15 Money Secrets That Will Change Your Life
15 Money Secrets That Will Change Your Life
Written by Connor Brown November 14, 2021
The playbook for personal finance success isn’t complicated. Spend less, save and invest more. But despite this relatively simple formula, it seems as though some people know something about money that you don’t. Today, I aim to change that. I’m sharing with you 15 money secrets that can change your financial outlook for life.
Money Secret #1: Modest Spending is the Ticket to Financial Success
If there was one hidden secret of money, it’s that managing your spending is the most important thing you can do to be financially successful.
15 Money Secrets That Will Change Your Life
Written by Connor Brown November 14, 2021
The playbook for personal finance success isn’t complicated. Spend less, save and invest more. But despite this relatively simple formula, it seems as though some people know something about money that you don’t. Today, I aim to change that. I’m sharing with you 15 money secrets that can change your financial outlook for life.
Money Secret #1: Modest Spending is the Ticket to Financial Success
If there was one hidden secret of money, it’s that managing your spending is the most important thing you can do to be financially successful.
While it’s a lot sexier to focus on investing returns and earning more money, those things are harder to do. It’s much easier to keep money in your pocket. Why? Because it’s already there. You just need to keep it there.
If you want to achieve financial success, the only way – yes, the only way – is to spend less than you earn. The MVP when it comes to managing your spending is a budget.
Two of my favorite budgeting tools to help manage your money are You Need a Budget and Tiller Money. Check them out to get your spending in check – it’s the most impactful money move you can make.
Money Secret #2: Setting Goals Works
Next, your finances aren’t different than anything else in life where you have an objective in mind. To be successful, consider setting goals.
By creating specific, actionable long-term financial goals, you’ll be more likely to make decisions in the near term that can help get you there.
Whether you plan to save for the down payment on a house or retire early, choose goals that fit your objectives. You’ll be more likely to meet those targets once you put them on paper.
Money Secret #3: The Wealthy Track Their Progress
To continue reading, please go to the original article here:
9 Secrets of Self-Made Millionaires: What You Need to Know
.9 Secrets of Self-Made Millionaires: What You Need to Know
Written by Connor Brown November 14, 2021
Approximately 12 million American households have a net worth of at least $1 million. Of these, 80%+ are self-made. It stands to reason then that those self-made millionaires know something about wealth creation. Today, I am sharing nine secrets of self-made millionaires to help you develop the financial habits you need to know to become financially successful as well.
1. Millionaires Think Differently
While many would have you believe large salaries and fancy degrees drive that millionaire status, that could not be further from the truth. No, instead, millionaire status is the result of discipline and thinking differently over decades.
9 Secrets of Self-Made Millionaires: What You Need to Know
Written by Connor Brown November 14, 2021
Approximately 12 million American households have a net worth of at least $1 million. Of these, 80%+ are self-made. It stands to reason then that those self-made millionaires know something about wealth creation. Today, I am sharing nine secrets of self-made millionaires to help you develop the financial habits you need to know to become financially successful as well.
1. Millionaires Think Differently
While many would have you believe large salaries and fancy degrees drive that millionaire status, that could not be further from the truth. No, instead, millionaire status is the result of discipline and thinking differently over decades.
Millionaires set clear visions for where they want to go, and then they put plans in place to help them get there.
When Elon Musk started Tesla, his vision wasn’t to become a billionaire many times over. No, his vision was to accelerate the world’s transition to the use of sustainable energy. Tesla has become little more than a side effect of that vision.
You, too, can set a clear vision for the things you want in your life. As it relates to money, that vision is usually about what you want money to provide. For example, you may want to experience grand vacations, or you may want to quit working for money earlier in life. These are the visions. Once you understand what you’re aiming for, you can put plans in place to get there.
2. They Set Clear Financial Goals
What’s the difference between a wish and a goal? A wish is something you want, while a goal is something with a concrete plan in place to achieve a want.
In this respect, millionaires work differently. They set actionable goals and put specific plans in place to get there. For example, the average millionaire spends six hours a week exercising. Is this because they love exercising? Probably not. But they know they must put in the work to achieve what they want (health, in this case).
You, too, can adopt this millionaire habit. With your finances, for example, it makes sense to plan far into the future. Once you do, you can take concrete actions in the near term to meet your long-term goals.
As you plan your financial goals, get clear on what you need vs. what you want and what you spend vs. what you earn. These simple steps will set you up to achieve your long-term financial vision.
