Global wealth, exceptionalism, and mediocrity… 

According to an article in The Guardian, in 2021 the number of millionaires in the United States increased by 2.5 million, bringing the total of millionaires in the US to 24.5 million. Put another way, approximately 7% of the people living in this country have a net worth of at least one million dollars. That number is so high compared to historical levels that according to the article “the number of millionaires was becoming so large that it was becoming ‘an increasingly irrelevant measure of wealth.’” 

In my mind, having 39% of the world’s millionaires knocking around the country is a good news story. It speaks to the unprecedented level of wealth creation the American economy and global trade have fostered. We’re creating wealth in greater amounts and more quickly than ever before in history and it’s a testament to what’s still possible with brains, effort, and a bit of luck.

The Guardian, of course, takes pains to point out that the largess of the global economy hasn’t been fairly distributed. As if anything in the world has ever been distributed fairly. Natural resources aren’t sprinkled evenly across the world. Intellect isn’t awarded equally at birth. Gnashing your teeth over issues of equity is, of course, the trendy take, but it’s not how the universe works. 

Personally, I’m far happier knowing it’s possible to be exceptional, somewhere towards the right end of the bell curve, than knowing for a certainty that we can all look forward to an equal share of mediocrity.

What Annoys Jeff this Week?

1. Lip reading. Until everyone started wearing masks, I had no idea how much lip reading I do. Short conversations are ok – checking out with groceries or picking up a carryout order – but anything longer, and certainly conversations that involve any level of detail, are just harder when I can’t see someone’s mouth moving. I find myself asking for repeats way more often than would seem to be necessary… and yet here we are. I suppose it’s good practice for when the years of loud radio playing and Jeep noise catch up to me in earnest.

2. CNN. God love them, CNN seems to take a special delight in painting surging home prices as the worst thing ever. Sorry. What? I’m supposed to be upset that I’m building fantastic amounts of equity while simultaneously having a place to live? If nothing else, home ownership through this moment is an excellent hedge against the creeping inflation that CNN also likes to wring their hands over. Yep, it’s hard to be a buyer right now. In other markets at other times, it was hard to be a seller. Trying to pretend the real estate market can or should be static is a bad take for an alleged source of financial news.

3. Waiting. I’m just about a week shy of kicking off Summer Vacation Part I. It’s not decamping for the islands for a week or anything, but it is the first stretch of uninterrupted days off I’ll have had since the new year started. Five months into 2021 and it’s safe to say I’m ready for the break… beyond ready. Eager is probably a better description. Perhaps you could even say I’m giddy with anticipation of 11 days without email, Teams, ringing phones, door buzzers, meetings, or network problems. That’s the issue, really. Slogging through another week when my head is desperately fleeing into vacation mode is going to be exhausting. 

What Annoys Jeff this Week?

1. Assessments. I made the mistake of opening my property tax assessment on Sunday morning. I was having a perfectly nice day up until that point. Look, I mean it’s great that the county thinks I’ve picked up that much equity over the last three years, but that in no way means I’m happy about throwing more money to the Cecil County executive and council to piss away buying up even more land for regional parks that seem to be accessioned specifically to provide a place for people to go overdose. 

2. The new normal. I’m looking forward to getting started on the Biden presidency and the conclusion of the Trump impeachment trial. I, for one, am sick and tired of finding myself siding with things members of the Democratic Party are saying and look forward to getting back to opposing 60-70 % of their policy agenda. I’m tired of living in a world turned upside down.

3. Stats. If this week has taught me anything, it’s that my blog readers either a) don’t want to read about insurrection, politics, and all that or b) the zone is so flooded with posts that things aren’t getting through. Views are more than 50% off where I’d expect them to be in a normal week. This, of course, has been anything but a normal week. I’m going to keep doing what I do, even if it’s just me shouting into the void.

The Money Pit…

I bought a house two days after Christmas in 2007. The plan was to live there three to five years, build a little equity and then cash out and use it as a down payment on a house with a little property around it. Well, what I didn’t expect was the magical imploding workplace, a passionate desire to be almost anywhere other than Memphis, and the worst housing market since someone decided they should start keeping records on such things. That’s the short version of how I became an absentee landlord for the second time in ten years.

If you’ve been keeping up, you know all about the $500 driveway repair that bloomed into a $5000 project to repair a ruptured sewer line, and re-pouring 400 square feet of concrete. The latest turn of fate as raised the stakes on that little project. Let;s just say that the latest estimates have found their way into the low five figures… and that’s before anyone has so much as started digging. As it turns out, all 1600 square feet of concrete driveway now needs to be broken up, the sewer line trenched to a depth of 6 feet from the curb to the house (and pass a new city/county inspection), and then the giant gaping pit in the front yard has filled in so the concrete people come to lay a brand-spank-me new driveway from the garage door to the street.

If you hear an enormous sucking sound coming from the south-western tip of Tennessee, don’t worry, that’s just my house; the Money Pit, the Bane of my Existence, the Evil Soul Crushing Destroyer of Joy, also doing business as a delightful 3 bedroom, 2 bath contemporary on a well kept 1/5 of an acre that I’d burn to the ground with a smile on my lips and a song in my heart if it wouldn’t mean going to jail.