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Old 10-08-08, 11:04 AM   #1
oakback
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Has anyone else NOT been affected by the fallen economy?

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Old 10-08-08, 11:08 AM   #2
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I'm affected. I sell services to businesses. When these businesses aren't bringing in as much money, they cut budgets and spending which usually means they stop using me till their money situation improves.

on the other hand, my CPA tells me he hasn't experienced any slow down in his business. It helps to offer services that are essential.
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Old 10-08-08, 11:11 AM   #3
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Me. I'm sittin' pretty. Only the gas prices have been kind of annoying.

If there is any effect, it's going to be a positive one for me hopefully because i'm hoping i'll be able to get a house for cheaper.
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Old 10-08-08, 11:14 AM   #4
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I'm in healthcare so I'm not affected really. My long term investments have taken a dump for now but i'm sure the economy will pick back up when I retire in 35+ years.
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Old 10-08-08, 11:15 AM   #5
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I have no job, no money, no house, no healthcare. Of course, this is how I've been living for a while, so I haven't been affected.
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Old 10-08-08, 11:17 AM   #6
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I still make the same wage, my job in not in danger (in fact they're always hiring more!).
I have no mortgage, so my rate can't be raised.
I bike to work, so I don't mind paying a few cents more for gas when I eventually DO have to fill up.
I was just given a year-long membership to CostCo (baby shower gift), so we're actually spending less on food staples (milk and cereal! diapers soon!).
I don't have any investments in the stock market.

So where is everyone getting hurt by the down-turn in the economy? Does this really only apply to people who have a bunch invested in the stock market? I personally don't know anybody whose life has changed in any way because of the economy, aside from complaining more about gas prices.
Inflation. Stuff costs more, utilities are up. You're making the same $$$ = dollar doesn't go as far.
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Old 10-08-08, 11:21 AM   #7
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I have no mortgage, so my rate can't be raised.
i assume you rent?

that mortgage is owned by someone and you're on the tail end of it. in ohio whole neighborhoods have literally been boarded up because so many houses were foreclosed on and the renters who lived there were told to vacate. it's an extreme example, but it has been happening and people who thought they were fine have been caught up in it.

but, on a personal level, other than some long term investments heading south - i've been able to make a little money in the short run. food prices are killer and we're holding off on a few major things for now (like moving for example).
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Old 10-08-08, 11:22 AM   #8
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I have no job, no money, no house, no healthcare. Of course, this is how I've been living for a while, so I haven't been affected.
dude, you could have scored a big house a couple of years ago with those credentials.
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Old 10-08-08, 11:23 AM   #9
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Does this really only apply to people who have a bunch invested in the stock market?
Those who are in the stock market are only affected by the downturn if they sell.
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Old 10-08-08, 11:24 AM   #10
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Well, our company just made effective a hiring freeze. I'm a co-op (nee intern), and if we were in serious trouble, I would have been gone. My hourly wage hasn't been affected. I'm a student, and I pay my partial rent to my mom, so that's not affected either. The taxi company that I use from time to time to get myself to work has upped their prices slightly to adjust for higher gas prices, but these have been lifted ever since gas prices have stabilized somewhat (in our region). I bike to work most of the time (with assistance using NJ Transit rails), so I don't worry about gas directly nowadays.


The most direct impact I've been feeling have been the increased prices of everything, from commodities to transportation, but those have been going on for quite some time now.

In all honesty, the only people that are affected from the economic turmoil right now are those that have any funds directly linked to market performance, such as retirement savings accounts and bonds. Those that are applying for mortgages or loans now will have it tough, especially if their credit rating is less than stellar..and even given that, rates are high because of credit lockup.

My main concern is whether this economic crisis will spill over into my graduation year (2010). The job market is looking bleak right now, though Computer Engineers still have high prospects (but not for long). Though I have a lot of corporate experience under my belt, my ability to pay back my (epic) loan is wholly dependent on whether I can find a good job after I leave. I'm also considering moving (as I posted about), and I'm hoping to start investing on a house after I'm done (though a cheap one). On top of that, if I do move, I will probably get a car because the kind of commute I'm doing is non-sustainable, which means that I may have to consider filing a loan for that (unless I go used...which, without warranty, is almost never a good idea).
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Old 10-08-08, 11:25 AM   #11
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dude, you could have scored a big house a couple of years ago with those credentials.
Aha! That'd be funny if it wasn't true. US$350,000 mortgage, what, no income, ****e credit, no problem, just sign here under where it says, "balloon mortgage".
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Old 10-08-08, 11:27 AM   #12
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Those who are in the stock market are only affected by the downturn if they sell.
me. ive got a lot of unrealized losses, but im far from retirement. but ive also got non-retirement play money that is invested in the market, so thats taking a pounding, too.

pops is nearing retirement soon though so i feel terrible for his portfolio
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Old 10-08-08, 11:29 AM   #13
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It's killing me.
As I've said before, only artists need art to survive.
House is long paid for though, so's the car.
I'm still getting some print jobs, but for the most part it's ground to a halt.
I however am invested in some oil land and that's doing well, which is good because it's what I'm living off of now.

