By Aaron Allen, The Seattle Medium
Over the course of the pandemic, many families have experienced a significant rise in the costs of necessities that has made it hard for them to attain economic security. Individuals and families are finding themselves having to look for other options and opportunities to earn additional income to help compensate for the rise in inflation.
Gene Williams, a small business owner in Bellevue, understands how one has to be “financially flexible” particularly in today’s economic uncertainties and instability.
As an entrepreneurial-minded individual since college, Williams has had a love hate aversion to the traditional 9 to 5. His career path has been a series of business venture success and failures. According to Williams, his ability to adapt to economic instability, inflation, high cost of living, high interest rates, etc. is what he “thrives” on.
“Truthfully, I have never been one to adhere to the conventional nine to five,” says Williams. “Owning my time has been my motivator. During financial struggles, inflation, high interest rates, as your business grows your ability to be prepared for the worst and hope for the best, your adaptability and flexibility, helps, at least me, to overcome hard financial times.
“Money is always out there, produced and exchanged every second,” he adds. “With desire, commitment and a sound work ethic, an individual can make loads of it. But how you manage your earnings can make the difference between wealth and poverty.”
With some of the highest inflation rates in modern history, many people are struggling to keep up with basic needs like food, housing, gas, and utilities rises.
According to Doxoinsight, who provides direct insight into household financial health and spending activity, Seattle has become one of the “highest cost of living” cities in the nation. With the average household paying $2,572 a month for the 10 most common household bills, Seattle is 28.4% higherthan the national average of $2,003.
A 2019 Pew survey found that 35 percent of middle-income families frequently worry about paying their bills; similarly, 37 percent worry about the cost of health care for themselves and their families.
Kevin Altheimer, owner of a residential and commercial construction company in Seattle, is concerned about the financial and economic crisis that exist today, and he makes it his business to stay up on the financial health of the country, his community and his industry.
As a business owner, Altheimer has had to adjust his way of thinking in terms of projects that he can afford to do, projects that may have to go on the back burner due to inflation, and what, if any, creative ways that he could offset the rise in costs and bills.
“When it comes to prices rising, supply chain disruptions and just inflation on life’s basics, people are struggling,” says Altheimer.
“When it comes to my work, I had to stop taking jobs where I couldn’t get the supplies, so I lost business,” he continued. “So, the smaller jobs are where I was able to get supplies, it was still a challenge as prices rose across the board. For example, a 4×8 sheet of OSB or oriental stranded board over the course of the pandemic and after, rose from an average of $12-15 dollars to over $100 dollars. It had gone up so much it was ridiculous.”
Allen Brooks, a long-time transit operator for King County Metro, is well aware of the challenges that people are facing when it comes to inflation and the affordability of basic needs. Whether its from conversations he has with passengers or family members, Brooks, who is able to scale up his finances if necessary by working overtime, knows that people may not have the options or flexibility that he does when it comes to finances.
“I understand and have empathy for those who may be struggling due to inflation or who may not have the means or opportunity to counter the high cost of living,” says Brooks. “I, for one, invested heavily in learning about financial literacy and wealth building as that was the way I combated financial uncertainty.
“Through the purchasing of a home and utilizing home equity and a roommate (my mother), I was able to buy my mother’s home and set her up to enjoy her retirement,” adds Brooks. “But my point is through financial literacy courses and practice I was able to withstand the hikes in prices. I must say though the gas prices no matter who or where you are, are hurting us all.”
“Money is always going to be an issue in America,” says Brooks. “Because one way or another they are going to cut something that the people need to facilitate the advancement of something else. So, to combat that we need financial literacy. We need to learn about money.”
