The economy - what's been your take?

[callisto9]

I watch the news most nights, and it depresses the hell out of me. Companies declaring bankruptcy, people losing homes, jobs being cut or lost, gloom, doom, etc.

I'm curious what the average person is experiencing. I live in the Midwest, and while we're not immune, we haven't really seen much here. I don't know anyone's who lost their home. I don't know anyone who's lost their job outside of regular circumstances. No major chains have gone under here. I got a decent raise this year. I know most people have lost a fair chunk of their 401K and of course, we were all hit by has prices, but I'm not feelin' it. I don't make a ton of money, but I've been doing just fine.

What's been your experience? Is this just the beginning of harder times ahead? Do I have my head in the sand about this stuff and have I just been lucky? Is the news being overly scary or should we all be freaking out right now? Personally, I was not a fan of the bailout. I'm tired of all of us suffering because of some greedy slobs at the top, but I also know it's not that simple.

I do NOT want this to be a political thread. Just want to talk about jobs, finances, etc. You, right now, gimme your take on all this.

[SteedPub]

Take a day or two off the from news. It really helps.

My own economy has been somewhat slower than I would like it to be (self employed). But despite the news and the gloomy atmosphere my business is still a little bit ahead 2008 YTD vs. 2007 YTD. It is more challenging and more strategy is required to blow through the muck, but every squirrel gets a nut if he tries hard enough.

The best thing to do is keep a positive outlook and do your best to keep your side of the street clean. It helps to look at history and keep in mind that it has been far worse more than once before. We have been through this. This too shall pass.

[callisto9]

Originally Posted by SteedPub

Take a day or two off the from news. It really helps.

My own economy has been somewhat slower than I would like it to be (self employed). But despite the news and the gloomy atmosphere my business is still a little bit ahead 2008 YTD vs. 2007 YTD. It is more challenging and more strategy is required to blow through the muck, but every squirrel gets a nut if he tries hard enough.

The best thing to do is keep a positive outlook and do your best to keep your side of the street clean. This too shall pass.

Thanks for the input! I don't watch the news EVERY evening, but when I do, man. It makes me feel like I should sell my home and go live in my car. Maybe it's Brian Williams' voice and the "Dun dun DUNNNNNNNNNNNN" music in the background.

We're ahead financially at work, too. Profits are up, we've cut some big expenses and we've been doing just fine.

[SteedPub]

There IS good news out there. It just isn't on the news.

[callisto9]

Originally Posted by SteedPub

There IS good news out there. It just isn't on the news.

I know. I wish they'd air more of it. I didn't watch the news for many, many years. Now I know why.

[FarrisK]

I agree with the sentiment about taking a day or two off of the news. The only news I've watched over the last two months was election coverage, the stuff they've squeezed into the election coverage, and the Daily Show/Colbert Report combo.

My reasoning is that I don't like being depressed, so I don't want to watch depressing TV... just like I don't like being scared, so I don't watch scary movies.

[wawalker]

My take is that most of us (including me ), companies, and, as always, government were/are living beyond our means on credit. I do know people who have lost their houses and, in fact, my house, was lost by the previous owner. I know people who have been laid off, there are scant few job listings in my local paper. We have only seen the tip of the iceberg--times will be tough for quite a while, especially so if any taxes get raised or new expensive entitlement programs are enacted. All the new debt of bailouts isn't helping at all. If I can't spend my way out of trouble, why can the government?!?

If you notice I kept it non-political or you could say I slammed both sides for being idiots.

[Smileybug]

Its hitting me pretty hard. Not losing a home or anything, but with the economy in the tank like it is, a lot of places are freezing hiring. I'm graduating college in December and jobs are scarce. I've applied to probably 4 or so jobs and no replies. I have one more application to send in but thats probably it for now, as there is just nothing out there in my field right now (environmental science). Its really tough, because I'm going to be out of college and living in a house having to pay rent and utilities without much of an income (I have a fallback option of Target but I reallllly don't want to work there now that I have a degree...nothing against retail workers but the time has come for me to move on!). Luckily, my bf is living with me so he'll be helping me out. But its just added stress on us.
That's really the big problem for me right now. I have no credit cards and no college debt, so that's a huuuge plus

My parents will not lose their home. Money is really tight for them right now but they are doing all they can. My dad is a self-employed plumber and work has slowed down a lot lately for him. He almost took a job in TN that would have him away from my mom for 5 days every week (if he didn't just move there while he worked). He has enough work that he doesn't have to do that, but he thought about it a lot at first. Its just a tough market.

