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What Goes Down Must Come Up! REALLY? - 10/9/2008 7:54:27 PM
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Walker311
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What Goes Down Must Come Up! REALLY?
Hi! I have been watching with great interest the economic storm that is now spreading around the world.
I would venture to say that most of us are witnessing a historical event that very well could put the Great Depression to shame but without the soup lines and jumping out of windows.
For me personally, nothing has changed at work or at home(except my 401k getting clobbered). I am expecting residual affects, fallout, and shock waves and know that there is no way to predict when this will occur.
So, here is the bottom line. We should not panic but understand that there is a storm we all can see on the radar headed our way.
What are you doing about it... right now?
Are you seriously making plans to protect life as you know it or is it a "wait and see" game with you?
What tips would you like to share that could be helpful to many who are losing sleep over this?
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RE: What Goes Down Must Come Up! REALLY? - 10/9/2008 11:08:30 PM
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manhattan42
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quote:
...but without the soup lines and jumping out of windows.
Uhh... give it a few more months and you may have to sustain yourself be eating your own words.
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RE: What Goes Down Must Come Up! REALLY? - 10/9/2008 11:09:29 PM
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ta_mosquito
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From: from MN, now in Ontario :D
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In the short term, we're trying to decide whether to make our retirement account contribution (into mutual funds) now or in February - will the market be as bad then, or will it go up by then? Which will be the better bargain?
We've got about 30-35 years before retirement, so we're looking at it more as an opportunity to buy some stocks "on sale." If the markets crash to nothing, we've got time to recoup. Sure, our net worth looks bad on paper, but that loss isn't realized.
As for other areas, there's really not much else to do. I suppose if there is a consumer depression, my husband's sales bonus will disappear (he gets a percentage of the company's SALES, not its profits, on a monthly basis - he's in development for a consumer electronics company). That means cutting back a bit on some areas, I suppose, to balance the budget. That would mean no more weekly visits to KFC or the pizza joint.  We've got a decent savings cushion, and the Canadian banks weren't hurt nearly as much as those in the States.
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Tricia
"There's a fine line between being open-minded and empty-headed." ~Michael Coren
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RE: What Goes Down Must Come Up! REALLY? - 10/10/2008 3:46:38 PM
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uncabeeil
Posts: 5554
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From: Joisey. Got a problem wit dat?
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I'm sealing the seams on my tent and making sure all my camping gear is functional for when I can no longer afford to pay my rent and utilities. Should probably get a hunting license, too, so I can eat something other than the fish I can catch in the ocean.
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I don't recall all of the details
But I know life is better when shared. -Jon Troast
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RE: What Goes Down Must Come Up! REALLY? - 10/10/2008 5:11:27 PM
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stellaluna
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We're not doing anything. We have no debt and we have a savings account with about six months of living expenses in it. My husband and I both have jobs that are not affected by such volatility--in fact, my job tends to be more secure when the economy takes a downfall. We're still a long way from retirement, so there's nothing to be done about that kind of thing at the moment.
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Who should be allowed to attend church?
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RE: What Goes Down Must Come Up! REALLY? - 10/10/2008 5:30:35 PM
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kernsfamily
Posts: 1428
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From: Dallas (originally Detroit)
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quote:
In the short term, we're trying to decide whether to make our retirement account contribution (into mutual funds) now or in February - will the market be as bad then, or will it go up by then? Which will be the better bargain?
I entirely intend on continuing to make my FULL retirement contributions.....IF I stop doing so, I give up my 100% company match, and I also give up the ability to buy up all of the stock in the mutual funds at such "bargain basement" prices....
Also, my Roth contributions are made automatically....and monthly.....no stopping those either....
_____________________________
Proud dad of 3 great girls....Erin, Emilie and Elise
Blessed to have all of them in a "totally awesome" public elementary school!
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RE: What Goes Down Must Come Up! REALLY? - 10/10/2008 5:34:35 PM
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JimboFletch
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At long last all those Y2K provisions and shelters will be of some use!
As I mentioned in another thread, I'm not in a panic. I paid my mortgage off (early) in 2006, I have no credit card debt, my cars are paid off (with not too high mileage), and I have about 4 months pay in the bank. My job seems as solid as I could hope for. My 401K is battered, but, as pointed out, the market will eventually recover - some time.
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RE: What Goes Down Must Come Up! REALLY? - 10/10/2008 7:35:18 PM
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Walker311
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I work for a fairly large insurance company and they are not saying a word during all of this.
I would feel better if they would encourage us as far as our pension and matched 401k is concerned.
I understand that pensions are rare these days and it is something that I am banking on when I retire.
I have a child heading toward college and have a college fund that I hope will be intact. We have the same fund set up for our 10 year old. I was hoping to retire in about 15 years but I'm not very optimistic right now.
Locally, I'm seeing businesses closing left and right. I have just a few years before our mortgage will be paid off so hopefully by then the economy will level out and we can then sell and build our last home.
I think the most important things that you and I can do is to trust in God, cut our spending everywhere that we can, and keep alert to what is happening with our jobs even if we think that it is immune to economic calamity.
Edited to add the following...
