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Old 11-04-2018, 08:36 AM
7,072 posts, read 8,570,343 times
Reputation: 8852


In 2008 I transitioned to a different position in the corporation I worked for during a time when my job would have otherwise gone away/department was dissolved. Beyond that I kept contributing to 401K and IRAs as usual and continued to add to my savings as usual. 2008 ultimately had no affect on my bottomline; I didn't look at my retirement accounts and couldn't tell you how much they declined at that time. Doesn't matter; they came back and kept going.
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Old 11-04-2018, 09:18 AM
Location: SoCal
12,967 posts, read 6,184,227 times
Reputation: 9518
I was ok 2008. 2009, my husband got laid off. But he found a job, 4 months later. Then I got notice I was about to be laid off. Then I got laid off in 2010. Didn’t find a job until 10 months later. Good thing we had extended unemployment. Cut back was staycation. Nothing drastic. Same with 2002-2003 recesiiin. We went to Las Vegas and Yosemite for vacation.
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Old 11-04-2018, 01:32 PM
Location: Wooster, Ohio
1,026 posts, read 776,451 times
Reputation: 1479
I had a local government job with a defined benefit pension. I had paid off my mortgage at the end of 1995. After replacing my aging automobile, I got into deferred compensation and maxed out my contributions.

In 2006 I turned 50, and was able to put even more money into deferred compensation, but was no longer maxed out.

In 2008, I took a retirement planning course at the local career center. I was told that I could continue to contribute to my Roth IRA, even with the large amounts I was contributing to deferred compensation.

Both the deferred compensation and Roth IRA were stock market index funds, so I was buying low while others were selling low.

In 2010, my employer offered a buyout package. I did not have 30 years until 2012, and was not ready to leave anyway. Although I had seniority in my position, my fellow employees had more years of service. It turned out I had nothing to worry about, as virtually everyone who was eligible for the buyout took it and left. There were no layoffs.

I did very well in the lost decade of 2000-2009.
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Old 11-04-2018, 06:30 PM
9,511 posts, read 14,735,380 times
Reputation: 9725
Originally Posted by flashlight View Post
what stock did you buy?

(and yeah, I should have held longer)
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Old 11-04-2018, 07:58 PM
11,152 posts, read 22,296,997 times
Reputation: 10881
Started working in 2002 at $35,000. Had made it to $62,000 by 2007 but then things stagnated and I was still only up to around $68,000 by 2012. Things have grown a lot since then though, up to around $132,000 today.
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Old 11-05-2018, 04:38 AM
70,799 posts, read 71,189,712 times
Reputation: 48405
we did okay through 2010 when i lost a job . a disagreement had me going my own way as we mutually agreed to a split up . . but had a new one in a week so except for some knuckle biting from the markets it was a non event . within 6 months we patched things up with the old job and was asked if i would rejoin them ,which i did .
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Old 11-05-2018, 10:24 AM
Location: Formerly NYC by week; ATL by weekend...now Rio bi annually and ATL bi annually
1,199 posts, read 1,569,874 times
Reputation: 693
I bought a property in an expensive area in Atlanta in 2006....got laid off in 2009. The value of the home as well as my 401k were severely diminished. Took like 6 months to find another gig. But I am pretty good with money and had a small severance. On top of that, i was willing to sell whatever assets i had except for one vehicle in order to survive if needed. Eventually got another gig before i completely ran thru savings.

At that time I was 32, single no kids, with a dog and a mortgage. Had some hard assets, and cash stashed away. But my thirst for saving is what saved me. As much as I like to spend, I also try and save for those rainy days.
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Old 11-05-2018, 10:46 AM
13,703 posts, read 7,266,136 times
Reputation: 25069
I was unemployed for 14 1/2 months When it became clear after 3 months that I wasn't going to be able to line something up quickly, I collapsed my life down to a paid-for condo at a ski resort and went skiing for the winter. When you have zero debt and Obama paying most of your COBRA health insurance, it's pretty easy to get by on an unemployment check. It was good practice for planning retirement because I had never tried to live on that kind of money.
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Old 11-05-2018, 01:36 PM
Location: Denver, CO
1,661 posts, read 4,042,733 times
Reputation: 1215
2008 we just started our first real jobs, had some investments but weren't too exposed since we didn't make that much before the crash. 2009 on a whim bought a bunch of apple stocks, I think it was $20 a share then. In 2014 apple stocks had a 7-for-1 split. I still hold those stocks today.

In a sense I was lucky due to timing. If I was on the verge of retirement I would have panicked. So take your shot if you are young, time is something you will never get back.
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Old 11-05-2018, 02:57 PM
1,246 posts, read 726,287 times
Reputation: 1560
I was in high school when the economy tanked in 2008. My dad's business went from cash flowing to making almost nothing. He was forced to take a job at a factory working full-time making $400 a week. My parents had to go down the bankruptcy route. Never want to see my mom that depressed again. I remember my dad being incredibly depressed too since there were some weeks we couldn't afford groceries and had to have family members help us out.

My parents (dad especially) shielded my siblings and I from seeing a lot of the mess, but it was there. Thankfully, they managed to keep our house. My mom had to take a part-time job again. I did some things on the side to help out the family.

I recently talked to my father about that period of time. He said he had never felt "broken" until then. He said he was flat out broke in every sense of the word. Said he had every single credit card maxed out and almost completely gave up on any type of optimism.
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