How Have the Current Economic Conidtions Affected YOU? [Archive]

Divinus Arma

12-15-2008, 06:28

I know many who have seen their savings diminished greatly, though they were heavily invested in financials and internationals.

Although minor, I am trying to sell a car and I can't even get a bite, even though I priced it $2,000 under Blue Book. Not a single call in two months. :embarassed:

But I still have a good job and access to credit, so no issues for me otherwise, thank God.

But aside from your savings, have you been unable to gain credit? Lost your job? Lose customers?Anything unique or extraordinary? Anything minor?

HoreTore

12-15-2008, 07:12

Lost a job. I was supposed to be working in the car industry now, but because of the credit crisis the guy who wanted to hire me first lost his will to take up loans to expand his business, and then he lost his customers as well, so no job for me...

Lord Winter

12-15-2008, 07:28

Well everything's been kind of abstracted, I havn't seen any imediate effects but I did lose a fair bit out my college savings.

Fragony

12-15-2008, 07:42

not affected at all

rory_20_uk

12-15-2008, 12:54

Shares screwed. But a paper loss as I've no need to sell.

Pseudo government job, so no problems there

Food slightly cheaper, as are other purchases.

~:smoking:

CountArach

12-15-2008, 12:59

My Dad's been shifted around the company to a new job (His previous one was made redundant about a week ago). He has I think 4 weeks left for his new boss to get his job confirmed and he seems very optimistic about his chances.

I work in a Kmart (Discount Department store for those who do not know) and I can safely say that I have been surprised at how few people there have been shopping lately. The exception was this weekend, because our government gave massive handouts to young families and pensioners last week and as such people decided to spend it. So I guess this crisis has made me work harder...

Hooahguy

12-15-2008, 13:09

my part time job told me they arent playing me anymore as well as reduced my hours, but thats not so bad, because now i have more time for BF2142 and guitar.

otherwise no.
my dad, on the other hand, even though he doesnt make much money as a tenured professor, he can never be fired and always has his job.

JR-

12-15-2008, 13:23

my contract as a 3D artist/business systems support may not be renewed after january.

Philippus Flavius Homovallumus

12-15-2008, 13:40

Dad's shares are in the pit but my mom has been moved to a higher pay grade.

So nothing really.

Tristuskhan

12-15-2008, 13:52

Very bad wood sales = more work, paid less

Sigurd

12-15-2008, 14:05

I am working in IT maintenance and are as such not affected. I feel more sorry for those in development and external consultants.

The problem we have back here is the great cost of capital. Too high interests are still crippling the loan marked.
Everything is expensive and even with my salary I am not able to save anything. Luckily I have some buffer money tucked away in banks with high deposit interests.

Hopefully the money marked will be better and the interest a bit lower.
Right now I am still paying nearly 6 percent interest on my loans which is double of what I did when taking them.
With only one salary you can say we run a tight budget.
One more year and wifey will be able to contribute in a secure job as a pharmaceutical chemist (too few of them to go around here).

Jolt

12-15-2008, 14:25

TinCow

12-15-2008, 15:52

It has actually benefitted me. My investments have taken a nosedive, but I'm not retiring for another 30 years, so that's not an issue at all. At the same time, interest rates came down, allowing me to get a great mortgage for my first home, and prices of all kinds are at absolute rock-bottom levels. I've bought a ton of furniture and other household goods lately to stock the new home and have always got shockingly good deals on everything. As I see it, if your job is secure and you're not retiring soon, this is a great time to buy some big ticket items that you've held off on.

PBI

12-15-2008, 16:02

I'm a postgraduate student and my girlfriend is a nurse, so for us the economic crisis has so far mostly meant very cheap Christmas shopping and the opportunity to laugh at all the lazy so-and-sos we knew at university who all got plush jobs in investment banking and are now being fired.

I am, however, a little concerned about what my employment prospects will look like when I graduate in two years time.

seireikhaan

12-15-2008, 16:05

Depends on what happens to my student loans.

As for parents, they didn't really have a lot in the way of savings anyways. Plus, my dad is such a workaholic I don't think he'll retire from work until he physically can't do ANYTHING.

Kralizec

12-15-2008, 16:31

Not affected in the slightest.

Neither are my parents- my dad works as a psychologist and my mom's a teacher.

