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Post by robreddy on Oct 9, 2008 13:24:43 GMT -5
By all the recent (pasy year) events in the economy -
That is the big question that is invading my campus at the moment - we are very concerned. So interested to hear from people....
1. Has your place of employment, and thus potentially you, been directly hit?
2. Are you worried - do you feel you will be directly impacted in both the near and far term??
3. Are you changing your lifestlye - because you are forced to (ex loss of income) or by choice? If so how?
r
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Post by watchman on Oct 9, 2008 14:31:21 GMT -5
1. no
2. no
3. no
Mike
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Post by Angie on Oct 9, 2008 14:42:07 GMT -5
Luckily my husband and I are in careers that are not really affected by the economic downturn.
Healthcare and education.
While, as rob is concerned, the number of students at universities may decrease because they cannot afford the tuition, I will still have my job because they need me to teach courses for students that are still here.
My husband's practice is doing well and will still have plenty of business... people will always be sick. He has more patients then he can handle so if a few stop coming because of health insurance issues then it will not have a big effect on business. Primary care will continue on... the specialists who deal with elective surgeries may lose alot more business.
I am worried about the stock market, not for myself (I will retire in many years) but for my retired parents who have alot of money tied up in the market. There goes my inheritance... just kidding... I am more worried about them having money to live on for many years.
No changes in lifestyle yet.
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Post by Aussie Rob on Oct 9, 2008 15:00:54 GMT -5
1) No
2) I worry about being able to get a loan for next year for school
3) Not yet
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Post by Charlie on Oct 9, 2008 16:48:57 GMT -5
To a certain degree, I benefit from a poor economy. Rocco's is a great deal for lunch and I am bargain entertainment.
Races aren't filling and my search for a new bike should yield many more options and lower bids on ebay.
Being lower income is not always easy, but is stable. I also have no debt. My rent is locked and my heat is included.
I worry mostly for my folks and their retirement stock. It is a good thing my dad has a healthy union pension.
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Post by speerka on Oct 9, 2008 17:54:55 GMT -5
I'm scared, like really scared. Not necessarily about my job or not being able to make ends meet, but I don't think we have even scratched the surface of how bad it's going to get. The Dow hit 8K, the S&P is down 40%, it's unimaginable. This will eventually effect everyone in some way.
The next 18 months will be very difficult for our business and cost cutting will likely be a part of it as I'm sure it will be for most businesses.
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Post by Aussie Rob on Oct 9, 2008 18:11:50 GMT -5
If you manage to keep your job though, this will be good for you Katy. Inflation is going to fall, energy prices will drop....your dollar will go further....as long as you keep your job.
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Post by MattCollister on Oct 9, 2008 18:39:48 GMT -5
I made the mistake of looking at my 401(k) today. I'm going to not do that again for a while.
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Post by chuckm on Oct 9, 2008 21:19:28 GMT -5
I've always been very frugile, so no real affect on lifestyle yet. I think the potential is there for a very serious global depression. Stock markets around the world continue to crash. Major coordinated interest rate drop this week didn't help a bit. Last weeks bailout is estimated to cost every adult in the country $3000, and it isn't enough to do much, if any long term help. The only way to pay for all this is major inflation, or major tax increases. Some big companies are in major trouble right now. I think it's gonna get real bad.
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Post by MarkD on Oct 10, 2008 6:36:51 GMT -5
1. Yes, we are getting less funding to conduct critical activities. Personnally, I have not been affected and probably won't because of my years with the organization.
1a. I have family members and friends to have had hours & benefits cut or outright lost their job.
2. No, I'm young enough where my fledging investments can rebound.
3. Not really. We live financially responsibly and will have no problem riding this out.
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Post by Jack Carney on Oct 13, 2008 11:34:22 GMT -5
1. Yes - 55 yr old company shutting down combination of the economy and having the misfortune to deal with some dishonest people.
