NBC News: Are you better off than you were four years ago?

[alaskanseminole]

Really? I guess you will have to come over and ‘splain to me. I’m old you know. It’s complicated, I bet…ain’t it?

Maybe you meant investments rather than savings.

As of mid-2024, the average savings interest rate for traditional savings accounts is pretty stinking low, often around 0.30% to 0.50%. However, high-yield savings accounts offered by online banks can offer rates between 4.00% and 5.00%. (which still isn't great). Based on what you posted above about your previously held jobs, I'd venture to say you don't have millions in an onl line bank. So, I'm thinking you meant investments.

 

[NDallasRuss]

Trump later clarified that he was speaking sarcastically...

Of course he did.

 

[joelbc1]

So I see your rant of how bad you had it. How is it better today for you? What has made the last four years better than 5-10 or 20 years ago.
My life has always been the way you explained it only it is even worse the last 4 years.
I used to have season tickets, I used to go out with friends and party, I used to go out to eat. I had way more money in my mid to late 20’s on a single income than what my wife and I do now with 2 incomes.

HROT ain’t no psychiatrist…vote for Trump

 

[RileyHawk]

If you want to vote for Biden, that is your option. But if you have to lie about why you are doing it, maybe you need to reconsider. There is no way your savings have out-paced inflation, no way. Now if you weren't lying, then post the bank and provide a website so we can see what interest they are paying.

FFS - this is just basic CD rates. You are completely inept.

https://www.forbes.com/advisor/l/be...a17d4646baf7ee&utm_source=bing&utm_medium=cpc

 

[HawkMachine]

Low end wages have been doing well over the past several years.

Words never expected from a raging liberal like yourself.

 

[IAFB2021Champs]

HROT ain’t no psychiatrist…vote for Trump

So your life isn’t better because of Biden, just making up more lies. Got it.

 

[joelbc1]

Maybe you meant investments rather than savings.

As of mid-2024, the average savings interest rate for traditional savings accounts is pretty stinking low, often around 0.30% to 0.50%. However, high-yield savings accounts offered by online banks can offer rates between 4.00% and 5.00%. (which still isn't great). Based on what you posted above about your previously held jobs, I'd venture to say you don't have millions in an onl line bank. So, I'm thinking you meant investments.

That’s why you INVEST your money! Banks know this….thats why they pay you nothing for keeping your money with them. There are “on-line” banks that pay much better (w/ insurance)….
Banks are necessary evils in the world. Andrew Jackson was dead-assed right about something, anyway!

 

[RileyHawk]

So your life isn’t better because of Biden, just making up more lies. Got it.

The point is the economy is pretty good for most people. Even those who continually try to paint the economy as being bad.

 

[joelbc1]

So your life isn’t better because of Biden, just making up more lies. Got it.

No…. Because my accountant sez so…. Because my bride tells me so…. And because I can go buy golf clubs whenever I want!

 

[alaskanseminole]

That’s why you INVEST your money! Banks know this….thats why they pay you nothing for keeping your money with them. There are “on-line” banks that pay much better (w/ insurance)….
Banks are necessary evils in the world. Andrew Jackson was dead-assed right about something, anyway!

nm

Abby was responding to Hawk_4shur, not you. It's Hawk_4shur that "hopefully" meant investing not savings.

 

[alaskanseminole]

The point is the economy is pretty good for most people.

Everything's good here.

 

[BubsFinn]

Not by a long shot.
While my salary has gone up considerably, the buying power of those dollars has gone way down.
Thankfully, I got a fixed rate mortgage, so that’s been pretty stable. But my homeowner insurance has gone through the roof. I paid cash for my car nine years ago, but insurance for that has gone up too, despite not having any claims.
Groceries, gas, entertainment, clothing, you name it, it is now significantly more expensive.

 

[IAFB2021Champs]

No…. Because my accountant sez so…. Because my bride tells me so…. And because I can go buy golf clubs whenever I want!

Sounds like the wife has a side hustle. Whatever it takes to get ahead I guess

 

[gohawks50]

So I see your rant of how bad you had it. How is it better today for you? What has made the last four years better than 5-10 or 20 years ago.
My life has always been the way you explained it only it is even worse the last 4 years.
I used to have season tickets, I used to go out with friends and party, I used to go out to eat. I had way more money in my mid to late 20’s on a single income than what my wife and I do now with 2 incomes.

