{"id":81747,"date":"2024-01-13T01:15:42","date_gmt":"2024-01-13T09:15:42","guid":{"rendered":"https:\/\/lenpenzo.com\/blog\/?p=81747"},"modified":"2024-01-16T10:16:09","modified_gmt":"2024-01-16T18:16:09","slug":"black-coffee-13-jan-2024","status":"publish","type":"post","link":"https:\/\/lenpenzo.com\/blog\/id81747-black-coffee-13-jan-2024.html","title":{"rendered":"Black Coffee: Looters & Moochers"},"content":{"rendered":"

\"\"It’s time to sit back, relax and enjoy a little joe …<\/em><\/p>\n

Welcome to another rousing edition of Black Coffee, your off-beat weekly round-up of what’s been going on in the world of money and personal finance.<\/p>\n

I hope everybody had an enjoyable week. Without further ado, let’s get right to this week’s commentary …<\/p>\n

Gold is money; everything else is credit.<\/em><\/p><\/blockquote>\n

– JP Morgan<\/strong><\/p>\n

You say that money is made by the strong at the expense of the weak? What strength do you mean? It is not the strength of guns or muscles; wealth is the product of man\u2019s capacity to think. Then is money made by the man who invents a motor at the expense of the incompetent? By the ambitious at the expense of the lazy? Money is made – before it can be looted or mooched – made by the effort of every honest man, each to the extent of his ability. An honest man is one who knows that he can\u2019t consume more than he has produced.<\/em><\/p><\/blockquote>\n

– Ayn Rand<\/strong>, Atlas Shrugged<\/em><\/strong><\/p>\n

Credits and Debits<\/strong><\/p>\n

Credit:<\/strong><\/span> Did you see this? A new study by USA Today<\/em> has discovered 67% of those with more than $10,000 in debt are expecting an inheritance to wipe it away<\/a>. The average expected inheritance was $320,000. However, 84% of survey respondents said they expect to inherit between $100,000 or $200,000, while 15% expect at least $500,000 and 6% expect upward of $1 million. Hmm. I wonder how many of these people are unaware that their parents are spending their inheritance right now<\/strong><\/em>.<\/p>\n

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Debit:<\/strong><\/span> Speaking of debt, national credit card balances have soared to a record $1.08 trillion. Now for the punchline: Only half of American credit card users believe they can fully pay off their December balances<\/a>, as per the LendingTree Credit Card Confidence Index. For those of you counting at home, the index hit an all-time low of 51% in December. Okay … show of hands: Who thinks that number will be plumbing new depths before the end of 2024?<\/p>\n

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Debit:<\/strong><\/span> Credit card balances aren’t the only thing that’s soaring. For example, a McDonald\u2019s in Connecticut is charging $19 for a Quarter Pounder combo<\/a>. No, really. I know this because a viral social media post recently showcased the exorbitant prices there – including $18 for a Big Mac meal and $17 for two cheeseburgers – and that<\/strong><\/em> has many folks wondering if fast food joints are pricing themselves out of business. After all, while nobody confuses fast food with gourmet dining, the price point used to be palatable. Not anymore. Hey … do you think that leaves an opening for taco salads and Bud Light to make a comeback?<\/p>\n