. Surprisingly I went more often at planet fitness. But when I started to work out at home, I worked out way more often and it was free. Best decision ever
No, we go to get a half gallon(59 ozs) of So Oatmilk. At Grocery Outlet it’s $1.99. At Whole Foods it’s $6.99 and at Sprouts it’s $6.79. Problem is, Grocery outlet is hit and miss whether they have it or not and no other grocery stores carry it but it’s about the only one that comes up on my wife’s “good food” app as scoring high. Kirkland does too but it’s not quite the same. We buy Kirkland as the backup. BTW, I can afford Whole Foods but I’m cheap!
It would be nice if there was a subscription that rotated between the streaming services so you pay an extra $1-$2 and it cycles through them every 1-2 months so you don't have to keep stopping and starting them.
You also have to factor in the health cost of eating from restaurants like Chick-fil-A and eating animal products. Eating a whole food plant-based diet is much healthier and much cheaper than the standard American diet.
The only time I found myself utilizing the food delivery was when I was sick all day during my pregnancy. Afterwards, I went back to my old money-saving self. Ridiculous prices all add up (daily Starbucks, eating out instead of packing lunch, weekly manicure/pedicure, new car payment, new clothes every week/month, new cell phones, remodeling your home just to keep up with the new trend....)
Shake Shack started in NEW YORK CITY, not on the West Coast. No fillers, no preservatives like fast food places. And it’s delicious. Got me triggered today 😆
Oh my god the tipping thing is SO true and SO annoying.
The worst part is that if you're around friends and family, there's way more social pressure to tip in complete bullshit situations like they described. So annoying.
Nah, let them hate 😂
Work from home saves you money on food and fuel, making up for the slight energy cost increase. There could be some room for negotiation there in your next performance review 🤷🏾♀️
I got a used Peloton in March for $900, which is about half price. I use it about 5 times a week and everything works well. The subscription is $44/month though
I have never used a food delivery service and I didn't realize how common it is that people use them regularly.
15:25 Meme from 2022: "Check on your 93 octane friends, they are not ok."
Brian and bow honestly for peloton bikes I wouldn’t even buy a used one because you’re have a subscription from my understanding indefinitely. That’s what stopped me from buying those particular bikes instead, I would get a bike with a bike trainer because you can use your bike during the summers or you can use your bike in the winter at home on a bike trainer and then you can also buy Bluetooth sensors to get all of the metrics out of the bike that you would need to make it as useful. If you want a nice screen, you can get a really nice iPad with a dock and you can use it for various things not just exercising facts. You could even use a very big iPhone to do the same thing. I am not a fan of subscription-based anything pretty much you can get almost anything nonsubscription you just have to look really hard or be very innovative.
That’s one part about inflation that’s annoying. Yes, it matters. But it feels like the worst inflation are the products where the consumer is a slave to the brand and it’s not necessary. Like everyone’s complaining about $7 or $8 soda and chips but it’s not necessary and the $8 is a bargain compared to the cost it’s imposing on your body. People are similar with vehicles. Same with eating out that’s the worst inflation IMO and the experience at most restaurants is borderline painful with the lack of employees.
In San Antonio, we don't have Aldi. At Target, Walmart, and HEB ...My favorite cantina thin and crispy tortilla chips have gone up 50 %! I still buy them because it's cheaper than eating out!
In the pandemic I bought just over $1k worth of gym equipment. Have a cable machine, select-weight dumbbells and a bike (not peleton). Replaced my $20/month (at the time) planet fitness membership. So I'm only about $3-400 away from break even, less than two more years. Plus I work out more often now.
Good for you! I had to stop the gym/personal trainer due to Covid, gyms were shut down. I had some things at home and bought what I needed. Cost me next to nothing and years later, I workout 3-5 times a week and love it! Never going back to the gym.
It’s not a 1 for 1 comparison. You’re losing a lot of access to equipment when you compare a home gym to a commercial one
@@darbyohara I can see your profile picture and I definitely don't lift like you, and my setup couldn't replace what you need. But for the average person the tradeoffs are fair. Most people struggle to get to the gym and now I can even segment my workouts in 20 min increments if I need to. I'm working out more for health and staying injury free in rec sports and it fits the bill. It all goes back to knowing your "why?"
This was a really good episode. I might just have to start shopping at Aldi. Got one only 5 minutes from me.
Aldi is the move. Buy everything you can there and if you have to have a particular brand of something, go to where you need it. My wife and I like a particular brand of orange juice and yogurt Aldi does not have, but they do have similar items available. Plus, in the rotating AldiFinds section, they might have something special for a limited time!
Yup. Aldi for most things, Walmart next door for the few things Aldi doesn't have.
