I'm now below what I've put into the kids' college funds, my retirement funds have taken a huge hit, and I can't sell a property I have in NM. Other than that, I'm personally doing OK, with little chance of losing job and more freedom to go on fires this summer (which means more OT pay). But no man is an island. The kids' are very confused about what is happening. We live in a fairly expensive zip code (for southern Oregon) where housing prices were driven way out of whack by Californians relocating or buying vacation homes. Now, they can't make the payments and families are packing up and leaving for cheaper neighborhoods or going back to California where they can find better jobs. That means the classrooms have a lot of turnover, mostly with kids leaving. One day everything's fine, the next day, they're loading up the Uhaul. Makes it tough. Work has seen some effects... a bunch of people were ready to retire at the years' end, but now about half of them are planning on working longer because their retirement funds took such a hit. Also, in my work you have to move around a lot to advance. Now, they will pay for the moving of household goods, but will not buy your house if you can't sell it. Since so few people can sell, many people are declining good job offers that would have meant an advancement in either pay or responsibilities. Some folks are recognizing that because of their house deals, they'll be in the same job for the foreseeable future. This is not particularly good for morale as the whole organization seems frozen in place with little possibility for younger workers to advance. My Mom's retired and lives in an area where there are lots of retirees but few jobs. She's seeing people working at Wal-Mart she never would have expected and some of her friends are trying to leave because they can't afford it anymore, but they can't sell their homes or get any jobs near where they now live.
I work one of the biggest companies in the world, and we have these quiet layoffs that don't show up in the news. I find out about layoffs when I talk about something I need to get done by somebody and someone tells me they are gone. It is not the easiest thing to deal with because you never know when it will be you.
cancelled trip to Vietnam and Cambodia that had been booked for this December and January. I just thought it was better to keep the savings loaded rather than deplete it right now. Retirement fund has taken a hit. Not getting the Blu Ray, receiver, and surround sound speakers home entertainment system for Christmas, but may get the surround sound and receiver after Christmas. Eating out less, and generally putting more into savings. My job security is pretty good, but who knows what's going to happen. I think it's better safe than sorry. Can't sell my current Condo, and move to a new home, because of economy. Friends who work in restaurants are making a lot less money.
Working in a large, extremely well-diversified energy company, I haven't felt any negative impact. In fact, quite the opposite. I'm itching to spend a chunk of my bonus on a vintage Epiphone Coronet... please talk me out of it RMT!
After feeling like a stingy old man my entire marriage, I think my wife is appreciating why I was so insistent on spending below our means. Had great credit, but wouldn't look at homes above $150K, got a 15 yr mortgage, put 30% down, and have been paying it off ahead of schedule (home over 40% paid off now). My buddy, who lives by himself, bought a new car and a new construction home in Austin on a 30-yr, interest-only loan. 2 years later, he's laid off, can't find a job, and is going to be in serious trouble because he has no equity with which to refinance. Ugh. Very thankful I have a good job and the wife found her perfect job 7 months ago. We should be able to ride this all out. The only stress I'm really dealing with right is selling my house in the next year or so. That had been the plan, but I'm concerned as to how rough the market is going to be. Evan
Retiring before 50 looks like it's going to be more of a challenge now.. People are slowly being let go here at my company and because of that I'm trying my best not to go ask for a raise that I'm due for right now...
More positives than negative really. I bought my first house, and a new car for my wife. My wife started working at the Dominos near our house 2 months ago, and has since been promoted to Manager in Training. Public Accounting seems pretty safe right now. In fact my boss announced that they were taking the office on a trip next September to wherever we decide that fits into the budget. In the past they have gone to SanFran, Maine, Aruba, & NY that I know of. Chicago, Vegas, or Atlantic City is likely to be our destination. On the bad front my IRA and Mutual Funds have taken hits, but I'm 22, and really am not in need of that money.
i've taken a hit but am not too worried. what i see in my neighborhood is all the newish bars and restaurants struggling. gentrification is on hold.
The wife went car shopping last week while I was on a business trip. She was looking at Lexus. I almost had a heart attack. She ended up choosing a Camry. I feel richer already.
I am in the healthcare industry, i think especially here in Houston we are safe at least for now. I am not sure if the stability that we are experiencing in the last 3 months is a log-term thing or is it only people met there deductible and now they are taking care of all there medical needs?
I guess I'd add that it also has killed my enthusiasm for a job search. After having two interviews cancelled back-to-back because the companies were cutting open positions, I mostly stopped trying. I need to get back on the horse.
I am choosing not to participate in the economic slowdown.... I sell engineering CAD software, mostly to the oil and gas companies here in Houston so we have been doing ok for most of the year as far as our company goes. We have seen a slight drop off in purchasing over the last month or two. Next year will be more enlightening as to whether this dip is legit or just companies throttling back as a precautionary measure. Personally I am ok, I have an emergency fund for about eight or nine months of bills if something bad happens, probably more if I got real strict. My truck and jeep are paid for, I have no other debt then my mortgage and it's pretty cheap. My retirement funds have taken a beating but who's hasn't. The history indicates that they will come back even stronger within a few years. Now is actually a great time to buy as everything is "on sale". Currently I am working a full time job and a side job on the weekends in an effort to pay off my house, hopefully I can continue this through next year and accomplish that goal. I hope everyone has a safe and happy holiday season and pulls through this relatively unscathed.
- Instead of making it rain with dollar bills at the skrip club I now make it hail with coins. - Instead of taking girls out to eat at Quzinos or Chipotle I've had to change that to BK lounge/ Micky D dollar menu. Cici's if they're lucky. - Instead of whiping with extra soft tp I've had to resort to scratch paper. Sometimes even junk mail when I'm really desperate. - I had a prepaid phone that ran out of minutes and couldn't afford to anyway so I had to get a calling card. I was at a phone booth the other day trying to use it and that ran out as well. I had no change so I asked a bum for a quarter. He looked at me like I was crazy and when he realized I was serious he told me to call collect. I know the economy is really bad because my friend is a baller and he didn't even take my call.
