What Recession? Fooey! (closing, account, housing, job)

[Toxic Toast]

Originally Posted by Milwaukee City

I'm still doing well despite the recession

I am too; but I don't gloat about it around my friends or on a messageboard; many have been laid off or are facing lay-offs. I have watched too many people at my workplace have to clean out there desk and face the tough job market. I know CPA's that have been laid off as well. Consider yourself lucky, but don't try to speak for everyone; like it or not, that is how your OP came across as arrogant whether you meant for it to or not.

However; recessions are like yard sales for the rich.

[Milwaukee City]

However; recessions are like yard sales for the rich.

I think this is the reason, I'm doing well. My clientele is people who make 200K+

[tribecavsbrowns]

200K is rich? That's um, rich, pardon the pun.

How much do you think the people who lost their homes to foreclosure in the Vegas and South Florida suburbs were making? I'll give you a hint: they weren't working at Taco Bell.

[Milwaukee City]

Originally Posted by tribecavsbrowns

200K is rich? That's um, rich, pardon the pun.

How much do you think the people who lost their homes to foreclosure in the Vegas and South Florida suburbs were making? I'll give you a hint: they weren't working at Taco Bell.

Just telling you my theory, not every one who makes 250k + is well off. I know people who own multiple business and homes but can't buy a car with credit then I met people who only make 25K a year who buy there car brand new with cash

[tribecavsbrowns]

Bro, I'm telling you that's why your theory is flawed. There are hordes of people making 200K who have to cut back, and that might mean cutting back on the services that your company provides. You made it sound like you handled the finances for the Brewers and Packers. If your services are for the typical over-extended white collar worker, all I can say is, "Good luck."

[forest beekeeper]

My pension is solid, my DW's job is okay.

One of our renters moved out, and the apartment is sitting empty. Which is very unusual. We have not had an empty apartment with no body wanting to move in since the 1980s.

So we are being 'effected'.

I was offered a part-time job. Really not looking for any work. But if things do get hard, I figure it would be a good idea. So I started this week. We have neighbors who are way behind in their bills, and having a tough time. I offered them this job. But nobody seems willing to take part-time jobs. Where I am now working, still has other openings. Posted but nobody is applying.

It is all part-time. But cash is cash. I think.

[forest beekeeper]

Originally Posted by Milwaukee City

Just telling you my theory, not every one who makes 250k + is well off. I know people who own multiple business and homes but can't buy a car with credit then I met people who only make 25K a year who buy there car brand new with cash

True.

We bought one apartment building at each of my duty stations during my military career. As a 'lowly' enlisted sailor, I earned enough to be buying them, so we did.

By my mandatory retirement we had collected four properties, in 2 nations and three states.

Sold 3 properties and bought a farm with cash.

When prepping for my retirement, I had to attend a class on how to be a civilian and corporate jobs. When I showed them my Net Worth, they were shocked at how much you can build from a $60k/year enlisted man's income.

I see plenty folks who can build a $1million portfolio from a $40k/year salary, while supporting a wife and raising children, given 20 years to do it.

[wanneroo]

Well congrats to the OP if he's not affected(present tense) by the recession/depression. And I would assume for many people it is business as usual. For me and others it is not.

I graduated college 10 years ago. This is the second downturn that has hit my pocket book. I was in the tourism biz and when 9/11 hit it was like someone turned out the lights. That was a hard year. Several years ago I changed careers and everything again was going along good and then last October it all screeched to a halt. Can't begin to tell you how many things have canceled. Everyone I know is in the same boat and panic is setting in. Winter is always a slower time anyways and people thought well it will be a tough winter but things will pick back up in the spring. But they haven't and it's not clear when they will.

I took my skills and am working part time in a similar but different biz. The pay is very high but I am only getting enough work to keep the lights on. I'm not really getting ahead financially but am developing new skills and this will probably pay off in the long run as I get more experience. Plus I still have my other work if that business ever comes back.

So I wouldn't be too cocksure about yerself. I have found in the past when you get a little too up yerself and arrogant and think you have it beat, that is when you get hammered good. I'd be grateful for what you have but anything can happen at anytime.

[colleeng47]

Not a good idea to say always or never.

[SLCPUNK]

Originally Posted by Milwaukee City

Okay I know we are in a recession however as a 26yr old in the financial industry and married to an accountant this recession hasn't even touched us yet and won't is my opinion. We rent and rent hasn't gone up at all, we have no debt, a small car payment, and I just landed a great job for a very reputable financial company rated the best in the industry about 3 months ago. I'm making a ton more money I used to in the auto industry, my wife just got a promotion and a raise. I have the VA home loan so buying a house right now isn't even a worry for me, credit crunch ? we also just bought a new car.

We are taking vacations to Las Vegas and New Orleans and San Diego this year. So are young people with immune from this recession? are we just lucky? I don't even know anyone laid off or lost their job. I feel bad for you out there but I haven't felt this recession at all. My wife and I are looking at a summer cottage in Florida for 100k that used to cost 200K.

Is any one else out there not feeling the recession or are we just the lucky?

I see that humility is your strong suit.