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Posted: 7/19/2008 5:33:30 AM EDT
[#1]
No problems here...probably won't unless something real bad happens with the economy, which I doubt will.
Yeah, I've gotta spend a few extra bucks a month on gas. I just eat less fast food for lunch and take my own lunch to work instead...need to eat healthier anyway, so it's a win win. |
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Posted: 7/19/2008 5:34:38 AM EDT
[#2]
Not affected much here.
Smart decisions= not having to worry. Don't accrue debt. (NEVER buy on credit) EXCEPT.... for a mortagage and then your payment should not be more than 30% of takehome. No car payment. Live close to work. Don't have kids you can't afford. Build an emergency fund of six months expenses. Be willing to work hard, show up on time and work in a place you might not want to for a while. Follow those rules and a recession won't touch you. |
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Posted: 7/19/2008 5:35:59 AM EDT
[#3]
We are all absolutely seeing the effects of the economy. Wanna take a road trip to see family or friends, it now costs twice what it used to. Have a dinner party about 15% more and on and on and on.
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Posted: 7/19/2008 5:36:46 AM EDT
[#4]
We no longer live in an age where you secure a good union job in your early 20s, work there until retirement, and then enjoy a nice pension until you die. The people who still expect that are the ones hardest hit by recessions.
Nowadays you have to hustle. If you're continuously networking, earning new licenses, furthering your education, and not going to extremes to piss off your boss (thereby ensuring you're the first to be laid off) you'll be able to weather anything short of civil breakdown. Oh yeah, having some basic financial good sense helps too. As always, the first to be hurt are the people who can't adapt. |
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Posted: 7/19/2008 5:37:16 AM EDT
[#5]
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Posted: 7/19/2008 5:39:21 AM EDT
[#6]
As far as I go, I'm doing fine. I'm lucky though, my full time gig is in public Saftey and my off-duty job is in terrisom responce so it's pretty secure. As far as wife goes the busness that she ownes is showing a slow down. She's a wedding photographer and she's a bit off from last year.
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Posted: 7/19/2008 5:42:22 AM EDT
[#7]
No recession here....praise God!
34 yrs old and have been my own boss for the last six years...historically, summers have been our slowest time of year....this year has been our busiest ever, go figure... No CC debt No car payments 50% equity in home, with mortgage payment less than 10% of take home pay Beautiful wife and two kids...life is good. 
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Posted: 7/19/2008 5:44:09 AM EDT
[#8]
Things are tight, but not unmanageable.
I carpool with 2 co-workers to save on gas. We don't cool the house to crypt-like levels. We watch our spending very closely aka wants vs needs. I work every minute of overtime I can get to make things easier. That is "extra" money that has nothing to do with the budget. It goes to pay things down/off. It is cyclical, so it can't be figured into the regular budget. We are still raising kids and have one in college, so we have stuff to pay for, but we are making it. I work one of those union jobs that I started in my early 20's (public transportation....we do well when the economy is shaky and fuel prices are high) and am less than 10 years from retirement. |
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Posted: 7/19/2008 5:47:46 AM EDT
[#9]
Not affected in the least. I'm in one of those rare jobs where it's actually better for me when the rest of the economy sucks. My job security and mediocre pay looks pretty good when the unemployment rate starts to climb. The more prices come down on houses, and people sell of their toys because they can't afford their debt, the better off I am.
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Posted: 7/19/2008 5:49:23 AM EDT
[#10]
Not here. Wife, two kids, no debt except mortgage ($535/month) with 75% equity.
Retirement plans have been hit, but I do not plan on touching it so I can ignore it. 9 months of living expenses in the bank for emergencies, and I keep about 2 months food on hand. I am 38. |
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Posted: 7/19/2008 5:51:16 AM EDT
[#11]
I was referencing the Detroit autoworker unions more than .gov, .gov union jobs are the last holdouts...although my state pension from my 7 years in corrections has a crappy inflation adjustment clause, and will only pay for a monthly case of beer when I actually start to collect it in 23 years. Bastards.  |
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Posted: 7/19/2008 5:51:54 AM EDT
[#12]
I just started a new job in June that pays 78% more.