3. Millionaires Track Their Spending
To continue reading, please go to the original article here:
https://afterschoolfinance.com/secrets-of-self-made-millionaires/
15 Mortgage Questions To Ask Your Lender
.15 Mortgage Questions To Ask Your Lender
By Karen Doyle Oct 28, 2021
Asking the right questions could save you money on a home.
Buying a house is exciting — but it’s also a big decision. Whether you’re looking for a new home or refinancing your current one, choosing the right mortgage is one of the most important aspects of the process, so it helps to be prepared. To ensure you get all the information you need as you’re making decisions when buying or refinancing a home, you need to know the right questions to ask.
Here are 15 questions to ask a mortgage lender, which will help you learn how you can save money when buying a home.
15 Mortgage Questions To Ask Your Lender
By Karen Doyle Oct 28, 2021
Asking the right questions could save you money on a home.
Buying a house is exciting — but it’s also a big decision. Whether you’re looking for a new home or refinancing your current one, choosing the right mortgage is one of the most important aspects of the process, so it helps to be prepared. To ensure you get all the information you need as you’re making decisions when buying or refinancing a home, you need to know the right questions to ask.
Here are 15 questions to ask a mortgage lender, which will help you learn how you can save money when buying a home.
1. How Much House Can I Afford?
Before you can buy a house, you need a realistic idea of how much you can afford to spend on a house, as well as how big of a mortgage you can get. To do this, you should meet with mortgage lenders before real estate agents. You can get pre-qualified for a mortgage, meaning you’ll know exactly how much money you can borrow and therefore spend on a home.
By getting pre-qualified, you’ll be better prepared for the homebuying process and appear more appealing to sellers. Because this is one of the most important mortgage loan questions, make sure you ask it based on the amount of monthly payments you know you can handle. Before you go to a lender, analyze your budget and determine the amount you’re comfortable with, as well as how much money you’ll be able to put down.
A rule of thumb is to spend 25% or less of your net income on your mortgage. That means if you make $100,000 a year and you pay $20,000 in taxes, your net income is $80,000 and you should spend $20,000 on your mortgage annually. That amount works out to a monthly payment of $1,666.
2. What Kind of Loan Should I Get?
Among questions for mortgage lenders, this one is important. The two basic types of mortgages are fixed and variable rate. A fixed rate has the same interest rate for the term of the loan, which might be 15, 30 or even 40 years. With a fixed-rate mortgage, your payments remain the same for the life of the loan.
To continue reading, please go to the original article here:
15 Mortgage Questions To Ask Your Lender
.15 Mortgage Questions To Ask Your Lender
By Karen Doyle Oct 28, 2021
Asking the right questions could save you money on a home.
Buying a house is exciting — but it’s also a big decision. Whether you’re looking for a new home or refinancing your current one, choosing the right mortgage is one of the most important aspects of the process, so it helps to be prepared. To ensure you get all the information you need as you’re making decisions when buying or refinancing a home, you need to know the right questions to ask.
Here are 15 questions to ask a mortgage lender, which will help you learn how you can save money when buying a home.
15 Mortgage Questions To Ask Your Lender
By Karen Doyle Oct 28, 2021
Asking the right questions could save you money on a home.
Buying a house is exciting — but it’s also a big decision. Whether you’re looking for a new home or refinancing your current one, choosing the right mortgage is one of the most important aspects of the process, so it helps to be prepared. To ensure you get all the information you need as you’re making decisions when buying or refinancing a home, you need to know the right questions to ask.
Here are 15 questions to ask a mortgage lender, which will help you learn how you can save money when buying a home.
1. How Much House Can I Afford?
Before you can buy a house, you need a realistic idea of how much you can afford to spend on a house, as well as how big of a mortgage you can get. To do this, you should meet with mortgage lenders before real estate agents. You can get pre-qualified for a mortgage, meaning you’ll know exactly how much money you can borrow and therefore spend on a home.
By getting pre-qualified, you’ll be better prepared for the homebuying process and appear more appealing to sellers. Because this is one of the most important mortgage loan questions, make sure you ask it based on the amount of monthly payments you know you can handle. Before you go to a lender, analyze your budget and determine the amount you’re comfortable with, as well as how much money you’ll be able to put down.
A rule of thumb is to spend 25% or less of your net income on your mortgage. That means if you make $100,000 a year and you pay $20,000 in taxes, your net income is $80,000 and you should spend $20,000 on your mortgage annually. That amount works out to a monthly payment of $1,666.
