Inflation 📍
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What life was like in early-1980s America …
- In October 1981, the average rate for a 30-year fixed-rate mortgage in America was 18.61 percent.
- In August 1982, the average new car loan was 17.82 percent.
At 18.61 percent interest, a $100,000 loan paid over 15 years would involve paying $298,332 in principal and interest. Paid out over 30 years, that would be $461,679.21 in principal and interest. But that ignores inflation or refinancing, which makes those numbers seem less absurd.
How to protect your money during inflation, according to 8 financial planners | Fortune
are wondering how to keep rising prices from negatively affecting their savings and spending habits.
Prices on consumer goods and services including food, energy, and housing have been rising for the past few months. They jumped again in November, rising to 6.8% over the previous year, according to the latest consumer price index data released Friday.
Along with rising prices this year, there have also been supply-chain bottlenecks and rising consumer demand—all of which can cause real challenges as the average American’s purchasing power degrades over time.
While the effects of inflation are not easily avoided, several financial planners tell Fortune that there are steps consumers can take to duck the worst effects.
Inflation blues 🌭
Inflation blues 🌭
Often in the summer time I like to have hot dogs to eat. I usually get the super large package as I like to avoid trash and it saves money. But I swear with inflation the price has doubled since last year. Coffee prices are way up. I put thirty dollars of gas in my truck with hope that it will make it to April without needing gas. My truck is at 99,400 miles but with gas prices I’m starting to think it will be a while before it reaches six digits.
I try to keep my budget in check but with inflation these days it’s just difficult. I might have the big shots job with the corner office and it’s been years since I’ve eaten out besides an ice cream cone on vacation but I tell you each day it gets harder and harder to make ends meet. Markets are down and even safer investments like certificates of deposits and corporate bonds are loosing money with the high rate of inflation. I invest a lot each paycheck both for retirement and eventually owning my own land but every time I look things just get more expensive. At least it’s mild enough that at this point I won’t need much heat.
Statistically, I may be a lot better off than a lot of Americans but I really don’t feel that way with prices going up and goals seeming so far off when you look at land prices even in remote country for what many people would consider to be pretty run-down buildings and land. True, I might eventually be in the place where I can pay cash for it and no rent besides taxes but it still seems impossibly far off.
I don’t want fancy cars or vacations, or a big suburban house – just acerage where I can shoot my guns, have fires and burn whatever I want – have pigs and goats and livestock. Far away from the cities and the liberals so they can’t be telling me what I do with my land, even though I plan to be a damn good stewart of the land even if that means I don’t tickle their you know what.