While it is 100 miles round trip, the high price of gas means fewer cars on the road to contend with. I locked into a 6% mortgage on a price I thought was good. The only down side is that crime is up, and my state will put me in prison if I defend myself during a robbery. |
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Posted: 7/19/2008 5:53:33 AM EDT
[#13]
Well said, sherrick13.  "Live like one one else, and, some day, you can live like no one else." I am comfortably retired, but if things start to get tight, I will cut back and live within my means. Most of what some people call "needs", are really "wants". The trick is to know the difference.  |
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Posted: 7/19/2008 5:54:00 AM EDT
[#14]
Today's poor economy has definitely had a effect on me. I manage a truck accessory shop around Orlando and business has been off 50-60% for the last year and 6 months, and is only getting worse. People are seeing the doom and gloom on the news every night and it scares them into saving money instead of spending it.
Now some things I sell are "necessities" like steps to get into a vehicle and different kinds of tops for the back of truck but the smaller "wants" have fallen off sharply. As someone who is commissioned off of the stores profit, this translated into a $15K pay cut last year. I would say that hurts quite a bit since the most I made at this shop was $52K in one year.
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Posted: 7/19/2008 5:58:15 AM EDT
[#15]
I'm doing ok. My house payment can be covered with two days pay. Gas is a little bit painful but only because I can remember buying .69 per gallon gas for my first vehicle.
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Posted: 7/19/2008 5:58:28 AM EDT
[#16]
Everyone is being affected by rising gas and food prices. It's just a matter of how much. I drive 100 miles a day and have a wife and 3 kids to support so it sucks for me. I could be investing the extra money I now pay for gas and food. Having a good job, no debt other than a 1k mortgage payment, and car pooling has helped a lot though.
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Posted: 7/19/2008 6:01:13 AM EDT
[#17]
So, to sum up: You are a 22-ish y.o. guy, college grad, living alone, own no real property, no kids, no obligations (except, maybe some student loans?). Congratulations. You represent about .001 percent of the US population. The rest of us, those with families, real property, etc see things in a different light. Do you ever hope to own a home or start a family? Maybe invest for your retirement? Then this stuff does affect you, you just aren't seeing it yet. |
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Posted: 7/19/2008 6:02:43 AM EDT
[#18]
Well, my dad's programming contract just ran out a few weeks ago, but he was given a new contract, in a higher position, several years longer.
I'm in Iraq sitting in front of a computer for 84 hours a week, so I'm unaffected currently. |
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Posted: 7/19/2008 6:05:12 AM EDT
[#19]
I have been out of work for almost 3 months. My industry is really in the shitter right now and there isn't much out there for work so I am looking into other possibilities.
Fortunately, I have some cash saved up and very little debt other than what I owe on my house, however, raising my 2 children is costing me an arm and a leg. Hopefully I will be working again in the next few weeks max or I will be big time Fugged. |
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Posted: 7/19/2008 6:18:04 AM EDT
[#20]
Law firms are seeing a slowdown in work. Megafirms have started cutting associates and staff because of lack of work.
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Posted: 7/19/2008 6:18:33 AM EDT
[#21]
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Posted: 7/19/2008 6:18:40 AM EDT
[#22]
Couple of months until 30, no kids (yet), zero savings/investments, not paycheck-to-paycheck but definately not comfortable.
My wife's working 2 jobs PT and halfway through school, I work 50-70 hrs/wk depending on available OT, all revolving debt paid off except 1 car payment and 1 credit card, and the latter will be paid off by the end of the year. Work truck w/ gas card = very little spent on gas, food is a bit of a pinch (not that it really "hurts", just "damn lunch is $10 wtf?!") but brown-bagging it helps. Looking to save up 3mo pay, get up to speed on my 401K contributions, and save up for a downpayment on a house. Acc. to ARFcom this is but a simple matter, but a 20% downpayment is gonna take quite a bit of eating Ramen. I'm heading back to school Aug '09 after wife graduates and the Post 9/11 GI Bill kicks in. We have a low quality of life right now with our school/work hours, but bills are getting paid, roof over head, we're fed, and we're accomplishing educational and financial goals. |
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Posted: 7/19/2008 6:37:51 AM EDT
[#23]
Haven't had any issues either. I have a job in the water heating industry and don't see sales slowing down. Unless S really hits the F, people aren';'t going to go without hot water. I have not missed a day of work or been late in over 7 years so i'm on pretty solid ground there as well.
