The Economy.......Is it effecting you?

[UKHAS7NCAA]

Just curious if it's effecting everyone as much as me? I have lost my job & now my 401K lost $2,200 in 9 days. :(

[sardiscat]

I had planned to retire at the middle of next year, but, due to losses in the stock market, I'll be working at least another year past then.

[surveyor]

I had planned to retire at the middle of next year, but, due to losses in the stock market, I'll be working at least another year past then.

My employer was planning to retire in 4 years. He's instructed his financial planner to convert his entire retirement portfolio to cash if it drops to XXXXXXX dollars.

I'm guessing millions of boomers in similar situations will do the same, further dropping the price of various mutual fund stocks.

[boomdaddy]

I sure am sorry to hear about anyone losing their job. But, if you only lost 2K in the stock drop, you are very fortunate.

[BigBlue75]

I've been out of work for about 8 months now. I had gotten my real estate license four years ago and last year it looked like things were breaking out for me and I could do that full time. WRONG! Due to the market conditions and likewise the slowdown in real estate sales, I had to put my license in inactive status. The only good news is when things turn around (whenever that will be) I can make my license active again in a couple of days.

[secatman]

I have lost 28 % of my 401k. Sorry to hear of your job loss. Hope you find what you want soon.

[UKcat]

I anticipate that I will be layed off next week. I am the bookkeeper for a foundation company in Bardstown. Our business has fallen off to zero....with the housing market the way it is....nobody wants to put in a new basement....so we are out of work.....tough times ahead for us....

[Radiated]

My 401 has lost about 20% in the last 2 weeks.

I'm going to stop my contribution and just go with what works put in for now.

I can use that 5% to pay off bills, instead of throwing it down the drains.

[TrueblueCATfan]

The hubby lost his job July 28th ( plant shut Down) after he gave them 25 years ..he made very good money..he recently started a new job for less pay...and just in the last 2 weeks lost almost $9,000 in his 401K..which we are currently trying to get out of PCN bank and move into a IRA with a financial company
we still have a daughter in college..it is rough:mad:

[PsychoCat]

My employer was planning to retire in 4 years. He's instructed his financial planner to convert his entire retirement portfolio to cash if it drops to XXXXXXX dollars.

I'm guessing millions of boomers in similar situations will do the same, further dropping the price of various mutual fund stocks.


While understandable and scary thing to watch.....thats the worse thing he can do....selling now is just locking in those losses....the market will turn around and he will miss the upswing while sitting in cash

[misterbluecat]

Thus far no, none of this has effected me. If the market hits the low 8000's like they are predicting, then it will start to effect me quite a bit.

[surveyor]

While understandable and scary thing to watch.....thats the worse thing he can do....selling now is just locking in those losses....the market will turn around and he will miss the upswing while sitting in cash

I was a bit surprised that was his plan. He's not usually conservative when it comes to mutual funds and stocks.
He's bought thousands in single stocks while they were going down, endured the bottom and reaped the benefits when they topped much higher.
I think what he's planning to do with the cash is simply reinvest it through a conservative fund the final 3 or 4 years, as the current portfolio was much more exposure to higher risk funds.

[Sir Richard F. Burton]

It is scary how our financial institutions can change from a crowd to a mob so quickly and their are financially stable companies losing stock value with no logic attached to the stock drop. I remember the farm "depression" of the early 80's and this is much worse.

[surveyor]

It is scary how our financial institutions can change from a crowd to a mob so quickly and their are financially stable companies losing stock value with no logic attached to the stock drop. I remember the farm "depression" of the early 80's and this is much worse.

I'm tempted to buy a few thousand or so in Ford stock if it gets within reach of $1.00. It closed at $2.08 or so today.

[Radiated]

I wish that it was Chase instead of 99% of these people.

[PJ]

If you have any money invested in 401k you really don't want to get it out now. Try and survive the rough times without it and reap from the benefits from it later.


It really hasn't affected me, but will when I graduate from school. My fixed rate loan isn't going anywhere, but my other loan interest has skyrocketed.

[misterbluecat]

I'm just glad I have been sitting on 600 shares of Google for 10 years. I sold it off once it closed in on 400 on it's way down. I'm keeping that in a nice safe account, because that is apart of my life savings. Should it ever rebound, I'll buy back in at less than 400. :thumbup:

I have to say though my other stock is almost worthless at this point. I should have cashed it out 6 years ago when it was at 120, because I have almost 1700 shares. :icon_evil:

[UKHAS7NCAA]

While understandable and scary thing to watch.....thats the worse thing he can do....selling now is just locking in those losses....the market will turn around and he will miss the upswing while sitting in cash

I'd rather cut my losses now than lose any more. You can get back in any time any way.

[Jody Porter]

Age probably as much to do with these financial decisions as anything. I can understand taking the losses now and getting out of the market if you're close to retirement and don't want to risk losing anymore than possible. That'd probably be the smart thing to do.

I'm doing the opposite. I've increased my personal contributions so as to get as much money in as I can while prices are low. A risk, probably, but history tells me that it will rebound. Being relatively "young" (30-ish), that rebound doesn't have to rush.

