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I don't know of anyone not hit seriously by this meltdown. Of course I don't traipse around with mulitmillionaires...I don't even know a single millionaire. All my friends are in the same boat, some worse than others, with one flippantly saying she and her husband don't have a 401K so "she guessed she lucked out!" Hubby and I feel so small and insignificant compared to the big players out there who dragged us all unwillingly into this big horrid mess. But we thought that instead of living our lives in constant fear and angst of whether my layoff will come tomorrow, next month or the end of 2009, we just do the best we can, live within our means and have a bad ass Plan B, which includes moving out of the country and going back to where I was born and grew up. We probably could ride this tide for the next 15 years, as that is what is left before we retire. We just refuse to let this somber mood hang over us every waking moment of our lives. Gosh, we both didn't even feel the Christmas spirit at all. All our neighbors kept to themselves this year, so much different than last year's. But he or I could go tomorrow. Our minds is on the now and our kids right now and laying out a plan, and contingency after contingency. That's all I could offer as advice, as it's pretty depressing. I may be acting out as a Pollyanna about the whole thing, but any action or preparation, can only come from us. I refuse to get caught flat footed. Events may not play out the way we had planned, but we plan like a chess game, 10 steps ahead. We plan the best we could, we pray, and then leave the rest to God. The sun will come out tomorrow. Keep your heads above water...keep your faith and hope alive!
I don't think that you're being Pollyannaish, you have GREAT attitude! Plan for the worst and hope for the best.
Now, as far as multi-millionaires getting us into this mess nothing could be farther from the truth. Many ordinary people making greedy, short-sighted decisions caused the mortgage problems we're seeing today.
Yes but that doesn't nearly cover the costs and raising a family just enough to possibly put food on the table and utilities, not enough to even keep a roof over your head!!!
That was a flippant statement, of course. That stated, unemployment benefits aren't meant to make a person whole. They're meant to supplement a family's savings in order to get them through a few months of difficulty.
i'm not reading any biases into your posts...i hear exactly what you're saying, and i also hear the cynicism, arrogance, and sarcasm dripping off it when you say it.
it's just a damn crying shame that you don't see the people behind the numbers, especially the children, the elderly, and the ill that those people are supporting.
but hey! life's great! you're fantastic! and what else matters?
Last edited by barndog; 12-29-2008 at 07:22 PM..
Reason: added info
Palmetto, I typically enjoy your posts b/c they are thought-provoking - whether I agree w/ you or not. And I agree w/ you that for most people, they can recoup given time . . . but your assumptions that people somehow have not lived their lives correctly if they are NOT going to weather this financial storm are, frankly, arrogant. There are gonna be good people out there who will end up bankrupt and in difficult situations b/c of job loss. Even for those who have saved, that runs out after while. If you are an older worker, jobs are very difficult to even land.
I can't believe you really are that callous to believe that most people are either gonna be fine - or that the ones who are NOT gonna be fine somehow deserved it.
That experience makes me confident that if I lost everything tomorrow (and I won't because I always hedge by bets) that I'd have it all back and more inside of 5 years.
How do you (or advise one to) specifically do that in today's economy?
How do you (or advise one to) specifically do that in today's economy?
I'd really like to hear this....
Dang you people are soft! It's called "bootstrapping" and plenty of people have done it in worse circumstances than we're facing right now.
Start by selling anything that you don't need. Cancel any services you don't need (mobile phone, cable, et al). Move to a smaller house or apartment. Eat rice and beans for every meal. Grow your own veggies. Conserve energy. Take a job doing anything that is legal and brings in a dollar - even if you have to take a job doing sales on 100% commission. Get creative!
If immigrant families can come here with nothing and find a way to support themselves, save 25% of their income, AND send money abroad for YEARS then surely you can get by on unemployment insurance for several months.
Ani I can't rep you again .... but I would if I could!
Be sure and asked your DH if he "calculated the implicit bond of Social Security payments" and everything will be a-ok in about 25 to 30 years maybe!
Damn. You know. I never thought about calculating the implicit bond of SS payments. Of course, I personally don't expect to ever see that first SS check b/c our gov't won't have the money to send it to me.
But hey. Let me get out that calculator. You know me, CarolinaWoman, I have never bothered to do the figures and try to project how much money we will need to live off when we do finally retire (God willing that DH's health holds out). Now let's see . . . that big SS check . . . let me calculate COLA 7 years from now . . . and gas at $200 a barrel (yes, it WILL go up) and my taxes (yes, they WILL go up).
Shoot. You know, things are gonna be fine, assuming the cost of cat food doesn't escalate too rapidly.
Hmm, I don't think the victims of the Madoff scandal who lost millions talked themselves into this. I also don't think the losses that real people are losing are a figment of their imagination. I also don't think the fact that people don't have a job or income coming in is made up. These people either have money or they don't.
I also don't think the trillions of dollars wiped out from CDS's is made up either. As a whole it may have been phony money and seem like a mirage but it actually IS an individual's money! For some it was a child's college education, for some it was their retirement, for some it was for a downpayment on a home. That money is *really* gone.
Alright, maybe I need to explain myself a bit. I'm not saying the problems aren't real. I'm simply saying that the media has induced panic in situations that are completely unnecessary.
For instance, most people have not been effected directly by the struggling economy. Most of us are not afraid of losing our jobs (realistically), most of us are having no problem making our mortgage payments, most of have plenty of time to recoup our investments, etc.
Yet because we are all paranoid right now, we are clinching our wallets like never before. What does that do? Well, it dries up all the businesses around us - the restaurants, the builders/ contractors, entertainment venues, etc.. They then must make cuts or even worse close. Thus the trickle-down effect. But truth be told, most of us are still in position to support those ventures.
As for investments, sure I've lost plenty of money too. My stock values have definitely taken a plunge, just like everyone else's. I'll wait it out. Most experts say it'll be roughly 5-7 years before it levels off to current rates.
I also own real estate in Charlotte that has taken quite a blow. But I'm also realistic enough to understand that the values prior to the plunge were grossly over-inflated. For instance one house which I'm currently renting was purchased for $149,000 and appraised a couple of years ago for almost 500K. Today I would put it on the market for about 400K. Did I lose 100K or did I gain 250K? At some point we must be realistic.
In the end, the market, real estate, or any unsecure investment is nothing but a risky gamble. We know when we invest, there's always a chance of losing everything. It's really not any different than risking your entire future on a "so-called lock bet" in a Vegas casino. Sure it's a guarentee...until it's not. That's why I always put the most important monies, such as my children's college funds into secure accounts.
Anyways, to anyone that is facing a true financial crisis, I pray that things will work out for you. Trust me, I know what it is like to see people around you lose everything...I grew up in the rust belt of Ohio. Maybe that's why I'm not reaching panic mode yet, I've seen these struggles my entire life.
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