I think an uncle of mine lost some money on stocks, but that's about it.

Vladimir

12-15-2008, 17:21

I've benefited. Lower gas prices help. The fact that I'm just started saving for retirement via my job means cheap stock prices. When I retire the Dow Jones will be at 20,000 and I'll be happy. I have a good credit rating so loans aren't a problem. Decreasing housing prices means I'll be able to afford a home soon. Etc, etc...

So yea, more "crisis" the better. :2thumbsup:

Edit: I do enjoy these perceived and contrived crises. Hopefully (but doubtfully) we'll develop a competitive auto industry out of it.

Spino

12-15-2008, 18:43

I am very fortunate, not affected in the slightest. I have a decent job with one of the few media companies that is weathering this recession quite well, my monthly expenditures are under control, most of my money is liquid and I have zero debt hanging over my head (my credit rating is fantastic).

Goofball

12-15-2008, 19:30

My personal financial situation has not been affected. However, as a commercial loan officer for a major bank, I have seen my job become more... interesting? Shall I say?

Evil_Maniac From Mars

12-15-2008, 20:21

No, not at all really.

Mangudai

12-15-2008, 20:29

I'm poor college student, with a 5-year old unemployed father and a mother who gets one third of the salary of an already bad salary cut due to debts to the fiscal system. Thankfully, all good (Not worser) so far.

Whoa your father is 5-years old. He must be one of those who hits puberty early. Tell him not to feel bad, I was unemployed when I was 5 years old too.

Hosakawa Tito

12-15-2008, 21:21

Besides putting off my retirement plans, eligible this coming January, and the 25% loss in value of my investments at the moment... I'm doing fine compared to many. My job is basically "recession proof" as I work in a State Prison. My wife also works for the State Health Dept. and just received a management promotion. However, two of my sisters have lost their jobs and a third one has just moved to Florida to remain employed. There are no good paying jobs, unless one works for state or federal government, in my part of the country (western NY) any more. My children will probably have to pursue employment elsewhere, one already has, when the time comes. We'll probably move in the future ourselves to be nearer our family, and get out of this high tax State. They don't call it the Empire Vampire State for nothing.

Wasp

12-15-2008, 21:25

No, even though I'm a bit of a freelancer, I've had more work than ever due to the season.

Louis VI the Fat

12-15-2008, 22:08

Attenborough DVD box (http://www.amazon.fr/Attenborough-David/dp/B000B3MJ1E/ref=sr_1_2?ie=UTF8&s=dvd&qid=1229374797&sr=8-2) from Amazon.fr: EUR 276,99, or 379,51 US $

The exact same Attenborough DVD box (http://www.amazon.co.uk/Life-Collection-David-Attenborough-Disc/dp/B000B3MJ1E/ref=sr_1_1?ie=UTF8&s=dvd&qid=1229375284&sr=8-1) from Amazon.co.uk: £102.18, or 156.335 US $.

It's going to be a great Christmas! :2thumbsup:

drone

12-15-2008, 22:37

My 401(k) has taken a hit, but I'm 30 years from retirement so I'm not that worried (I'm buying cheap now!). Aside from my house (which I fortunately bought before things got too crazy), I have no debt. My job is fairly secure, and the DC area has been doing pretty well compared to other regions of the US. I have a fair amount of savings, and things are pretty cheap right now, so I can actually afford some luxuries if I so desire.

My car is my biggest worry, it's 13 years old and I intend to drive it until it becomes undependable, but that is an expense I expect to pay soon. Fortunately, I have a feeling that car salesmen will be throwing themselves at my feet when the time comes... ~D

Papewaio

12-15-2008, 22:43

Borders has the Life Collection for $199 Aus or $97 EUR, 133 USD :laugh4:

Got Life on Earth for my 7th birthday, will be getting this for Xmas. :book:

Edit looks like the Australian version is a cutdown set (15 DVDs vs 24), but with Life in Cold Blood

http://shop.abc.net.au/browse/product.asp?productid=757664&promoid=461&WT.mc_id=Shop_Xmas_Lasoo

Oh, my economic situation... been looking for a new job lately. Not for money but for challenges and learning opportunities. Wife is getting more and more work. So with cheaper petrol, less mortgage to pay and generally more income it looks quite rosy here in Aus.