Good luck to all, and I hate, hate, hate to hear about anybody losing their jobs. :icon_sad:

[surveyor]

Age probably as much to do with these financial decisions as anything. I can understand taking the losses now and getting out of the market if you're close to retirement and don't want to risk losing anymore than possible. That'd probably be the smart thing to do.

I'm doing the opposite. I've increased my personal contributions so as to get as much money in as I can while prices are low. A risk, probably, but history tells me that it will rebound. Being relatively "young" (30-ish), that rebound doesn't have to rush.

Checking my mutual funds last night I noticed that the money I've lost thus far is "gained" money, rather than monthly contributions. These funds are essentially where they were a year ago afte nearly doubling in price 5-6 months ago.
I can at least take solice in that. :thumbup:
My co-workers are younger than I and continually check their funds online, nearly giving themselves ulcers.
I told `em they're in it for the long haul, so don't look at it so often if it's making them squeamish.

[CATHYnKY]

A few months ago I change my retirement option to 80/20. The 80% being in the fixed fund. The 20% is losing out the wazoooo. Don't want to pull it out at this low rate. Had planned on retiring from here in the next year or so. NOT!!!!!:icon_cry: :mad:

[Terry L. Wildcat]

:icon_cry: After Thanksgiving I will be looking for a part time job and I sure do love being retired :icon_sad:

[UK Chic]

Oh, how I could write a book in this thread!

My husband is currently laid off every other 2 weeks (2 weeks on, 2 weeks off). I went part time last year to spend more time with the boys - so cut my salary in 1/2.
We are making the ends meet right now but it ain't easy. I won't even look at my investments with my company (GE). I gave up on that after last week.

I figure I will be getting a p/t job for the holiday season.

And to top it off, my husband told me this am that his work is talking about a lay off the whole month of January and 1/2 of Feb. What!??!!! This may really affect our SEC tournament trip (this was the first thing out of my mouth - geez. :icon_rolleyes:).

Oh well, coupons are my best friend, I balance my checkbook about 3 times a day to look for new money somewhere and doubt a mall p/t job will help too much but every little bit helps.

Terry - I hate you have to take a break from retirement!! :mad:

[Terry L. Wildcat]

Thanks Carrie...Since my house is paid for and I only have one mouth to feed I will be fine...I hope to find something close to home...the worst part is trying to find something that will not interfere with Wildcat games.

[CATHYnKY]

[quote=UK Chic;518122]January and 1/2 of Feb. What!??!!! This may really affect our SEC tournament trip (this was the first thing out of my mouth - geez. :icon_rolleyes:).




This may affect a lot of us going to Tampa this Spring. :eek:

[Terry L. Wildcat]

[quote=UK Chic;518122]January and 1/2 of Feb. What!??!!! This may really affect our SEC tournament trip (this was the first thing out of my mouth - geez. :icon_rolleyes:).




This may affect a lot of us going to Tampa this Spring. :eek:

Work will not keep me from being in Tampa...some things are not on the table. :thumbup:

[UKHAS7NCAA]

[quote=CATHYnKY;518193]

Work will not keep me from being in Tampa...some things are not on the table. :thumbup:

There you go Terry. You are a Wildcat through & through.

[Brian McCat]

Mild effects on my job. Thankfully, people still need IT service, but I have seen a mild slowdown.

[UK Chic]

[quote=CATHYnKY;518193]

Work will not keep me from being in Tampa...some things are not on the table. :thumbup:

HA - Kenny said the same thing! We are looking into driving now and although I am not looking forward to the 14 hour drive, we could save some $$ on the flight cost. Now, how can I stay sane with Kenny in the car for 14 hours straight????? :icon_lol:

[Blue Heaven]

Other than the obvious 401K loss, our grocery bill is about the only thing that's making a dent. When gas was going up, so was groceries. GAs has been going down recently and groceries are getting more expensive:shrug1:

[WildcatDan]

I work for a bank in the department that tries to help people who are behind on their mortgage. We see if we can work out options to help people bring their account current and stay out of foreclosure... so yeah, the economy is actually making us more busy than we can handle! The blessing is that this means there is no talk of layoffs around here!

[sardiscat]

I saw on teevee the other night that automobile repossessors' business is actually down a little. The value of used cars has fallen so precipitously that banks are taking losses on repossessed cars that they sell at auction, so they are working with debtors more and waiting 90 days before repossessing as opposed to the 30-45 days they have traditionally waited.

[OldCatFan]

Just curious if it's effecting everyone as much as me? I have lost my job & now my 401K lost $2,200 in 9 days. :(

What industry are you a part of?

[Jeff Craddock]

Yep, definitely having a negative effect...

On June 30th, I submitted my retirement papers, choosing to accept a "retirement incentive" in the mid five figures to retire and begin drawing my pension. But on July 1st, I pulled it back and chose to continue to work, which I probably will until I'm 66 (I'm 62 now)....and then have to have a part-time private practice to for a time after that, until my wife is old enough to draw her SS and begin drawing her pension. We talked that night and could only see hard times ahead for the economy--all the signs were there, although neither my wife or I could have imagined it would get this bad. We both still have our work, but my program has been cut and I'm looking at a transfer.

