{"id":86111,"date":"2025-02-01T01:00:15","date_gmt":"2025-02-01T09:00:15","guid":{"rendered":"https:\/\/lenpenzo.com\/blog\/?p=86111"},"modified":"2025-02-04T16:53:11","modified_gmt":"2025-02-05T00:53:11","slug":"black-coffee-1-feb-2025","status":"publish","type":"post","link":"https:\/\/lenpenzo.com\/blog\/id86111-black-coffee-1-feb-2025.html","title":{"rendered":"Black Coffee: Sticker Shock"},"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’ve got another busy weekend ahead of me, so let’s get right to this week’s commentary …<\/p>\n

Anyone who believes exponential growth can go on forever in a finite world is either a madman or an economist.<\/em><\/p><\/blockquote>\n

– Kenneth E. Boulding<\/strong><\/p>\n

If it weren’t for electricity, we’d all be watching television by candlelight.<\/em><\/p><\/blockquote>\n

– George Gobel<\/strong><\/p>\n

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

Credit:<\/strong><\/span> Did you see this? A new survey is out that reveals Americans now believe you must have an average net worth of $2.5 million<\/a> to be considered \u201crich.\u201d For those not keeping score at home, that\u2019s a 14% increase from the year before. While saving $2.5 million may seem like an unattainable goal for many people, you can take comfort in knowing that it’s much easier to get there if you have an old memo personally signed by a technology company CEO laying around the house …<\/p>\n

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Debit:<\/strong><\/span> However, for most people, being rich is relative to their situation. For example, a person who earns $208,000<\/a> per year makes enough to crack the top 10% of US wage earners – that salary is more than three times what the average American worker earns annually. It\u2019s also enough to easily afford the median-priced home in most parts of the country. However, everything is relative, as $208,000 is still not enough to afford the median-priced home in places like Massachusetts, Hawaii, or California. Um … and apparently Utah too:<\/p>\n

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Credit:<\/strong><\/span> Speaking of happiness, the amount of money it takes to make us happy varies, too. But a study from the University of Pennsylvania found that happiness is an easier goal<\/a> to obtain than being rich. That\u2019s because happiness increases for most people as their income increases – but only until their annual earnings hit the $100,000 benchmark. After that, happiness plateaus. Or so we’re told …<\/p>\n

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Debit:<\/strong><\/span> Needless to say, for the financially undisciplined, credit cards are a means of increasing happiness, albeit temporarily. And as credit card balances swell, the share of delinquent balances is also worsening. In fact, 1 in 9 active credit card accounts holders are making just the minimum payment<\/a> on their balances – that\u2019s the highest proportion of card holders since the tail end of the Great Financial Crisis in 2012. No word on whether this guy is one of them …<\/p>\n