2. Yes. I am living hand to mouth right now with no health insurance and have cashed in all my retirement accounts which was probably not bad timing but the money is gone. I am working on 2 new opportunities that may be lucrative but if they don't work out I could be in for some rough times. On the other hand I am a very optimistic person and know that sometimes the best things happen to you when your back is against the wall because you can't afford to fail or slow down. I also know I will always be able to make enough to survive and feed my family because I will do whatever it takes.
3. Yes. Can't sign up for IM 09 due to lack of funds.
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Post by MarkD on Oct 13, 2008 17:26:54 GMT -5
Jack -
Good things happen to good people. I have no doubt that you'll bounce back strong.
md
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Post by Aussie Rob on Oct 14, 2008 10:05:21 GMT -5
With the credit crunch showing signs of easing, people should be able to get loans again soon and get to building stuff again. Of course you know this Jack, so hopefully things will turn around for you soon mate.
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Post by Jack Carney on Oct 14, 2008 17:30:03 GMT -5
Thanks for the comments. Yes I am and always have been pretty optimistic and I have a couple of new business opportunities outside of the construction biz that may be looking good so it is hopefully going to be a case of one door opening when another closes. We shall see.
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Post by watchman on Oct 14, 2008 17:47:42 GMT -5
1. Yes - 55 yr old company shutting down combination of the economy and having the misfortune to deal with some dishonest people. 2. Yes. I am living hand to mouth right now with no health insurance and have cashed in all my retirement accounts which was probably not bad timing but the money is gone. I am working on 2 new opportunities that may be lucrative but if they don't work out I could be in for some rough times. On the other hand I am a very optimistic person and know that sometimes the best things happen to you when your back is against the wall because you can't afford to fail or slow down. I also know I will always be able to make enough to survive and feed my family because I will do whatever it takes. 3. Yes. Can't sign up for IM 09 due to lack of funds. Jack what do you do? What is your occupation? Mike |
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Post by Jack Carney on Oct 17, 2008 18:41:28 GMT -5
I have been in the commercial building business for 28 yrs building mainly retail, banks, office buildings etc... and I have also worked a few side businesses mainly internet based marketing businesses. I have an opportunity to go to FL and New Orleans to do business development for a Cleveland based company but not sure if I am going to do it.
I am working with two partners to start a company right now that helps corporations and non profits raise funds via an internet marketing system that is integrated in their website or can be a stand alone website. It is also very effective for those sending newsletters to its members. It is something I think could be appropriate for our use here on the CTC site as it would eliminate costs and raise funds we could donate to charity. It also creates a social or business network as it has discussion boards, but also adds communication tools like audio video postcards, a place for members to post blogs and photos, peer to peer meeting capabilities, teleconferencing and more. All this for a very low monthly cost.
If anyone is interested in seeing a presentation let me know. I also will be paying referral fees for anyone that can get me in front of a charity board or fundraising executive that I can make a deal with. It is also very appropriate for a college alumni newsletter. I will have a link soon with a short video description.
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Post by karming on Oct 17, 2008 22:56:10 GMT -5
1 and 2. Like Angie, I have been fortunate to be in a recession proof profession- healthcare but I see and treat many who are not so fortunate. My wife works at the Free Clinic so almost all (if not all) of her patients are of the "working poor" so I am sure her clinic will be getting busy.
3. My lifestyle probably won't change too much as we are not extravagant by any means. Fairly happy if we can get our occasional Hazelnut Soy Latte at Starbucks, but we will probably not do as much traveling this upcoming few years.
Jack, I sent you a email.
Kar-Ming
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brenda
Sprint Member
Posts: 29
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Post by brenda on Oct 19, 2008 20:36:15 GMT -5
1. my job has not been effected, i work in health care and am really busy.
2. I am worried because not only has my 401K taken a big hit, my other investments that i consider emergency money and money to help my kids pay for college took a big hit. i will have 2 in school next year, and its very expensive. my home has lost value.
3. lifestyle hasn't changed much.i had been thinking about a new bike, maybe going on a trip, but feel i need to hold off for now.
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