Great article. Makes me move cash out of a couple of our bank accounts. Re grocery shopping: I try to buy produce that is in season and “local.” Thanks. Richard Barron
This really happened to me. I’m an old fart, but was working in management in the Steel Industry in 1974. My boss announced to the office that we were all getting 5% raises… but the inflation rate (had any of my fellow wingnuts cared to check) was above 11%! I remember there were actual cheers in the room! I left 2 months later to enter a PHD program in Statistics and Econometrics. Finished too, and now, like you, live off the fat of the land.
I'm close to you in age...I was always just behind the curve to buy a house in the San Fernando Valley in L.A. in the 70s. (3-bedroom ranch houses for $45,000 with interest rates driving monthly payments well beyond rental monthlies.
Crazy interest rates in the 11%/12% range that Congress allowed us to write off credit card debt like folks with mortgages could do.
Oh boy, homework! 🤣🤓🙄 I’ll definitely have a looksy. I do actually follow all of these rules you’ve listed. I’ve learned them the hard way—through mistakes. But it was early enough in my life that I hopefully won’t run out before the end. 🤞The later years are when it’s much harder to make adjustments, both on the personal side and the financial side.
One other thing about transferring liquid money from checking to high interest savings is to have a second account, fully apart. It helps keep that excess out of view where it remains (unspent.) That’s a good place for anticipated large expenses or to accrue and then purchase the TIPS, Series I or whatever fund one is investing in.
Not sure if I did something “wrong” in accessing the file, but it seems on my end to not allow inputs, both here and from the browser. It’s okay though. Maybe next time. I think I still have two weeks of your posts that I’ve not yet read!
Oh, to imagine that you ever had the power to negotiate a contract in the way you mention. Nice to know someone has that option. Still---I like learning about nominal and real, about inflation fog and what we can do to help ourselves. Just have to say that some of us are almost incapable of "holding less idle cash." I don't know what to attribute that to but maybe it's a sign of age. Cheers!
How does the concept of value get impacted by the level of inflation? More than once my old man would say, "Chuck, cheap is not necessarily inexpensive." He also said, "Keep your nose clean."
Great article. Makes me move cash out of a couple of our bank accounts. Re grocery shopping: I try to buy produce that is in season and “local.” Thanks. Richard Barron
This really happened to me. I’m an old fart, but was working in management in the Steel Industry in 1974. My boss announced to the office that we were all getting 5% raises… but the inflation rate (had any of my fellow wingnuts cared to check) was above 11%! I remember there were actual cheers in the room! I left 2 months later to enter a PHD program in Statistics and Econometrics. Finished too, and now, like you, live off the fat of the land.
Doc,
I'm close to you in age...I was always just behind the curve to buy a house in the San Fernando Valley in L.A. in the 70s. (3-bedroom ranch houses for $45,000 with interest rates driving monthly payments well beyond rental monthlies.
Crazy interest rates in the 11%/12% range that Congress allowed us to write off credit card debt like folks with mortgages could do.
Oh boy, homework! 🤣🤓🙄 I’ll definitely have a looksy. I do actually follow all of these rules you’ve listed. I’ve learned them the hard way—through mistakes. But it was early enough in my life that I hopefully won’t run out before the end. 🤞The later years are when it’s much harder to make adjustments, both on the personal side and the financial side.
One other thing about transferring liquid money from checking to high interest savings is to have a second account, fully apart. It helps keep that excess out of view where it remains (unspent.) That’s a good place for anticipated large expenses or to accrue and then purchase the TIPS, Series I or whatever fund one is investing in.
Not sure if I did something “wrong” in accessing the file, but it seems on my end to not allow inputs, both here and from the browser. It’s okay though. Maybe next time. I think I still have two weeks of your posts that I’ve not yet read!
Oh, to imagine that you ever had the power to negotiate a contract in the way you mention. Nice to know someone has that option. Still---I like learning about nominal and real, about inflation fog and what we can do to help ourselves. Just have to say that some of us are almost incapable of "holding less idle cash." I don't know what to attribute that to but maybe it's a sign of age. Cheers!
Please refund my subscription to your substack channel prorata thanks
Why?
Please explain how Dr. J's analysis offended your sensibilities?
How does the concept of value get impacted by the level of inflation? More than once my old man would say, "Chuck, cheap is not necessarily inexpensive." He also said, "Keep your nose clean."
State contingent commodity. My most favorite economics term yet. Gonna get some milage out of that one.