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  #61  
Old 08-10-2022, 12:15 PM
619TF 619TF is offline
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Originally Posted by imwjl View Post
Here's the off grid car charger at our HQ and flagship store. We are in plan/hope mode for a few more and covering 3 sites. We run a small chain of grocery stores from 3 different utilities' renewables programs. We don't think in terms of greed as you put it, and more like independence, sustainability, and ethics. At times it seems important to point out this is the mindset and action taken by very conservative and religious business owners who want the 100+ year old firm to succeed and minimize the negative externalities that occur running business.
So you're saying a BILLION dollars a week in PROFIT for a company while people are struggling and simultaneously driving up the prices of goods isn't "greed"? That's an interesting take on it.
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  #62  
Old 08-10-2022, 01:03 PM
imwjl imwjl is offline
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So you're saying a BILLION dollars a week in PROFIT for a company while people are struggling and simultaneously driving up the prices of goods isn't "greed"? That's an interesting take on it.
Not at all. My intention was to point out our strategy for independence and how we do not fit into common stereotypes for attitudes and decisions about energy.
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  #63  
Old 08-10-2022, 03:06 PM
619TF 619TF is offline
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Not at all. My intention was to point out our strategy for independence and how we do not fit into common stereotypes for attitudes and decisions about energy.
And yet you directly responded to my post that said the gas prices being so high lately were out of greed.
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  #64  
Old 08-10-2022, 03:55 PM
buddyhu buddyhu is offline
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Originally Posted by Bob Womack View Post
The figure of zero inflation just means that it didn't get worse over the month, not that it returned to the original point before inflation began.

Here are a couple more granules:

By my calculations, at the worst point in the inflation surge, my 401k retirement account was shrinking by a factor of 2:1 when compared to my contributions. That meant when I put in $5, it shrunk by $10. Because of the economy, my company has suspended contributions to the 401k, so it was much easier to calculate the shrinkage because I am the only one contributing.

At the bottom point a few of weeks ago, my account had lost 20% of its peak value, total. This, despite the fact that due to my age, retirement goals, and types of accounts I am in, my investment blend is becoming fairly conservative. The "good" news is that it has grown again to the point where I've "only" lost 14% as of today. The difficulty in stating that figure is that it includes all the contributions I've made in the interim. Removing those contributions to get a more accurate, lower figure would be pretty complicated, so I am giving the economy the benefit of the doubt in these figures.

Bob
Yes, the number means inflation didn’t get worse. BUT, many were anticipating a slight rise (0.2%), so taken as a whole, the number should be taken as encouraging, since inflation is slowing, and slowing more than was expected.

Sorry to read about the performance of your 401K. But mid term election years often see a decline, even if the economy is doing pretty well.
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  #65  
Old 08-10-2022, 06:03 PM
Gunny Gunny is offline
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Originally Posted by fitness1 View Post
It's going to be interesting to see if food prices start to ease a bit - now that gas has dropped to 3.99 here.

The gas doesn't hurt me as much as others - I drive about 7k a year, but food prices have nearly doubled on some products in the last two years or so - that hurts a bit.

As far as guitars - I think I'm done with that whole game, so let 'em do whatever they want!
Yep food costs have really put a dent in people's budget. I am blessed in many ways, but we have really cut back on things that use to be routine. Beef and even chicken have gotten pretty expensive. I found out that a small grocer by the house puts yesterday's cuts out first thing in the morning at about 1/2 price. This is how I still spoil myself with a steak.

Guitars? Nope. I have enough. Still look of course, but try and be honest with myself about "want vs "need".

Gas. Blessed with a company vehicle and the Wife gets mileage at her job. I do have an F-150 with a V8 (week-ender) and I have been driving like the old man that I am lol.
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  #66  
Old 08-10-2022, 08:23 PM
ewalling ewalling is offline
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Do prices come down once they've gone up? Gas seems to fluctuate a fair bit, bit what about other stuff? I get the impression that once companies put their prices up, they sniff the air and if people are still biting, they hold up the high prices, even after economic downturns pass.
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  #67  
Old 08-11-2022, 03:44 AM
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Methos1979 Methos1979 is offline
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Yep food costs have really put a dent in people's budget. I am blessed in many ways, but we have really cut back on things that use to be routine. Beef and even chicken have gotten pretty expensive. I found out that a small grocer by the house puts yesterday's cuts out first thing in the morning at about 1/2 price. This is how I still spoil myself with a steak.

Guitars? Nope. I have enough. Still look of course, but try and be honest with myself about "want vs "need".

Gas. Blessed with a company vehicle and the Wife gets mileage at her job. I do have an F-150 with a V8 (week-ender) and I have been driving like the old man that I am lol.
Similar here.

