How is the bad economy impacting you?

[wildmaninal]

Re: How is the bad economy impacting you?

Back to being unemployed, and nobody is hiring. I did get to draw an extended unemployment for a little while but of coarse that recently ran out. As for the jobs I've applied for..... I haven't heard from them , same situation as the last time for me. People are talking about every type of business being slow or just dead meaning nothing no customers at all. Some businesses are needing help but can't afford to hire. My last job was a failure, I screwed up and got terminated, I took down a power line. It was most likely a blessing in diguise because my knee on my bad leg was really starting to bother me from operating the gas pedal and brakes on the off road dump truck, because I don't have any ankle motion I had to use my knee to press down and operate the pedals. The only good thing is I am a payment ahead on my vehicle bill but I won't be if I can't get a job after December. I was 2 payments ahead but....

I was talking with my uncle about my 2006 model Ford truck, his son has the same model truck as I do. Anyhow he mentioned how the ford dealers have up to a $10,000 rebate on trucks, that's how desperate they are. We were talking about how I would really lose my arse if I went to sell my truck because it really doesn't hold any value now a days.

 

[dingbat]

Re: How is the bad economy impacting you?

Nothing has really changed for us. We've always been quite frugal with the exception of my wife?s 3 horses and my boating and fishing habits

My two daughters college trusts funds have taken a hit but we have another 3 years before the first goes to school so we have a bit of time. Even if we have to pick up some of the tab it wouldn?t be a killer.

Investment income always goes up and down and I have another 15 or so years till retirement so I don?t get too excited about such things. The hit I took this time was nothing like the hit I took back when the internet bubble burst back in 2002.

We have no credit card debt, no auto loans. We took out a 15 years mortgage so our home will be paid off in 3 years. Our home is now worth at least 7 times what we paid for it so we?ve got quite a bit of equity built up in this house. We?re currently out bargain hunting for a vacation home because we can't afford not to have a large mortgage in place for tax purposes. That's the thanks I get for managing my finances properly all these years.

 

[Gary H NC]

Re: How is the bad economy impacting you?

Getting tough on my end.My employer stated today that by Jan.1rst they will be letting people go!
I'm one of the lower guys in the pecking order so i know i will be one of them.
They stated the fuel prices that they had to pay all summer put the company way in the red.(we have hundreds of company cars,trucks and many tractor trailer rigs) Plus the lack of our sponsors money.We are losing our biggest sponsor at the end of the year.
Our whole division of the company may be eliminated.


So this is the news i'm chewing over today....

Sure they will offer a small severance package but the thought of job hunting right now makes me sick.
I do have a class A CDL so i can go back driving trucks but thats a last resort.I lived in a truck for over 20 years and don't like the thought of doing it again.
Local driving jobs are scarce and the pay is really bad...Who can live on 13 bucks an hour?

Other than living paycheck to paycheck life is wonderful!

Oh i did treat myself by ordering a new exhaust gasket for the outboard...

 

[Caveman Charlie]

Re: How is the bad economy impacting you?

Around here you can live on 13 bucks a hour. In fact that's purty good really. I read a report that said it takes 10.50 a hour to make a living wage in my county. The problem is the starting wage for jobs around here is 9.80 a hour. So, even though you can live on less here it makes no difference because you make less.

 

[Tyme2fish]

Re: How is the bad economy impacting you?

My children always accused me of being able to squeeze a nickel so tight that it turned into a dime.

That was not true. However I could squeeze the nickel hard enough to make the buffalo moan.

 

[BaileysBoat]

Re: How is the bad economy impacting you?

So far so good in Canada. We have always lived comfortably but below our means and have a "pay as you go" system, so not carrying any debt or paying interest. If our boys would move out we might have some real money but thats another story.

My wife works for the Canadian arm of a big American company, and there will be layoffs, but not overly concerned (yet), we can survive on one income.

Our RRSP (equivalent to 401k) is way down but we have been investing for 25 years. The dividends roll over into stock so we are buying cheap these days, and the economy and the stock markets will recover. Like Warren Buffet says "be greedy when others are fearful".

The biggest impact is physcological, and I blame the media for that. My hat is off to the United States of America, the worlds greatest economy and home to wonderful people like you all. And a pat on the back for Canada, no better place than North America.

One thing we try to do, but not always easy is buy "North American". Keep the money and jobs here.

 

[cdnfthree2]

Re: How is the bad economy impacting you?

I'm in construction and before the hit I worked in new homes that ranged from $300k up to $7million installing staircases. In Texas $7 mil is a castle, although it might not get you much in say Vero Beach, Fla.

Now, There are no spec/model custom homes being built at all. Banks and investors won't lend for the builders unless they put up alot more up front to get started. Because of this, the non elastic homes(the big ones) continue to be built but the $300k homes are on hold because this is the market that is hurting the worst. Actually the 200k homes are hurting the worst but we don't see many of those in this trade.

I told the family that we are in "no spend mode" but that doesn't work too well so I had to get creative. To fill in the gaps left by the midrange homes disappearing I now focus advertising on upgrades to the stairs in those 200k-300k homes that were originally installed by the trim carpenter using paint grade materials and wooden balusters. We upgrade them to Solid Oak treads and metal balusters adding value to their homes and keeping food on my table. Things are still slower than I'd like them to be, but the hungrier I get the m ore resourseful I become.