2. What Kind of Loan Should I Get?
Among questions for mortgage lenders, this one is important. The two basic types of mortgages are fixed and variable rate. A fixed rate has the same interest rate for the term of the loan, which might be 15, 30 or even 40 years. With a fixed-rate mortgage, your payments remain the same for the life of the loan.
To continue reading, please go to the original article here:
8 Rules For Saving, Borrowing And Spending Money
.8 Rules For Saving, Borrowing And Spending Money
Liz Weston of NerdWallet Sun, December 5, 2021,
The best personal finance advice is tailored to your individual situation. That said, a few rules of thumb can cut through the confusion that often surrounds money decisions and help you build a solid financial foundation.
The following guidelines for saving, borrowing, spending and protecting your money are culled from nearly three decades of writing about personal finance.
8 Rules For Saving, Borrowing And Spending Money
Liz Weston of NerdWallet Sun, December 5, 2021,
The best personal finance advice is tailored to your individual situation. That said, a few rules of thumb can cut through the confusion that often surrounds money decisions and help you build a solid financial foundation.
The following guidelines for saving, borrowing, spending and protecting your money are culled from nearly three decades of writing about personal finance.
1. PRIORITIZE SAVING FOR RETIREMENT
In an ideal world, you’d start saving with your first paycheck and keep going until you’re ready to retire. You also wouldn’t touch that money until retirement. Even if you can’t save 15% of your pre-tax income for retirement, as recommended by Fidelity and other financial services firms, anything you put aside can help give you a more comfortable future. Aim to take full advantage of any company match you get from a 401(k) at work — that’s free money — and borrow against or cash out retirement funds only as a last resort.
2. SAVE FOR A RAINY DAY
You may have read that you need an emergency fund equal to three to six months of expenses, but it can take years to save that much. That’s too long to put off other priorities, like saving for retirement. A starter emergency fund of $500 can be your first goal, and then you can build it up. While you’re saving, try to create other sources of emergency cash, such as a Roth IRA (you can pull out your contributions at any time without taxes or penalties), space on your credit cards or an unused home equity line of credit.
3. SAVE FOR COLLEGE
Got kids? Open a 529 college savings plan and contribute at least the minimum, which is typically $15 to $25 a month. Retirement savings comes first, but anything you can save will reduce how much your child may need to borrow. Also, research shows the simple act of saving for college increases the chances that a child from a low- to moderate-income family will go to college.
To continue reading, please go to the original article here:
https://www.yahoo.com/news/liz-weston-8-rules-saving-031237764.html
10 Emergency Products To Keep In Your Car While Traveling During The Holidays
.10 Emergency Products To Keep In Your Car While Traveling During The Holidays
Felicity Warner Mon, December 6, 2021,
It's the most wonderful time of year, and tens of millions of Americans are hitting the road for vacations and hometown visits this holiday season. Just this past Thanksgiving holiday, AAA predicted more than 53.4 million Americans to be traveling—the highest single-year increase in travelers since 2005.
If Christmas and New Year's are anything like this prediction, be prepared for busy roads and the potential for slowed down or stopped traffic. On top of heavy traffic, the winter season has the potential to bring even more delays with weather like heavy rain or blizzards in the cards around this time of year.
10 Emergency Products To Keep In Your Car While Traveling During The Holidays
Felicity Warner Mon, December 6, 2021,
It's the most wonderful time of year, and tens of millions of Americans are hitting the road for vacations and hometown visits this holiday season. Just this past Thanksgiving holiday, AAA predicted more than 53.4 million Americans to be traveling—the highest single-year increase in travelers since 2005.
If Christmas and New Year's are anything like this prediction, be prepared for busy roads and the potential for slowed down or stopped traffic. On top of heavy traffic, the winter season has the potential to bring even more delays with weather like heavy rain or blizzards in the cards around this time of year.
Tackle your holiday shopping with deals and expert advice delivered straight to your phone. Sign up for text message alerts from the deal-hunting team at Reviewed.
Bad weather conditions can put more than just a damper on driving—it can result in traffic delays that can leave you stranded on the highway for hours on end. In this scenario, you won't want to be caught without essentials like snacks, water, battery packs and warm blankets, especially if you're stuck in freezing temperatures.
