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Every week the media is promoting the upcoming economic recession harder than ever. If you are an economist and want your name promoted by the media, tell everyone a scary deep economic recession is coming and it is going to be ugly. If you think the economy is going to escape a recession you will not get in the news. Bad news sells.
So lets assume the media gets its way and we do in fact have a nasty economic recession. How will it affect you? Since the first of the year the stock market and the housing recession have really got bad, what do you expect for 2008-2009 in your economic life? How will the economy affect YOU?
Wont affect me at all, I have no debts at all, and good steady income that will only go up during a recession.
I'm with those lucky people that wont be hurt much. My husband has a recession proof job and I work here and there when I want "extra spending money". We are in our 30's so our investments will have plenty of time to grow again. Also we are debt free. My main concern would be of my family. none of them have prepared in anyway for the possibilities. My brother has been working for a small company that has been loosing money for the last 5 yrs. (carpet cleaning) They are in the negative every month and he thinks with the economy the way it is that he can take over this company, and start over. probably taking on about 50k in debt! who wants to bet he'll be begging to move in with me within the next 1-2yrs!
No recession this year. Slow down- yes but recession- NO! All bets off for 2009 though.
I'd love to hear why you feel that way? Do you think we are not in a big of trouble as the reports are saying? Do you feel this way about the Real Estate market too?
Location: Sitting on a bar stool. Guinness in hand.
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Quote:
Originally Posted by tallrick
I am more fearful of hyperinflation that will devastate our savings and investments. A recession would be a good thing by comparison.
This is a concern in the back of my mind as well. But I not sure if it will happen.
As for me I think. I and some others could face possible layoffs in the financial jobs. But I'm already back in school for retraining for a healthcare job that in short supply. So in the short term I a little threatened, but in the end in the next 2 years I should be working in a more career not dependent as much on the economy.
Every week the media is promoting the upcoming economic recession harder than ever. If you are an economist and want your name promoted by the media, tell everyone a scary deep economic recession is coming and it is going to be ugly. If you think the economy is going to escape a recession you will not get in the news. Bad news sells.
So lets assume the media gets its way and we do in fact have a nasty economic recession. How will it affect you? Since the first of the year the stock market and the housing recession have really got bad, what do you expect for 2008-2009 in your economic life? How will the economy affect YOU?
do you read much from economic news sources?
Quote:
Originally Posted by nic529
I'd love to hear why you feel that way? Do you think we are not in a big of trouble as the reports are saying? Do you feel this way about the Real Estate market too?
If I understand him right, he is not saying a recession isn't coming. He is saying it will hit us in 2009, not this year. This year will be the slow down and 2009 will be "D Day"
If I understand him right, he is not saying a recession isn't coming. He is saying it will hit us in 2009, not this year. This year will be the slow down and 2009 will be "D Day"
Thats what I'm afraid of. I'd like to sell my house next year around this time, but I'm afraid I won't get what I owe on it
I own a home improvement business. Usually by this time of the year I'm booked through July or August. So far I have three large projects on tap.
Looks like I'll have a chance to catch up on my reading this year.
... How will it affect you? Since the first of the year the stock market and the housing recession have really got bad, what do you expect for 2008-2009 in your economic life? How will the economy affect YOU?
I retired in 2001, my government pension is not going to stop anytime soon.
My DW works part-time for the Fed gov so I do not see her job stopping anytime soon.
Our last remaining apartment building is filled with renters, paying their rent.
Our youngest son will soon finish highschool, and he wants to go into the Army.
We have settled into our retirement home in the forest, which has no mortgage. and it has very low taxes.
Our assets have continued to grow, and the biggest decision of most days is whether to go hunting today, or fishing.
In a few more years we will both turn 50, maybe by then things will look different.
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