The Daily Valet. - 6/7/22, Tuesday

✔️ More Money, More Problems

June 07, 2022

Tuesday, June 7th Edition

Cory Ohlendorf, Editor in Chief of Valet.

Well, now I want a new laptop.

Cory Ohlendorf , Editor ⋯ @coryohlendorf

Today’s edition is presented by

Today’s Big Story

More Money, More Problems

Lifestyle creep is real. And it’s why so many high-income Americans are living paycheck to paycheck.

I was going to start off with some reference to that ‘My money don’t jiggle jiggle’ TikTok song, but you deserve better. So let’s just start with this question: What would you do with a $250,000 salary?

You might think you wouldn’t have the same money struggles as you do now. But you might be wrong about that. A new survey found that over 61% of Americans are living paycheck to paycheck after surveying 4,000 people in early April. That’s an increase from 52% in April 2021.

Of course, we’re a country of alpha consumers known for not having enough tucked away for an emergency. But perhaps the most surprising takeaway from the study is this: 36% of consumers earning more than $250K per year live paycheck to paycheck. Further, 42% of consumers earning more than $100,000 per year are doing the same.

The report does note that living paycheck to paycheck doesn’t necessarily mean that you’re struggling. It even categorizes these consumers into two categories: Those who can pay their bills easily, and those who can’t. It’s also worth taking into consideration that many people may be contributing healthy amounts of money to retirement plans or other savings before it even hits their bank accounts—making it feel or appear that they’re bringing in less than they really are.

Of course, experts are surprised and say that “lifestyle creep”—when your standard of living moves up with your checking account—is to blame. Robert Fortune, a financial advisor, tells Fast Company that he blames social media. “Back in the day, there was what we used to call ‘living within your means,’ and that’s gone away. If you make money nowadays, many people think that they need to show it.”

According to TIME, lifestyle creep can easily show up in bigger purchases when your salary goes up—like a more expensive home or apartment, or nicer car. But it’s harder to spot when it comes to smaller items, such as eating out, buying more expensive clothing, or subscribing to a new streaming service. It doesn’t happen overnight, so you miss it if you’re not intentionally keeping an eye out for it.

↦ Dig Deeper: There are certain goals worth setting and achieving to get you feeling on top of the money game. We put together a realistic game plan to help you.

COVID On the Rise Again

But does it even matter anymore?

COVID-19 cases have risen in the U.S.—more than 29,000 people are hospitalized across the country, an increase of 16% over the past two weeks. And the real number could be as much as five times that, given many go unreported.

But the situation is far different from the early months of the pandemic. There are now vaccines and booster shots, and new treatments that dramatically cut the risk of the virus. So how much do cases alone still matter? That question has prompted debate among experts, even as much of America goes on with their lives, despite the recent surge in cases.

Of course, the reality is that there are several omicron variants now circulating around the world, and they are very transmissible and very good at overcoming immunity, whether it's from vaccination, prior infection or both. Which is why so many people are testing positive despite their best efforts.

And any protection from infection wanes over time, so if it's been a few months since your last COVID shot or since you recovered from a case, you're more likely to be susceptible to reinfection. You might want to see if you can get a booster. Because there are plenty to be had. In fact, the CDC just reported that over 82 million doses of vaccines have gone to waste in America since the start of the pandemic.

↦ FYI: Here’s what to do if you test positive for COVID, according to the latest CDC guidelines.

Partner

You're a stylish guy. And you no doubt got some of that personal style from your pop. Why not give him some of yours?

Apple Made Some Big Announcements

The company’s annual developer conference kicked off with a slew of big product news

By now, I'm sure you've heard that Apple's worldwide developers conference kicked off on Monday with a keynote address, and the company used the stage to announce a bunch of new software updates along with some impressive new hardware.

The event kicked off, as it usually does, with details about its next operating system. The new iOS 16 will debut this fall after spending the summer in beta testing, offering way more personalization options, a refreshed lock screen and some welcome updates to Messages for the typo-prone among us. There are also some nice health-related updates to the WatchOS.

But The Verge says the new and improved lock screen is where we'll really notice improvements—starting with the ability to customize the fonts and colors used. It will be possible to add widgets and configure multiple lock screens that you can switch between by swiping across the screen. There's also a “live activities” feature to display notifications associated with an event like an Uber ride or sporting event without having to unlock your phone.

When it came to hardware, people were pretty exited about the new MacBook Air. WIRED reports the lean laptop has a new case design that's 20% thinner than the previous model. It also features slimmer bezels around the screen and a smaller notch for the webcam at the top of the display. Also, it has MagSafe, the magnetic charging attachment. In other news, I hate my current MacBook now.

↦ On the Other Hand: Here’s everything Apple tried to kill at yesterday’s event, according to the editors of Gizmodo.

Will You Wear Shorts to the Office?

A return-to-office summer comes with fewer style rules and more casual norms

As execs call employees back to the office, many workers wonder why, if they spent the past few years working comfortably in gym shorts, they should suddenly be thrust back into business-casual khakis and ties.

This is a question that arises every summer, but in this landscape of hybrid work, where employees have a lot more power than before, it seems like the time to free the knee.

According to the Wall Street Journal, shorts might represent one way to lure staff back into the office this summer. Call it the: “Sure, you have to commute … but at least you'll sweat a little less!” incentive. Some bosses even see shorts as a sweetener for potential new hires in a competitive job market. No doubt, for companies, allowing shorts is cheaper than providing free donuts.

And let's face it, as extreme weather becomes more common, a breezy pair of shorts almost becomes essential. Who wants to wear long pants when it's 94 with high humidity? Besides, they still come with a slight edge of rebellion—and that makes them more interesting, right?

↦ FYI: If you’re not ready to wear shorts, this outfit of cool, casual staples offers the next best thing.

In Other News

↦ Could China’s Population Actually Start Falling?

↦ ‘Overly Attached Girlfriend’ Celebrates 10 Years of Being a Meme and It Will Remind You That Time Keeps Marching on

↦ Turkey Officially Changes Its Name to Türkiye

Other Things We’re Talking About Today

Neve Campbell

Electric motorcycles

Running backwards?

Partner

Treat Your Dad to Some Jewelry

Surprise pops with a statement-making piece of jewelry from John Hardy

Heishi beaded necklace, $950

You're a stylish guy. And you no doubt got some of that personal style from your pop. Why not give him some of yours? Surprise him with a statement-making piece of jewelry from John Hardy. Born in Bali in 1975, John Hardy's line embodies the very best of contemporary jewelry today. It's luxe yet comfortable—built to make an impression without standing out too much. Your dad will no doubt appreciate that these aren't precious pieces. Crafted from silver using time-honored Balinese techniques, each piece is woven link by link by master artisans to cultivate day-to-day wearability. It's the kind of indulgence that's perfect for guys who appreciate uncomplicated things.

John Hardy Leather Bamboo Station Bracelet

Leather bamboo station bracelet, $395

Kami chain necklace, $4,900

Heishi beaded bracelet, $595

Reticulated pendant necklace, $695

Tiga cuff, $695

↦ Browse: More gifts for Dad from John Hardy

Denim Built for Summer

Barton slim Ojai jean,$235 by imogene + willie

Summer can be notoriously tough for denim lovers. I'm not opposed to wearing shorts, but I will always reach for a nice pair of jeans when I can. I know you might be thinking that it's best to put them on ice until early fall, but you can wear jeans year-round ... if they're the right weight, fit and wash. Here, we've pulled together some of our current favorite light-washed denim items. Take your pick.