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I'm surviving. This latest period of expansion (2008-present) is seeing record levels in all the US stock indexes AND real estate. In the period starting in the early-mid 90s up to the 2000 there was a sense that the sky's the limit.
But with record valuations this time there is a sense of foreboding in the air. Yes, everything is high now, but it feels like we're waiting for something to send it all tumbling down. The stock market could easily take a 50% haircut from on or more of the ongoing geopolitical, economic, or social conditions which seem ripe for discord.
And it just doesn't seem like jobs are paying what they used to in "boom" times, which on paper we're in, but it doesn't feel like that. I think this is related to the shrinking of the middle class who have seen large numbers experience downward mobility.
Of course if you say the sky is going to fall long enough you'll eventually be correct. This year will definitely see big political changes in the US, who knows what the lunatics we vote in will do to the economy.
I don't for one second believe the government/Wall Street lies that "everything is great"..... just doesn't add up with reality. We also have to remember there's a lot of number-fudgung going on from unemployment numbers to big companies buying up their own stocks.
Average everyday folks experience =/= some Wall Street numbers on a computer screen.
The one thing I remember about pre-2008 is *everyone* seemed to have more money (or at least appeared to).
"Underemployment" in particular seems to be a big elephant in the room lately, I don't remember it being ANYWHERE near as bad pre-2008 as it is now. So many college grads nowadays seem to wind up in some menial McJob not in their field of study..... even the ones with "good" degrees.
Husband and I have run our own business for well over a decade and lately we are just breaking even. Clients have stated they are trying to cut back on expenses. And I also agree about underemployment, we know several people with MBA's and other degrees, plus plenty of experience, who are currently working in car sales and retail. Not a good economy at all. And with the upcoming election right on track to maintain the current status quo, probably no positive changes ahead.
I don't for one second believe the government/Wall Street lies that "everything is great"..... just doesn't add up with reality. We also have to remember there's a lot of number-fudgung going on from unemployment numbers to big companies buying up their own stocks.
Average everyday folks experience =/= some Wall Street numbers on a computer screen.
The one thing I remember about pre-2008 is *everyone* seemed to have more money (or at least appeared to).
"Underemployment" in particular seems to be a big elephant in the room lately, I don't remember it being ANYWHERE near as bad pre-2008 as it is now. So many college grads nowadays seem to wind up in some menial McJob not in their field of study..... even the ones with "good" degrees.
Agreed. Statistics show that net worth has been steadily dropping for everyone but the very wealthy.
no, they had more "debt" that wasn't being collected on
That may be a small part of it, but like I mentioned in my first response, our income has remained stagnant yet our expenses (most of which are out of our control) have increased pretty substantially.
"Mixed"--I make good money, the bills are covered, we have a place to live and food to eat. We have no couch, we drive a "beater", but we own what we have. I should be doing handsprings of joy, but I feel like I'm on the hamster wheel. Nothing left to save, haven't been on a real vacation in about eight years. Still....could be a lot worse.
Location: Mableton, GA USA (NW Atlanta suburb, 4 miles OTP)
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I stilll haven't recovered since a lengthy layoff after 9/11. I'm not hurting, exactly, but most of the money I would have been saving for retirement over the past 15 years has instead been directed at paying off the debt that I accumulated during that time. In retrospect, bankruptcy may have been a better solution for me back then.
When I first graduated college I was surviving at best on a $17 per hour contract job that paid enough money for me to rent a cheap apartment in a not so great Atlanta suburb and pay for my car note, car insurance, gas, utilities and groceries that was it. I had about $150 left over after the bills were paid so it was a paycheck to paycheck lifestyle.
After I finally got my first half way decent job in my field last year making $50k I am doing a lot more than surviving right now and feel a lot more comfortable. I'm able to save $600-1000 every month and I also have play/fun money to spend.
My job is a lot better since I don't get pigeonholed into doing one routine task everyday. I have been trained on a lot of instruments in our lab and feel like I am progressing in my career but my industry is quite unstable. When a drug or product fails R&D is the first department to get cut so I feel I have to be prepared for any layoffs that may occur. My goal is to be saving about 50% of my income when my car is paid off so I will have a big emergency fund to support me however long it may take me to find another job if another recession hits or my company does layoffs.
The 2008-2009 recession has taught me not to get too comfortable on the job and live close to debt free as possible. I have no student loans, my credit cards don't have any unpaid balances, and I have a year and a half left to pay on my car which I plan on keeping to the wheels fall off. In also planning on paying cash for a townhouse or condo do I won't even have to take on a mortgage. I don't care how long it takes me to save up but I am going to buy a $60-80k house cash 25-30 miles away from work so I don't have to take on any kind of debt and don't have to be part of the rat race slaving on a job until I am 70 years old.
The 2008-2009 recession has taught me not to get too comfortable on the job and live close to debt free as possible. I have no student loans, my credit cards don't have any unpaid balances, and I have a year and a half left to pay on my car which I plan on keeping to the wheels fall off. In also planning on paying cash for a townhouse or condo do I won't even have to take on a mortgage. I don't care how long it takes me to save up but I am going to buy a $60-80k house cash 25-30 miles away from work so I don't have to take on any kind of debt and don't have to be part of the rat race slaving on a job until I am 70 years old.
Yep.
I had 14 1/2 months of unemployment in the Great Recession. I had no mortgage. No consumer debt. I pay cash for cars. I was able to live off an unemployment check & the Obama subsidy on my COBRA health insurance and barely touched my savings. I have a job instability issue now but it wouldn't be catastrophic if I found myself unemployed again.
By any rational definition, I'm "thriving" but job instability makes me hedge that a little bit.
My boss recently informed me that she put me up for a promotion that came with a 9% raise and a much MUCH better title (it gets finalized next pay period). My husband appears to be in a solid job (he celebrates 10 years there very soon) and has good relationships with his superiors. While my husband and I are not debt-free, we don't have to struggle to pay bills (my raise will help us pay off debt faster AND put more into my 401K). Our mortgage has 13 more years to go and we'll be done, which is very exciting. My husband retires in 15 years, and I retire in 17. Our kids are relatively normal with no teen angst (thus far). I've lost 25 pounds since January and hope to lose another 25 by year's end.
So yeah, all in all, a pretty darn good year thus far. *knock on wood*
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