Last year i started my own business on the side keeping up with rental properties and i now have 47 places so that's going really good too. I consider myself very lucky and do see some folks I know going through hard times (trucking industry). |
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Posted: 7/19/2008 6:45:56 AM EDT
[#24]
I'm doing ok, but I could be a lot better. My line of work is suffering for the costs of fuel and other goods - my entire industry has kind of languished lately and my income isn't going up enough to cover the rising costs of fuel, energy, etc, and I've had to take on side jobs to stay where I've been so it's for sure adversely affecting me.
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Posted: 7/19/2008 7:14:07 AM EDT
[#25]
Doing fine here with 2 adults and a kid living on one income.
Saving. Investing. Road trips. Full frdge. Stocked bar. |
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Posted: 7/19/2008 9:26:45 AM EDT
[#26]
I'm merely talking about my current situation. As the point of the post was, I was looking to see who isn't being hurt by the bad economy at the moment. If the point of the thread was to say that no one is being hurt by it, maybe you have a point there. As for retirement, I have a IRA and 401k already going. I am on pace to retire with a pension when I'm 48 years old. Thanks for playing though. |
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Posted: 7/19/2008 9:29:28 AM EDT
[#27]
I am having a very hard time right now.Construction. |
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Posted: 7/19/2008 9:31:25 AM EDT
[#28]
The thread is about people NOT being adversely affected. If you're having a hard time, doesn't that mean you're been affected? |
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Posted: 7/19/2008 9:35:39 AM EDT
[#29]
oh well then, so sorry,
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Posted: 7/19/2008 9:39:50 AM EDT
[#30]
It's okay. We still love you 
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Posted: 7/19/2008 9:45:03 AM EDT
[#31]
Holy shit, you're in you early 20's and you think you will retire 
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Posted: 7/19/2008 9:46:00 AM EDT
[#32]
A guy can dream, can't he? 
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Posted: 7/19/2008 9:58:18 AM EDT
[#33]
Being financially responsible is easy with discipline. Saving for 6 months of emergency expenses is completely unrealistic unless you're blessed with a college education and a cushy job. Having put eight years into the military - and getting screwed out of my GI Bill within the first two - I don't have the leisure of persuing a nice corporate job like some. The income of myself and my wife allows us to get ahead - but not without considerable sacrifice. A lot of people here are spoiled beyond belief - I'm not sure if they'd survive without their creature comforts.
Life is what you make of it. It's not easy for everyone - especially if you've actually had to break your back to get ahead. A lof of "well off" people aren't......I know of a new lawyer who owes over $100,000 in student loans. At least I don't have debt. I miss the military pay and benefits - but the military does not coexist well with a HEALTHY family life. |
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Posted: 7/19/2008 10:07:50 AM EDT
[#34]
Roboman: Keep your debt low and save. We have returned to the days of it being rough to secure financing for a home. Save your money, keep your debt low. You haven't been out there long enough to get your ass kicked yet, but give it time
Lucky for you, ARFCOM GD has the highest level of financial success stories and economic genius per capita of any other group in America, or American history. Only non ARFCOM GD posters are struggling right now, here, times are good. Especially those who live in the poorest states in the country, if you follow their lead, you will be buying vacation homes in Bermuda in no time. Listen closely and you too will learn how to be a millionaire as a real estate tycoon in poverty stricken areas, as others who made their living in the housing market in wealthy markets, fall by the way side. Here, you can ever learn to be a tycoon driving a truck for JB Hunt and retire by the age of 29 with Palyboy bunneys serving you breakfast in bed. You are in good hands here buddy. Just pay attention and in time, you too will be an ARFCOM Millionaire! |
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Posted: 7/19/2008 10:09:00 AM EDT
[#35]
People living the high life in desks are on very borrowed time. Unemployment is the next piece of the puzzle to fall into place. Keep in mind, many of these people have no wife, no kids and do not own homes. They revel in their glory right now because even in good times, they didn't qualify for loans, it had nothing to do with making smart decisions, but hey, they still have their virginity And you are right, a lot of people here are spoiled beyond belief and many are simply liars or sheep following the herd. Thank you for serving the country, I appreciate it. Your strength will prove of great value in days to come. |
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Posted: 7/19/2008 10:09:54 AM EDT
[#36]
Doing good here. Just landed a $100K plus renovation job.
