So how has the economy affected you?
02-03-2009, 01:33 PM
#22
My wife frets every friday that she will get laid off. I tell her this is irrational since she is one of their best employees. This 300 person company has already let go of 40+ people, so she has a right to be concerned.
More important would be the consequenses. We depend directly on her job to pay the bills, and my job pays for school. All of our healthcare comes from her job.
So Fridays have become a little nerve-racking.
I asked if I could get let go from my job, and they told me I work too few hours to worry about cutting.
I imagine if I had not bought a turbo kit when I did I would have reconsidered and not done the project.
Otherwise we are in good shape. All vehicles are paid for. We have good equity in the house with a loan payoff still below market value. The loan is a low fixed rate (we're not morons), and the mortgage payment is comparable to rent anywhere. We have enough money set aside to feed ourselves for a few months, and enough ammo to weather the riots when they begin next winter.
EDIT: My wife just called me. They laid off 20 more people before lunch -on a Tuesday.- Things appear to be getting worse.
More important would be the consequenses. We depend directly on her job to pay the bills, and my job pays for school. All of our healthcare comes from her job.
So Fridays have become a little nerve-racking.
I asked if I could get let go from my job, and they told me I work too few hours to worry about cutting.
I imagine if I had not bought a turbo kit when I did I would have reconsidered and not done the project.
Otherwise we are in good shape. All vehicles are paid for. We have good equity in the house with a loan payoff still below market value. The loan is a low fixed rate (we're not morons), and the mortgage payment is comparable to rent anywhere. We have enough money set aside to feed ourselves for a few months, and enough ammo to weather the riots when they begin next winter.
EDIT: My wife just called me. They laid off 20 more people before lunch -on a Tuesday.- Things appear to be getting worse.
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02-03-2009, 01:51 PM
#23
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I was laid off in August and went back to school. I've been living off the money I got from selling my Civic and Z last summer, but am now looking for a job to cover my monthly bills. Fortunately, my schooling this time around is being paid for by an inheritancefrom my grandparents.
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02-03-2009, 01:56 PM
#24
Very close. I live about 20 miles SW of GB. Pretty much all of the cities along US 41 for about 60 miles south of GB (the Fox Valley -- all along the Fox River) were founded on the paper industry way back when. Cool for your bro. Football is a way of life around here for lotsa people.
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02-03-2009, 02:09 PM
#25
The economy here in southern Louisiana is still rockin' and rollin'. The oil field has enough work with the repair from this last hurricane season to last another year. I haven't seen much slowing at all, really. Real estate prices are still stable, and the job market hasn't been affected too much.
That said, things are really feast or famine with the oil field. With the price of oil so low, we will eventually get hit. The oil field provides this region a bit of a buffer for economic recessions, but when it catches up to us, it's usually disastrous. In the 80's, people were leaving in droves. There was a sign up on Hwy 90 out of the area that said "Last one out, turn off the lights."
I'm putting away some cash just in case that happens again.
But I have a good job with the biggest IT consultancy in the region, and I'm one of the top 5 employees. I have no significant debt, except for a car note on my Honda. No credit card debt, no mortgage (renters economy here. Not buying until the bottom drops out), and my credit rating pretty much kicks ***.
To all of you guys having problems and getting laid off, you have my sympathy. It really does suck. Been there done that about 7 years ago.
That said, things are really feast or famine with the oil field. With the price of oil so low, we will eventually get hit. The oil field provides this region a bit of a buffer for economic recessions, but when it catches up to us, it's usually disastrous. In the 80's, people were leaving in droves. There was a sign up on Hwy 90 out of the area that said "Last one out, turn off the lights."
I'm putting away some cash just in case that happens again.
But I have a good job with the biggest IT consultancy in the region, and I'm one of the top 5 employees. I have no significant debt, except for a car note on my Honda. No credit card debt, no mortgage (renters economy here. Not buying until the bottom drops out), and my credit rating pretty much kicks ***.
To all of you guys having problems and getting laid off, you have my sympathy. It really does suck. Been there done that about 7 years ago.
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02-03-2009, 03:40 PM
#26
The economy in Key West has plumpted. The fishing industry has nearly tanked completely. I got laid off over a month ago and was just lucky enought that a friend of mine, who I have been working on his e30 with, found me a job working with him at the Marathon Yacht club part time as I am taking 6 classes now.
I saw a "Help Wanted" sign on a local sandal shop and rushed in to ask for an application. As the lady handed me the application she told me that I was the 89th person to ask for an application in the past 2 days!!!! Jobs are incredibly scarce and positions usually get filled within 12 hours of the opening.
It has really affected this place dramatically. The worst part is that Key West depends primarily on tourist as the main source for income. But, as of recently, it has become to costly for people to go on vacation and thus the city of Key West is drowning.
