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Was looking back at some notes I have. In 1967, when I first moved to WY, I bought new, Ford Ranger. That was when the Ranger was a big, full-size truck. I put an 11-ft. cab-over camper on it and my wife and I rodeoed out of it all summer. It had two gas tanks and I could fill them both for under $20. I had under $6k in the whole rig. I bought a resident hunting license that allowed me two deer, two antelope a bear and an elk, (I think...). It cost $5, I think. I know it wasn't much. I rented a two-bedroom house and six acres for $35 a month. Yesterday, I filled my truck up-a Dodge 1500-the total was $53.21. Wife and I went out to eat. Meal, for both of us, (no alcohol drinks,) $44. 85 without tip. For the $98, I spent yesterday, I could have lived a month, back 50-years ago. But then, I probably only made about $11,000 back then, too. I do have records from 1969. I made $29,406 between working and rodeoing and that, back then, was quite a bit of money. Then I got divorced. Enough said. I'm not sure, but I expect we paid more than that in taxes, last year. Just some crap I came across and thought it was interesting. Imagine, a $5 hunting license.
I have been lamenting the last 20 years. Pretty much everything is up 300 to 400 percent. Back in the early 70's I was making 7.50 an hour. in 2018 I am making 21. The difference between then and now (as to costs) I should actually be making 65 an hour, to break even with where I was. Too many people to do the work. Companies dont have to pay to get a person.
Bought a 1969 Chevy 3/4 ton 4X4 for $3,485, a 1978 Dodge 1/2 ton club cab 4X4 for just north of $7,200, and a 2008 Dodge quad cab 4X4 for $22,000. Probably my last truck because I refuse to pay $50,000 for the 3/4 ton 4X4 diesel I'd like to have.
8point, I just looked at an F150 and a 250, both 4x4, King Ranch. The 150 was above 65k, the 250 was North of $75. I'll keep rolling in my '13, with 138k miles.
Now that I'm retired I'm all for seeing interest rates going back up to levels they were around the 70's. CD's at 10% would be great!
Milnrick, King Ranch is a balls to the wall optioned out truck. I bought my F150 new in 2015, 2015 model off the lot for 42k CAD which is about 32USD. This wasn’t a last year’s model type deal. It’s an XTR with a couple bells and whistles extra, probably what most would consider “average”
Once upon a time there was a tavern Where we used to raise a glass or two Remember how we laughed away the hours And think of all the great things we would do Those were the days my friend We thought they'd never end We'd sing and dance forever and a day We'd live the life we choose We'd fight and never lose For we were young and sure to have our way La la la la la la La la la la la la La la la la La la la la la la Then the busy years went rushing by us We lost our starry notions on the way If by chance I'd see you in the tavern We'd smile at one another and we'd say Those were the days my friend We thought they'd never end We'd sing and dance forever and a day We'd live the life we choose We'd fight and never lose Those were the days, oh yes those were the days La la la la la la La la la la la la La la la la La la la la la la Just tonight I stood before the tavern Nothing seemed the way it used to be In the glass I saw a strange reflection Was that lonely woman really me Those were the days my friend We thought they'd never end We'd sing and dance forever and a day We'd live the life we choose We'd fight and never lose Those were the days, oh yes those were the days La la la la la la La la la la la la La la la la La la la la la la la la la la la la La la la la la la La la la la La la la la la la Through the door there came familiar laughter I saw your face and heard you call my name Oh my friend we're older but no wiser For in our hearts the dreams are still the same Those were the days my friend We thought they'd never end We'd sing and dance forever and a day We'd live the life we choose We'd fight and never lose Those were the days, oh yes those were the days La la la la la la La la la la la la La la la la La la la la la la La la la la la la La la la la la la La la la la La la la la la la
Not sure of the point. Inflation happens, has always happened.
Back in 1973 after I graduated from high school I was doing production inventory control for Woodward Inc (a serious job for an 18 year old guy) and making $1.50 an hour. When I retired four years ago I was making around $125 an hour in a different industry.
I miss having fewer bowhunters and fewer people in general where I live, miss having more access by simply door-knocking. But financially there has never been a better time in our country's history for someone with initiative and wherewithal to get ahead in life.
I noticed the left front tire on my tractor this morning needed some..............inflation.
