Today, everything around you, the air you breathe to the clothes you wear, the houses you live in, or the outings or trips you plan with your friends or family, everything is so expensive.
Even if you buy small, accessories it is costing double the amount it would have been costing in some previous years back. Time has passed so quickly, and it has become so exorbitant.
People today have so many mental or physical diseases or uneasiness, and they have to take some vitamin or calcium tablets for it. But those tablets are also under the air of inflation, thus costs much higher today.
People say that today you cannot even afford to get sick. It is so because everything from a check-up, doctor’s visiting fees to the hospital allowances will cost you more than half a salary. Where money management and investment have become crucial.
Our environment is just filled with inflation, whether it is a product used in our daily life, or it is any dream car or bike or gadget we dream of and wish to buy one day, it just requires a lot of money in your pocket.
People nowadays even think of buying a phone on EMI, one of the basic needs today. So, you guys can assume what it will take to buy a lavish car or a motorcycle or anything fascinating you in your dreams. You have to upgrade your package or take the risk of high loans.
Effect of this expensiveness on rich, median, and poor people
A lot of you would think why have I mentioned the effect on rich people?
You would say we know that the high-markets are definitely impacting the lives of median and poor families.
The people from mediocre families and below mediocre ones are working day and night to meet their expenses, to have a full plate of food for every member of their house daily, and sometimes to fulfil the dreams of their next generations and partners.
Parents who earn an average salary have to always maintain a list of things to be done in a month or a year to manage their money wisely. They can’t let go of even a single penny in vain. They try to find out things which are available at a cheap price but yet stable. They can’t even dream of investing, investment is a far fetched dream for them.
What is the impact on the Richie Rich’s?
Let us see what I meant by the impact of inflation on rich people.
Now, what is the role of those people with deep pockets? It’s their maintenance of the status they owe in the society. See, people who belong to an average family or below that know their wages and try to find ways to live a satisfying life with minimalistic things.
But these rich individuals may be magnate businessmen or businesswomen, celebrities, politicians, and many more, already owe a lot of expensive things.
But when the world started to breathe the air of inflation, rich people started to buy more expensive things. Why so? Are they fool? No, they are not. They do this to maintain their social status among the other deep-pocket owners.
They definitely live in a world full of expensiveness, but all those are fake. This is so because everything they do, from having a lavish car or phone to wearing dresses only from high-class brands or maybe dining in some five stars rated eateries, they do to flaunt their money.
Let us check out the list of things which they buy to flaunt, and the mediocre can only dream of
From a gadget full of special features to a car with high speed, mileage, amazing body to clothes that make an ugly looking Richie Rich beautiful, everything is just so costlier. Check it out:
Car’s price: Today vs the Past, the history till now
Cars experienced an average inflation rate of 1.67% per year. The car’s price which changed over time from the year 1953 to 2020 is 15,000 dollars to 45,662 dollars respectively.
Below are calculations of equivalent buying power for Cars:
|Year USD Value Inflation Rate|
|1953 $15,000.00 – |
1954 $14,745.99 -1.69%
1955 $14,235.31 -3.46%
1956 $14,618.98 2.70%
1957 $15,391.60 5.29%
1958 $15,881.11 3.18%
1959 $16,566.4 4.32%
1960 $16,352.09 -1.29%
Now, the people having a monthly salary of more than a crore will definitely be able to afford a porshe or tesla’s latest models. In my point of view, the car manufacturers definitely work upon different features of the car and they charge according to that.
But, let me mention that a lot of people out there in the world are from a mediocre family or from a general background. They also dream of buying big cars for their family and some for themselves only to complete their dreams.
My suggestion would be to manufacture some cars for these people also, you guys will definitely earn a lot from rich people, but make those cars which almost everyone can afford.
Rather than just focusing on Richie rich try to make mediocre happy too.
This huge change in the prices is similar in different gadgets, motorcycles, clothes and so on.
Effect of Covid-19 on inflation
This pandemic has genuinely taught us a lot of things. Just tell me one thing, people who have bought beautiful clothes, sports cars or SUV or porshe, how many of them were able to use them in this year?
Don’t you guys think inflation has actually impacted the rich people as compared to the common people? They having minimalistic things have spent the whole year.
Or rather I would say, they have actually lowered their needs during the lockdown period. Obviously, by looking at the fascinating things they also have created desires to buy them.
But, they got to know that the most important thing is to survive and if it is happening in minimum things, it is much better.
A small suggestion to the rich people: Try to survive and stay happy on minimalistic things. May be by this contribution of yours the huge manufacturers will lower the prices for their so expensive products. At least then the common people can dream or save to get their dream things.
It will actually lead to the world of equity.