[SteedPub]

Originally Posted by Smileybug

Its hitting me pretty hard. Not losing a home or anything, but with the economy in the tank like it is, a lot of places are freezing hiring. I'm graduating college in December and jobs are scarce. I've applied to probably 4 or so jobs and no replies......

You might not know it yet but you are in one of the best possible positions to take advantage of some really lucrative new opportunities.

Yes job markets are bleak today. But once all this shakes out companies that have cleaned house will be hiring again. They will be leaner, smarter, and healthier. Only the healthy survive these cycles. They will be looking for college grads over long in tooth career people because they can hire you for less to start.

If you play your cards right and get into a company that is bouncing back, you have MUCH MORE opportunity to spring upward into the company as there will be less career people in your way. You will have a much faster promotion curve than you might have 4-5 years ago when these places were top heavy.

I dont mean to sound like I am blowing sunshine up your behind, but you are seriously in a really good place right now to make it big on the upswing. You just need to look at it that way and self realize your potential here.

[callisto9]

I like this SteedPub guy. It's nice to hear something positive. Not that I'm dismissing the people who are suffering, but surely there has to be pluses to this situation here. Personally, I hope people become more educated about living within their means. All those people who took out ARM loans...those people. People who lived off credit cards, etc.

[SteedPub]

On the flip side, all is not perfect in our household. We make about 1/10th what we made about 3-4 years ago. We were in the mortgage and home building business and had the million dollar house, the Hummer H2, the Benz, all the other trappings of above average income.

But that is ALL GONE now. We were not living at all beyond our means - far from it. Our means went away when the real estate and mortgage business crashed. We lost virtually everything. But rather than get crapped out on our failures and blame the world we got into a new line of business to start over.

We are making about minimum wage right now when you figure all the hours we put in. But it could be a lot worse. We have a 2002 New Beetle TDI in the garage that is hella cool. People at the gas station give a thumbs up and smile when they see it. We have a roof over our heads and our kids aren't old enough to hate us yet

We look forward to rebuilding our standard of living someday and be sure that the wife and I dont both have our careers in one industry as we did before. Diversify, diversify, diversify.

[Smileybug]

Originally Posted by SteedPub

You might not know it yet but you are in one of the best possible positions to take advantage of some really lucrative new opportunities.

Yes job markets are bleak today. But once all this shakes out companies that have cleaned house will be hiring again. They will be leaner, smarter, and healthier. Only the healthy survive these cycles. They will be looking for college grads over long in tooth career people because they can hire you for less to start.

If you play your cards right and get into a company that is bouncing back, you have MUCH MORE opportunity to spring upward into the company as there will be less career people in your way. You will have a much faster promotion curve than you might have 4-5 years ago when these places were top heavy.

I dont mean to sound like I am blowing sunshine up your behind, but you are seriously in a really good place right now to make it big on the upswing. You just need to look at it that way and self realize your potential here.

I do realize that. And I think in another year or so, its going to be a really great market for me. And I'm excited for the opportunities that will be in the future. But right now, it just sucks

[callisto9]

Wow, 1/10th the income? That must have been an adjustment! Looks like you and your spouse are good at handling change, which is a must these days. I admire your ability to look at the positive.

I think about the things I want, and we've been to conditioned to want more, spend more, get bored quickly and move on. I know plenty of people who have a decent house, and they always want something bigger. Have a car payment and want another one. People (myself included) don't know how to save money and aren't prepared for something like the loss of income. I know I'm not.

I am so grateful for what I have right now. We live in a small house and our expenses are few. We have no kids, one small car payment and a modest house payment. As long as I don't lose my job, and there's no fear of that right now, we'll be fine.

[my99vdub]

Originally Posted by SteedPub

You might not know it yet but you are in one of the best possible positions to take advantage of some really lucrative new opportunities.

Yes job markets are bleak today. But once all this shakes out companies that have cleaned house will be hiring again. They will be leaner, smarter, and healthier. Only the healthy survive these cycles. They will be looking for college grads over long in tooth career people because they can hire you for less to start.