Do you have more responsibilities now than in you did in your mid 20s? Do you own a home now? Do you have children now?

 

[joelbc1]

Sounds like the wife has a side hustle. Whatever it takes to get ahead I guess

Trump bought me my golf clubs!

 

[IAFB2021Champs]

Do you have more responsibilities now than in you did in your mid 20s? Do you have own a home now? Do you have children now?

The only thing that has changed is we now have a child that is less than a year old. That hasn’t helped but it was already on a downward slide before that.

 

[HawkMachine]

I wonder if things are harder for the younger generations?

Let's face it, most of us on here are slightly older and more advanced in our careers. Own homes, have savings (hopefully).

Many also live in Iowa where the cost of living isn't very high.

I'm sure a fresh college grad with debt living in a bigger city sucks right now.

 

[kcnole63]

Financially speaking, yes. I'm retired and my savings have out-paced inflation. Medicare is actually getting better,

My 3 adult children and their families are also doing better.

Similar situation for me (I retired 2 years ago). I think it mostly depends on how well you plan ahead and watch your expenses. Most of the people I know have not been affected by inflation. Then there are people like my SIL. She lives paycheck to paycheck, but she has always been that way. She has had some good salary increases the past several years (which has kept her above the inflation rate), but she still lives paycheck to paycheck. She does not plan ahead, makes poor financial decisions, and wastes money on things like cigarettes and fast food. A big portion of Americans live like my SIL

 

[abby97]

Really? I guess you will have to come over and ‘splain to me. I’m old you know. It’s complicated, I bet…ain’t it?

Try comparing the rate of inflation to the interest rate you are earning. If the your rate you are earning isn't higher than the rate of inflation, you are losing money every day. And so is all of American under this clown. Now if you are making more that 25% over the last 4 years, prove it or stop lying.

 

[joelbc1]

Try comparing the rate of inflation to the interest rate you are earning. If the your rate you are earning isn't higher than the rate of inflation, you are losing money every day. And so is all of American under this clown. Now if you are making more that 25% over the last 4 years, prove it or stop lying.

Every year I live a little larger. Phuque you. I made up all my money lost in Trumps last year….plus.

 

[CoachH]

Try comparing the rate of inflation to the interest rate you are earning. If the your rate you are earning isn't higher than the rate of inflation, you are losing money every day. And so is all of American under this clown. Now if you are making more that 25% over the last 4 years, prove it or stop lying.

Then I feel pretty good about myself.

Also, editing messages helps to keep you from looking more like an idiot.

 

[swagsurfer02]

From an income standpoint, absolutely (and the wife doesn’t work full time now, where she did 4 years ago). From a cost standpoint, it’s not even close. Everything costs quite a bit more.

 

[RileyHawk]

I wonder if things are harder for the younger generations?

Let's face it, most of us on here are slightly older and more advanced in our careers. Own homes, have savings (hopefully).

Many also live in Iowa where the cost of living isn't very high.

I'm sure a fresh college grad with debt living in a bigger city sucks right now.

I know several who are doing very well.

 

[RileyHawk]

Try comparing the rate of inflation to the interest rate you are earning. If the your rate you are earning isn't higher than the rate of inflation, you are losing money every day. And so is all of American under this clown. Now if you are making more that 25% over the last 4 years, prove it or stop lying.

5% > 3%

 

[gohawks50]

The only thing that has changed is we now have a child that is less than a year old. That hasn’t helped but it was already on a downward slide before that.

I felt similarly to you in my 30s and 40s. I made twice the money I did in my early 20s, but had less disposable income. Then I realized that I owned more things which required more money to maintain. Now I'm retired and again have more disposable income. Inflation certainly doesn't help your situation, but some of the money stress is due to where you are at in your life.

 

[Huey Grey]

Kinda sending some mixed signals here bud....


Financially better off? Idk. I had the same home and a ton of disposable income. Now, I make more money on paper but it doesn't go as far and takes me 4 jobs to do it. I would say I am not.

4 jobs. Right. Very believable.

 

[Whiskeydeltadeltatango]

4 jobs. Right. Very believable.

9-5
Vibrant music hall
Mowing @hunt club
Reffing soccer.

 

[Huey Grey]

9-5
Vibrant music hall
Mowing @hunt club
Reffing soccer.

Not that any of this matters. Trump is a felon. He completely blew off COVID, and his economy was nothing more than a continuation of what Obama did. Dude sucks. We're lucky we no longer have a fraudster like him in charge.