Groceries? We switched up to a mostly plant-based diet due to the high cost of meat and in return are eating more healthy these days, so there's that I guess. But we're still paying more for a lot of things these days that are staples in our diet.

Guitars? I sold off my high-end guitar which was not participating in revenue generation like my other two do on a regular basis. Now that we're 'poor' (retired on a fixed income) I find myself quite content with my two workhorses. I do still look but I've no desire to purchase which is a new and welcome feeling.

Gas? No company car, just a couple older but still in good condition Hyundai's that get decent mileage. Gas, once nearly $5/gl just dropped below $4/gl for the first time in quite a while. We've also taken to riding our motorcycle shorter distances when we ride which is better for our wallet and our backsides!

The market is starting to see some upticks here and there though we're still down about 10% YTD. But we're booking gigs like crazy (by our standards). We have five gigs next week alone so our retirement 'side hustle' is actually paying off, figuratively and literally!
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  #68  
Old 08-11-2022, 04:53 AM
Murphy Slaw Murphy Slaw is offline
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We have five gigs next week alone so our retirement 'side hustle' is actually paying off, figuratively and literally!
Be sure to keep accurate "books" for those tens of thousands of new IRS agents, and don't forget the ASCAP and BMI people as well.

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  #69  
Old 08-11-2022, 06:21 AM
619TF 619TF is offline
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Originally Posted by Murphy Slaw View Post
Be sure to keep accurate "books" for those tens of thousands of new IRS agents, and don't forget the ASCAP and BMI people as well.

Can't help with the IRS but it's not the performers who pay those others.

Some people mistakenly assume that musicians and entertainers must obtain licenses to perform copyrighted music or that businesses where music is performed can shift their responsibility to musicians or entertainers. The law says all who participate in, or are responsible for, performances of music are legally responsible. Since it is the business owner who obtains the ultimate benefit from the performance, it is the business owner who obtains the license. Music license fees are one of the many costs of doing business. - ACAP.com
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  #70  
Old 08-11-2022, 06:29 AM
Murphy Slaw Murphy Slaw is offline
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Some people mistakenly assume that musicians and entertainers must obtain licenses to perform copyrighted music or that businesses where music is performed can shift their responsibility to musicians or entertainers. The law says all who participate in, or are responsible for, performances of music are legally responsible. Since it is the business owner who obtains the ultimate benefit from the performance, it is the business owner who obtains the license. Music license fees are one of the many costs of doing business. - ACAP.com
Obviously, however.

I had no way of knowing if his "side hustle" was gigging bars, or if he was doing concerts or house parties.

I was simply reminding him of the beans that must be counted.
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  #71  
Old 08-11-2022, 07:02 AM
imwjl imwjl is offline
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Originally Posted by Murphy Slaw View Post
Be sure to keep accurate "books" for those tens of thousands of new IRS agents, and don't forget the ASCAP and BMI people as well.

I don't really understand that in a number of ways. As a small business owner and someone who's been dealing with settling estates in recent years I've been painfully aware of their staffing shortages going on for years, and don't know how their hiring staff to address that and retirements in coming years will impact inflation.

In another tangent but for your post, I'm super pleased how easy it is to do bookkeeping and taxes relative to the whole of my working life. I sure hope that can get even simpler!

FAR more on topic is today's drought map update looks better for important food growing areas. A biast of too much rain over the weekend didn't hurt an important corn and soy area. For stability, in today's news I see OPEC has cut demand forecasts. My adult self likes stability and my child self likes a road trip to cost a little less.

Overall by morning news reads and scans have me feeling better about the inflation and economy. After reading about Microsoft's belt tightening, I will ask a Microsoft employee friend I see is in London if it is impacting his trip.

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  #72  
Old 08-11-2022, 08:01 AM
martingitdave martingitdave is offline
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Wholesale inflation dropped 0.5% in July. An indicator that retail price stability or reductions may be on the way.
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  #73  
Old 08-11-2022, 08:11 AM
619TF 619TF is offline
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Obviously, however.

I had no way of knowing if his "side hustle" was gigging bars, or if he was doing concerts or house parties.

I was simply reminding him of the beans that must be counted.
But the point was that the performer is not the one who needs to do the counting (for ASCAP & BMI). So maybe not so "obvious"?

Last edited by 619TF; 08-11-2022 at 08:50 AM.
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  #74  
Old 08-11-2022, 08:46 AM
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With regard to keeping records and whatnot, we decided to 'do it right' and claim everything. We even formed an LLC to insulate our assets from potential exposure in case of a lawsuit. Most places we play were looking for EIC numbers and they file their taxes and write us checks so we figured we'd play it straight. We keep records of every cent made, as well as every cent spent and mile driven to use at tax time. With the amount of money I spent this year on equipment, my taxes should be a wash on the money we make. As others have noted, the BMI/ASCAP considerations are on the venue, not us - thankfully!
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