If your local officials warn against travel, be sure to follow their guidance before anything else. However, if it is deemed safe to travel with caution, it's better to be safe than sorry with emergency essentials packed in your car. Here are 10 key emergency products you should always keep in your car—especially during a busy season of travel.
1. A first aid kit in case of injury
Accidents happen. Always keep a first aid kit in the car just in case.
No matter the time of year, it's always a good idea to keep a first aid kit in the glove compartment or another accessible spot in your car. No matter if it's a small cut or a more serious wound, keeping a kit in the car can help make accidents or injuries more manageable.
This travel-size kit from Swiss Safe features everything you’d need in case of emergency: Band-Aids, gauze, alcohol prep pads, an ice pack and more—all in a conveniently compact bag. Plus, this model comes with a comprehensive 18-page first aid guide to help you properly administer first aid in a variety of emergencies.
To continue reading, please go to the original article here:
https://www.yahoo.com/lifestyle/severe-weather-may-disrupt-thanksgiving-134220308.html
The 5 Fastest Ways To Become Rich, According to Experts
.The 5 Fastest Ways To Become Rich, According to Experts
Bob Haegele Sat, December 4,
With the new year fast approaching, many of us are likely starting to think about our finances. In particular, you may want to increase your net worth or even get rich. After all, getting rich will allow you to not only have more financial security but also have more options. And, of course, you would have the ability to spend on more of the things you want.
The problem with the idea of getting “rich,” though, is that it takes a lot of time and effort. Get-rich-quick schemes are almost always nothing but a way to prey on those who are struggling financially. Unless you are born into a wealthy family and a large inheritance is passed to you, you will likely have to become rich through a combination of hard work and financial diligence.
The 5 Fastest Ways To Become Rich, According to Experts
Bob Haegele Sat, December 4,
With the new year fast approaching, many of us are likely starting to think about our finances. In particular, you may want to increase your net worth or even get rich. After all, getting rich will allow you to not only have more financial security but also have more options. And, of course, you would have the ability to spend on more of the things you want.
The problem with the idea of getting “rich,” though, is that it takes a lot of time and effort. Get-rich-quick schemes are almost always nothing but a way to prey on those who are struggling financially. Unless you are born into a wealthy family and a large inheritance is passed to you, you will likely have to become rich through a combination of hard work and financial diligence.
In reality, there are arguably no secrets to becoming rich. Time-tested approaches are generally your best bet, and our experts confirmed that. They outlined some of the best ways to become rich (relatively) quickly.
1. Avoid (and Pay Down) Debt
Debt is not necessarily bad in all instances, but it is something to be avoided most of the time. For instance, student loans can be beneficial if the principal and interest rate are not excessive and they help you pursue a lucrative career.
“Some experts would contend that student loans are bad debt, but I disagree,” said Robert Johnson, chairman and CEO at Economic Index Associates. “I would categorize modest student loan debt as being ‘good debt.’ In my opinion, student loans get a bad rap.”
Again, the emphasis is on how you use them. Student loans can certainly be bad if the numbers don’t work in your favor. “There is no doubt that the system has been abused and that some students have accumulated a mountain of debt and have earned degrees that simply won’t provide the earning power to pay that debt back,” Johnson said.
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/5-fastest-ways-become-rich-130041478.html
Bits and Pieces in Dinarland Saturday Night 12-4-2021
.Note From Dinar Recaps:
To our newest readers,
If you are new to the Dinar and Currency investment and wish to educate yourself further please go to Dinarrecaps .com . At the top of our blog page click on the categories button and go to The Dinar Recaps Archives or Post RV Categories for all our past posts on history of past RV’s, Exchange tips, Security and other valuable information.
We hope all of our dreams come true very soon.
Your Dinar Recaps Team
Note From Dinar Recaps:
To our newest readers,
If you are new to the Dinar and Currency investment and wish to educate yourself further please go to Dinarrecaps .com . At the top of our blog page click on the categories button and go to The Dinar Recaps Archives or Post RV Categories for all our past posts on history of past RV’s, Exchange tips, Security and other valuable information.
We hope all of our dreams come true very soon.
Your Dinar Recaps Team
Courtesy of Dinar Guru
Walkingstick [via Guru Frank26] A dinar is a dinar in country...Iraqi citizens are not 'cashing in' any of their 3 zero notes. Not like you are. They're simply exchanging their 3 zeros for the lower denominations for more purchasing power.
