I’m going to help you re-frame the way you think about inflation.
Because everybody is talking about how inflation is coming and it’s going to be our big downfall. Prices are up on everything, including lumber, or is it?
Believe it or not, the price of lumber dropped last week.
But you say, Joe, I see my price of gas and I see my grocery bill. Yes, inflation is here. I agree.
But what comes with it is higher asset prices, (your house, 401K etc.) and higher salaries.
Think about this. If the cost of gas doubles and food costs shoot up 10% across the board on everything not just bread. And you get a 7% raise, are you ahead of the game? Since you’re good at numbers so you know the answer is yes. Do the math, you win very big!
Yes, if you are renting and on a fixed income you are going to feel the pinch. And we feel for those people. We all have one even in our own family perhaps. But, 90% of you who enjoy reading this earn 6-figures and many 7. So, know that with the high the price of gas and ever-increasing prices comes wage inflation. Being that you are a high earner like most of the readers of this email are, you don’t worry about the cost of your grocery bill or gas if you get a 5 or a 10% raise. And even people on fixed incomes will get higher cost of living increases.
Additionally, some of what we are seeing right now is, temporary inflation or so they say. But I have never walked by a sandwich shop and seen the price of a ham & cheese go down. So, I’m not sure I buy the “intermittent inflation” theory completely.
Look, if our biggest problems are everyone is working. Too many jobs and not enough people to fill them and prices are up. We may have entered the golden age. Trust me, it’s light years ahead of 10% unemployment and no one can find a job.
Remember, very few people penny pinched their way to the top and fewer enjoyed it. Executives like you don’t spend their time worrying about that.
This is the new you talking to yourself at the gas pump. “Wow gas is really going up – And so is my salary!”
Here’s to another great week!
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