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Posted: 7/19/2008 10:12:01 AM EDT
[#37]
Man I used to do those all day. I miss those days. Consider yourself lucky. |
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Posted: 7/19/2008 10:13:37 AM EDT
[#38]
No ARFCOM member is affected.
Not possible. Since We all make 100k+/yr Make 10% on all investments Have no mortgage payment Pay cash for everything Have a 6 month emergency fund |
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Posted: 7/19/2008 10:15:54 AM EDT
[#39]
For sure. I don't take anything for granted. There have been times where I couldn;t rub two quarters together. Time are good. The economy here in this part of Colorado is prospering, and my wife brings home the real bacon.
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Posted: 7/19/2008 10:17:24 AM EDT
[#40]
Finally, you and I find common ground
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Posted: 7/19/2008 10:18:07 AM EDT
[#41]
I lost one of my best Carpenters ever a few years back who moved out to Colorado. Good for you man. |
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Posted: 7/19/2008 10:24:17 AM EDT
[#42]
You forgot "Living Within 3 miles of work or less." Cause everyone knows you should. |
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Posted: 7/19/2008 10:24:31 AM EDT
[#43]
These threads . . .
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Posted: 7/19/2008 10:29:08 AM EDT
[#44]
I'm doing better than I have in a long time.
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Posted: 7/19/2008 10:33:09 AM EDT
[#45]
We are doing fine, here. The increase in fuel costs is annoying, since the wife has a pretty good drive to work. Her fuel bill alone is about $400 per month at $4/gallon.
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Posted: 7/19/2008 10:33:53 AM EDT
[#46]
We are doing fine. The secret is to live below your means. If you do, then you won't have a problem.
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Posted: 7/19/2008 10:41:58 AM EDT
[#47]
We are seeing minimal impact so far. We bought a house we could afford with a low fixed rate. Even now our house is still worth more then what we paid for it.
What the economy did do to us is wake us up about our debt and purchases 1. We have been attacking the credit cards and laying then rest. 2. Because of #1, we are thinking more about what we are buying. We are not longer buying toys and stuff just for the sake of it. Which unfortunately contributes to the slowing economy. 3. We are going back east to visit family in Sept. But that may be the last trip for awhile. We got a good price on tickets this time but not so sure about next time. So far so good. As long as the jobs hold up we can ride out the storm. My wife is in little danger of losing her job but mine can be subject to downsizing. All I can do is work harder and not give them any excuses. We don't have kids, which of course makes everything much easier. We do feel for those trying to feed a family. We see how much our food bill jumped, can't image what it costs to feed several kids. |
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Posted: 7/19/2008 10:44:45 AM EDT
[#48]
I have a secure retainer/pension rolling in that has a COLA. My full time job is with the DoD. I'm one of the most junior but still very valuable people at work. I'm running the biggest project ever and will have steady responsiblity to the system for five to eight years. My third job is teaching computer networking at a local college. Enrollment is down but in the 24 quarters the class hasn't fired but once. The college wants me to teach an additional course when/if I'm ready. My cost of living is up but not so much that I've changed anything more than trying to save some gas. No credit card debt. No car payments. Making the 30-year mortage into a 12 year one - still have 5-years left. |
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Posted: 7/19/2008 10:47:55 AM EDT
[#49]
I missed the rioting in the streets and the recall of the entire political structure of Arkansas. 2% MAXIMUM by law per year.
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Posted: 7/19/2008 10:48:56 AM EDT
[#50]
Good luck with that. I was doing awesome myself till the crash of 2001 ~ 2003. Amazing what difference a few years made. It was like starting all over. |
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