{"id":84346,"date":"2024-08-17T01:00:59","date_gmt":"2024-08-17T08:00:59","guid":{"rendered":"https:\/\/lenpenzo.com\/blog\/?p=84346"},"modified":"2024-08-22T08:28:39","modified_gmt":"2024-08-22T15:28:39","slug":"black-coffee-17-aug-2024","status":"publish","type":"post","link":"https:\/\/lenpenzo.com\/blog\/id84346-black-coffee-17-aug-2024.html","title":{"rendered":"Black Coffee: Up, Up and Away!"},"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

Well … another busy week is behind us. So with that in mind, let’s get this party started …<\/p>\n

My gas bill is beginning to look like my grocery bill.\u00a0My grocery bill is looking like my old Costco bill, which now looks like my mortgage bill. <\/em><\/p><\/blockquote>\n

– Anonymous<\/strong><\/p>\n

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

Credit:<\/strong><\/span> Did you see this? A Michigan man who recently won nearly $800,000<\/a> in the state’s Fantasy 5 lottery daily drawing also won $100 the previous day playing the same game, missing the jackpot by one number. What we don’t<\/strong><\/em> know is how much this guy spent on lottery tickets in the years prior to winning \u201cthe big one.\u201d And on a related note …<\/p>\n

\"\"<\/p>\n

\"\"<\/p>\n

Debit:<\/strong><\/span> Meanwhile, the median sale price of a New York City home is now $776,100<\/a>, according to realtor.com figures, the Big Apple stands out as one of the most expensive and competitive markets in the nation. That\u2019s a 26% increase<\/a> since January 2019 when the median sale price stood at $615,000. Then again, the Big Apple is a bargain compared to the 100 US cities where the price tag of a starter home is now over $1 million.<\/p>\n

\"\" \"\"<\/p>\n

\"\"<\/p>\n

 <\/p>\n

Credit:<\/strong><\/span> On the bright side, the average rate for a 30-year mortgage has dropped to 6.47%<\/a>, the lowest in over a year, providing a boost for prospective homebuyers and homeowners looking to refinance. That being said, economists predict that mortgage rates will stay above 6% this year. While the rate reduction could improve homebuyers\u2019 purchasing power, high housing prices remain an obstacle for them \u2026 among many other things:<\/p>\n

\"\"<\/p>\n

\"\"<\/p>\n

Debit:<\/strong><\/span> Speaking of high prices, Cadbury doubled the price<\/a> of its signature candy bar this month; it\u2019s their first price increase in ten years. Thankfully, while prices are still increasing, inflation has moderated to somewhat manageable levels – well \u2026 assuming you believe the data.<\/p>\n

\"\"<\/p>\n

\"\"<\/p>\n

Debit:<\/strong><\/span> Regardless, wages have a long long<\/strong><\/em> way to go undo the damage done to consumers’ standard of living during the past three years. And the latest inflation data for July shows that inflation has now increased on a month-over-month basis for 50 consecutive months<\/a>. You know what will fix this? More gaslighting propaganda from the mainstream media!<\/p>\n

\"\"<\/p>\n

\"\"

(h\/t: @WallStreetSilv)<\/p><\/div>\n

Credit:<\/strong><\/span> Then again, if you think your<\/strong><\/em> grocery bill is high, just be glad you aren\u2019t a prisoner. prisoners working regular jailhouse jobs – which include maintenance or working the kitchen – currently need to work more than an hour<\/a> to afford one packet of the most commonly offered state-wide ramen variant. For a cup of mac & cheese, inmates have to work more than a half-day on average. That\u2019s not to say that anybody expects prison to be a picnic …<\/p>\n