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NO! maybe you should take the time and read the whole thread and you would know that the actually topic is not if we are in a recession or how bad, it's that young people(20') aren't affected a ton by the recession yes some are but for the most part young people don't have any skin in the game yet.
I think what many posters including myself are doubting is your basis for claiming that the recession is not affecting most people who are in their 20's. The only argument I am hearing is that the recession is not affecting you or your wife so in turn, it must not be affecting most anyone else in this age bracket either. Am I missing anything here? I can tell you that this simply is not true. People of this age are not immune to layoffs or extended periods of unemployment, foreclosure, debt problems, etc... Congrats to you for being in a positive situation, but don't just assume that every other 20 something out there is not being hit right now.
he only argument I am hearing is that the recession is not affecting you or your wife so in turn, it must not be affecting anyone else in this age bracket either. Am I missing anything here? I can tell you that this simply is not true.
All I am saying is that among all my friends none are layed off or cut in pay or not finding jobs. That includes 50 of my closests friends all have said to me "no problem here". I already said I know people in there 20's are affected I'm not saying all people in their 20's are not affected but just everyone I know hasn't been layed off or cut in pay or is worried about their job.
I would imagine you have had some financial help along the way, and/or some great opportunity at earning high income with low expenses. It all didn't happen by eating out at Denny's.
Actually when you live in Wisconsin and it's -40 below and snowy you don't go out at all so I guess winter in wisconsin helps. I Haven't gotten any financial help...I wish.
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Maybe somewhere along the way you came into possession of a nestegg and nutrured that. Nothing wrong with that at all... you should be commended for it. Or maybe you've earned it outright... working in finance there has been definite opportunity to earn $6-figures even right after college.
Keep in mind I have been married for the last 4yrs and we haven't done anything but save for the last 6-7yrs. This is the first yr we have taken a trip and able to start buying nicer things. I still live on a 20$ a week spending money limit. That means if I want to go down to Chicago for a weekend and spend 200$ I have to save for it. Most people don't give themselves 20$ a week for fun money.
I have taken risks in the past like, taking out 10K more in college loans for myself for "school" and played the ,market and I was able to make some good chunk of change. Since the monthly payment on the loan at the time was only 35/mo I gambled and it payed off. Now if I had lost it all I would not be where I am today.
You mentioned the VA loan? Is your income military related or civil service? God I hope not, your smirky attitude is disgraceful if you're a Servicemember. If you are in fact benefiting from government employment, you should have disclosed that, there would be a difference in income stability if your source of income is govt versus industry. At any rate, as a fellow 20 something, pipe down brother, count your blessings, but don't dismiss everybody else's reality. I too have peers who are living high on the hog in their late 20s, but even they recognize that doesn't imply the economy is not outright tanking.
OP better count himself LUCKY and continue to do the right things. I agree with other posters, drop the attitude, and don't be so cocky as to think tomorrow won't be a different day for you.
The beginning of this recession was mostly folks that had done the WRONG thing, but now we are in the trickle down stages where the good people are being affected. I respecfully disagree with many posters that this economy will turn out catastrophic, BUT it is going to be a life changing event for all of us. You better swallow that pill now and humble yourself!
All I am saying is that among all my friends none are layed off or cut in pay or not finding jobs. That includes 50 of my closests friends all have said to me "no problem here". I already said I know people in there 20's are affected I'm not saying all people in their 20's are not affected but just everyone I know hasn't been layed off or cut in pay or is worried about their job.
I know loads of 20-somethings who are educated professionals who have been laid off. Clearly, in your particular circle of friends, that is not the case. But you cannot extrapolate and assume that is the case everywhere.
Actually when you live in Wisconsin and it's -40 below and snowy you don't go out at all so I guess winter in wisconsin helps. I Haven't gotten any financial help...I wish.
Keep in mind I have been married for the last 4yrs and we haven't done anything but save for the last 6-7yrs. This is the first yr we have taken a trip and able to start buying nicer things. I still live on a 20$ a week spending money limit. That means if I want to go down to Chicago for a weekend and spend 200$ I have to save for it. Most people don't give themselves 20$ a week for fun money.
I have taken risks in the past like, taking out 10K more in college loans for myself for "school" and played the ,market and I was able to make some good chunk of change. Since the monthly payment on the loan at the time was only 35/mo I gambled and it payed off. Now if I had lost it all I would not be where I am today.
And I would imagine living in Wisconsin certainly helps with the cost of living as well. Here in NY a 1 bedroom apt averages $900-1300, a 2 Bedroom $1100-$1800, and a house $2K and up. My house is 70 years old and lower mid-market in value and my mortgage with property taxes is $3K per month. So cost of living alone challenges anyone monthly expenses.
It's great that you were able to invest in the market and cash out? A combination of smarts and luck. But where is that market today? Even those still working have lost 30-60% of their portfolio investments. Had you lost it all, yes you would be crying the blues. Which should make you think... regardless of how well you plan, your fortunes can change instantly. My father was a lower level executive in the packaging industry in the 90's while I was in college. He was with his company for 24 years when he lost his job. For 3 years he floated, taking industry jobs at lower pay and responsibility for 6 month stints. Finally a stroke caught up with him. He had over $100K in savings at the time. My mother contracted cancer, and medical bills piled up. In a short time (7 years) those savings and investments were spent through. They now live on a modest fixed income. They own a house they can't sell that cost them over $9K a year in property taxes.
I'm not sharing this 'sob' story for sympathy. It's just an illustration to show, no matter how well you prepare, your fortune can change in a heartbeat. Any recession can be unforgiving... it takes no prisoners and is equal opportunity. This recession has affected over 8.8% of the unemployed of Wisconsin. Consider yourself and your 50 friends lucky they aren't included in that 8.8% out of 100.
Ah to be 26 OP I would suggest you print this thread out and keep it until your 40 and then take another look.
Its good to be prepared, we also live debt free and have an emergency fund. However, I'm all of 7yrs older than you and I've learned that its very naive to think that disaster can't happen to you. Disaster happens and you can only be so prepared for it. A year of unemployment, a catastrophic medical crisis, or a divorce could wipe you out of that 50K in no time. Be thankful for what you have but tread lightly in your attitude.
And I would imagine living in Wisconsin certainly helps with the cost of living as well. Here in NY a 1 bedroom apt averages $900-1300, a 2 Bedroom $1100-$1800, and a house $2K and up. My house is 70 years old and lower mid-market in value and my mortgage with property taxes is $3K per month. So cost of living alone challenges anyone monthly expenses.
Actually that's the same for Milwaukee, and our property taxes here are a lot higher than what you might think. 150,000 home in Milwaukee property taxes are 6-7,000/yr.
And for the last time "I'm not saying there is not a recession or nobody else is having tough times, all I'm saying that if your younger you don't have it as bad as most people...jeez I feel like I'm dealing with a bunch of two yr olds.
How does this come off as snobby? I didn't make fun of anyone or put down I group of people, I didn't say I'm better than anyone, I'm saying I'm lucky and all my friends are lucky and so far I see a correlation between younger people and how bad they are affected by the recession. All I'm doing is pointing this out, take a chill pill and read every post in this thread again.
And for the last time "I'm not saying there is not a recession or nobody else is having tough times, all I'm saying that if your younger you don't have it as bad as most people...jeez I feel like I'm dealing with a bunch of two yr olds.
Your original post simply stated that you don't feel that we are in a recession because you are doing well. Just stop trying to defend yourself. What you said was callous and showed your ingnorance. Deal with it.
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OP I would suggest you print this thread out and keep it until your 40 and then take another look. 
