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Old 03-03-2011, 08:34 AM
 
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There was an article in Time Magazine last year, talking aout how the first dacade of the millenium, was the worst ever, in America:
Here's a link, to that article: The End of the 2000s: Goodbye to a Decade from Hell - TIME

How has the millenium been for you, especially financially? Has it been a horrible decade for you too, regarding your personal financial situation? Or has it been good for you? Also, do you think that the second decade of the the millenium, will bring improvements in your financial situation? And if so, why?
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Old 03-03-2011, 08:56 AM
 
Location: Boise, ID
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It has actually been a decent decade for me. Despite husband being out of work for a year at one point, we bought a house in 2003 and paid off all our other debt, which included a car, student loans and some fairly minor credit card debt. Our house payment is about $100-150 less than I would pay to rent a similar unit, which is great. And we started investing last year for the first time.

However, I am only 32 now. I graduated from college at the turn of the millenium, and got married, all in 2000, so I don't really have a prior basis to compare to, financially. This decade has really been the start of my adult life.

I do find it interesting that even though the 2000s included some INCREDIBLE boom years, the article still calls it the decade from hell. If you saved up, and didn't overextend during the good years, you can survive the bad years. *Edit* Ok, I posted before reading the article, and I see now that it is mostly talking about non-financial events*

Even my parents, who are both in real estate and property management, have managed to survive this downturn and are still in business, in part because they had about 4 really good years in the middle of the decade.

Last edited by Lacerta; 03-03-2011 at 09:06 AM..
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Old 03-03-2011, 09:01 AM
 
Location: Here.
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I'd say they are exaggerating a bit to sell more magazines.
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Old 03-03-2011, 09:14 AM
 
Location: Wisconsin
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Shaky, but my income has gone up. I graduated college in May '02, which was a terrible time to find a job (sound familiar?). Self-employed now and loving it. The main thing for my wife and I isn't that we haven't accumulated debt (other than our house, which we do have some equity in).
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Old 03-03-2011, 09:20 AM
 
Location: Las Flores, Orange County, CA
26,346 posts, read 79,991,743 times
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Quote:
Originally Posted by artwomyn View Post

How has the millenium been for you, especially financially? Has it been a horrible decade for you too, regarding your personal financial situation? Or has it been good for you? Also, do you think that the second decade of the the millenium, will bring improvements in your financial situation? And if so, why?
While my investments pretty much performed the way most of the stock market indexes in that period did (basically a net zero return over 10 years), we sold a house in CA at the peak and made a huge profit. We moved to another state bought a house, sold it, moved to another house, bought a house, sold it, then moved back to CA recently (9/2010) when the CA market is supposedly near the bottom.

I am earning almost double of what I earned in 2000.

I think the second decade will continue for me like the first; relative to most people, I think we've done pretty good. I don't plan on making any drastic changes to our financial plan. We expect to be spending a lot more money as our kids get older and need braces and cars and college.
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Old 03-03-2011, 09:50 AM
 
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What I'm hearing from you posters, is that if you were fortunate enough to be able to invest in real estate, and/or stocks, then you did well during the millenium.

From what I've seen, most folks either did very well financially during the millenium, or they have done very poorly. Especially since the economy went down, in 2008.
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Old 03-03-2011, 09:53 AM
 
Location: Las Flores, Orange County, CA
26,346 posts, read 79,991,743 times
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Quote:
Originally Posted by artwomyn View Post
What I'm hearing from you posters, is that if you were fortunate enough to be able to invest in real estate, and/or stocks, then you did well during the millenium.

From what I've seen most folks either did very well financially during the millenium, or they done very poorly. Especially since the economy went down, in 2008.
If the starting point is 2000 and the end point is 2010 (2009?) then most people probably did poorly (didn't make much) in stock investments and did so-so in real estate. The Dow and S&P are around what they were then and the real estate indexes (Case Schiller) are a little higher.
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Old 03-03-2011, 10:01 AM
 
Location: IL
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From a net worth perspective, the last decade was a quite good, mainly three good events drove this (two in real estate, one work related). We are currently scrapping by month to month because my wife is a SAHM now, but that is our choosing. A couple of years ago I was worried, but I am bullish again.

I expect the next decade to be good, although not like the last decade...those three events involved lucky timing and decisions, so maybe not through big events, but due to making more at my job.
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Old 03-03-2011, 10:39 AM
 
1,296 posts, read 1,884,552 times
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Quote:
Originally Posted by almost3am View Post
From a net worth perspective, the last decade was a quite good, mainly three good events drove this (two in real estate, one work related). We are currently scrapping by month to month because my wife is a SAHM now, but that is our choosing. A couple of years ago I was worried, but I am bullish again.

I expect the next decade to be good, although not like the last decade...those three events involved lucky timing and decisions, so maybe not through big events, but due to making more at my job.
Based on this economy, do you, and/or your wife, expect to be vulnerable to losing your jobs anytime soon?
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Old 03-03-2011, 11:04 AM
 
Location: Censorshipville...
2,443 posts, read 5,909,193 times
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In 2000:
  • I was making about 25k
  • I was renting an apartment with a roommate
  • Driving a 17yr old used car
  • No 401k/IRA/ retirement fund
  • Minimal savings/checking
2011
  • I'm making over 6 figures
  • My brother and I bought a home in 2003, and I also own SFH rental property. I have equity in both properties.
  • I bought a new vehicle in 2004 and it's been paid off. I also own a used pickup truck and a motorcycle outright.
  • I have around 80k in various retirement funds
  • I have enough money in savings/checking to live about 2yrs without a paycheck or unemployment benefits.
  • I don't have any consumer debt (other than mortgages)
Granted in 2000, I was just starting off my career so I only had upward to go. I'll be 31 this year and I'm not expecting my salary to increase as fast in this decade, but I'm more than comfortable with what I'm making now. Any increase would just be added to my retirement/investing funds.
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