Something On My Mind Personal Finance David Mulonas

This week discuss the trend of people leaving California due to the Pandemic, The Great Resignation, Climate and Cost of Living

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This week we give an update on rising inflation and when will there be relief.

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According to Zippia.com in 2021, the average amount homeowners spent on home improvement was $10,341, which was up by 25% from 2020.

This makes sense as people spent their cabin fever time improving their homes; and now that Covid is more controlled, people are spending more due to M1 money supply with unemployment, stimulus checks.

Now that labor rates are rising due to lack of resources, the general contractors and landscaping companies are raising their rates and passing them onto you. This is another end result of inflation.

So what can be done to curb the cost? The easiest one is reducing the cost for supplies to complete the jobs. Generally speaking, the typical markup on materials is between 7.5 and 10 percent.

However, some contractors will mark up materials 20 percent or more.

What you can do is ask the contractor for a materials list and place the orders yourself.

Now with larger jobs, come more complicated supply lists, ad hoc purchases and add ons. In addition, you may make several purchases through a project’s life cycle so you need to stay on task.

In many cases you should be able to order the large majority of goods while removing copious tasks from the contractor who may not want that burden anyway.

The bottom line is that this is an easy way to save money and learn a bit along the way. For example, a $30,000 job you could save you anywhere from $2,250 to $6,000.

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What would you do with $1.2 billion? The Mega Millions just had its largest winner ever.

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This week we talk about how there are a record number of weddings in 2022 and the people attending them are going broke

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We field a question on the Internet from a 26-year old pharamcist who is making $100K per year and has $113,000 in student loan debt. He has $5,600 in monthly net income and puts $4K to his debt payments. He wants to buy a house. Is he broke? What should he do in his financial planning?

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