JR-

12-15-2008, 23:16

regardless of problems mentioned above, i do now have a stack of awesome games i'm waiting to play given the glut of excellent titles in the last few months, not to mention the many i await in the early new year.

free time might rock!

Husar

12-15-2008, 23:47

Lemur

12-15-2008, 23:55

Big losses in ye olde 401(k), but then I'm not about to cash out, so all of that should correct itself over time. Much more troubling is the situation with my dear mum, who wants to retire right about now but is freaked out because her retirement savings have been decimated.

This is a great time to be putting money into the market, and a horrible time to be taking money out. Just statin' the obvious.

Tribesman

12-16-2008, 03:50

I havn't bought a new car this year , one dealer is doing a 3 for the price of 2 offer but I don't want 3 new cars , so its a case of wait for the new year and see what sort of deals they offer then .
Workwise some people are really cutting their own throats with prices , but sod it if the muppets want to work for peanuts let them have it , the more of them idiots that are already up to their necks in debt the better as I can just clean up when they inevitably go to the wall .

Incongruous

12-16-2008, 08:25

Well, I currently have job but finding a new one this summer has been impossible:help:
Also, over here, despite lower production costs the dairy and grocery sectors have used the crisis to continue raising their prices.:juggle2:

Tribesman

12-16-2008, 09:53

Bopa when did the dairy production costs fall ?
The only reduction over here has been if buying new stock as feed prices going through the roof coupled with a really bad year for saving hay and sileage means that some are dumping the stock they cannot afford to feed this winter .

Incongruous

12-16-2008, 10:55

Here in NZ we have been told that the cost of Dairy products were getting increasingly more costly ever faster. However ion the past two months it has not been the case, thus the frustration of the Reserve bank.

Husar

12-16-2008, 17:30

I havn't bought a new car this year

So you usually buy a new one every year??? :inquisitive:

Andres

12-16-2008, 17:39

No effects (yet?). Work has been extremely busy the last few months, but it's getting calmer now. Might start feeling it next year, but my job is pretty secure.

I'll probably start looking out for some new furniture and/or a new hi-fi installation at the beginning of next year :2thumbsup:

Strike For The South

12-16-2008, 19:25

Cheaper beer, less liqour

Furunculus

12-16-2008, 20:48

my contract as a 3D artist/business systems support may not be renewed after january.

safe until end of feb now. :2thumbsup:

Tribesman

12-17-2008, 00:53

So you usually buy a new one every year???
Sort of , I usually keep a new car for 2 years and a week but as the wife does the same in alternate years it is one new car every year .

LittleGrizzly

12-17-2008, 10:54

Im a student, so no job loss worries there, I should be graduating right about the time this recession is starting to blow over, so no problems there. My mum works for the goverment (Occupational Therapist incase your wondering) so her job is secure, the only direct effects i have noticed are my friends factory has slowed production right down and there wasn't going to be any work in december for him, but thankfully he is working on one of the machines they are running right up to christmas, he isn't sure how much longer they will stay open after christmas though. He produces plastic car interior's incase your wondering...

Jolt

12-17-2008, 12:29

Whoa your father is 5-years old. He must be one of those who hits puberty early. Tell him not to feel bad, I was unemployed when I was 5 years old too.

>_> You know what I meant. -_-'

CountArach

12-17-2008, 13:11

ICantSpellDawg

12-17-2008, 22:18

I was laid off around 6 months ago and I've been just hanging out. I'm pretty screwed and have no idea what to do, but I haven't lost my apartment yet and my personal savings have stayed the same since the job loss, but unemployment is about to end in 2 weeks. Health care is expensive - I spend $650 a month on cobra + medications so that is a bummer.

I've been doing an unpaid intern thing twice a week at an insurance agency to pass the time in the hopes that I'll be taken on when things turn around, but that guy is losing his shirt too and probably won't be in business much longer.

Stocks tanked as well - I'm glad I got my undergraduate out of the way and bought a car before my savings was lost. Girlfriend works a bs part time job and just got her degree - so we are essentially in a torpor.

