Poor again

Inflation, exacerbated by pointless sanctions.

At least you tasted the manna, once. You've had that experience.

Working class wages have stagnated for decades, while the super rich get super richer. Traditionally however the super rich can protect this state of affairs and their own security by buying off some sections of the working class with rising standards of living: but it seems like the trick is getting harder to repeat.

Seems like we are past rising living standards, now they are whipping them up into a mob.

Take pride in knowing what you achieved in the past and know with confidence that you will overcome again.

R5, that's a lovely sentiment, but it doesn't pay the bills.

Okay r6, then you're circling the drain and don't even have the initiative to help your slovenly self

[quote]I had enough earnings to save, go on vacations and spend on some luxuries.

This is why the poor always remain poor. Spending always increases when income increases.

People are never taught how to create wealth from earnings.

R7, it was a joke. Lighten up, Lucille. When was the last time you were laid? 1978?

You can't make peanut butter out of shit, R8.

I feel for you OP. NYC just announced rent increases for rent stabilized apartments. 3.25% - 1 year/5% increase- 2 year. I was just feeling that I was getting my head above water and wham we’re back to the Bloomberg years.

But people under 35 are 'snowflakes' who 'won't leave their parents' basements'. Not as if they can't afford to, or anything...

[quote]You can't make peanut butter out of shit, [R8].

LOL - you appear to have failed to read the post where the OP discusses signficant increases in earnings, r10.

No one is suggesting squeezing blood from a stone. OP specifically mentions spending more as income rose and now feels poor even though his income is higher because - surprise Pikachu face - "However I now look at my lifestyle and the cost of everything and I’m back to feeling poor again."

I know, R13. I just pretend to care about everyone.

Well, as a rule of thumb, you should save 50% of all raises. However, if rent and other costs increase then it becomes quite difficult to bank the raises. Best of luck to everyone and fasten your seatbelt.

Most people wast ridiculous amounts of money. Google how to be a thrifty bitch. I’m sure there is plenty of fat in you….r budget OP

You should always spend like you're in a lower tax bracket, because one never knows what the future holds.

Not enough information in the OP’s post- how does one go from poor to financially secure back to poor in 3 years without a loss of employment or some other financial earthquake. I think this is most about perception if not an EST post.

Poor again. Just can’t wait to get poor again.

[quote] You should always spend like you're in a lower tax bracket.

What if you earn so little you don’t pax tax?

So sad about The Poors.

Ok so a few things: Every raise I got I increased my 401k which is currently at 21% so I feel like I am saving enough. I didn’t increase my standard of living all that much, one vacation a year isn’t too much to ask is it? On top of those two things I felt like I had additional money which was strange so I built up an “oh shit” emergency cash fund. This year that is extra additional cash is GONE and I cannot afford a remotely decent vacation. I know, first world problems.

Yes, OP, it does sound like first world problems. Life has ups and downs. Sounds like your basic needs are met, still.

This is starting to sound like a stealth thread of how everyone is so much worse off, so naturally we should get rid of Biden and vote for rethugs in midterms....

OP = Original Poor

Thinking about money and the lack thereof is such a slippery slope in terms of mental health. I feel like I'm in such a bad space when I focus on it, but I know I have to if I ever hope to survive independently.

How does one improve one's relationship with money, so it works for you and through you rather than controls you?

OP the pandemic was 2 years. Your salary went up over 20% and you could have vacations and buy some luxuries. Now its all been wiped away and you are POOR.

None of this makes sense.

Not to disparage OP, but I'm thinking there must be a couple of financial missteps between his salary increase of 20% and inflation hitting 8% that somehow results in "feeling poor". Did you make any major purchases, OP? Life-changing events?

Cutting out small things like...$7.00 (tip included) coffees would be a start...speaking for myself, of course. That a lot of money for a stinkin' coffee.

R28 inflation is much higher than 8%.

Honey maybe you need to switch from Clinique back to Maybelline.

Here, OP, I'll break it down for you:

[quote]Annual inflation rate in the US unexpectedly accelerated to 8.6% in May of 2022, the highest since December of 1981 and compared to market forecasts of 8.3%. Energy prices rose 34.6%, the most since September of 2005, due to gasoline (48.7%), fuel oil (106.7%, the largest increase on record), electricity (12%, the largest 12-month increase since August 2006), and natural gas (30.2%, the most since July 2008).

So, the biggest reason that inflation has increased is the price of oil. Why is that? Could it be that oil companies are taking profits now [italic]because they can[/italic] and won't be able to in the not-too-distant future, like when the major auto manufacturers finally switch to electric (like GM, which has proposed a 2035 deadline)? Or could it just be plain old greed?

Here's an idea: don't drive as much, take public transport, and carpool when you can. That alone will save you some $$ (but likely won't help you not feel poor).

[quote]Food costs surged 10.1%, the first increase of 10% or more since March 1981. Big increases were seen in prices of meats, poultry, fish, and eggs (14.2%).

Any why has the price of meat and poultry skyrocketed? Because Donald Trump and his Dept of Commerce allowed Brazilians to buy American meat packing companies and consolidate their power over our prices because they now have a monopoly on the industry. Just like the oil companies, they've raised their prices [italic]because they can[/italic] . Bear in mind, meanwhile, that the same companies are paying less for their raw materials, which has and is leading to a crisis in American ranching. Keep an eye on the suicide rate for independent ranchers. It's very telling (and should give you pause before complaining about "feeling poor").

[quote]Other increases were also seen in cost of shelter (5.5%, the most since February 1991), household furnishings and operations (8.9%), used cars and trucks (16.1%) and airline fares (37.8%) while cost of new vehicles eased slightly (12.6% vs 13.2%). Meanwhile, core inflation rate slowed for a second month to 6%, compared to expectations of 5.9%

Now, pay attention to that last number. Core inflation (everything except food and fuel) declined for the third month in a row. This is a good sign. If Biden were a republican, they would be crowing on Fox Noise about how the administration is getting it under control. And, well, Biden's administration is making headway despite the strong headwinds from Republicans that want the economy to tank under every Democratic administration. Funny how it rarely works out that way.

I (and we all) get it: you're feeling poor because the price of everything has gone up. You're used to the economic stability that we've enjoyed for decades, at least so far as inflation is concerned, with the obvious 2008 meltdown standing — no, glaring — in contrast. The pandemic and the disruption to the global supply chain was bound to have long term consequences. and economists and others have been talking about this since the beginning of the pandemic. This, too, shall pass. And maybe we'll learn the lesson that when you put an orange man-baby more concerned with his image than his policies in charge of the biggest economy of the world, it has consequences. Or, like the last time we suffered an economic downturn under a Republican administration, we won't.

R24 is right.

OP is trying to be stealthy in his Biden bashing.