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I think in some way we are "all" affected or will be affected by this downturn.
1. If you are still working you may have to worry about losing your job, your pension, your 401K, or the amount of your pay.
2. If you are retired and living on a fixed income prices have gone up. Food is more expensive, utilities are more expensive, and interest rates are pitiful.
3. If you have credit cards your interest rate might go up and your credit limit might go down affecting your FICO score which in turn affects your chances of getting a loan.
Houses have gone down in value almost across the board so if you bought in the last 5 years or took out a home equity you most likely lost some value.
If you were in the stock market whether it is a pension or 401K you most likely took a hit.
Where can you make money now if you are retired? Everyday expenses have gone up and the ability to earn money from interest is pitiful.
Need a new car? The prices are insane and this from companies that are in trouble.
To those that say this hasn't affected you I'm glad you have no mortgage, no credit cards, no loans of any kind, and you have at least 8 months of expenses in the bank. You are the few and the lucky but I think most are not so lucky. I am thankful to be debt free but I still cringe at the cost of things.
The poll is simplistic. I have not lost my house or my job and I can survive the downturn fine. However, my pay will be down (it is profits related) by about 10% this year and possibly more next year. There is a good chance I will get pushed into early retirement and my 401K is down 20%.
I'd have to say everyone has been touched to some extent. Look at older workers, those within 2-3 years of retirement. Most of those folks are going to keep working a few more years, due to losses in the retirement plans. Thus lessening opportunities for younger workers.
I have a job, although I've been told I need to move to another state to keep it, such is the life when a company starts to close stores and plants. I'd rather move and keep my job in this environment.
Last edited by Oildog; 03-01-2009 at 08:58 AM..
Reason: Remove double negative
This poll really needs another selection between Partially, and Not at all. Luckily, I still have my house and job, but have lost a lot of value in my 401K.
I am trying to save as much money as possible in case I would lose my job.
Would like to buy a new car, but do not want to take on any new debt. I just keep paying the mortgage, and hope for the best.
I really think the economy has affected me more psychologically. I am always reading the Business - Finance formum, and follow a blog called "The Coming Depression".
Wow..the overwhelming majority is doing just fine; the economic conditions today have had "zero" affect on them.
These people don't worry about their job ?
These people don't worry about the banks that have their money ?
These people don't worry about their retirement (401k, pension) ?
These people are not worried about their future ? (more deflation or worse inflation/hyperinflation)
These people are not worred about the future direction of America ? (nationalization of public companies)
I think everyone has been impacted either directly or indirectly. The poll is far too simplistic. That 75% number seems high to me in terms of having no problems at all.
I think everyone has been impacted either directly or indirectly. The poll is far too simplistic. That 75% number seems high to me in terms of having no problems at all.
I agree, i didn't take the necessary time to formulate the poll. It was off the cuff, and surely simplistic.
My apologies. I will take more thought next time i make a poll.
The gist of the polls purpose i think has been presented, so if someone would like to build on the idea with a new poll with better options, i would be grateful for their efforts.
Wow,
It's good to see that over 70% of people on this site aren't effected.
I guess I really wasn't until this last year... I mean my house value has gone down, as well as my 401k but 2007 was my best year financially , 08 declined about $40k but 09 is proving to be a disaster. I was laid off 6 weeks ago and pretty much have no faith that I'll find something in the proffesion I've had for 17 years. So it's time to figure out something new do to.. the tough part is I don't really know where to start.. either way I'm sure I'll be off a long time.
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