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Old 10-08-08, 11:31 AM   #14
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No direct impact. Still have my job, my house, my car, my bikes, my wife and daughter. Lost a ****load in the market, but no effect outside of that.
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Old 10-08-08, 11:34 AM   #15
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pops is nearing retirement soon though so i feel terrible for his portfolio
My parents are a few years off, but I'm worried for them, too.
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Old 10-08-08, 11:36 AM   #16
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Same here. Not a direct impact. My bank account (well, what little there is in there) is still intact. My parents own the house and the cars. I don't have any money in the stock market, and I'm pretty sure that my parent's don't either. I know my sister has a little in some stocks, but she's just holding on, waiting for things to turn around. So we are pretty well off, all things considering...
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Old 10-08-08, 11:38 AM   #17
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Those who are in the stock market are only affected by the downturn if they sell.
Or buy... they're just affected in a positive way if they do that

Stock is cheap right now...
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Old 10-08-08, 11:47 AM   #18
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Not a huge impact. Food costs a bit more, so I keep my eye on the weekly sales circulars.
No mortage, car's paid for, I only buy gas once every 2 months, I'm healthy and The Girl has everything covered by her company so we're OK there.

Of course, what that really comes down to is that I didn't have any retirement money to worry about in the first place, and I'm going to be working until the day I die (while on the job.)
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Old 10-08-08, 11:54 AM   #19
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If the stocks are as cheap as people say, maybe I'll play along.

Is it good to buy 1 stock in a big company?
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Old 10-08-08, 12:16 PM   #20
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Nope, all mine. Well, half anyway.
nice!
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Old 10-08-08, 12:32 PM   #21
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If the stocks are as cheap as people say, maybe I'll play along.

Is it good to buy 1 stock in a big company?
1 share? buy this one
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Old 10-08-08, 12:47 PM   #22
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If the stocks are as cheap as people say, maybe I'll play along.

Is it good to buy 1 stock in a big company?
You should consult a financial adviser about your level of risk tolerance, goals and objectives, and available resources before you invest.

What is "good" is often a matter of opinion, and different advisers will have different opinions, guaranteed.

There is a lot of uncertainty right now, but I am still buying. I am a long way from retirement, I have a generous level of risk tolerance, and therefore I don't mind pumping into some funds.

You might check out the LifePath funds. They are automatically balanced based upon your target retirement year. It takes a lot of guesswork out on your part, as the fund managers automatically reduce the amount of risk exposure as time passes.

I am in all the LifePath funds from 2030 (medium risk) to 2050 (higher risk), a small cap fund, a growth fund, a value fund, and a conservative fund. I am also in a short term fixed income fund and a bond fund to mitigate some risk. This mix works for me, but your tastes may be different.

edit: hah, I still feel like I need to emphasize that you need to establish clear goals and a plan for achieving them. One way many people lose everything is by either going it alone and not knowing what they are doing, or by not sticking to the plan and derailing the train. It's going to be important to stay focused, even when things are not going well "today."

I see you're an intern, which means you're probably not loaded with cash? This doesn't mean you can't be a successful investor, but you will have to have a load of patience and discipline.
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Old 10-08-08, 01:45 PM   #23
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We're fine. My husband is an accountant and clients still need him. We don't have any debts, we have savings that are not in the stock market, so far our costs of living are stable, transportation is cheap -- I bike, he works from home and uses public transit, maybe food has gone up a little but not too much.
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Old 10-08-08, 01:47 PM   #24
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We're fine. My husband is an accountant and clients still need him. We don't have any debts, we have savings that are not in the stock market, so far our costs of living are stable, transportation is cheap -- I bike, he works from home and uses public transit, maybe food has gone up a little but not too much.
still needing him does not necessarily mean that they can still pay him.
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Old 10-08-08, 01:53 PM   #25
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Always possible, but if there is a recession it wouldn't be our first one. We got through that nasty one in the late eighties to early nineties. We've made our budget with economic downturns, slowdowns, and general client changes in mind.
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