Pimpy There's one heck of a report that came out on behalf of Iraq. A really positive step. Report "IMF Staff Concludes Virtual Visit to Iraq" the write up is really good. To start off you can see that Iraq is definitely on track...they're expecting a 12% growth in GDP. That's good...that is a nice little write-up from the IMF staff. Of course it just indicates Iraq is definitely heading in the right direction. Their economy is strengthening...looking good but we still need Iraq to get yanked off that so-called blacklist over there in the UK...we need this election to be finalized and we need peace and stability to remain...we need the troops to get out of there. All these things seem to be happening...
~~~~~~~~~~
TNT:
Biotechnology and the Iraqi economy
Biotechnology is one of the very important scientific developments that humanity has reached in the current era. Biotechnology is defined as the application of science in the fields of biological systems and living organisms in order to reach their use for industrial purposes. That is, it is a process of merging between biology and technology.
The use of this technology has begun to expand in many fields, especially in the fields of agriculture, nutrition, food science and medicine. With the use of biotechnology, many great results can be achieved for consumers.
Perhaps the most important uses of this advanced technology are in the fields of agriculture and food industries, which contributes to doubling and improving agricultural production and achieving great economic gains in the event of expanding and developing the uses of this technology.
As well as the pharmaceutical industries that can be developed by the pharmaceutical industry. Perhaps the uses of biotechnology in the agricultural fields are among the most important of these uses. Through this advanced technology, the quantities of agricultural production can be doubled and the production of biofuels that compensates for fossil fuels that pollute the environment, which represents an invaluable achievement in order to preserve the environment from pollution factors and access on sustainable sources of energy.
Through this technology, it is possible to reach the production of types of plants that can withstand high temperatures, by transferring some genes that enable them to adapt to these high temperatures.
Thus, it is possible to expand the agricultural production of some agricultural crops that may not be compatible with the environmental conditions in their current state, before the genetic developments that can be introduced to them by biotechnology. Some estimates state that biotechnology will be among the most growing industries in the world, especially in the pharmaceutical industries, which will be relied upon in this field by more than 60%.
The interest in biotechnology is a very important matter for every country in the world, so it is necessary for the competent authorities in our country to pay attention to this important technology because it will bring great benefits to the Iraqi economy, as it can achieve sustainable development for the agricultural sector and the pharmaceutical industry as well as industries It works to fill the shortfall in agricultural production in our country and to expand the cultivation of various agricultural crops.
It is possible to seek help from the efforts of researchers and specialists in various scientific fields, especially in the field of agricultural sciences and sciences in its various specializations, in order to start establishing specialized factories for this technology and to provide the materials and supplies you need. Experts from developed countries can also be used to develop the reality of this technology in our country and work to encourage investments.
Foreign and local companies and start setting up factories with all their specializations in the fields of biotechnology.
The interest in this advanced technology is enough to develop the economic reality of our country due to the vital areas that can be developed and which will benefit our national economy link
From Recaps Archives
15 Things To TEACH Your CHILD about MONEY
Alux.com
In this Alux.com video we will be answering the following questions:
What are the most valuable things to teach your child about money?
How to teach your child about money?
What is the best way to talk to your child about money?
How to educate your child about money?
How to teach your child money lessons?
What should every parent teach their child about money?
What are the most important things to teach your child about money?
What are some lessons you wish your parents would've taught you about money?
How to explain money to a child?
Why it is important to explain money to a child?
How to teach your child the value of money?
What lessons every parent should teach their children about money?
What are the lessons about money that your parents didn't teach you?
What to teach your child about money?
Defining Success
.Defining Success
Nov 17, 2021 by Ted Lamade Managing Director at The Carnegie Institution for Science
What does success look like these days? Is it obtaining a certain number of followers? Getting a specific number of “impressions”? Becoming a YouTube sensation? Passing a piece of legislation purely along party lines? Doubling or tripling your money on a meme stock or an NFT? Generating first quartile (or better yet, first decile) performance for a trailing twelve-month period?
Before you answer that, let me tell you about three people who appear to have very little in common, but are all connected by achieving a unique type of success that is too often overlooked.
Defining Success
Nov 17, 2021 by Ted Lamade Managing Director at The Carnegie Institution for Science
What does success look like these days? Is it obtaining a certain number of followers? Getting a specific number of “impressions”? Becoming a YouTube sensation? Passing a piece of legislation purely along party lines? Doubling or tripling your money on a meme stock or an NFT? Generating first quartile (or better yet, first decile) performance for a trailing twelve-month period?