If we halted trading on Wall Street for a certain period of time, I believe that some losses could possibly be recovered plus this would give human beings time to breath and rethink that panicky selling is not the answer.
< Message edited by Walker311 -- 10/10/2008 7:53:22 PM >
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RE: What Goes Down Must Come Up! REALLY? - 10/10/2008 8:30:37 PM
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garsyt
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quote:
in fact, my job tends to be more secure when the economy takes a downfall.
And what kind of work do you do?
We have about 20 years left on our mortgage. At least we have fixed interest rate so those fluctuations are quite as scary. Hubby just barely missed a layoff this time around and we are just now beginning to catch up after the LAST layoff that last just over 3 months and used up ALL of our our savings to that point. (we had 3 months of savings to fall back on) We are now having to rebuild our savings and are praying like crazy that things make a turn for the better or it's a good possibility that there will be more layoffs where hubby works and he won't miss them the next time. Our retirement fund is dismal at best. When hubby finishes his degree his company offers him a cash bonus AND a certain amount in stock options - haha - don't know what those would be worth right now. Not much I'm guessing.
Hubby's insurance is changing AGAIN. I'm hoping this doesn't mean hire co-pays and more restrictions. I have a husband and a child with chronic medical issues and we simply can't afford more issues with our insurance.
I've been out of the job market for 14 years this month - time taken to raise my children and keep them out of daycare - with no regrets. But now trying to find a job with the hours I need in order to put my family first is nearly impossible. (hubby works seconds and attends school in the mornings.) Every place that would have the part-time hours I want and need is not hiring, including the schools that my kids attend.
I'm praying things start looking up. So we keep paying the bills and moving forward while we can and continue to pray that we'll be able to finish the course well.
Blessings,
Garsy
_____________________________
My Blog: www.moredayslikethisplease.wordpress.com
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RE: What Goes Down Must Come Up! REALLY? - 10/11/2008 1:13:10 AM
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stellaluna
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I work at a community college. In our city, there is a direct correlation between enrollment and the economy. Economy goes down, enrollment goes up. (Although, our city's economy tends to be more stable than most. Our real estate market is even stable.)
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Who should be allowed to attend church?
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RE: What Goes Down Must Come Up! REALLY? - 10/11/2008 1:53:32 AM
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SonInMe1
Posts: 3156
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From: my mom by God
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Its a presdiential election year. Doom and gloom is the norm.
Wait a few weeks after the election and solutions will come out of the cupboard.
Fear not.
The business I work in is somewhat an indicator of the economy....I print tickets.
_____________________________
You adulterous people, don't you know that friendship with the world is hatred toward God? Anyone who chooses to be a friend of the world becomes an enemy of God.
James 4:4
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RE: What Goes Down Must Come Up! REALLY? - 10/11/2008 10:13:11 AM
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stellaluna
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quote:
ORIGINAL: SonInMe1
Its a presdiential election year. Doom and gloom is the norm.
Wait a few weeks after the election and solutions will come out of the cupboard.
Fear not.
I agree. Did anyone see Nightline last night? They were explaining how we are in a panic. And how panic isn't necessarily related to reality. They also interviewed a broker on the stock exchange floor who said it would be better at this point to have a complete sell-off. He said that would be the quickest way to "flush out the system"--for lack of a better description--and give new buyers some good discounted stock. I thought it was interesting.
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Who should be allowed to attend church?
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RE: What Goes Down Must Come Up! REALLY? - 10/11/2008 11:32:40 AM
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Walker311
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The situation that we are in is unprescendented.
There is no way to predict the outcome because this is not 1929 and it is not only affecting our nation.
Furthermore, we should be prayerful, and hopeful but keep in mind the day in time that we live and consider that this could be another biblical sign that God is getting everything ready for the end... which still could take another century or more.
This is a shake up and we have had our share in recent years and we always seem to recover.
The recovery time for economic upheaval entailing trillions will be long and painful for you and I. We just do not have the details yet.
It's not doom and gloom I am feeling, it is uncertainty and a little anxiety. I want to go to the grocery store to get my food. I don't want to be forced to grow it in my back yard.
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RE: What Goes Down Must Come Up! REALLY? - 10/11/2008 12:00:06 PM
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Walker311
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I'm no expert on The 1929 Great Depression and I know that all the pundits are comparing this to that time but it seems to me, our present situation has the propensity to be much worse. I blame it all on the lending institutions who made bad decisions which is no different than a Worldcom cooking the books. The big dogs raking in millions as they lead their companies down the toilets has been the way of this new millenia and they have learned nothing from other failed companies.
I don't think hitting bottom is going to reset everything or a complete sell off will present new oportunities.
Time is the answer. Isn't it always?
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RE: What Goes Down Must Come Up! REALLY? - 10/11/2008 1:12:37 PM
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backrowbaptist
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quote:
ORIGINAL: Walker311
I blame it all on the lending institutions who made bad decisions which is no different than a Worldcom cooking the books. The big dogs raking in millions as they lead their companies down the toilets has been the way of this new millenia and they have learned nothing from other failed companies.
Why would you let congress, not to mention your neighbors who bought houses they couldn't afford, off the hook?
