filister

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We shouldn't have to work 40 hours a week to afford a basic life. We do because our currency is constantly losing value. This is by design.

There's a lot of talk about inflation and its causes. Is it corporate greed? Supply chain issues? One clear base cause of inflation less talked about is having an inflationary currency supply. Any other inflation caused by supply chain issues, corporate greed, lack of market competition, etc is just added on top of that. Fiat...

filister ,

I am not an economist but isn't inflation stimulated in capitalist countries, and it is used as a leverage against people over saving. The idea is that your savings will lose its purchasing power over time and people are stimulated to spend them instead of simply saving it in the bank. Here we are talking of annual inflation around 2-3%.

But yes, I agree, employees are usually suffering from the inflation, as it slowly eats their purchasing power and savings.

But now the divide between poor and rich is so big, that I think our societies will reach a point where there would be public outcry and people will publicly revolt against it.

filister ,

My parents lost all their savings due to hyperinflation. I can't imagine how crushing this could be to a parent. All your life you have saved some money, putting them every month to a savings account in a bank, just to wake up one day and realise that they have disappeared.

Back then I didn't realise how bad it is, but now as an adult, I can only imagine how they felt back then. Life sucks and fucks you up a lot.

filister ,

At 26 you should focus on building more your net worth in investing in appreciating instruments, not the other way around.

If there is nothing wrong with your current car, I would say give this a pass and continue investing in ETFs, etc.

filister ,

At least you are dealing with a bank. Where I am coming from there are private creditors who are offering easy credits to anyone interested and then they hit you with unbelievably high interest rates that are almost always impossible to pay, so people are being blackmailed, and sometimes either beaten and/or losing the roof of their heads. So be grateful that you aren’t dealing with such thugs.

What you can do is actually inquire other banks what conditions they can offer you to transfer this debt to them and always prioritise your debt payments above everything else.

filister ,

Another option is to sublet the flat you are living in? Airbnb is usually offering the ability to rent out only a room from your flat, but you might check the local regulations first. Limit your food/entertainment costs by shopping at discounters.

There are food banks, and even opportunities to buy really cheap food that’s close to its expiration date.

Make a strict budget of how much you are able to spend per week for food, essentials, etc. and try to stick to it.

Try to advertise your artwork, to increase the visibility. Get some part-time job, etc. and good luck mate!

filister ,

Sadly it is pretty much everywhere in the world where living costs are skyrocketing, along with rents. Almost 50% of my salary now goes to rent and utility bills, and recently the food also got pretty expensive, it feels almost like 50-60% up, so I am spending a very big chunk of my salary to have a roof over my head and also to survive.

filister ,

I feel you, it really sucks how much more squeezed we are after Corona. This pandemic screwed us over big time.

filister ,

Having too much savings is plain stupid, as the inflation is eating them every day. I am keeping only 3 months and the rest I invest in an ETF.

filister ,

You forget that I have a buffer of 3 months plus I live in Europe, so the money I will receive for unemployment would help me to further extend my financial cushion. I can create a standing order with a limit and only sell some ETFs if the price is reached, in order to reduce the financial losses.

Plus if I invest my money in ETFs long enough I would most certainly always be on the plus side.

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