Before you answer that, let me tell you about three people who appear to have very little in common, but are all connected by achieving a unique type of success that is too often overlooked.
The Highest Grossing Actor of All-Time
If I asked you to name the highest grossing actor of all-time, who would you guess? Tom Cruise? Julia Roberts? Tom Hanks? Each has won an Oscar and was the highest paid actor in Hollywood at some stage, but none are even in the top ten. That title goes to an actor who has never won an Oscar, has made far less per film than other leading stars, and whose films have on average grossed roughly half of Cruise’s, Roberts’, and Hanks’.
So, how did he do it? By sustaining a successful career for more than four decades through remarkable stamina and flexibility.
Samuel L. Jackson’s films have generated more than $20 billion dollars (and over $27 billion if you include cameos and voice acting roles). For comparison sake, films starring Cruise, Hanks, and Roberts have generated roughly $10.5, $7.7 and $6 billion respectively (link).
The secret to Jackson’s success? Starring in a lot of movies that have done better than average, a few blockbusters, and in a wide variety of roles, from action blockbusters to dramas, comedies, superhero movies, and animated films. This means roles such as Carl Lee Hailey in A Time to Kill, Zeus Carver in Die Hard, the voice of Frozone in The Incredibles, Nick Fury in Marvel movies, and of course, Neville Flynn in Snakes on a Plane.
PGA Money Leader
Around the same time that Samuel L. Jackson was hitting his stride, a golfer on the PGA Tour was doing so as well. Yet, if you ask any golf aficionado who the most successful players in the 1980’s were, they would likely rattle off names like Tom Watson, Greg Norman, Seve Ballesteros, or Nick Faldo. Few would say Tom Kite.
On the surface this is understandable. Physically, he was unimposing at 5’9 170 pounds and wore coke bottle glasses. He didn’t win a single major during the decade and won far fewer tournaments than his peers.
Yet, he still managed to finish near the top of the money list each year and was the first golfer to amass $6, $7, $8, and $9 million dollars in career earnings. So how did he do it? Like Samuel L. Jackson, Kite simply showed up more often than most, was willing to try new approaches (i.e., club combinations, fitness regiments, psychiatry, etc.), and almost always finished “in the money”.
To continue reading, please go to the original article here:
Why It’s Not Quite Time To Panic About Inflation
.Why It’s Not Quite Time To Panic About Inflation
By Emily Stewart Nov 10, 2021, 5:05
How to think about rising prices, explained by an economist who thinks about this all the time.
Rising prices are definitely a thing right now, and it’s hard not to let a little bit of worry creep in. The United States isn’t experiencing 1970s-level spiraling inflation, but for people leaving the grocery store or a restaurant, the receipt is often a little bit higher than it used to be.
The consumer price index, which measures what consumers pay for goods and services, rose by 6.2 percent from a year ago in October, according to the Bureau of Labor Statistics, the quickest annual clip it’s risen since 1990. Over the course of the month, prices crept up by 0.9 percent.
Why It’s Not Quite Time To Panic About Inflation
By Emily Stewart Nov 10, 2021, 5:05
How to think about rising prices, explained by an economist who thinks about this all the time.
Rising prices are definitely a thing right now, and it’s hard not to let a little bit of worry creep in. The United States isn’t experiencing 1970s-level spiraling inflation, but for people leaving the grocery store or a restaurant, the receipt is often a little bit higher than it used to be.
The consumer price index, which measures what consumers pay for goods and services, rose by 6.2 percent from a year ago in October, according to the Bureau of Labor Statistics, the quickest annual clip it’s risen since 1990. Over the course of the month, prices crept up by 0.9 percent.
The data shows prices are up almost everywhere, including gasoline, energy, shelter, food, and new and used cars and trucks. Among the few price indexes to decline were airline fares and alcoholic beverages.
October’s inflation numbers came in above economists’ expectations, and to politicians, the media, and other observers, they are a bit jarring — especially those who have been arguing that much of the current inflation in the economy is temporary.
There are a lot of open questions in the pandemic economy, including what’s going on with supply chains and labor, and inflation remains an issue no one is quite sure how to solve. Regardless of what the experts say, for regular people, the economic landscape can be a little nerve-wracking, especially when it comes to prices. Inflation makes people feel bad about the economy, even when there is plenty to feel good about, too.
