What is there to look forward to? (rate, deposit, accounts)

[julian17033]

Kate,

I don't want to be a downer but I'm very happy I'm turning 46 next month.
To be any age younger than 40 right now is a dicey thing indeed.
I've done my time in corporate America.

I do well for myself but still feel the axe might drop at anytime as well.

I'm extremely happy that my wife and I have no children and have invested in property that we currently rent out. ( No section 8 ).

The economy will get better that's a given but what's not certain is your own personal future.
Diversify yourself and pray.

Originally Posted by long101

Im sure posters older then me can chime in on this. But there has always been sour news about the economy, direction of the country and employment. We obviously turned out fine. We recently went through a recession, so it just resounds more with us now.

[pvande55]

It has been over 70 years since the economy collapsed and, essentially, did not come back. Of course if you have an actual job be sure to thank whatever Deity you believe in for that, just as those without jobs, especially for several years, asked theirs to bless them with one. Eventually the depression will end and if you are under 40 you will be around to see it.

[oneasterisk]

I've always liked this anecdote:

ROCKS, PEBBLES AND SAND
A philosophy professor stood before his class with some items in front of him. When class began, he wordlessly picked up a large empty mayonnaise jar and proceeded to fill it with rocks about two inches in diameter. He then asked the students if the jar was full. They agreed that it was.
The professor then picked up a box of pebbles, poured them into the jar and lightly shook it. The pebbles, of course, rolled into the open areas between the rocks. The students laughed. He asked his students again if the jar was full. They agreed that it was.
The professor then picked up a box of sand and poured it into the jar. Of course, the sand filled up everything else.
“Now,” said the professor, “I want you to recognize that this is your life. The rocks are the important things—your family, your partner, your health, your children—anything that is so important to you that if it were lost, you would be nearly destroyed. The pebbles are the other things in life that matter, but on a smaller scale. The pebbles represent things like your job, your house, your car. The sand is everything else—the small stuff.
“If you put the sand or the pebbles into the jar first, there is no room for the rocks. The same goes for your life. If you spend all your energy and time on the small stuff, material things, you will never have room for the things that are truly most important. Pay attention to the things that are critical in your life. Play with your children. Take your partner out dancing. There will always be time to go to work, clean the house, give a dinner party and fix the disposal.”
Wise words. In your own life, be sure to take care of the rocks first—the things that really matter. Remember, the rest is only pebbles and sand.
Anonymous

I'm your age, 31, and have had similar thoughts. I try not to let it darken my perspective, because some things just don't matter as much in the grand scheme of things. Don't get me wrong, I'm not sticking my head in the sand either. I plan accordingly so I'm comforted knowing I have a plan in motion. I'm at a point in my life where I'm accumulating assets while I'm paying down the only liability I have, my mortgage. I should have my mortgage paid off in 13-14 years and that will allow me to be debt free at 45 yrs old, if all things go according to plan. Knowing that I won't have the anchor of mortgage weighing me down is very uplifting. I also have a healthy emergency fund so I don't worry about that expensive home repair emptying my bank account. Understanding that I'll eventually have no debt is empowering.

I also have one investment property in my portfolio. It's cash flowing nicely and I have a lot of equity already and I've only owned it for about 3 years. I also plan to have it paid off in about 15 years as well, and at the same time adding the number of units I own. I hope to have a minimum of 5 cash flowing properties before I retire. The rental units will add to the pension that I should have through federal service, as well as my retirement account (which I'm fulling funding). I also have a smaller value ROTH-IRA that I contribute to. I'm planning to not have social security in the picture, so in case it's still around, it'll pay for bait and beer.

Knowing that I have a course of action and not just drifting along in life allows me to focus my thoughts on the more important things in my life. Like being truly happy. Having a good relationship with my friends and family.

[Zyngawf]

Originally Posted by katestar

I read the forum and keep up with the news on a daily basis. Everyday there is more gloom and doom stories - unemployment, jobs being sent over seas, the wealthy not paying taxes, prices going up etc. I'm 30 years old and I feel like there is nothing to look forward to when it comes to career success, having a stable home, being able to provide for my childern (vacations, car at 16, college)...etc. I make decent money, but I"m not rich by any means and of course I can be without a job tomorrow, forced to serve tables for tips. I have many older people at my job and they all talk about retirement and how they have pension, SS, a house with equity. I have 37 years before I am eligible for retirement, and I know it is a long time, but if the only job I can get once I turn 40 is serving tables, then it won't mean anything.

I have a Master's degree, advanced skills applicable to my industry, been employed entire recession, but I can't help but feeling the bottom will fall out for me too.

