How's your economic future?

[JVX84]

With the financial crisis and the foreclosure deal, I'm wondering how people are doing. I suspect the demographics here are somewhat special. Historically, WWII sims have attracted an older audience with a decent wallet...but still.

My situation ain't too bad. Tried to quit my job because I wasn't happy, but got a 2nd, 3rd and 4th offer and decided to stay, fairly secure position and I'm adequately compensated. I live in a small apartment by myself but have three siblings I'm very close with, so I got an escape route if it all goes badly. Got about 15k worth of loans, that's it. Half of that is in a motorcycle I could sell if it came to that. No problem with the monthly payments.

Some of my friends have found themselves in dire straights. One has had a foreclosure, basically out on the street with wife and two kids. A couple are handling their payments but only barely. I feel as sorry for them now as they've felt for me for the last 10 years or so - with me living in small apartments without a family of my own, not buying anything that would require a loan (except the bike).

I guess the good part about having nothing...is that you have nothing to lose.

How are you guys set up to ride out the storm?

[AquaShrimp]

I'm a nondestructive testing inspector.  Good job security, pay is based on how much you know.  Big shortage right now, so the wages are high. 

[Fangio]

I own a mortgage company that has not closed a single loan in over 3 months.  I am also a real estate investor who owns a number of homes but probably will be unable to sell any as buyers cannot get financing or are too scared of a collapsing market to step in and buy.

So.....  it would appear I am royally screwed.


But then again,  I own a number of guns and have plenty of ammo and it would appear that some of my neighbors are doing downright great so perhaps the question should be "How desperate do you think your likely to get" ? 






Fang

[Hangtime]

Small business owner that has no leveraged inventory or employees.

I should do alright.. have stayed liquid and I'm still pretty agile for an old man.

[Tac]

I'm cutting costs first. My lease vehicle is going away.. will have to eat $7k in debt for that as the lease term was not finished yet. Still, my credit union has given me the go-ahead to consolidate my $6k credit card debt and that $7k into one line of credit that has lower interest rate than my credit card. So instead of paying $600 a month for card+car I be paying barely $250. I'll be without a nice car but at the moment I just need a clunker to get me back and forth.

Also trying to help my parents out..they have 2 cars one of which is old and not very useful (2 door convertible) that next year pretty much loses all its value so I was trying to convince them to turn in the convertible for a truck and get rid of their SUV as the truck does the job of both vehicles.

I find myself in an interesting position though. Before all this happened I had started process to go to new zealand for a year under a work program. The job market there is very good for what I do and it may just turn out to be a good thing me moving there for this year, making a lot more money than I do now and hopefully saving up for the future and helping my parents out. If all goes well I may even stay as a resident in NZ (I really hope so!).

My savings on US banks will be switched to NZ banks and spread out in bonds and other currencies. Chances are the dollar will take a massive plunge in the next 6 months.

[rabbidrabbit]

The only way we will get squeezed is run away inflation.  That is the tough question.

[Stixx]

Finally getting back to work, with a 60% pay cut  , after eight months of being unemployed. I get the feeling during interviews that they're looking for someone young and dumb enough to control. My mortgage payment is very manageable, so that's nothing to worry about. Got some CC and personal loan debt. The only thing I'm worried about is keeping my truck that I just bought last September. Went for a shorter term and wound up with a car payment higher than my mortgage payment. Worse comes to worse, I'll tell em where it's parked. Overall I'm worse off than I was a year ago. But life is still good.

[ghi]

How are you guys set up to ride out the storm?

watching "Survivornam" tv series on DVD, for training: i introduced some ants, eatable roots ,voluntary starvation and other bugs in my diet,:about to go camping in for awhile,i'll  be back after Armagedon

[Anodizer]

I'm a firm believer in "If ya ain't got the cash, it ain't in your future"....  I didn't require a mortgage for this home nor that last that I purchased....  I'm not "rich" by any means, I just know how to work with what I've got...  On my very first home, I did get a mortgage, but made double and sometimes triple payments(if I could swing it) and paid it off in 10 years..  I kept that home as a rental (it's a double) and it's been a great source of income....  I understand the "American Dream" of living above one's means and being in debt up to their anus....  Gotta keep up with the Joneses!!  It was easy to get caught up in all that when credit institutions were giving funds to people with a sub-standard credit rating, but making up for it with high interest rates...  Now, those people are scratching their heads and defaulting on many types of loans all over the place along with wondering how it happened....  THEIR economic future is in dire straights..  But, I believe my experience living abroad has made it so I didn't fall into this trap....  Other countries don't live like us...  There is a sense of "comfortable minimalism" and I have adopted this philosophy..  Trying to live above one's means by spending money they don't really have is a sure way of forging an unsafe financial future...  When bad economic times come, this problem is magnified...  I'm worried about the economy as a whole and worried where it will take the country, but I do not worry for myself or my family as there is a multiple tiered back-up plan just in case.....

[SFRT - Frenchy]

I'm a cargo pilot, I make $3.3K/month after taxes. I owe $5K in CC bills, I rent $1250/month, I own my 3 cars and my bike. The killer is my chick that's back to school while working part time at wally. I pay the whole rent, all the house bills, $200/month her school, $350 her CC bills, her car insurance, her gas, her car is paid for since last jully. We have a 14 year old daughter, those things ain't cheap either

Job security is non existant since it's aviation. I do have seniority as well as a rare single pilot type rating, and a solid history of autonomy, and I'm the only training captain. All that makes me valuable to them. Bad side is that I'm type rated on an antique bucket that few companies still use in case of I have to find something else. I do have quite some experience with 1,500+h multi turbine PIC which might get me a ok job somewhere if I relocate, but I can't afford to relocate.

My chick will graduate end of the year, and should start pulling a $3-5K/month as a massage therapist. Till then, we have a pretty big Damocless sword above our familly's head.

[alskahawk]

 Improving day by day. Still have a few odds and ends to clean up, nothing major. Few years ago I was loaded with debt and had two muchkins in college. Now wife an I make about 100k a year and no kids. So we get to play.
 Cancun and Alaska last year.
 Alaska this year.
 Disney world and Alaska next year, maybe Ireland.

 Ya sucks to be me. 

[Sandman]

I'm not worried any more than I was last month.

[SD67]

I just got a raise

[Getback]

I'm doing well in spite of being in the bottom half of my pay scale. I'm single, kids are grown, and have a small house with a small mortgage. Even the gas bill is only $71 a month on budget.

I have credit card debt and student loans too. I've been following the Dave Ramsey plan and doing well. I will pay off 2 credit cards this month. So far this year I have paid off 2 credit cards and my jeep. By next year I should have all my cards paid off. I was tempted to get a new F150 recently because a dealership was offering them for $10,000 but I restrained myself thinking that if I wait I can save that much pretty fast.

What does the future hold? I don't know. I do know that I've been through really bad times before and pulled myself out. I once got sick with out medical insurance. I had a gangrene gallbladder. I ran up some huge bills while only staying in the hospital for 2 days and having 2 operations. My credit took a hit but I never filed bankruptcy. I did finally get everyone paid off. So I feel like I can handle a tough situation.

[Chalenge]

A garden of vegetables and lettuce and spinach and malunggay (the Queen insists on malunggay) and bananna and apples... and a Thompson to keep the 'rodents' out.