What has been the effect of the current economy on your financial situation? I am lucky to be on of the few who is actually making a lot of money right now so I have been totally shielded from the inflation and the economy contracting. It's crazy for me since just a few years ago I was working this job as a stock trader and working a 2nd job at a shoe store to make sure I could pay the bills. I know if this kind of inflation had been going on at that time then I would be getting killed. So what have been the effects for you?
I am like most people in the US. I won't starve but I won't have too much money either. Have a house and a couple cars that's about it.
It has had a very small effect on me so far. If it continues to go in a downward trend then my situation pobably will get worse before it gets better.
My wages have went up enormously over the past 2 years, so although I get mad at inflation, they don't really hurt.
I got a 1.98% MERIT raise last year (which means less than 1/2 the people I work with got it.) The last year I got we got no raise. Meanwhile, the cost of everything went up and GAS skyrocketed in the last 2 years. I am having to cut back a bit to stay afloat. I am also trying to pay down some debt just in case things get much worse...
No doubt. I did pretty well for the past few years, will see how this credit problem affects us this year.
We recently sold our home for a nice gain and have moved into a better home. Both my wife and I are doing extremely well at our jobs. I'd say that my cost of living has increased due to prices, but our salaries have more than raised enough to cover it with us being able to save even more than we were. I feel like that a lot of Houston has been shielded away from the greater economic problems that certain parts of the country have been having. I also feel like things aren't quite as bad as media makes them sound and that the doom and gloom reporting has driven a lot of the economic issues. I see the biggest issue is Rimrocker's currently. The salesmen in our subdivision have seen a lot of people looking, but not a lot of buying because of: 1. They are having trouble selling their current house or 2. They are taking a "wait and see" attitude due to all of the news. They DO however already see the housing improving, so they think we have already seen the bottom, at least in our area of Houston.
That would be my option as well. If you count having a house on the market for 3 months without an offer as "having trouble". Continuing to pay a mortgage on a house you don't live in isn't fun. But other than that, we're doing pretty well. Could be a lot worse.
Ask this same poll in another city whose economy is struggling and you get a drastically different answer. Places like Phoenix and Vegas have been slammed by the mortgage crisis. Not to mention manufacturing heavy states like Ohio and Michigan are hurting as well.
I'm doing ok. I picked the 2nd option in the poll. But I live in Houston where cost of living is cheap. I have a roommate which nets me an extra 600+ bucks a month(I own the house; he pays rent and part of the bills). And I don't have any kids.
hmmm...i guess i didn't think about that one since the texas market is solid. i put those descriptions on each level of effect just to kind describe what each level was. i guess if you can't sell your house then that could really hurt. or if you are upside down on your house then you are really screwed.
I don't really think not being able to sale your house is cause for saying you have it rough. unless you have to move to another city, if you can pay your house note, just live there till prices come back. I guess you could out grow your house if you have a kid or whatever but the market is temporary.
Pacific North West is still riding the wave. Real Estate is crazy. There seem to be darker clouds on the horizon...but so far...no slow down. We're partying like it's 1999! (except for losing the Sonics).
If you are not tightening your belt and putting away some reserves you are in denial. A huge deficit, housing credit crunch not yet bottomed, untold risk in hedged funds, a falling dollar, skyrocketing energy prices that can be effected by a skiff boat with an RPG, a la Nina drought in the Southeast, looming baby boomer entitlements, a starving continent, goofy proposals like ethanol getting by a self interested congress, a population explosion in rapidly developing countries. It's not a time for extravagance. (You should have been there in 1999, money was cheap, it was great!)
Robbie - any chance of changing the title to "affected" ??? The economy's got to be pretty good when an illiterate like yourself is pulling in the big bucks
