What are some of the signs of recession are you seeing in Denver and what are you doing because of it? (Aurora: hair salon, mortgages)

[DenverAztec]

Excellent recommendations and advice The3Ds and keep fighting the good fight D-town720 and best wishes for one of your several positions with the gov to come through! I have found when looking at resumes for hiring that listing educational accomplishments well, clean clear and concise, helped me to know that someone could easily be trained.

Since you don't know a soul here, come to our next Happy Hour and meet some of us. It is the 14th of March, your first 2 drinks will be on me! This could help with finding networking options, you never know?

Happy Hour?

Denver Aztec

[denver_hacker]

Originally Posted by DenverAztec

I could have easily paid off my mortgage and bought a new car with the amount I lost in my 401K. If you try to cash in your, it takes 7-10 for the investment companies to cut you a check and then 2 weeks for the banks to clear the check. This is not what it use to be but I have a feeling that lending institutions are not trusting one another and the delay is precautionary. Plus, it will prevent all of us from running and cashing in our 401Ks at the same time, hence, resulting in a full blown depression.

Are you saying that before the downturn, you used to cash out your 401K regularly enough that you see a difference between then and now?

Cashing out a 401K before retirement is not the norm and I would expect it'd take a while regardless of the health of the overall financial world. I know when I've moved 401Ks to rollover IRAs, it took some paperwork and up to a month of processing time. And that has been throughout the last 15 years or so.

Before cashing out a 401K, one should understand the taxes and penalty fees involved. I'm not a financial advisor, but I would think someone would have to be in dire financial straits before cashing out a 401K would make sense. You could stop making contributions and move the funds into the most conservative securities offered in the 401K, but pulling everything out would cost you a lot.

As to the OP's topic, I've seen things slow down a bit in the software world, but not like the dotcom bust of 2001. Back then, nobody was getting any money for software projects, nobody was hiring, everyone was laying off, and lots of people were looking. Now I see people continue to hire (take a look at craigslist, dice, and monster), and developers with current skills are finding jobs relatively easily. Nothing like a year or two ago when there was a dearth of decent developers and lots of open jobs, but still not horrible or painful - yet. There have been layoffs in both established companies and startups around town, but people by and large seem to landing on their feet in a decent timeframe. Real estate has definitely slowed down, I've got friends and neighbors trying to sell who say that there are a lot of showings, but no offers. And people I know who are buyng/bought recently have been able to get deals in their favor. I don't eat out or go to movies all that much, so I can't really comment on them...shopping at Costco seems crazy as usual on weekends...

[DenverAztec]

Originally Posted by denver_hacker

Are you saying that before the downturn, you used to cash out your 401K regularly enough that you see a difference between then and now?

...

As to the OP's topic, ...

Not at all, I have worked in the financial industry for 25 years and know that folk who did cash in their 401K years ago and when in dire need would have the funds available with in a week or less. Now they are waiting weeks. It is never a good plan to cash them in because, yes, you will get hit with major penaties and taxes. Just stating that there has been a change in the amout of time invested funds are available. However, some folks are finding it necessary to use such investments to stay afloat (bad idea if you ask me, but I am not in their shoes.)

As the OP, thanks for your input!

[Katarina Witt]

Originally Posted by DenverAztec

Last night I went to eat at Lime on Larimer Square and was happy to see that most of the table were filled. However, I noted that some of the business on Larimer were closed and one, Z Gallerie, was selling everything for 50% off and then shutting it's doors. A short walk through Writter's Square found a new business, frozen yougert, and some of the old businesses still there. It got me wondering what everyone else is seeing.

Additionally, I have family and friends who were recently laid off and are looking for work but not finding it, one is an engineer. The non-profits that I volunteer for are really hurting and are asking for more money to just stay alive. All paid positions are now filled by volunteers.



I have bought lunch for the homeless when I see them, won't give them cash. They gladly accept the offer and scarf down the food immediately, so I know they are hungry. The food lines at St. Joseph's on 6th in the westside are 2 -3 blocks long at times. I wish there was more that I could do and wonder what else would help those in need.



So, what are some of the signs of a recession are you seeing in Denver and are you doing anything differently because of it?

We went to FlatIron Crossing mall this morning and were amazed how few cars were in the parking lot, relatively speaking. It wasn't much more crowded than on a weekday! My lifestyle hasn't changed yet; we live pretty simply to begin with. As for what I'm doing for others, I/we have always given to our church, some of which goes for "benevolence" such as Lutheran World Relief, etc. I took a sack of clothes to Carmen Center in Lafayette, something else I do regularly.

