Six Figure Spendthrifts Are Spendthrifts

Letter to Ephesians: Be honest. If you’re making 6 figures & still living paycheck to paycheck, it’s not because of inflation but your financial game plan & its execution on the field of play is as bad as the 2-11 New York Giants'…

Wages have outpaced inflation by nearly 5% in the last year yet Democrats & roughly “one in four” strapped consumers are insisting they can’t afford the cost of living these days. But a financial planning expert recently called them out: “I’ve been practicing financial planning for more than 30 years,” said Ted Jenkin, “and am now seeing a new financial phenomenon spread through America like a quiet cancer. It’s a rapidly growing population of Americans ages 30 to 50 who earn more than $100K per year and yet they are living squarely paycheck to paycheck. I call them ‘lifestyle loopers’ because even if they make $250K, they’ve become irresistibly susceptible to perpetual lifestyle inflation.”

It's not that some big expenses like housing & health care haven’t risen alarmingly in recent years, Jenkins conceded, but he says the biggest reasons for consumer angst “comes down to [poor] financial behavior. For instance, he notes, the financially oppressed big money makers are big money spenders who never keep their credit card in their pocket or purse and make one excuse after another for doing so. They also typically seem to think they’ll always be making six figures and are overly influenced by social media that tells them the style of living they “deserve,” no matter how unrealistic it is. Then, again, the poor financial planner is also a poor decision-maker who overspends on the home, the car and the kids’ schooling and/or activities. The bottom line, according to Jenkins? “It’s not inflation. It’s not politics.” It’s more like the inability to look oneself in the mirror and be honest about what they see.

Davd Soul