I think we are all damn lucky to live in the USA. The over all cost of living here, the quality of life, and freedoms are far better any other place on the planet in my view. And as some others have said, the opportunity to make a lot of money exists, if you want to apply yourself and add real value to what ever job you have.than
^^^^^ WHAT HE SAID!^^^^^^
I'm certainly no economist, but from I've read there has to be some degree of inflation to keep an economy moving. The alternative - deflation - tends to cause the economy to "freeze up". Think about it - if you're looking at a truck that's $50K but you know things are bad and the dealer will be discounting it to $45K next week, why buy now? Wait and the price will continue to drop; maybe it'll be $40K in a month (ie, deflation). Vicious cycle (and grossly oversimplified I'm sure for any economists/businessmen reading this). So it seems we are "stuck" with some degree of inflation, at best. In 1974, I had one of the coveted summer jobs at a US Steel mill. Hot, dirty and dangerous but I was making $4.10 an hour (plus $0.15/hr for swing shift)! Not quite 4X the minimum wage at the time. The previous year I had taken my savings from other summer mill jobs and bought a 1970 XKE for $3300.00 cash (MSRP was $5500.00 when new). Loved that car. BTW, not everything continually goes up - look at computers and electronics. We bought our son an Apple IIGS in 1988 or 89 and it was $3400.00!! $3400.00 in the late '80s. No hard drive - floppy discs and it did very, very little. Now, pull out your smart phone and you have the world at your fingertips for less than $1K for all but the latest and greatest iPhone.
"I miss having fewer bowhunters and fewer people in general where I live, miss having more access by simply door-knocking. But financially there has never been a better time in our country's history for someone with initiative and wherewithal to get ahead in life."
Me too, miss those days immensely, but I would argue that just because one makes more money that he's "getting ahead". Nobody really gets ahead, something is always sacrificed in the name of the almighty dollar. I'd trade half my take home pay if I could go back to the days of less people on the roads and in the woods. Matter of perspective..
As pointed out above some money is injected into the economy to alleviate some of ups and downs and causes some inflation. It’s going to be interesting if our perpetual war eventually crashes the dollar. $3 gas might seem cheap if that happens
Bowriter, you spent $6,000 on a new Ford in 1967 when you were only making $11,000 and you're lamenting how cheap it was? Learn the CPI...Like Lou said, inflation happens, but I'm more worried about the inflation of the population, not the Dollar...
I hope John is ok. Have not heard from him since he post about the bear that killed his family member and then did not kill his family member
Your post on "The missing peg" thread, probrobly has more to do with John not posting more so than the embarrassment of the grizzly thread. Kind of like how you dissapeared after your hunt with Jay Fuller.
The cost of things versus 40 years ago are up 300-400%. That is a fact. Wages in general are equal to that increase in trade jobs. Where the younger American is messing up financially is falling victim to marketing. And falling victim to the college degree. Many degrees do not allow for an equal income when considering the debt they require to achieve. Yet the skilled trade pay is through the roof in comparison due to the lack of debt one acquired through becoming a skilled tradesman.
Debt is the enemy of all people. Your income is your power. Debt does nothing but account that power to something other then increasing your kept income. It’s a vicious cycle really. One that many fall victim to. Like Dave Ramsey says, live today like no one else so you can live 15 years from now like no one else.
That’s the key. Understanding your income potential and operating to maintain as little debt as possible achieving that.
Everyone is different. But, buying a new truck at these prices is definitely not in my plans. Personally, my plan is to be debt free in 5 years. Work for another 10 increasing net worth and retirement, then retire to enjoy it. Will I make it? I doubt it but, in five years I’ll have the finical power to live a much more fulfilling life. I just wish I’d knew this and started it 15 years ago.
God Bless men.
The only people proclaiming that wages have kept pace with inflation and COL is the government and corporations. Think about that for minute.
Wvmountaineer, I disagree with your comment “falling victim to a college degree”. If people want to get a degree in 6th century Greek religion, or woman’s studies, etc you have a good point. However engineering , science and similar degrees have significant upside financial potential. I am one of them, but now retired. A few years ago I was begging for graduates in engineering and some other technical degrees. Furthermore, people that graduate ( non med school) with $30, $50, $100,000 in debt went to the wrong school and or should have had one or more part time jobs while in school to offset costs. Some people figure this out, and some don’t and then want a bail out of their college loan, and can’t understand why they don’t get hired.
Inflation hurts your buying power....but helps solid Assets.
Ask a guy with a ranch....or rental property if inflation has hurt him....HA! You will get a hearty laugh at that one.
My advice to young guys.....its not how much money you make....its all about acquiring assets like the Ranches or Real estate Property mentioned above. These assets keep pace or beat inflation in most cases.
