It seems like we are all feeling the pain on this stuff lately, so I might as well jump on the trend of talking about it. Especially since we most likely won’t get a rate cut until December of 2025. Let’s just say awareness of the problem is half the battle. Navigating it is a whole other story. There are still plenty of folks alive who remember the inflationary period of the 70s and 80s. It was a much different time back then. Our economy wasn’t very mature or as widespread globally as it is now. The sting of 14-15% inflationary rates was rough, but not nearly as it is today. Our everyday items are so expensive now that our income cannot keep up. It moved fast and caused us to seek shelter. If I was still working in the financial world this wouldn’t be a big problem for me as I made enough money that it was just an added line item and I wouldn’t have been able to increase my shoe and watch budget. That’s not that big of a deal. I feel it a lot more these days. Luckily I am more resourceful than most.
Remaining aware of the problem and building some basic habits can get us through. We just have to find a way to build our purchasing power and decrease our overall spending. It’s not as difficult as one thinks. Maybe it's time to go on a diet. That’s a joke to a certain extent. I think this is one of those eras where we learn what we’re made of and those who take the hard times head on will profit greatly.
This inflationary period is not going away overnight. Instead of complaining that we have no savings, are under major stress, or having trouble just maintaining a lifestyle we should focus on what we can control. We can always reduce our burden and costs. Here are a few things I’ve learned to practice as my income went wayyyyyyy down.
Let’s keep things simple:
Stick to Essentials: When I say essentials I mean it. I cook and eat the same things consistently. I know how much it costs and I know when I can indulge. I don’t wear designer anything anymore and I don’t need to. Frankly, it’s dumb and no one actually cares. I’m still a gorgeous specimen of man.
Community Resources: This was a new one. Lean on your community for help. It's amazing what can be accomplished if you trust the people around you to help. My neighborhood is on the lower middle-class scale, but there’s one thing I have here that others don’t. We help each other out of jams. When I had car trouble one time my battery was dead. I had the whole block out there trying to get my truck started. They didn’t hesitate. That saved me at least $300 out of pocket for a tow and a new battery. Don’t be afraid to ask for help. Make new friends. Especially since you never know when you might need an alibi.
Unapologetically Cheap: People ask me to go do stuff all the time. I say no very often now due to either not having funds, or I am just not interested. It’s not that I don’t want to see people it's more that I’d rather not waste money doing something I don’t care about or I won’t profit from. I am hyper-focused on making a living and being successful in my business pursuits. This is tough because folks these days get distracted by shiny things and glamorous nights out. Been there done that. I’d rather stay in and watch a movie with someone than go out and pretend to laugh at people’s jokes. Plus, I am clearly the funniest person I know. It’s a problem to be this joyfully idiotic
This is a time to remain resilient and honest. Avoid the media as much as possible and find some new and hopefully free hobbies. There’s a reason I go to the gym often and for very long periods of time. It allows me to focus and not spend any moolah. I make as many friends there as I used to when I was a party boy. Instead of waking up hungover and regretful I now arise from the ashes of fiery hip and knee pain. I’ll take that over a hangover any day.
My mother has been talking about getting chickens for years now. It might just be time to get a coup together and finally get those chickens. I need eggs at a cheap price. Let me know who has a chicken guy. Snoogins!