A 25 year old with a degree, no job and serious health issues to worry about is a rather crappy place to be at the moment, but I haven't hit rock bottom yet - I've still got a few more safety nets to tear through (dad still has his job and mom is still working bs part time nonsense)

I've had jobs since I was 15 without a break this long. A bunch of my friends have been laid off including my GF's dad.

Long Island has been hit pretty hard by the crisis due to the high percentage of people in finance working (no longer) in the city.

HoreTore

12-17-2008, 22:53

A 25 year old with a degree, no job and serious health issues to worry about is a rather crappy place to be at the moment, but I haven't hit rock bottom yet - I've still got a few more safety nets to tear through (dad still has his job and mom is still working bs part time nonsense)

Heh. I'm seriously happy I put my education on hold for a few years(army service for two years, then just working). My friends from my high school class who went straight to college and finished their bachelor degrees this summer are not doing swell these days; they got "hired"(as in promised a job when they graduated) and based their life on that, moved out of home and bought apartments, etc etc. Then a couple of months into the job, and everything went crashing down and they lost their jobs(new guys are first on the :daisy: list) and are now stuck in debt, and they're working in grocery stores etc, earning well below what they need to pay their mortgage etc. 1 of them has already moved back to mommy, I suspect there will be more soon. I've done a lot of weird choices in my life when it comes to education, but I think I nailed the timing on this one perfectly; there isn't another place I would be right now than in school.

I hope everything works out for you, TuffStuff.

ICantSpellDawg

12-17-2008, 23:02

Heh. I'm seriously happy I put my education on hold for a few years(army service for two years, then just working). My friends from my high school class who went straight to college and finished their bachelor degrees this summer are not doing swell these days; they got "hired"(as in promised a job when they graduated) and based their life on that, moved out of home and bought apartments, etc etc. Then a couple of months into the job, and everything went crashing down and they lost their jobs(new guys are first on the :daisy: list) and are now stuck in debt, and they're working in grocery stores etc, earning well below what they need to pay their mortgage etc. 1 of them has already moved back to mommy, I suspect there will be more soon. I've done a lot of weird choices in my life when it comes to education, but I think I nailed the timing on this one perfectly; there isn't another place I would be right now than in school.

I hope everything works out for you, TuffStuff.

Yep - I went local and got my degree - no debt whatsoever and my rent is the absurdly low amount of $450 per month.

It could be endlessly worse - the apratment is essentially a luxury that I could do without if I had to. My parents live 30 minutes east and I intern 5 mins away from them, so If i need to leave the apartment I can at any time and my gas use would go down dramatically. Even my girlfriend lives closer to my old house. I keep the apartment so that we can have privacy... Wink* Wink*

I hope ot gets better soon because I loved burning money on fancy pants dinners and new stuff and I miss it tremendously. I thought I wasn't making enough at $40 a year - this is a wakeup call.

TB666

12-17-2008, 23:49

Work in a store at Copenhagen airport and we have been affected badly by this.
We have alot fewer customers and those that do travel don't shop as much.
This has resulted in alot of cutbacks, people getting fired, job conditions alot worse, we are always under-staffed because they can't afford to have more staff on so everyone is working their butts off trying to keep the store operational.

CountArach

12-18-2008, 00:26

Good luck TuffStuff, I hope the :daisy: really doesn't hit the fan.

HoreTore

12-18-2008, 00:31

Yep - I went local and got my degree - no debt whatsoever and my rent is the absurdly low amount of $450 per month.

Renting, eh? Very wise. I know a number of people who bought apartments in the spring/summer - they're pulling their hair out now(and as said, one moved back to mommy).

Oh, and the bonus story; a classmate of my ex bought an apartment a couple of years ago, instead of renting as the rest of us do. She got a loan that would cost her about as much as renting each month, and she figured the price would rise(as everyone did), and when she finished her education, she could sell it, pay off the mortgage and get a bundle of cash for a new home(or whatever). Well, one financial crisis later, with rising interest and plummeting housing prices, she's taking it in teh butts.