I think the gobmemts statement of no inflation is a huge lie. That being said it person specific. My most recent care is a Chevy volt. Cost 22k after tons of rebates. I haven't put gas in it in months. I used to actually pay attention to gas prices. Have been in a station in so long. Don't even remember where is gas filler. I cut cord. No more cable save $100 every month. Went to visit in-laws in Colorado. Lived there in late 80s. Tickets from East coast to Colorado were more then than now. Honestly a smart phone can replace a whole home computer these days. Truthfully government loves inflation to pay off their debt thus screwing everyone else
Dale, you proved my point. Because not every one can be an engineer from the best school. And, the other fields you named, many employees make less then minimum wage when salaried out. 5 years ago, there were thousands of out of work, experienced engineers as well. Also, School pedigree has little to do in real world results with an over abundance of seeking employees willing to work cheaper. And, for those that do benefit from pedigree, the fields in which they are placed farther ahead in due to it, is small and can't support many people. Times have changed.
For goodness sakes USPS drivers make close to $40/hour with huge benefits. Welder's are making $100/hour here if they have a mobile unit for pay rates. Fabricators make $300/day rates. Machinists are making $250/day rates. Many carpenters self employed are making $1000's/day. Self employed Mechanics are making $1000/day. Big truck drivers are Making $400/day as a pay rate. Line men contracted to work for service providers for the big power companies are making $350/day. So, feel free to disagree all you want Dale. Current pay rates do not reflect your opinion.
BTW, beendare nailed it.
I keep pointing to the unemployment rates of college grads vs HS grads during the last protracted recession we just climbed out of. That's a big part of the reason I want my kids to get college degrees. What a disparity there was when the S was really HTF.
Another is that the last time I worked was 46 days ago and yet I still brought home 5 digits after taxes during that time and will make a lot more once I go back to work tomorrow - all because I went to college. I wouldn't be doing what I do without my education.
I've said it before, don't just go to college to go to college. Go to college to get a job and you'll be better off. Get a degree in medicine, engineering, law, etc, the fields in which you graduate and get a job for doing what you just learned, and it's definitely worth it.
Average incomes of college grads are higher than HS grads. Period. On average, you're better off. Just be smart about it and don't get a degree that doesn't catapult you into a career - unless your goal is to teach.
When I moved to Laramie in 1970, gas was .20 a gallon. Of course, when I worked on one of the ranches there I was paid $10.00 a day.......a LONG day. They did feed us dinner though.
Back then I trapped a lot. I'd get $15-$20 for a beaver pelt, $10 for a coon, and $5 for a muskrat. That was some GOOD money then!
inflation is manufactured. idiots who will pay 1200+ for a bow will drive bow prices up for instance. look at a dozen foot hold traps and you will see that the actual cost of production and materials hasnt moved much. a dozen traps costs pretty much the same as they did 30 years ago.
the consumer sets the bar.
In 1967 the average price of gasoline was 33 cents a gallon.....but people made a lot less back then. Adjusted for inflation that 33 cents is $2.34 a gallon in today's inflated dollars. Hell if you made $29,406 in a year back then you were doing damn well by the standards of the day!
WVmountaineer, Glad I proved your point. But the world is a bit bigger than the stats you provided. I can cite engineers that started as engineers and worked into management of companies that are making well into seven figures annually. I know some personally, actually hired some of them. Won’t disagree that good tradesman and drivers make good money and they are worth it. But highly skilled and educated engineers have a lot of upward financial potential, if they want to pursue it. But some would rather not pursue the career ladder and stay as engineers. The business world need all of them, tradesmen, engineers and those who move into higher management.
I agree with Dale. I borrowed the maximum you could borrow back in the day to get my college degree and I worked for and saved the rest. It took me 10 years and what I spent and borrowed was approximately equal to a year's salary by the time I graduated. Since then I have literally made millions of dollars from that computer science degree and I still use what I learned there in my work every single day. But to Dale's point...I'm an executive now compared to being the actual technical resource I was decades ago.
In 1978 (I was 12) my father bought a new truck for $7,800.00 and complained that it cost the same as his first house. today that truck would be gaining value most likely in good shape worth $7,000.00. His first house was torn down and the 2 acre lot subdivided into 4 lots that sold for over 100,000 each.
in 2009 my son was 12, I could have easily bought a new truck for the same price I paid for my first house $50,000. That truck would now be worth likely $7,000.00 Where I would estimate the $50,000 house is worth more like $150,000 now.
buy assets, not things. Buy land / Drive Junk oz
But if you’ve invested properly over those same years in a good mutual fund inflation will not be a problem.
$100 in 1967 is equivalent in purchasing power to $733.89 in 2017, a difference of $633.89 over 50 years.
So Johns $6000 truck would be around $40,000 today.
After reading your "Missing Peg" thread, you're very lucky to have enjoyed the life you have lived. Had you intentionally killed someone by rigging your stand like you did, and got caught, you're life might have looked more like OJ Simpson's. Good to have you back posting again...carry on.