I saw a "Help Wanted" sign on a local sandal shop and rushed in to ask for an application. As the lady handed me the application she told me that I was the 89th person to ask for an application in the past 2 days!!!! Jobs are incredibly scarce and positions usually get filled within 12 hours of the opening.
It has really affected this place dramatically. The worst part is that Key West depends primarily on tourist as the main source for income. But, as of recently, it has become to costly for people to go on vacation and thus the city of Key West is drowning.
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02-03-2009, 04:19 PM
#27
Small business owner here. Now officially small business slave as I haven't been paid in a hell of a long time. My store sells 0 products that anyone absolutely has to own. How do you think it's doing?!?
Thanks for reminding me of my pain in my one escape from reality. The economy sucks great big billiard *****. I just wish the news would quit telling people how bad it is. There is a huge segment of society that is in no different position now than 2 years ago. Same job, same wages, etc. but they've been scared off of spending.
Thanks for reminding me of my pain in my one escape from reality. The economy sucks great big billiard *****. I just wish the news would quit telling people how bad it is. There is a huge segment of society that is in no different position now than 2 years ago. Same job, same wages, etc. but they've been scared off of spending.
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02-03-2009, 04:45 PM
#28
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My dad is a contractor and is going through his worst spell since he opened in the 80s. Barely working more than 3 days a week. Luckily it is just him, because there is no way he could support a lot of overhead right now.
Things are rough, I'm glad I'm in school (although finding an internship now sucks)
Things are rough, I'm glad I'm in school (although finding an internship now sucks)
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02-03-2009, 05:20 PM
#29
I'm Miserable!
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So far, my 401K took a major hit. However, I don't loose money unless I take it out or move it. My business is slow, but January we saw a 28% increase in revenue over 1/08. That is a good thing. I am seriously considering going back to school to be a nurse. Yeah, yeah, heard them all, but when we had home health care 24/7 for my son 8 years ago, the best nurses we had were the males. One was a former over the road truck driver, married with a daughter, and the other was ex Military, kids in college. Good guys.
That is a recession and depression proof industry. There will be other higher paying positions available. But, you can get a job ANYWHERE, the starting pay of 40-50k to start isn't too bad, and the medical benefits alone are worth the weight in gold. My sister in-law is a nurse, 4 years now in pediatrics, and she is now assistant charge making 70+. All that with a 2 year degree. Think about it. The industry needs help.
That is a recession and depression proof industry. There will be other higher paying positions available. But, you can get a job ANYWHERE, the starting pay of 40-50k to start isn't too bad, and the medical benefits alone are worth the weight in gold. My sister in-law is a nurse, 4 years now in pediatrics, and she is now assistant charge making 70+. All that with a 2 year degree. Think about it. The industry needs help.
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02-03-2009, 05:39 PM
#30
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I try not to judge, but most people can only look in the mirror and blame themselves for our current economy. Yes, part of it is too lenient of a government in allowing so many bad mortgages to have been approved when the buyer couldn't afford it, but the consumers allowed themselves to get into so much debt. Gas prices are my main concern and they have come down a lot, so that has helped our economy a bit. I'm back in school and it's all paid for, so hope to have my marketing degree finished when the economy bounces back. I also plan to buy a few houses this year and rent them out, sell once the market can support it. Overall I'm not too depressed about it, my family is not feeling it too bad. One brother is a corrections officer with enough skills to work for the feds if needed, other brother is a private contractor with enough work to make six figures this year. Parents are about to retire within 5 years with no debt. Our family has always been fairly good with finances and not living on credit, if others were as educated on the subject our country wouldn't be in this damn mess. My tax dollars have to pay for some idiot who couldn't afford to pay a mortgage he shouldn't have been approved for in the first place!!
FWIW, I'm not in the same boat as most of you. I'll pretty old and I don't have any debt so I don't expect any surprises.
To zoomin: I agree with almost everything you wrote but one thing; I don't see how low fuel prices are going to be any good for your economy in the medium run. If you guys begin consuming oil at similar levels to those in the recent past, the **** is going to hit the fan.
If your oil consumption goes up again, all your efforts to correct your economic mess are going to go down the drain.
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02-03-2009, 06:15 PM
#31
I work in the retail sector...though I spend very little time in our stores. We get weekly updates on how things look locally, as well as a monthly, company-wide conference call to discuss "the numbers". It's a bit scary to hear & read about the various companies that are dumping thousands of employees, closing dozens of locations, or simply closing up shop entirely.
From the looks of things, we're in relatively good shape, with sales only trending down about 10% to last year.
FWIW, we're still setting up new locations, hiring new employees in new & existing markets...and the CEO is guardedly optimistic that our mid-size, niche market has almost hit bottom.
Pay freezes went into effect last summer. There's a hiring freeze (for the most part) in our corporate offices. Things could be far far worse.