King Henry V

12-18-2008, 00:37

Perversely, my final situation has improved considerably in the past few months. I invested my inheritance in a couple of deposit bonds during the summer at 6%, whilst the bank is offering the same bonds now for just 2.5%, though of course the bonds run out in a year (I was pretty sure that the government would drive the interest rates down, silly me should have put them in longer, but lower-yielding bonds). Otherwise, I have suspended my activities as a flâneur and general drain on my family's ressources by finding employment (What, I hear you cry, KHV as an economically productive member of society? Is the sun now setting in the East?). I received employment of course not by doing what everyone else does, i.e. looking in the jobs section, sending in CVs and going for an intervew, but by being stirred from my indolence a few weeks ago by a good friend of mine, who told me that the bank his father works in was urgently in need of some sort of office dogsbody and was prepared to pay quite handsomely for my time. And so I have now entered the world of work, doing a mind numbingly tedious job, which any one with half a brain cell could do, but getting paid jolly well, considering the circumstances.
All this, as well as the weak pound, ment I could embark on quite a shopping spree during my sojourn in the metropolis, running around Jermyn Street (Saville Row eludes me for the moment)in search of a real dress shirt and popping in and out of vintage clothing shops dotted around the capital. Once the job has finished I plan to find a less-well renowned tailor to fit me out in whatever three-piece or double-breasted ensemble should catch my fancy.

LittleGrizzly

12-18-2008, 13:09

In that case I really hate to say it, but I don't like his odds.

In a way its not so bad, he's usually jokingly asking for redundancy, he wants to get back into education but has debts to clear first, redundancy could work out quite well for him. He'd probably be one of the last to be fired from there as well as he can run almost all the machines and has been there 4-5 years, if his redundancy is enough to clear his debts he's onto a winner...

Sorry to hear about the troubles, sounds tuff :wink: you seem like your in a good place to weather the storm though, renting and parents live close by anyway, what degree have you got ?

Fragony

12-18-2008, 13:24

Renting, eh? Very wise. I know a number of people who bought apartments in the spring/summer - they're pulling their hair out now(and as said, one moved back to mommy).

Best decision I ever made

Sigurd

12-18-2008, 13:40

The key policy rate was reduced by 1,75% yesterday and my bank just informed me that my nominal interest rate will be 4,60% from the 25th of December.

A Christmas gift ... :2thumbsup:

ICantSpellDawg

12-19-2008, 01:35

.

Sorry to hear about the troubles, sounds tuff :wink: you seem like your in a good place to weather the storm though, renting and parents live close by anyway, what degree have you got ?

Cum Laude, History from University of Stonybrook on LI.

Thanks for the concern - i am doing ok so far.

rasoforos

12-20-2008, 12:42

Our business is tied to the Super Market sector (we provide them the shelving systems, checkouts, trolleys yada yada)

My moto is 'No matter what happens, people have to eat'

So we are not really affected by the situation. Its business as usual since our clients' sales are staying strong. Aldi entering the greek market made it even better.

I think that at the moment, if you gotta get a new job and feel safe, you better work with the food industry or become a mortician. People will eat and people will die and thats a guarantee.

KukriKhan

12-21-2008, 19:11

My job is secure, and the current contract runs through 2011. New hires, and guys without 6 years in may get the axe though, meaning more work for the remnant, with less manpower.

The retirement fund, averaging 6-7% earnings per year since 1998, will only yield about 2.5% this year - extending by a couple years my projected retirement.

The house mortgage is steady, and I can still cover it; I may try to re-fi in January to cut back the monthly payment level. This to accomodate the 20% increase in health insurance premiums in '09.

Food prices are currently holding steady (due to lower fuel costs?), so we're eating regularly, if not luxuriously. We go out to dinner 3-4 per year now, compared to 3-4 times per month 4 years ago.

Spent about half the usual amount on Christmas this year.

So, on the whole: save more, spend less, cut back on luxuries, stay healthy, hunker down for a year or so, is our strategy.

naut

12-22-2008, 16:33

Personally I can't find a job, but I don't really mind. Gives me plenty of time to write. Prices haven't fallen too much here, so I'm getting pretty damn good at budgeting. Also as a consequence I've pretty much given up booze which is hardly a bad thing.

My parents seem fine currently. Mum's a tax accountant/accountant, and people have to pay taxes so her job's secure during this tax season, and the next few since she's good at what she does. Dad's a semi-retired (whatever that means) accountant/consultant. His stocks took a hit, but his portfolio is pretty diversified. I'm glad neither have any real debt.

My thoughts are with those of you who are in precarious situations. Best of luck. :bow: