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Since consumer spending is 70% of GDP what effect do you think this huge pullback on the market is going to have on consumers? I am thinking people may start cutting back in preparation for leaner times ahead. That could massively affect company earnings in 2019. Currently forward PEs are being estimated rather optimistically. I think this could be a turning point.
If Q1 earnings report lower next year there will be much more downside for the markets. Consequently the recession may arrive much sooner than the 2020 date predicted.
because life is about enjoying the money we make once our needs are met . in fact after our basic needs are met we don't need anything more . so life consists of different levels of wants .
life is like fighting a war . we have all different fronts going on . we need money for spending and enjoying now , money for retirement , money for big expenses down the road . so it is a balance .
i could not imagine not enjoying all my interests and hobbies and saving every penny . life would suck !
because life is about enjoying the money we make once our needs are met . in fact after our basic needs are met we don't need anything more . so life consists of different levels of wants .
life is like fighting a war . we have all different fronts going on . we need money for spending and enjoying now , money for retirement , money for big expenses down the road . so it is a balance .
i could not imagine not enjoying all my interests and hobbies and saving every penny . life would suck !
But I wasn't talking about successful people, Mathjak. You and the wife have money, you're spending it, I get it. I'm talking about people who live in the edge, live paycheck to paycheck, or nearly so. People who have resigned themselves to a lifetime of work and more work so they can pay to live above their means. One of my co-workers bought a house for exactly $100,000 more than I spent on my house (I looked it up on-line), and his wife doesn't work. From all appearances, he's doing better than me, as his house is bigger and in a better neighborhood (not that mine is bad, but it's middle class, his is "white suburbia"....definitely upper middle class). But guess what --- if our company shut down next week -- he's in a world of hurt, he's freaking scrambling to find employment whereas on the other hand, it doesn't really bother me. I'll go find something else to do and not sweat it.
but that did not mean i did not enjoy spending money over my life time . i sure did . i just made sure i saved some .
as an example since my first job in 1974 i never bought another used car again . every 4 to 5 years i wanted and bought a new car . it was my thing .
money buys things , that is what it is for . just make sure you don't pull from one front to sure up another front . each needs it's piece of the pie , but living and enjoying things is what life is about for many of us.
that is why i say in retirement you can double our income and i would still not have enough for all i would like to do or have .
our kids save but they certainly love their trips . they all have taken incredible trips and do so almost yearly . nothing wrong with enjoying life and having choices . just make sure you save some , NOT ALL and don't live like a miser
i never knew what " means " was supposed to even mean . my means varied every year because of expenses i can't control , inflation and certain incomes . do you move every year or stop eating when certain years go above budget ? of course not .
i just knew i wanted to save x-amount .
the term live below your means actually means very little and it is a non actionable saying i really hate using .
i prefer discusing things in terms of actionable spending ratio's .
living below our means we can certainly live in manhattan . but it would not be wise for us to do . for the same yearly budget within our means those expenses in manhattan would be non discretionary . so if push came to shove you can't adjust much if i suddenly needed 15k for dental work . so the same means can buy different lifestyles , one may have little room for awe craps while the other lifestyle allows and plans for them.
same allowable budget in both cases .
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