Our raises for at least the next couple of years are gone and our 401K has taken a BIG hit. We're damned lucky to have our jobs, but that could change. The fund that supports my pension is in big trouble, so that is no longer assured.

We're doing fine now, but there is a lot more uncertainty and a sense that the whole house of cards could collapse....and who knows what that would mean for most of us.

[misterbluecat]

After the tank today in the markets and the early reports out of Asia, it looks like Thursday may see a sub 8000 DJI. Buckle your chin straps, because it might get UGLY.

[cumberlandredskin]

My economy is fine for now. But I think there are many others hurting badly. An example,me and my wife drove out into the Hagerstown and Smithsburg,MD area on Sunday. As we drove though this area there were many houses for sale. It really seemed like an inordinate amount for sale. Literally down one street every other house was for sale. We both commented about this and said it had to be that many of these folks are in trouble financially. We are looking to move out that way and we were glad so many houses are for sale. But it's sad at the same time that most likely, a lot of these houses are must sales.

[gerntz]

Reading this is quite sobering & makes me further realize how fortunate we are.

Our investments are down ~16% on the year, but we were 45/55 stocks/fixed for the last few years thanks to a conservative advisor (and spouse who agreed with him) - I'd have been much more bullish on my own - who's been predicting stuff like what's happened for at least the last two years in his quarterly letter to his clients. He wasn't timing it (doesn't believe in it), just saying the economy was way over pumped and sooner or later.... Looking back, it's amazing how knowledgeable & insightful he is. At least I can take credit for finding him.

Of course this hurts but we're still OK. I've been thinking of retiring anytime for the last year or so. I'm 60. Well it won't happen before 2010 now, but I don't think the job's at risk so I have no reason to complain about our fate and working a while longer.

Best to all of you.

[UKcat]

Well..........what I thought would happen has come to pass....I am laid off as of today......they actually want me to still work 20 hours a week to do their payroll, reports, and billings for the emloyees who are left.....dosen't make me feel too great......if he still needs those people.......why dosen't he still need me???? I know.......he still needs me.........he just wants it at half price now!:icon_mad:

[capcat]

Well..........what I thought would happen has come to pass....I am laid off as of today......they actually want me to still work 20 hours a week to do their payroll, reports, and billings for the emloyees who are left.....dosen't make me feel too great......if he still needs those people.......why dosen't he still need me???? I know.......he still needs me.........he just wants it at half price now!:icon_mad:
Very sorry to hear that. But, maybe he has other reasons for wanting to keep you on. He could outsource some of what you've described. Possibly you're someone he doesn't want to lose, and hoping for better times ahead.

[surveyor]

After the tank today in the markets and the early reports out of Asia, it looks like Thursday may see a sub 8000 DJI. Buckle your chin straps, because it might get UGLY.

Tank today, but the market had it's best week in 5 years.............

Odd, it doesn't seem like it. But it's relative for sure.

As recessions go, if this follows the norm, 16-18 months and things will pick up again. Hopefully much sooner.

[misterbluecat]

Got lucky on Thursday that there was a buying frenzy in the last hour that was helped along on news of Googles earnings. Not so lucky today. What Monday will bring .... who knows.

[gerntz]

Tank today, but the market had it's best week in 5 years.............

Odd, it doesn't seem like it. But it's relative for sure.

As recessions go, if this follows the norm, 16-18 months and things will pick up again. Hopefully much sooner.

I don't know that I think it will be that short. And when it does improve, I don't expect anything more than slow improvement for many years. Lots of problems. We spend way more than we take in - government & individuals. Something has to give.

[surveyor]

I don't know that I think it will be that short. And when it does improve, I don't expect anything more than slow improvement for many years. Lots of problems. We spend way more than we take in - government & individuals. Something has to give.

Perhaps.

I wonder if the "bailouts" eventually prove to have extended the recession or shortened it.

Compelling points have been made that such an extent of government intrusion can extend it because it adds doubt/uncertainty to the markets, as in how to gauge the added impact.

[billoliver40]

Pretty lucky...I lost a couple years salary out of my retirement, but I'm still in good health in my early 50's. With luck and the grace of God I've got 12-15 years to get it built back up.

Haven't lost my job yet. The place I work is always re-structuring. Salaried people here today, not tomorrow. Hourly supervisors untouchable one week, chopping block the next. No one knows what the next financial forecast will bring.

My wife works for the State. She still has a chance to retire in about 6 years. No big dollars, but pretty good perks...insurance that is.

The world gets strangerer and stangerer.

[sardiscat]

"He wasn't timing it (doesn't believe in it), just saying the economy was way over pumped and sooner or later.."

This wasn't the result of an overpumped economy. The economy gets ahead of itself and deflates every so often without threatening to bring down the entire nation's banking system in the process. What happened this time around was corruption, incompetence, and speculation on the part of borrowers, lenders, wall street, and congress on a scale so massive that nobody not on the inside could have had a clue what was going on. We have regulating agencies and rating agencies and congressional oversight committees that are supposed to prevent this sort of thing from happening.