You may want to see how much of your savings you have lost from inflation and compare
I suspect High earners who would be most of the beneficiaries will actually lose much more than 10,000 every year, if Inflation is 10% (Likely much more, since they are gaming the numbers)
Almost all my money was in assets. House and 401 k, My net value went up hundreds of thousands of dollars thanks to inflation. From tens of thousands. Yeah I have almost no cash now and its harder to buy groceries but my house doubled in price so its not a big deal for me. Poor people in apartments got fucked.
The only one in our lifetime was 2008 though. I have no idea where the economy is going to go
High interest rates means no new buyers. Its ~7% where I live, up from 1.8. How many people can pay that ? No idea when rates will come down. No idea how many people will go bankrupt and be forced to sell
Also, you would have to put all your new income into the mortgage to benefit from inflation saving. If you use it for other purposes, you lose a chunk.
It’s not just that. My area grew substantially more than the average due to work from home and Californians fleeing California. I can move to a cheaper area who didn’t grow as much to access the increased wealth. I was also getting raises the whole time so it didn’t effect me as much as others.
But yeah at the moment I do feel poorer than the start. As a simple example I could easily afford rib eye steak every meal at the start of covid but that has become to expensive and now I eat mostly ground beef.
You may want to see how much of your savings you have lost from inflation and compare
I suspect High earners who would be most of the beneficiaries will actually lose much more than 10,000 every year, if Inflation is 10% (Likely much more, since they are gaming the numbers)
Almost all my money was in assets. House and 401 k, My net value went up hundreds of thousands of dollars thanks to inflation. From tens of thousands. Yeah I have almost no cash now and its harder to buy groceries but my house doubled in price so its not a big deal for me. Poor people in apartments got fucked.
Noice. Same w me. My apartment went up quite a bit in the last year as well.
I am expecting a crash in the prices though, as people start selling to get more cash. Maybe by next year end
Certainly possible but even after crashes house values are usually higher than the start.
The only one in our lifetime was 2008 though. I have no idea where the economy is going to go
High interest rates means no new buyers. Its ~7% where I live, up from 1.8. How many people can pay that ? No idea when rates will come down. No idea how many people will go bankrupt and be forced to sell
Also, you would have to put all your new income into the mortgage to benefit from inflation saving. If you use it for other purposes, you lose a chunk.
It’s not just that. My area grew substantially more than the average due to work from home and Californians fleeing California. I can move to a cheaper area who didn’t grow as much to access the increased wealth. I was also getting raises the whole time so it didn’t effect me as much as others.
But yeah at the moment I do feel poorer than the start. As a simple example I could easily afford rib eye steak every meal at the start of covid but that has become to expensive and now I eat mostly ground beef.
Sweet ! Good for you ! And probably that’s better for you, seeing as how you didn’t like the area you are in now