Where High Income Americans Are Cutting Their Spending
Be Wealthy & Smart
Linda P. Jones
4.8 • 883 Ratings
🗓️ 15 July 2022
⏱️ 8 minutes
🧾️ Download transcript
Summary
Discover where high income Americans are cutting their spending.
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Transcript
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| 0:00.0 | Be wealthy and smart, episode 1063. |
| 0:03.3 | I'm gonna live the rich life. |
| 0:07.3 | All the best life. |
| 0:09.3 | Yes, life. |
| 0:11.3 | If y'all know what I mean, put your hands up and declare with me |
| 0:14.2 | Yeah, I'm full of bad e-e-e-e-h-h-h-h-h-h-a I'm gonna live a good life |
| 0:21.6 | A beautiful the glorious life Step into a world of wealth and wealth and wealth and financial freedom without budgets, boredom or bosses on be wealthy and smart. And now here's your host |
| 0:36.0 | Linda P Jones. Welcome to be wealthy and smart. I'm Linda |
| 0:40.7 | P Jones America's wealth mentor. Empowering Women and Men Worldwide to Financial Freedom. |
| 0:46.0 | On today's show, we're going to talk about where high-income Americans are cutting their spending, |
| 0:52.0 | because C and B.C. just did a survey of are cutting their spending because |
| 0:52.6 | C and B.C. just did a survey of 1,000 Americans with |
| 0:56.7 | incomes of $100,000 or more and got their opinion |
| 1:01.0 | about inflation and spending and how they're feeling right now. |
| 1:05.8 | Fully 96% of high earners are concerned about inflation and 65% are very concerned about inflation. |
| 1:14.0 | About 34% said they are worse off financially this year than a year ago |
| 1:20.0 | and 46% have had to cut household spending due to inflation. If inflation gets any worse, |
| 1:28.0 | 38% plan to cut spending. |
| 1:31.0 | So we know that prices have been going up on food and gas and rent and |
| 1:36.5 | housing prices and when we look at the consumer price index in May it jumped 8.6% year over year and in June it jumped 9.1%. Now much of that is |
| 1:48.7 | backward looking indicators so it's really not telling us whether the worst is behind us or not yet. |
| 1:56.1 | And I'm seeing lots of little green shoots in forward looking indicators that are looking |
... |
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