Oh, and like everyone else, my 401k is pretty sad right now.
If I do get tanked, I figure I'll ditch a car (the NB) and head back to school. Who doesn't need a 2nd degree or certification these days, anyway?
From the looks of things, we're in relatively good shape, with sales only trending down about 10% to last year.
FWIW, we're still setting up new locations, hiring new employees in new & existing markets...and the CEO is guardedly optimistic that our mid-size, niche market has almost hit bottom.
Pay freezes went into effect last summer. There's a hiring freeze (for the most part) in our corporate offices. Things could be far far worse.
Oh, and like everyone else, my 401k is pretty sad right now.
If I do get tanked, I figure I'll ditch a car (the NB) and head back to school. Who doesn't need a 2nd degree or certification these days, anyway?
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02-03-2009, 07:34 PM
#34
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Not affected here.
I work for an import parts company (we are a brand name, not some cheesy eBay company), we have had ridiculously strong growth for the last year. We are still climbing. When people cannot afford new cars, or cannot get the financing for new
cars, they need parts to keep their old car on the road.
Also, I am vested in the company and own stock in it. 401K is up compared to the national average.
Ref'ed the house at a ridiculously low rate which dropped the payment about $400 per month.
I don't mean to gloat, but I have not been in a better situation in my whole life.....all 31 years of it.
I work for an import parts company (we are a brand name, not some cheesy eBay company), we have had ridiculously strong growth for the last year. We are still climbing. When people cannot afford new cars, or cannot get the financing for new
cars, they need parts to keep their old car on the road.
Also, I am vested in the company and own stock in it. 401K is up compared to the national average.
Ref'ed the house at a ridiculously low rate which dropped the payment about $400 per month.
I don't mean to gloat, but I have not been in a better situation in my whole life.....all 31 years of it.
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02-03-2009, 08:03 PM
#35
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akaryrye, My wife and I were talking about this at lunch. When I was a kid in the 70's Hwy 99 was incredibly depressing to drive on. All the gas stations, drive-ins and motels that built up around it in the 50's and 60's had closed down. The buildings were abandoned and falling apart. Now it's lined with auto dealerships that are closing down. I imagine in 5 years it will be back to the way it was when I was a kid.
Personally, I'm in the same position as Y8s (defense contractor). Most of my 401k and savings are in stocks so they're cut in half but we don't have any big purchases planned and I'm at least 20 years from retirement.
Personally, I'm in the same position as Y8s (defense contractor). Most of my 401k and savings are in stocks so they're cut in half but we don't have any big purchases planned and I'm at least 20 years from retirement.
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02-04-2009, 09:17 PM
#37
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Well I work for a business communications manufacturer. PBXs mostly voip nowadays. In November we had a lay off and employees were told to take one day every 3 weeks without pay to cut salaries by 6. something per cent. Just got an email today, small lay off coming, take an additional unpaid day off every 3 weeks and cannot carry more than 2 weeks vacation over this fiscal year. No more employee 401k contributions either. Ive been in this business since 1981 and never saw it this bad. In 2001 they had us take a 10 percent pay cut after the Y2k fiasco. They wont do that again because they got sued by people that got laid off after the cut.
Glad Im still working though and hope we get out of this funk, but as more people get laid off. or get scared of losing their jobs dont spend due to those fears I just dont see it happening
Glad Im still working though and hope we get out of this funk, but as more people get laid off. or get scared of losing their jobs dont spend due to those fears I just dont see it happening
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02-04-2009, 10:28 PM
#39
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As a Defense contractor, employment hasn't been exceedingly difficult. However, after getting confirmation the current contract will expire in 2-1/2 months and there aren't many active contracts within my company with open billets, I may get an opportunity to find out how competitive the market is locally.
As to family, my parents are already retired and my brother got laid off from Kenworth last month.
- L
As to family, my parents are already retired and my brother got laid off from Kenworth last month.
- L
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02-04-2009, 10:59 PM
#40
It hasnt hit to bad, but im only 18.
I quit my job about 3 months ago and had trouble finding a diffrent job, but i was able to go back to my old job making more.
There alot busyier in these times too, Refurbished autobody parts are alot more popular when people are trying to save.
Now my parents on the other hand have been hit alittle, dads 401k is down 30-40k in the last year, both my parents are 50+ so thats hard on them.
But my mom is disabled and my dad works in a hospital so they both have job security.
I quit my job about 3 months ago and had trouble finding a diffrent job, but i was able to go back to my old job making more.
There alot busyier in these times too, Refurbished autobody parts are alot more popular when people are trying to save.
Now my parents on the other hand have been hit alittle, dads 401k is down 30-40k in the last year, both my parents are 50+ so thats hard on them.
But my mom is disabled and my dad works in a hospital so they both have job security.
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