I saw this chart below while reading the morning news online. It caught my eye and made me reflect on how things have changed, cost wise, and not really for the better in a lot of ways l might add. Of course l couldn’t help bemoaning the fact that things were so much cheaper in those days. This cost of living chart is from 1970. I was only six years old then but l would imagine the prices were probably nearly identical the year of my birth. I decide to update the chart to add the average cost for the same things in 2017. Yikes!!!
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When you dive deeper into the figures, you see how truly screwed we are as a society. The glaring statistics from the chart mean that:
Minimum wage in 47 years has only quadrupled!!! Just a teeny weeny bit over 4 times what it was. The median price for a new house is however 13.6 times the amount it used to cost! The average price for a new car is a multiple of 6. This is why people can not catch up and live a decent life. When the top 1% have over 90% of the wealth, there is very little to go around. In order to live the life one had back in the 1970, based on this chart, you would have to be making $140,690 per year! How many people do you know who make that much?. For most people, the dream of home ownership remains just that. A dream.
This however, doesn’t mean that one should give up. What is important is to strive and do best you can to provide for you and your loved ones. Make as much money as possible. Bypassing the fluff such as movies (see how that has more than quadrupled 🙂 ), living frugally , which certainly doesn’t mean you have to deprive yourself, socking and saving your hard earned money in to funds such as employee 401k retirement plans. This way you can lead a more comfortable life down the road. The point is to start as soon as possible because life will only get more complicated and yep..costlier. I somehow doubt for instance that the minimum wage will be increased to $20 just to appease the masses. Your motto? Look out for number one.
Are you surprised at just how much the cost of living has increased? Are you keeping up okay?