I reached out to Claudia Sahm, a senior fellow at the Jain Family Institute and former Federal Reserve economist, to ask how to parse the latest inflation numbers. Sahm isn’t an inflation hawk and has for some time pushed back against fearmongering on the issue, but she acknowledged that the October situation isn’t good.
Wages aren’t broadly keeping up with inflation across all jobs, though they are in some sectors, such as hospitality. However, Sahm notes, the economic situation — and pandemic situation — is much better for many people this year than it was last. She’s not hitting the panic button on prices, but she worries about the implications for the reconciliation bill in Congress, and emphasizes that the Fed is paying attention to what’s going on.
Our conversation, edited for length and clarity, follows.
https://www.vox.com/the-goods/2021/11/10/22775092/inflation-cpi-october-economy-biden-fed
The Problem With America’s Semi-Rich
.The Problem With America’s Semi-Rich
By Emily Stewart Oct 12, 2021
This story is part of a group of stories called “The Goods”
America’s upper-middle class works more, optimizes their kids, and is miserable.
It’s easy to place the blame for America’s economic woes on the 0.1 percent. They hoard a disproportionate amount of wealth and are taking an increasingly and unacceptably large part of the country’s economic growth. To quote Bernie Sanders, the “billionaire class” is thriving while many more people are struggling. Or to channel Elizabeth Warren, the top 0.1 percent holds a similar amount of wealth as the bottom 90 percent — a staggering figure.
The Problem With America’s Semi-Rich
By Emily Stewart Oct 12, 2021
This story is part of a group of stories called “The Goods”
America’s upper-middle class works more, optimizes their kids, and is miserable.
It’s easy to place the blame for America’s economic woes on the 0.1 percent. They hoard a disproportionate amount of wealth and are taking an increasingly and unacceptably large part of the country’s economic growth. To quote Bernie Sanders, the “billionaire class” is thriving while many more people are struggling. Or to channel Elizabeth Warren, the top 0.1 percent holds a similar amount of wealth as the bottom 90 percent — a staggering figure.
There’s a space between that 0.1 percent and the 90 percent that’s often overlooked: the 9.9 percent that resides between them. They’re the group in focus in a new book by philosopher Matthew Stewart (no relation), The 9.9 percent: The New Aristocracy That Is Entrenching Inequality and Warping Our Culture.
There are some defining characteristics of today’s American upper-middle class, per Stewart’s telling. They are hyper-focused on getting their kids into great schools and themselves into great jobs, at which they’re willing to work super-long hours.
They want to live in great neighborhoods, even if that means keeping others out, and will pay what it takes to ensure their families’ fitness and health. They believe in meritocracy, that they’ve gained their positions in society by talent and hard work. They believe in markets. They’re rich, but they don’t feel like it — they’re always looking at someone else who’s richer.
They’re also terrified. While this 9.9 percent drives inequality — they want to lock in their positions for themselves and their families — they’re also driven by inequality. They recognize that American society is increasingly one of have-nots, and they’re determined not to be one of them.
I recently spoke with Stewart about America’s 9.9 percent — the people who are semi-rich but don’t necessarily feel it. We talked about fear, meritocracy, and why the 9.9 percent are so obsessed with nannies. Our conversation, edited for length and clarity, is below:
So, to start out, you write about the 9.9 percent and a “new aristocracy” in America. Who are these 9.9 percent?
The statistical side of it is very imprecise. I don’t think of the 9.9 percent as just everybody who has more than a certain amount of money and less than another amount of money.
I see it more as a culture, and it’s a culture that tends to lead people into the 9.9 percent of the wealth distribution. It’s a cultural construct that is defined by attitudes toward family, toward identity issues about gender and race, by education and educational status and the idea of what constitutes a good career, which is mainly professional and managerial.
What does the culture look like? How do these people separate themselves out?
The guiding ideology is essentially that of a meritocracy. The driving idea is that people get where they are in society through a combination of talent and work and study. The main measures of that are educational attainment and material well-being, and anything that we provide to society or other people is on top or on the side of that and is a reflection of our own virtue and not in any way necessary for social functioning or part of a good life. It’s always, essentially, a sacrifice.
The obvious place to look for it is the whole college admissions game. But I think that’s kind of limited, too. I put a lot of emphasis on the family aspect because I think that’s a place where you really see in operation the attitudes and practices that go into child rearing and family formation.
To continue reading, please go to the original article here:
https://www.vox.com/the-goods/22673605/upper-middle-class-meritocracy-matthew-stewart