That was then. Now, I fear things are going to get much worse before they get better. The gas is down to $1.86 for unleaded so that has helped a little. I still didn't have any work today though so instead of sitting at home I decided to go out and hit a stump in the boat. 2' gash right were you don't want one (corner of a rib). Guess my season is over. Not sure I can pay to have it repaired this close to Christmas so I guess the economy is hurting me pretty badly too. Hey Jcsercsa, Oops, want to come to Texas for a week or two?

 

[Shizzy]

Re: How is the bad economy impacting you?

My OL and I have this game we play. We always try to spend less or have a bill come in lower then last time. utility bills, groceries, etc. we have steadily trimmed a buck or two off our electric bill each month over the last 6 months. we also find ourselves really thinking about what we put in the shopping cart.

 

[waterinthefuel]

Re: How is the bad economy impacting you?

I haven't really done anything because I already cut back all the way a couple of years ago. More than "turn up the thermostat" or "don't go out and eat as much" I did something most don't.....I bought a scooter. I got it about 35 percent off the new price and it was brand new, just one year old. The higher the price of fuel the more I save using it instead of the truck. In about 12000 miles or so the scooter would have paid for itself, thus being free transportation. Not to mention it's fun! It's a lot more fun than cutting back on stuff! Yet still saves money! Not to mention gets some very cool attention!

 

[Hoss the Hermit]

Re: How is the bad economy impacting you?

Nothing much has changed here. Never had anything, and still got most of it.

 

[mthieme]

Re: How is the bad economy impacting you?

Fortunately, I work for local government so the paycheck is stable. I've learned to bank a little bit to get over rough spots. With few exceptions, spending has been restricted to necessities though. (Boating being a necessity of course!) .
I just got my stimulus check a couple weeks ago and banked that.
I thought we were supposed to see those things back in summer (?).

 

[captquest]

Re: How is the bad economy impacting you?

This an interesting thread, just the number of replies tell ya something is going on. I'm self employed, I'll just say in the automotive industry. Fuel cost has a big effect on my income and so does how much people are using their cars. The last two months were very tough just keeping up with normal expenses. So I have done many of the things mentioned already to cut back. I am pretty much debt free and rather use an emergency fund than credit cards. Fortunately the time I had to get in it lately was for fixing my boat just before fuel skyrocketed. I pay for my own health insurance and contribute to a 401 I rolled down from a company when I was an employee. That really took a beating and looks like I may be working a bit longer than I hoped. One thing I have done is cut back on boating. She's paid for and freshly rebuilt and PARKED. think I'll go out tomorrow!!

BTW damn Tash, that's tough any thing we can do, let us know.

 

[Hoss the Hermit]

Re: How is the bad economy impacting you?

Fortunately, I work for local government so the paycheck is stable. I've learned to bank a little bit to get over rough spots. With few exceptions, spending has been restricted to necessities though. (Boating being a necessity of course!) .
I just got my stimulus check a couple weeks ago and banked that.
I thought we were supposed to see those things back in summer (?).

"Work for local government", huh? Must make you a politician. Or welfare recipient?

 

[Mark42]

Re: How is the bad economy impacting you?

Spoke to my Brother and Sister today and my Wife talked to her sisters. Everyone agreed that Christmas gifts are only being given to the kids this year. Everyone is feeling the pinch, cost of fuel, heating, lack of raises and increased cost of living. My wife wants to make Christmas a more spiritual and religous experience this year, rather than the historically prevalent materialistic tone. Getting back to the true meaning of Christmas this year will be a good experience for the kids and adults.

 

[ezmobee]

Re: How is the bad economy impacting you?

Spoke to my Brother and Sister today and my Wife talked to her sisters. Everyone agreed that Christmas gifts are only being given to the kids this year.

We're doing the same thing in my family.

 

[Caveman Charlie]

Re: How is the bad economy impacting you?

In a way aren't we all cutting out own throats though? I mean every one gets worried and spends less. The less we spend the worse the economy gets. The worse the economy get the more lay off there are. The more lays off there are. Then every one gets worried and spends less.

We are putting ourselves out of work.

 

[Darren Nemeth]

Re: How is the bad economy impacting you?

I run an internet business and this year my income is about 1/2 of what it had been the last three previous years.

March and April are my busiest months. However, right when business was going great in early March the news people announced that the housing bubble burst had and for the rest of the month orders were a fraction of what I usually got.

Then, biz picked up again in early April until it was announced that gas prices were $4 a gallon. The next day orders almost disappeared and biz picked up in August.

Whenever economic hardships are announced it effects my business every time, no matter long long they've existed.

For example, gas had already reached $4 a gallon that previous week but business was still good until the media started to make a big deal about it.

The day after the headlines my business dropped off drastically!

 

[Bass Tracker TX17]

Re: How is the bad economy impacting you?

My income is down for sure. 2 people have been laid off in a big Car Dealership.
My wife and i have cut back on the excess spending and i have a second Job now.
I'm not in that bad of shape per say cause i take a proactive look at things and my rainy day fund ( OR lack of income fund) is down about 50%. I keep a certain amount in reserve at all times and use it as a buffer. When it gets to the point it is I step it up a notch and find something temp to ride the storm. Everything in this area is slow and as long as people don't panic and lock down like Caveman Charlie said we can carry on and climb up again.

 

[Mark42]

Re: How is the bad economy impacting you?

Every time I go to the store for a project, I first check what supplies I have on hand. Gives me the opportunity to use up left over supplies, paint, pipes, screws, etc before having to buy new. Then I only buy what I need.