If you play your cards right and get into a company that is bouncing back, you have MUCH MORE opportunity to spring upward into the company as there will be less career people in your way. You will have a much faster promotion curve than you might have 4-5 years ago when these places were top heavy.

I dont mean to sound like I am blowing sunshine up your behind, but you are seriously in a really good place right now to make it big on the upswing. You just need to look at it that way and self realize your potential here.

I am one of those long-in-the-tooth folks you refer to - my job situation is bleak not only because of the economy but due to offshoring that started several (at least) years ago - and I sure as heck wasn't making 6 figures or anything, but I am completely depressed about figuring out what is next for me.

in our condo development, we are experiencing more folks not paying fees/dues and have more empty places than I can remember (been here since 1992)

[warren]

for me, early retirement @ 55 may no longer be in the cards. depressing to watch our retirement accounts bleed out money month after month...

on the flip side, i'm in decent shape financially. My job is reasonably secure. Work is work, but (I think) I'm always learning something new, and it's always interesting.

I guess you could say i'm 'aggressively thrifty,' especially after a major career change 15 years ago. I pay myself first, don't carry credit card balances, drive my cars forever, blah, blah, blah. my daughters say i'm just cheap.

the impact i've seen is on local small businesses...my favorite local German restaurant considered closing (and may still) because no one's going out for dinner... so, when we go out for dinner, i'm gonna support the local shops when i can.

[my99vdub]

Originally Posted by warren

for me, early retirement @ 55 may no longer be in the cards. depressing to watch our retirement accounts bleed out money month after month...

on the flip side, i'm in decent shape financially. My job is reasonably secure. Work is work, but (I think) I'm always learning something new, and it's always interesting.

I guess you could say i'm 'aggressively thrifty,' especially after a major career change 15 years ago. I pay myself first, don't carry credit card balances, drive my cars forever, blah, blah, blah. my daughters say i'm just cheap.

the impact i've seen is on local small businesses...my favorite local German restaurant considered closing (and may still) because no one's going out for dinner... so, when we go out for dinner, i'm gonna support the local shops when i can.

huh? early retirement ? what's that?? - me, I'll have to die to stop working, LOL

but the condo board I'm on has been trying to support the local contractors instead of the big names for at least the past couple of years (even before all the fallout) - we feel like it's what goes around comes around

I can't watch the news anymore, nobody tells you the good news and I don't need all the media doom and gloom

[warren]

Originally Posted by my99vdub

huh? early retirement ? what's that?? - me, I'll have to die to stop working, LOL

heh. after "retirement" you'll see me in the local wal-mart as a greeter...lil blue vest, sounding like Jeff Dunham's dummy Walter, "Welcome to Wal-Mart. Get your !@#$ and get out!"

[my99vdub]

Originally Posted by my99vdub

huh? early retirement ? what's that?? - me, I'll have to die to stop working, LOL

Originally Posted by warren

heh. after "retirement" you'll see me in the local wal-mart as a greeter...lil blue vest, sounding like Jeff Dunham's dummy Walter, "Welcome to Wal-Mart. Get your !@#$ and get out!"

yup, gotcha!

[DZLBUG]

Originally Posted by callisto9

I like this SteedPub guy. It's nice to hear something positive. Not that I'm dismissing the people who are suffering, but surely there has to be pluses to this situation here. Personally, I hope people become more educated about living within their means. All those people who took out ARM loans...those people. People who lived off credit cards, etc.

Sounds like you should be a conservative!

I've often thought that if someone lived in a windowless room, and who's only contact with the outside world was to watch the major news networks...they would think that there is nothing out there. That everything would be horrible and all doom and gloom.

Yes times are difficult. But it is no where near as bad as the media and the politicos want you to think it is. They want you to depend on them.

What we need to do is depend on ourselves. We alone can make the choices necessary to live a better life and withstand the current difficulties. People need to make better choices for themselves and not depend on others or the government to look out for them. The government isn't going to protect you. Only you can protect you.

The people who live their lives responsibly and within their means should not have to pay the way for others who did not.

[CoriBug]

Good news: fuel is going down. I paid $43 to fill up Daisy a couple days ago, instead of the $75 I was paying this summer. Yes, this country has been through MUCH worse and we will make it. If I hadn't depended on my credit card so much in the past couple years, I'd be doing better now.