Thought you've seen inflation? Just wait! Consumer Prices Soar 6.2%

[joegrizzy]

Perhaps the calls for higher minimum wage, as well as workers choosing to stay home and draw benefits (not incurring daycare or transportation expenses at the same time) is a result of the devaluation of the dollar, rather than the cause of rising costs?

Seems to me like the low income folks staying home are making more sound economic decisions than us ******* that keep driving to work supporting them.

and if the liberal elite is smuggling in a literal third world slave class, why should i work?

 

[TedKennedy]

and if the liberal elite is smuggling in a literal third world slave class, why should i work?

It makes less and less sense each day.

My parents and grandparents etc, etc....would be ashamed if I didn't work though. And as a an ethnic minority I realize when people see me I'm a representative of my race and culture, so I strive to be an example of a self-reliant, responsible guy that takes care of his family.

So I keep getting up early.

 

[wawazat]

It makes less and less sense each day.

My parents and grandparents etc, etc....would be ashamed if I didn't work though. And as a an ethnic minority I realize when people see me I'm a representative of my race and culture, so I strive to be an example of a self-reliant, responsible guy that takes care of his family.

So I keep getting up early.

Man, I don't know if I know how to NOT work. My wife and I are still fairly young (late 30s) but getting old enough to think about the reality of retirement. We have both been putting back for a while, but as an afterthought through work sponsored programs, not proactively.

Her goal is to be financially able to retire at 55. I just don't know if I can do it whether the money is there or not. I told her the closest I can get is working for myself doing something related to automotive chassis building and/or wiring. I really have to have a reason to get up in the morning or I get really depressed. Her dad is completely happy just tinkering with stuff around the house and watching TV, but Im just not sure I am wired that way.

 

[SlugSlinger]

Man, I don't know if I know how to NOT work. My wife and I are still fairly young (late 30s) but getting old enough to think about the reality of retirement. We have both been putting back for a while, but as an afterthought through work sponsored programs, not proactively.

Her goal is to be financially able to retire at 55. I just don't know if I can do it whether the money is there or not. I told her the closest I can get is working for myself doing something related to automotive chassis building and/or wiring. I really have to have a reason to get up in the morning or I get really depressed. Her dad is completely happy just tinkering with stuff around the house and watching TV, but Im just not sure I am wired that way.

How do you know if you are financially able to retire? What percentage of income in retirement is that for her? 10x her salary?

 

[wawazat]

How do you know if you are financially able to retire? What percentage of income in retirement is that for her? 10x her salary?

Our financial planner has us on a plan for sustaining on 60% of our current salaries. Our house will be paid off before then as well, so 60% seems pretty comfortable.

 

[emapples]

Prices increased essentially 1% in September. That's 12% annualized, but we haven't seen the worst yet. As the supply chain continues to pile up at the ports and accross the country, we are going to see bigger spikes in the future. If there is something that you want to buy, it might be a good time before you see it go up 10%, 20% or double in the near future.



Consumer prices rose at their fastest rate in decades in October, data from the Department of Labor showed Wednesday.

The Consumer Price Index rose 0.9 percent in October from September, exceeding expectations for a 0.6 percent rise. Compared with the prior October, prices are up 6.2 percent, exceeding expectations for a 5.8 percent rise and the highest annual rate since 1990.

Excluding food and energy, two categories of goods that are central to the cost-of-living to households but are so volatile that economists look beyond them to see underlying inflationary trends, and prices rose 0.6 percent on a monthly basis and 4.6 percent annually. Both exceeded expectations.

Earlier this year, inflationary pressures were largely concentrated in a few areas of the economy, leading Fed officials and others to expect inflation to taper off when temporary supply bottlenecks cleared up and demand surges related to the reopening of parts of the economy subsided.

Instead, the tide of rising prices has accelerated, broadened, and become stickier. The Department of Labor described October inflation as “broad-based, with increases in the indexes for energy, shelter, food, used cars and trucks, and new vehicles among the larger contributors.” Energy prices rose 4.8 percent in the month, with gasoline prices rising 6.1 percent compared with the prior month. The food index rose 0.9 percent in the month and 5.3 percent over 12-months, with food at home rising one percent on a monthly basis and 5.4 percent annually.

To be honest those of you who eat fast food frequently, you havent seen anything yet. Starting in January you will see major increases from the pizza huts and the Mickey D‘s they all book there product. And the wheats, starches, oils, etc for 2021 were all booked in Q4 of 2020 so they still get the old prices Q4 2021 prices (for 2022) are up 40% so there might be some sticker shock with Big Mag in a few months.

 

[SlugSlinger]

Here's a short list of some price increases due to inflation. These are the .gov reported numbers that we know are not correct.

 

[ForsakenConservative]

I know some of you on here are way more stock market savvy than me, so what's your take on it? It seems white hot to me and destined to pop any time now. Especially considering what's going on. I redistributed my 401K to be much more conservative but still have around 50% of it at risk to the market. I'm a little ways out from retirement yet but I don't want to see what happened to a lot of folks back in 2009 timeframe happen to me.

This one is interesting. Based on supply issues and “inflation”, you’d think the markets would tank. There is no way, IMHO, that the current markets‘ value is justifiable. The ONLY thing that makes sense to me is the fact that there is NOWHERE ELSE to put your “savings” and preserve it’s value/purchase power, let alone see an increase. Bank savings rates are far below ”inflation”, so you loose money there. Real estate is so overpriced, only The Donald can do anything. Gold? I’m waiting for uncle joe to pull an FDR and mandate you “sell” it to the IRS (He did it with an Executive Order, ya know…). You can’t feed it to your family or protect yourself & family with it anyhow……
Get yourself debt free, stock up on foodstuffs that can store a long time. Buy useful things that will always be valuable and trade worthy. I’m close to cashing out an IRA (sucking up the fees) and paying the house off…..

 

[El Pablo]

You have to have people actually working for this to be the fault of the $15 Min wage. This is the product of the Brandon administration and it's retarded policies.

Well, and the previous administration when this trend started in 2019. It’s really a neck and neck race for the for who is the 2nd or 3rd worst president In us history. Also, companies and thpier crappy planning, whoever blocked the suez canal, and consumers and their stupid panic hoarding. It’s a world class domino of a cluster &#(@

But I’m in oil and gas so my bonus should be killer. But 45 bucks for 11.5 gallons of gas is nuts.

 

[wawazat]

Well, and the previous administration when this trend started in 2019. It’s really a neck and neck race for the for who is the 2nd or 3rd worst president In us history. Also, companies and thpier crappy planning, whoever blocked the suez canal, and consumers and their stupid panic hoarding. It’s a world class domino of a cluster &#(@

But I’m in oil and gas so my bonus should be killer. But 45 bucks for 11.5 gallons of gas is nuts.

We are definitely glad to start seeing a meaningful amount of new tie ins to our gathering systems. As I am sure a lot of you know in O&G, when stuff gets stagnant it is time to get nervous and update your resume.

For the paying off the house comment, I feel like that decision is slightly more complicated than that. If your interest rate is lower than the inflation rate and you get Cost of Living adjustments to your pay each year, that would mean you are paying less on each payment (from a purchasing power perspective) than you originally agreed to. It is a lot of details that determine whether that is the best decision or not. All that said, I hate owing money. If I could operate on a 100% cash basis for everything, my anxiety would be a lot more manageable. It takes a lot of effort for me to acknowledge that is not always the most financially sound way to operate.