Some people have been doing it for a while. For others, they may have had to pay more attention to every aspect of their financial life. For some, it was just a matter of knowing which card to use. For the younger generation that says I want it now, there are darker financial clouds on the horizon that are starting to worry the younger generation a bit.
It’s been a while since most of us have seen the wild price jump for everything. I spoke with restaurant owner friends who told me they feared losing customers by raising prices to try to stay in business. As customers, we understand and sympathize. We don’t want to see our old friends closing their doors, but we may find ourselves not eating there as often. For most of us, it’s not big chunks that get pulled off our butts; it’s the constant nibbles and drips that eat away at our shrinking nest eggs or piling up to add to credit card debt. Interest rate hikes are poised to hasten our financial demise as the FED prepares to raise rates.
Life has been pretty good for many of us until recently. Paychecks are struggling to keep up with rising prices. Children and teenagers may not understand why you can’t go there or do as before. Put it on the card if there’s room left and pray we don’t see a big fare increase that would make it difficult to pay even the minimum.
A large group of us did our best not to go into debt. Rising prices have made it almost impossible to save much. If you were lucky enough to pay extra on your house, car, or credit card, consider yourself blessed. Most of us know that a disaster, a health problem could blow our finances. A lot of people seem to be doing well. The truth is, most of us stare at that rock so we don’t stub our feet and fall.
We old folks with well-established retirements are holding our breath a bit as prices rise faster than incomes. You look around to see what you could reduce or what you could do without. Unfortunately, church offerings and charitable donations are likely targets. Choctaw may see a drop in the number of customers with less money available; perhaps he will see an increase in those trying to get rich and seemingly solve their money problems.
Looking around us and most of the rest of the world, we know this is a blessed place to live. We may need to adjust our bifocals and look at things a little differently for a while.
By Dr. Juan Harrison