Is there something to look forward to? A silver lining? Or are wages going to keep decreasing, unemployment and prices increasing and the wealthy getting wealthy with government fighting along bipartisan lines and not actually doing anything to help the general population and recklessly spending all of our money.

Thoughts?

It was a waste of money on a masters degree if that is your attitude.

[brightdoglover]

I must say, I never thought that one was required to provide children with vacations and a car at 16. If not being able to do so is the measure of disaster, well...
All OP can do is take care of his/her own situation, keep eyes out for ways and things to do to solidify or change in a better direction, and for heavens sake, get rid of cable news.
The only good TV news is radio.

[BucFan]

Originally Posted by katestar

I read the forum and keep up with the news on a daily basis. Everyday there is more gloom and doom stories - unemployment, jobs being sent over seas, the wealthy not paying taxes, prices going up etc. I'm 30 years old and I feel like there is nothing to look forward to when it comes to career success, having a stable home, being able to provide for my childern (vacations, car at 16, college)...etc. I make decent money, but I"m not rich by any means and of course I can be without a job tomorrow, forced to serve tables for tips. I have many older people at my job and they all talk about retirement and how they have pension, SS, a house with equity. I have 37 years before I am eligible for retirement, and I know it is a long time, but if the only job I can get once I turn 40 is serving tables, then it won't mean anything.

I have a Master's degree, advanced skills applicable to my industry, been employed entire recession, but I can't help but feeling the bottom will fall out for me too.

Is there something to look forward to? A silver lining? Or are wages going to keep decreasing, unemployment and prices increasing and the wealthy getting wealthy with government fighting along bipartisan lines and not actually doing anything to help the general population and recklessly spending all of our money.

Thoughts?

This experience is what many of the older generation lived through in the 1940s - most learned to be thrifty, live beneath their means, don't waste money, etc.

These years may be a blessing in disguise as many 20-40-somethings will lean not to live from hand to mouth, not buy the latest model BMW, buy a house they can't afford, etc etc etc.

Pay yourself first, save save save - live beneath your means, find pleasure in inexpensive living and you'll be fine.

[katestar]

Originally Posted by brightdoglover

I must say, I never thought that one was required to provide children with vacations and a car at 16. If not being able to do so is the measure of disaster, well...
All OP can do is take care of his/her own situation, keep eyes out for ways and things to do to solidify or change in a better direction, and for heavens sake, get rid of cable news.
The only good TV news is radio.

Well, when I was growing up, my parents weren't rich, but they had good jobs and made money. In the town we lived in, people made more than average, and yes, there was at least one family vacation to Florida each year and then to Colorado in the winter...car at 16 and whatever else.

I am definitely taking care of my situation. I save, put money in 401K, keep my skills up to date, take every opportunity to take on a difficult project at work to put it on my resume etc.

But all this talk of our tax money being wasted, millions spent on wall street bonuses when all they do is steal people's money and no social security to look forward to. The SS would be a slap in the face and I'm not a whiner, but damn unfair to pay into a system and then not have it be there for you. My GF's mom never made much money, but once she's done with her bills her tiny pension and SS check will afford her a decent lifestyle, I would be happy to have what she's getting and to be cheated out of that makes me sick.

On the other hand, I see some posters saying to be frugal etc etc, but that's depressing too. It's depressing to bust your a$$ everyday and not even being able to eat out once a week or let alone take a vacation because you gotta save save save. Trust me, I won't buy anything unless it's on sale or a I have a coupon...I look for deals everywhere. I don't blow my money on expensive things like shoes and clothes. I will however go into severe depression if all I had to look forward to was ramen noodles and vacations in the back yard.

[Forest_Hills_Daddy]

Originally Posted by katestar

On the other hand, I see some posters saying to be frugal etc etc, but that's depressing too. It's depressing to bust your a$$ everyday and not even being able to eat out once a week or let alone take a vacation because you gotta save save save. Trust me, I won't buy anything unless it's on sale or a I have a coupon...I look for deals everywhere. I don't blow my money on expensive things like shoes and clothes. I will however go into severe depression if all I had to look forward to was ramen noodles and vacations in the back yard.

Could be - again - signs of working in a dying industry or profession. There are accountants who make $200K/year even in today's economy. I don't think they're worried about a lifetime of frugality.

[almost3am]

I'm thinking the need for bean counters won't go away anytime soon. I say, if you are open to relocation, you will always have an opportunity to make money in your field.

[Forest_Hills_Daddy]

It depends on the kind of accountant, which is the point I was allunding to. It's not a homogeneous professtion - they come in different kinds and specializations.