Friday, August 12, 2022

Don't worry about 40 year economic woes!

 I saw a "news" report several weeks ago.  It touted the current inflation rate being the highest it has ever been in the past 40 years.  I thought to myself, well, I am 65 years old so I lived through that last inflation milestone.  The lesson being, this too will pass.  Since I am typing this post now, you may rightly assume that I survived those turbulent inflationary economic times.  Yes, I did and I am doing well in today's environment, thank you, and mainly thank God!

My message is this.  Do not let the economic experts, pundits, and commentators scare you into any abnormal behavior.  Don't let them petrify you with fear on how you spend every cent of your income.  Just use common sense and reduce discretionary expenses.  Or if all your expenses are necessary rather than discretionary, just creat a plan on how to manage your income so all expenses can continue to be paid, on time.  Reprioritze the order in which you pay bills.  Don't pay your bills right away, but do pay them before the bill is due for payment.  Examine your current spending to see what you can eliminate as truly being a discretionary item.  Streaming services are one candidate.  You will not go into a coma if you cut back on 1-2 monthly streaming bills.  You can always catch up on watching episodes of a TV show or series.

Forty years ago, I was still a newcomer to the workforce with a 2 year old child and wife to support.  I don't recall doing anything extra ordinary back then to survive the high inflation rate in those days.  I just managed my spending wisely.  In 40 more years I likely will not be around to look back at the high inflation days of 2022.  But you will.  Then you will say, "what was the big deal?"

No comments:

Post a Comment