Rickresource Rickenbacker Forum

A different topic. It is effecting us all.....

I realize this is a worldwide forum, but I was wondering just how the USA forum member are coping with the ailing economy? And for that matter, I guess the problem isnt just isolated to the USA, so how about everyone?

Strictly speakin', this should be in "Others"...

Sorry. Maybe Peter can help me out here.............

OK, I'll wait until this thread has been so moved.

JimK

So moved.....

Things have actually stabilized (stock market-wise) this week for the first time since before christmas. That doesn't mean we're fixing anything....but flat is better than down!

Overall, this is a super broad question. I think everyone is affected by it. There isn't much to be gained from the bad economy except possibly a more precautious lifestyle for people in the future.

People buying houses they couldn't (or shouldn't) afford.....speculative trading.....living WAY beyond their means, neglecting a savings account that could sustain their inflated lifestyles for 12 months or more.....etc etc. Not pointing the finger at people to say "I told you so," but this whole mess should at least be an eye-opener for people.

I guess I'm young enough (college-aged) to have not been devastated by the economy yet, and can instead take the lessons learned here and apply them to the future (that is.....if there is even a scrap of job market left to enter after school! yikes..)

-C

A nice movie that illustrates what happened:

How am I coping? I was brought up with the "don't buy what you can't pay for", so, like always, I just budget to keep things within my means; I don't eat out much, I don't drink much, I don't feel the need to rush out and see the latest movie, I have a small, fuel efficient car, and I don't drive a lot of miles right now. All of those savings add up.

Paul, you're downright Socialist! Get with the plan, man!

paologregorio wrote:How am I coping? I was brought up with the "don't buy what you can't pay for", so, like always, I just budget to keep things within my means; I don't eat out much, I don't drink much, I don't feel the need to rush out and see the latest movie, I have a small, fuel efficient car, and I don't drive a lot of miles right now. All of those savings add up.

+1 These are good guidelines even in times of plenty.

jingle_jangle wrote:Paul, you're downright Socialist! Get with the plan, man!

ricky_ricardo.jpg

Wait, I thought I had to be spending other peoples' money to qualify for that label.

Yep, I try to stick to those rules even in times of plenty; it makes for a good night's sleep every night!

Nice Ricky pic, PW! And by "Ricky", I'm referring to Ricky Ricardo.

Check out this interesting article. All the more interesting is the date...

bottom4 wrote:Check out this interesting article. All the more interesting is the date...

Yep, I have the link to that article, which I'm happy to post for folks who want to read it, but we probably shouldn't comment on the article on this forum, as the potential thread drift could become radioactive/political: http://www.nytimes.com/1999/09/30/busin ... gewanted=1

In recessionary times, I just apply the regular financial rules I was brought up with, mentioned in my first post, a bit more stringently, or under a smaller budget, and it works for me.

I hate to say it but I haven't been hit too hard. Since my job is "crime related" and crime tends to go up in hard economic times I'm relatively secure. Some of my moonlighting gigs have cut back some but I can still get more work than I want so I'm certainly not complaining.

So far the biggest impact for me is that a few of my credit cards have changed their rate. Eventhough my credit is excellent some of the rates skyrocketed. So I just cancelled 'em and I keep the original term. I, perhaps, lived a touch beyond my means and spent heavily on upgrades for my hobby car and other shenanigans but that is under control and my bills are getting paid. My wife is secure in her job (as secure as one can be). She works for a great company that weathers storms well and she is valuable to them and diverse in her job skills.

So, overall, we are more cautious in our spending and I've been paying bills down and paying cash for new acquisitions but I am also certainly doing my part to keep the economy going and we are not really "doing without".

EDIT.....I forgot that my deferred compensation fund (sort of a 401K type thing) has been severely kicked in the nuts but, in the long run, if/when the economy rebounds it should recover nicely. It's just tough to watch the massive amount of $$$$$$$ that i have lost. It is what it is.....my wife, puppies and I are healthy, happy, working (well, the dogs sleep all day.....not exactly work) and we have a fixed rate mortgage for our home. Everything else is gravy.

paologregorio wrote:

bottom4 wrote:Check out this interesting article. All the more interesting is the date...

Yep, I have the link to that article, which I'm happy to post for folks who want to read it, but we probably shouldn't comment on the article on this forum, as the potential thread drift could become radioactive/political: http://www.nytimes.com/1999/09/30/busin ... gewanted=1

In recessionary times, I just apply the regular financial rules I was brought up with, mentioned in my first post, a bit more stringently, or under a smaller budget, and it works for me.

Agree, Paul, on all points!

My only intent was to show how far back this goes.

Regarding my status... My 10 year plan just became 15 at this point.