[D-town 720]

Originally Posted by the3Ds

You've got the right attitude. The sad part of the story is that there is a lot of uncertainty in the commerce section right now and they are not eager to hire in large numbers because they may not have a profitable quarter. I don't think that's going to change much anywhere in the country. If you want to live in Denver, then stay here and just keep pushing. I'm not sure where you've been looking for jobs at the government level. You're right, the pay is lower than you could make on the outside, but the advantage of civil service is that the jobs are fairly secure and they have a good retirement plan.

Take a look at usajobs.com and also look at working for the VA. There is a pretty large population of retired veterans here in Colorado (mostly down in C Springs, but they still are up here as well) and the facilities are bursting. I know a lot of people who got their foot in the door through the VA and moved into the system. Once you're in, you get a form that says you get hiring preference and from there, it's fairly easy to get a job. Who knows? Maybe you'll enjoy working at the VA and stay for the long haul.

My sister-in-law works in human resources for a retail company. She said specifically that they don't hire those with higher educations because most of them are only using the job temporarily and they'd rather invest in someone who is planning on staying. It's a double-edged sword for you. I wouldn't start working at a place like WalMart. There IS a company out there looking for someone like you, but you are going to have to work hard to find it.

I think applying for the VA is a great idea. And you are correct about my education being a problem for employers that may see it as being over qualified. I have actually considered leaving off my BA and current graduate enrollment. I guess I just had too much faith that employers would see my academic achievements and see me as "trainable" as DENVERAZTEC suggest. I am sure that there are employers out there that want to train college graduates. However, I fear the current economic state does not so easily give rise to such conditions.

Again, thanks for your advice 3DS

[D-town 720]

Originally Posted by DenverAztec

Excellent recommendations and advice The3Ds and keep fighting the good fight D-town720 and best wishes for one of your several positions with the gov to come through! I have found when looking at resumes for hiring that listing educational accomplishments well, clean clear and concise, helped me to know that someone could easily be trained.

Since you don't know a soul here, come to our next Happy Hour and meet some of us. It is the 14th of March, your first 2 drinks will be on me! This could help with finding networking options, you never know?

Happy Hour?

Denver Aztec

That sounds great Denver Aztec. I would probably also enjoy meeting folks that are as enthusiastic about Denver as I am. I try to keep up to date on the downtown projects i.e. spire, four seasons etc. Looking forward to it!

[denver_hacker]

Originally Posted by DenverAztec

Not at all, I have worked in the financial industry for 25 years and know that folk who did cash in their 401K years ago and when in dire need would have the funds available with in a week or less. Now they are waiting weeks. It is never a good plan to cash them in because, yes, you will get hit with major penaties and taxes. Just stating that there has been a change in the amout of time invested funds are available. However, some folks are finding it necessary to use such investments to stay afloat (bad idea if you ask me, but I am not in their shoes.)

As the OP, thanks for your input!

Gotcha - thanks for the clarification!

Very sad that folks are in that situation

[livecontent]

I am retired and I do not work and I have seen more people around town during the day, Monday to Friday. Friday is also starting to look like the weekends. Perhaps people are working a shorter week. It is annoying because my quiet time around town is during the week---I leave the weekends to those who work and avoid shopping or parks. So, Get a Job and leave me alone.

There are was a comment about the super rich not having any problems; spending just as much as before. Well, I can tell you that I, the super poor, also have no problems; spending just as much as before.

Yes, it is good to be poor. No problems with stocks, bonds, money-----You cannot lose it, if you do not have it. Well, I have property; can't sell it; it sits under my butt and I can't lose it; I do not even have a mortgage to lose or to be saved.

I have no bills to pay. Also, I have no job to lose. My health is gone; cannot lose that.

Come to think of it, I have nothing; I have no life; no wife; no strife; I have nothing to lose---ah, the empty,peaceful feeling of nothing. That is why I
Livecontent

[WolfBoy914]

Hey Guys.

I am in town for the weekend and also noticed that Flatirons Crossing was empty. On a Saturday. Wow.

Flip side? Boulder was BUSTLING and everyone there was friendly... Contrary to some opinions...

ETA: Am I remembering that someone on here is a Realtor? If so, drop me a pm, I have a question about a specific neighborhood.

[formercalifornian]

Ran over to Park Meadows this weekend to pick up a gift, and like Flatiron Crossings, it was also very empty. I noticed that the Quiznos near my house is closed, but surprisingly, restaurants in general seem to be doing well. We had dinner at Mimi's last night, and it was packed!