We cut our grocery bill in half compared to the main (not premium) grocery chain in town.
Even in normal times Aldi is great
That outro was way more motivating than I was expecting. Love it!
The fast food burger homeland for Californians is In-N-Out, not Shake Shack.
My grocery bill went from $1400 a month when I shopped at Whole Foods to $500 a month because I shop at Aldi. I put the savings into my IRA.
Doubtful.
What if Abraham Lincoln, drove a Lincoln and named it Abraham
@@abrahams.lincoln6749nothing doubtful about that. Whole foods is insane.
I wish we had an Aldi in my area. The only stores with anywhere near reasonable prices are Costco and Trader Joes.
Germans are cheap for a reason
Now it's just waiting for the day Walmart asks for a tip at the self checkout 😂
90 percent of my eating out is two slices of Sam’s pizza every Monday. Two slices are a little over $4.00 in OKC. And it’s good pizza.
Not having an SO is ruining my financial life. Splitting that rent would low key solve so many of my problems but by my age, roommates are so hard to find cuz so many people around my age are hitched
Also: I have an old VW that takes premium, but it sips that gas. Only really have to fill up every 3 weeks or so.
I think if you price right, age shouldn't be an issue.
A Tesla Model 3 is $25K-29k in some states. MUCH more affordable purchase than a Civic or Corolla!
Only if you consider new. Lowest priced functional tesla in my state is $20k used with half of its original battery capacity. You can get a civic or corolla for $2000 that will still last 100k miles
The rate inflation goes up has slowed down, but it doesn't change the fact that is still remains extremely high and continues to go up.
YES!
I get my groceries delivered while I'm working. I pay 10 to 20 dollars premium on it which includes the delivery fee. This is worth it to me to not deal with spending 1 to 2 hours of my busy day at the grocery store.
Inflation has not come down.
Hey everyone!!!!! BRIAN IS EXCITED!!!!!
My gym membership is $0. I DIY’d a little home gym with stuff I had and bought a few things. I do RUclips workouts. Working out great because I have no excuse not to “go” and costs me zip zero!
At the Franklin Whole foods location with 365 products, Milk 6.99, Bread 2.79, 2 lbs rice 3.33, eggs 4.19. Total 17.30 (less than instacart). Yall were off by 41% which makes me wonder what else is off by 41%. I bet I can afford a house payment that is 66% of my monthly income.
My diesel truck has a 35 gallon tank. Diesel is about $6.00 where i live near the central coast, CA. Thats about $200.
😂😂😂
Used a fire stick. Pluto TV, Tubi, Freebie, etc. Zero cable cost. Stop wasting money on cable and streaming fees people.
With the exception of my household's summer electric bill, I've largely been able to mitigate inflation on my bank account. That said, I know that this could change either directly or as part of the ripple effect. About a year ago I started tracking my finances down to the penny and wow. I knew I had a spending problem but how I was able to stay afloat with nearly every month being negative... Having that extra payday every few months saved me there. Impulsive spending will do that. Now I use a spreadsheet that automatically updates total income, expenses, gives monthly projections as I update all these things. If all goes to plan then I'll have finished paying off some zero interest balances and can wrap this mess up.
As an aside, I'm fortunate that I couldn't get a credit card until I was nearly 30. The trouble I might have gotten into lol. If you're paying interest on a card, then you're already dealing with a type of inflation and paying more than what the purchase was worth.
The car situation is just people freaking out. Yes, new cars are $30k to $40k. But there are still lots of $10k camry’s and rav4’s for sale. And even down to $5k
Repair shops cost $140 in Anoka, Mn..repairs easily $1,500..
That's $140 an hour...I m better off with a bumper to bumper warranty on a late model car from a dealer
@@Joce123 $1500 seems pretty high. Most repairs on Toyotas are closer to $500 for a repair. And that’s for Phoenix where a mechanic is about the same hourly rate. You may just want to find a better mechanic
Although most of this episode is a good one, the problem lies when people were already doing most of these things several years ago... . I'm personally lucky, for now, in my local area that (a) it is a lower than average cost of living area and (b) some salary increases have occurred, etc. However, at the same time, my household (c) has always shopped at a few stores (including Aldi) to save money, (d) due to a no insurance totaling of our car months ago OUR full coverage had to cover a new to us purchase (with the price increases, restart on depreciation, higher insurance due to it being newer... ), (e) already downgrading our grocery / living costs (in the same low cost stores), (f) never any delivery apps that charge extra, (g) partial return to workplace from all remote work increasing gas costs as the product itself has gone up, (h) reduced restaurant visits (since, if you can't tip when a tip is deserved... then don't go), ... (the list goes on).
