Has the economy hurt any of you (Chicago, Schaumburg: coupons, apartment)

[jenniferashley99]

Hey

I was wondering if any of you been effected by what's happening with the economy. Have you lost your job? Homeless? Had to take in a roommate?

I'm studying patterns throughout the US about the economy. Las Vegas is really hurting and the stories are horrible.

When do you think it will get better? Are you worried about your job? paying rent?

Thank you

[Chicago60614]

I know many people have, but it really hits different groups/situations harder than others.

I personally haven't really felt it at all, and I don't know anyone that's been laid off or is having any troubles with housing. I think by far the biggest way it's affected people I know is that most of us have gotten little or no raises over the past year.

[alwaystraveling25]

Originally Posted by jenniferashley99

Hey

I was wondering if any of you been effected by what's happening with the economy. Have you lost your job? Homeless? Had to take in a roommate?

I'm studying patterns throughout the US about the economy. Las Vegas is really hurting and the stories are horrible.

When do you think it will get better? Are you worried about your job? paying rent?

Thank you

Yes, it sure did. I was laid off in January 2009 from a pretty decent white collar job in Chicago. Unemployment barely paid my rent (1400 a month after taxes is all I received from them) and if it wasn't for my parents helping me out, I would have not been able to pay rent and would have been evicted.

I could not find a similar IT related job in Chicago so I had to move 1200 miles away and pay for my own relocation. So yeah, the economy did ruin my financial situation.

As an aside, now that I am gainfully employed again I think carefully before buying anything - to the point where, unless it's groceries, I tend not to buy anything new.

[jenniferashley99]

Me too. I was laid-off and had to move in with relatives. It's been bumpy. I see the news but on the streets everyone seems so carefree. I am sometimes feeling I am on the Twilight Show staring me as the laid-off gal that the news reports on. Everyone else is fine. haha my humor is the only thing helping me now.

[williepotatoes]

I've lost about 8% in pay and benefits, but that isn't breaking me. Business has been rebounding for the last four months or so, and I hope to get some of my losses back before years end. Living out here in Schaumburg, you wouldn't know how serious the recession has been. Although the town has now levied it's first ever property tax, most of the town is very vibrant. Few visible foreclosures and most of the commercial properties are leased and doing decent business.

[MannheimMadman]

Hmm. I think because I had nothing to lose (no property, very little money) the economy doesn't seem too bad. My living expenses including rent are under $1500, so it isn't hard to cover. However, if I had a house, a wife and kids...I'd be sweating if I were to be laid off.

[ImaloneJill]

My husband built an apartment in our basement for my daughter and her family. They have lived there for a year now. My daughter, who is a teacher with a double master's is probably going to lose her job this year-the year she gets tenured, because she is too expensive for them to keep.
All of us worry every day whether we will have a job next month/week/year.
My son in law was supposed to start an apprenticeship program for the pipefitters last year, but they cancelled the start. He hasn't worked steadily in two years, while taking welding at community college.

[Feeling Brackish]

I wait tables downtown, and while I still have my job and am making enough to get by, business has slowed noticeably over the past two years. The bad economy has a trickle down effect for us, since more people are being careful with their money, so they are no longer eating out as much, or spending less when they do. Many of our customers are tourists, and I think fewer people are traveling for vacations right now.

[coldwine]

I personally haven't noticed a thing. However, I am very aware of how bad it really is.

Many, many of my colleagues have lost their jobs. It isn't so easy for lawyers to find new work, either. And, yes, while people sneer at lawyers and their big salaries, think twice: it's no longer possible to practice alone in the US. Everybody hates lawyers until they need one. And at some point, everyone wants cheap legal advice.

My area of practice has always been Asia and south America. So I'm sitting pretty, I suppose one could say.

What this recession has really driven home to me though is just how terrible people are with money. As a finder/scratched/saver/investor with naturally ascetic sensibilities, I sit on a lot of cash. And as an accountant, I'm nit stupid enough to invest it. But good god, my friends and colleagues! They have insane amounts of debt! It's ridiculous! I learned to budget andclip coupons as a student and never stopped. I've had to teach a few of them these tricks.

So from my perspective, the market is hard but most of what I see is self-inflicted.

[cmitseff]

I know a lot of people who have been hurt by the economy, but I wouldn't include myself as one of them. Actually took advantage of the situation and bought a foreclosure for 40% less than its highest value in 2007.

As for when it'll get better, don't count on it going back to the 2004-2007 days. Those were the days of credit, and loans, and debt. That was the party before the bill. Actually, we've avoided a complete financial collapse, however, I think in the next 5 years we will see some major inflation. With nobody hiring, foreclosures mounting up day after day, rates about to increase, and inflation on the horizon, look out.