 

[Here_4_a_Day]

No one is better off > https://www.usdebtclock.org/

 

[Whiskeydeltadeltatango]

Not that any of this matters. Trump is a felon. He completely blew off COVID, and his economy was nothing more than a continuation of what Obama did. Dude sucks. We're lucky we no longer have a fraudster like him in charge.

Make sure you get your steps in for the day.

 

[Hawk_4shur]

If you want to vote for Biden, that is your option. But if you have to lie about why you are doing it, maybe you need to reconsider. There is no way your savings have out-paced inflation, no way. Now if you weren't lying, then post the bank and provide a website so we can see what interest they are paying.

Geesh! Calm down.

I have more money than I did 4 years ago. It has out-paced the inflation impact on me. I don't drive much, so gas has little impact. It doesn't matter to me what mortgage rates are because I'm not borrowing money, but I am making quite a bit on my fixed income investments. We are just an old married couple so our grocery bill is not a killer like it would be for a family,

I didn't mean it out-paced the inflation rate - just the impact on me.

But, to look in total - (inflation data from Investopedia)

• In 2023, the average rate of inflation was 4.1%. My investments earned 6.75%
• In 2022, the average rate of inflation was 8.0%. My investments earned 11.84%
• In 2021, the average rate of inflation was 4.7%. My investments lost 13.33%
• In 2020, the average rate of inflation was 1.2% My investments made 14.03%

Inflation average 4.5%. My investments averaged 4.82%

No, I'm not going to post my investment reports.

 

[DavidHawk324]

Try comparing the rate of inflation to the interest rate you are earning. If the your rate you are earning isn't higher than the rate of inflation, you are losing money every day. And so is all of American under this clown. Now if you are making more that 25% over the last 4 years, prove it or stop lying.

S&P 500 6/26/20: 3009
S&P 500 today: 5466

That’s an 82% return in just a normal index, so not getting lucky investing it all in Nvidia or something. How are you that surprised people are earning more on their savings than inflation? “All of America is losing money”, I mean come on.

 

[Derekd3408]

I'm doing better. I also now work crazy hours six days a week at a job that's demand is insane. It pays very well, but has extremely high turnover. Pay is ridiculous though.

 

[Hawk_4shur]

nm

Abby was responding to Hawk_4shur, not you. It's Hawk_4shur that "hopefully" meant investing not savings.

Yes, I suppose I did, When did investments stop being a part of savings?

 

[alaskanseminole]

Yes, I suppose I did, When did investments stop being a part of savings?

I dunno...since inception?

I'll give you that investments and savings are related but realistically they're distinct concepts. "Savings" typically refer to money set aside in safe, easily accessible accounts like savings accounts, which offer low risk and modest interest (see my earlier post). Investments, on the other hand, involve putting money into assets such as stocks, bonds, or real estate, with the potential for higher returns but also higher risk. While savings prioritize securty and liquidity, investments aim for growth and can be a part of a broader savings strategy to build wealth over time.

 

[Stoopsbrother]

so nobody on here has noticed a large increase in grocery prices & interest rates?
it's very hard to believe that you all haven't.

I earn more than 4 years ago but it is absorbed by the increase in prices.

 

[CarolinaHawkeye]

Don't be so gullible to believe everything that dribbles out of his mouth.

The rubes certainly believe every lie he makes.

 

[Here_4_a_Day]

Yup.....things are groovy all over in jo biden's America:

 

[DooBi]

I honestly am not. I've said here several times. I am making far more than I ever have and am having more trouble paying bills than I have since I first graduated college. Insurance is a killer. Everything you touch in the grocery store is a 5 dollar bill. Tax bill was 2 grand more than we expected which really hit us hard this year. It's been tough. I've had to cancel camping trips, sporting events, concerts. I don't have the money for that stuff this year.

 

[Jimmy McGill]

I honestly am not. I've said here several times. I am making far more than I ever have and am having more trouble paying bills than I have since I first graduated college. Insurance is a killer. Everything you touch in the grocery store is a 5 dollar bill. Tax bill was 2 grand more than we expected which really hit us hard this year. It's been tough. I've had to cancel camping trips, sporting events, concerts. I don't have the money for that stuff this year.

Poor you.....

Sometimes you don't get what you want. If missing trips/events/concerts is your concern.....perhaps you should look at your budget and decision skills.

The economy is booming right now and if you can't benefit off that....that is on you.