We continue to contribute to to get the full employer match 401k, and max the Roth IRAs, but housing prices' increase have made the purchase of anything other than the "fixer upper" impossible (even with excellent credit due to mortgage rates... IF a bank will even give you a mortgage since the house is below X amount, total... something else banks are now doing). All of this... from, for this area, someone who brings home better than the average local income.
Unless people are (1) in the upper 50% of income for their area, (2) have money sense, and (3) have "good luck" with life events... there is little American Dream left.
01:25
Worlds fastest “at about a”
Shake Shack stared in NY. We have In N Out. They don’t take tips! But I am with you!
Tips are for SERVICE!
Something you didn't mention when stating it's Okay to put less money down on a first home- is that you need to do so with a Conventional Mortgage vs a Gov't backed mortgage such as FHA, VA etc.
ANY mortgage with less than 20% down Requires PMI. With a Conventional mortgage, you can request PMI removal from your monthly pmt after achieving 20% Equity. Government backed loans don't allow the PMI to be removed. That's a Big chunk of change not only monthly- but especially over 15-30 years!
Money Guys: Regarding grocery delivery: Don't you think at some point, we should consider the value of our time? If someone makes $50/hr (gross) and lets further say, $35/hr net, and it takes 30 minutes round-trip just to drive to the store, and 30 minutes to shop/stand in line at the physical store (vs., say, 10 minutes checking out at Amazon Fresh), AND driving the car is at LEAST $0.50/mile (more like $1.00 per mile for 3 miles each way; shouldn't that be part of the equation?
If I have a waiter that comes to serve me multiple times during my meal I tip. If I’m picking up delivery or you simply come deliver my meal one time to my table like at Chic fil a why would I tip? What service was I provided?
25 min - true statement, Brian.
Lmaooo he was like I AM 😂😂 me too dude, but I also drive ubereats, so it's a slippery slope for me 😅
Seems like everything across the board has increased in price. Is it truly inflation or just price gouging now?
Price increase is the symptom of inflation.
It's absolutely price gouging. CEO's are bragging on conference calls about expanding their profit margins. That has nothing to do with increased money supply.
@@Crijoe price increase is a symptom of inflation (the increase of the money supply).
@blexaarron Yes, that is one factor. However, corporste monopolies and price gouging to increase profits is a very large factor as well. Increasing money supply has nothing to do with increasing profit margins.
@@Crijoe The increase of the supply of money (Inflation) is the core of it all. Prices rising is a symptom.
Shutting down the economy for 2 years is a symptom.
totally agree with the absurd tipping culture
Would you like to tip your self checkout kiosk today?
Lol Aldi 😅 thats the norm where they are based from. You always have to bring your own bags everywhere. Wich US would get rid of bags too. While convienent, they are awful for everything else.
My total spending was up 17% in 2022 compared to 2020 and I already cut costs mercilessly. Groceries are up 40-50% even after totally changing my buying habits to have cheaper (and admittedly healthier) meals. Before 2020 I felt like I had a lot of fun money to do things with, now not so much.
It makes it harder but you just have to keep the budget at or under what you're bringing in. Hopefully my car makes it longer I would want something closer to 10-15k. Food is important if you skimp too much your medical bills will go up. We get food at about 4 places sometimes even Whole Foods is cheapest not all their prices are bad. For the gym we paid about $35/mo for a few times a month. Found out the other two of us can go every time as guests now we go a lot more.
I feel that my 2013 fusion ive had for 7 years just got $2600 recommended/upcoming repairs as i approach 100k miles. I'm just going to get them fixed (search mechanics for best pricing) and pray it can last another 4+ years as i save for a house.
The car and gas is not always that simple unfortunately. My husband is in construction so he has to have a truck or larger vehicle. Our other car is a 2013 mazda 3 so we’re trying to balance between the two but when he has a job that’s far away, it’s going to cost a lot in gas. He works for a contractor as an hourly employee so he can’t charge extra or a trip charge.
There might be a way he can get gas compensation. Since he needs the vehicle to perform the job at hand as you state above. I think he should be getting compensated for wear and tear on the vehicle. Something to look into, I'm not familiar with all the laws around it.
For example, my wife does homecare, she needs her car to perform her work (carry material to the jobsite). She gets reimbursed for vehicle wear and tear per mile.
@@shane7150 thanks! I’ll check it out.
Do y'all tend to recommend to purchase used cars for the depreciation?
I financed multiple rental properties at low fixed rates 😬 so yea I’m loving the covid-flation
I don’t think buying the bike from Peloton matters. They make the money from monthly subscriptions.
We love our peloton saving us over 100$ a month and harder to make excuses :)