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my boss got laid off.
I still have a job but doesn't pay much
Going to graduate in 1-2 years from college...hopefully can get a job in my major (accounting)
roth ira down about 40% from a year ago.
I have lots of cash and a trust, thank god.
Actually i would say this depression has benefited me more overall though. My next major purchase is going to be a condo/home. Probably going to save 50%+ from the peak, woohoo! but I am still worried about getting that job after college. If that doesn't happen, it looks like I'll have to delay the condo purchase. I need a stable, good paying job.
We have been pretty lucky. My husband works for the state and had a 10% paycut, but his job is secure. We plan to buy a home later this year. The low prices will be an advantage for us. We are pretty furgal, so our lifestyle hasn't really changed. But we are traveling less often.
My family is a whole different story. My SIL and her hubby both lost their jobs over the last 4 months. They cannot find anything. My brother and another BIL lost their jobs. They are all in construction, so finding work has been hard, no work at the union halls. They have been picking up handymen jobs, but so are every other construction worker in that city.
My family is a whole different story. My SIL and her hubby both lost their jobs over the last 4 months. They cannot find anything. My brother and another BIL lost their jobs. They are all in construction, so finding work has been hard, no work at the union halls. They have been picking up handymen jobs, but so are every other construction worker in that city.
I was under the impression that construction has actually picked up slightly, as home prices and interest rates are dropping and more people are snapping up the good deals. In our neighborhood they're still building new homes, and are developing a whole new subdivision plus a new shopping center. But if that's not the case where you are, I'm sorry your family has fallen on rough times.
For us, the bad news has been mostly what we hear on TV. We live in the DC-metro area, which remains somewhat immune (ok, not immune...but in a bubble) to the recession. Both of us are in stable jobs (for now...knock on wood!), and are not overly concerned. That being said, we are underwater on our mortgage (we bought at the end of 2007, right before the bubble burst) so it seems we're stuck in our house for a while yet. But if that's the worst that happens to us, I will be forever thankful.
I was under the impression that construction has actually picked up slightly, as home prices and interest rates are dropping and more people are snapping up the good deals. In our neighborhood they're still building new homes, and are developing a whole new subdivision plus a new shopping center. But if that's not the case where you are, I'm sorry your family has fallen on rough times.
For us, the bad news has been mostly what we hear on TV. We live in the DC-metro area, which remains somewhat immune (ok, not immune...but in a bubble) to the recession. Both of us are in stable jobs (for now...knock on wood!), and are not overly concerned. That being said, we are underwater on our mortgage (we bought at the end of 2007, right before the bubble burst) so it seems we're stuck in our house for a while yet. But if that's the worst that happens to us, I will be forever thankful.
What do you mean when you say you are underwater on your mortgage? Are you saying that you owe more on the house than its worth? Or you are having trouble making the payments? Also, I feel sorry for you that you live in the DC-metro area. I moved from that area back in November to the Dallas, TX area and my wife and I are now in heaven! It's so cheap here and there is just as much to see and do. Our quality of life sky rocketed once we moved here.
We're retired and have seen a big drop in our mutual fund portfolio, but we have some income from property and my wife draws Social Security. We've always lived pretty frugally so we haven't had to postpone a new car of anything like that.
OTOH a lot of my friends that worked for larger companies took early buyouts and got lump sums that were supposed to last until their pensions (in some cases) or eligibility to withdraw 401k kicked in. They invested those lump sums for an income stream and got hammered last year. A couple of them have taken part time jobs to make up some shortage and a few others are looking. I think it would be difficult to take a $10 an hour, or less job, after retiring from a $65K-$70/year job.
Back in 2003 my h and I downsized fro So., NJ to NC and couldn't be happier. We both left our high profile jobs and moved South and live within our means. I am at home with the "furry child" and he works a 40 hr. work week 2 mi. from home. He is home for lunch every day.
The one thing we have done is travel less and enjoy our home & each other more, because now we have the time.
I staple all of my grocery receipts to my monthly calendar so I know just how much my total grocery bill is, we have never skimped on food and we eat extremely well. Our weekly bill average's $75-$90 for everything.
Back in 2003 my h and I downsized fro So., NJ to NC and couldn't be happier. We both left our high profile jobs and moved South and live within our means. I am at home with the "furry child" and he works a 40 hr. work week 2 mi. from home. He is home for lunch every day.
The one thing we have done is travel less and enjoy our home & each other more, because now we have the time.
I staple all of my grocery receipts to my monthly calendar so I know just how much my total grocery bill is, we have never skimped on food and we eat extremely well. Our weekly bill average's $75-$90 for everything.
Awesome! I love hearing stories like this. I like it when people learn to live within their means and just flat our enjoy life for what its worth instead of staying at a high stress job and losing yourself.
What do you mean when you say you are underwater on your mortgage? Are you saying that you owe more on the house than its worth? Or you are having trouble making the payments? Also, I feel sorry for you that you live in the DC-metro area. I moved from that area back in November to the Dallas, TX area and my wife and I are now in heaven! It's so cheap here and there is just as much to see and do. Our quality of life sky rocketed once we moved here.
We owe more than it's worth. Actually, we owe more than what our tax assessment came back as, so we might not be as far under as we think. We're not having any trouble making payments - we're aggressively paying down debt, so we don't have much spending $$$, but money isn't an issue.
And thank you for your sympathy regarding where we live! Believe me, I know that we could be paying much less to live somewhere else, and we would love to move - we were actually looking at moving back to Chicago (where DH is from), which would have drastically dropped our cost-of-living. But, alas, with the housing market as it is, we're stuck here for a while yet. Plus, DH's work is primarily in this area - his job options are few and far between once we leave DC.
Because of the “Bad Economy” I was able to refinance my house and save over $200 a month in mortgage payments and get about $13,000 in cash.
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In our neighborhood they're still building new homes, and are developing a whole new subdivision plus a new shopping center. But if that's not the case where you are, I'm sorry your family has fallen on rough times. 
Believe me, I know that we could be paying much less to live somewhere else, and we would love to move - we were actually looking at moving back to Chicago (where DH is from), which would have drastically dropped our cost-of-living. But, alas, with the housing market as it is, we're stuck here for a while yet. Plus, DH's work is primarily in this area - his job options are few and far between once we leave DC.