As for us, we're in good shape. No debt on two properties, a small mortgage on another one, plus a good ammount of savings. The only thing worrying me is that this has all hit while we're in the middle of a major re-model on one of our houses.
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Any of this gettin' through to you, son?
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RE: What Goes Down Must Come Up! REALLY? - 10/11/2008 1:23:46 PM
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Walker311
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quote:
Why would you let congress, not to mention your neighbors who bought houses they couldn't afford, off the hook?
True!
However, we are hansel and grettle while they are witches dangling candy before our eyes. Now, we are in the oven and it is just now starting to warm up.
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RE: What Goes Down Must Come Up! REALLY? - 10/12/2008 9:09:17 AM
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Grace-N-Mercy
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What are you doing about it... right now? Right now, I'm just watching. My job seems fairly secure. They tried to make cuts earlier this year, but the communities became outraged and the state made cuts elsewhere. But I'm also watching my parents anxiety go up over their 401k. Dad's company has always taken very good care of him and God has always been good, so we're trying to stay upbeat.
Are you seriously making plans to protect life as you know it or is it a "wait and see" game with you?
Right now, it's just wait and see. I have a few things in mind that I could do if times get desperate, but until then I continue to work and go to school. Education is going to be key as the economy recovers. I should graduate shortly after my dad retires, then I can start making more money should I have to support them more.
What tips would you like to share that could be helpful to many who are losing sleep over this?
Pray for peace, and take care of yourself.
_____________________________
<-- When did Hollywood go from classy to 'cheap & easy'?
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RE: What Goes Down Must Come Up! REALLY? - 10/12/2008 6:27:57 PM
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blessedinnyc
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What are you doing about it... right now?
Preparing for grad school, and making sure I have enough cash in the bank.
Are you seriously making plans to protect life as you know it or is it a "wait and see" game with you?
Define protect life as I know it. I work at a bank; layoffs in economic downturns are normal, and I wouldn't be surprised to get laid off. Such is life.
What tips would you like to share that could be helpful to many who are losing sleep over this?
God's in control. The people who loved you last week still love you. And when the depression hits full tilt, I'll give you half off at my Sider and Appuls stand.
In all seriousness, though, the country's in better shape than it was in 1929. Yes, we've had a lot of borrowing- but not nearly as much in the '20s. In particular, corporate balance sheets are in better shape, consumers haven't borrowed quite as much relative to their income, and we have a fiat currency along with a lot of infrastructure to repair and an oil monkey to get off our backs (read: nuclear and wind).
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RE: What Goes Down Must Come Up! REALLY? - 10/12/2008 6:52:48 PM
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rgsoundguy
Posts: 396
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From: Pottstown, PA
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quote:
ORIGINAL: JimboFletch
At long last all those Y2K provisions and shelters will be of some use!
As I mentioned in another thread, I'm not in a panic. I paid my mortgage off (early) in 2006, I have no credit card debt, my cars are paid off (with not too high mileage), and I have about 4 months pay in the bank. My job seems as solid as I could hope for. My 401K is battered, but, as pointed out, the market will eventually recover - some time.
Man do I envy you! But I'm working those baby steps and one day I will be there myself. I'm not worried either even with my tremendous debt that I carry now. The market is cyclical, and I do believe it will eventually bounce back. Now I think is the best time to be contributing to an IRA or 401k.
_____________________________
Albert Einstein said that insanity is doing the same thing over and over again and expecting different results. That convinces me that our nation is insane because we continually elect republicans and democrats expecting change and get none.
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RE: What Goes Down Must Come Up! REALLY? - 10/13/2008 4:58:01 PM
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Walker311
Posts: 1341
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What Goes Down Must Come Up! REALLY?
Ok! No one seemed to pick up on the title which is in fact a reverse of the saying "what goes up must come down".
We all have now heard the news of the rebound in the stock market today but I believe that we can expect that even if we see a continued surge each day this week, we will not see our 401k's and investments rebound to what they were before that great economic debacle of 2008.
Why? Call it a gut feeling.
We have no choice except to cut our losses and get back in the game.
I actually saw this coming several months ago and changed my 401k to a more stable fund and learned that during this crisis, it made no difference. It's
not that big even though I have contributed to it for years and I can't imagine how those close to retirement are feeling at this point.
There are many who have much larger 401k's and nesteggs than I. Now, they are probably faced with working longer than they had planned just to see if their investments could rebound. What if next year, it is twice as bad as what we have just seen?
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RE: What Goes Down Must Come Up! REALLY? - 10/13/2008 5:07:13 PM
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rcjames
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From: Oklahoma
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The market definately went up today; nearly a thousand points (double the old record).
Day traders must think they have already died and went to Heaven with all this fluctuation.
Thanks
RC
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Read the first chapter of my latest book here;
http://www.deliveranceofsara.com
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RE: What Goes Down Must Come Up! REALLY? - 10/13/2008 5:10:39 PM
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GroupW
Posts: 2863
Joined: 11/16/2007
From: Up in the hills of Colorado (very BIG hills...)
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quote:
ORIGINAL: SonInMe1
Its a presdiential election year. Doom and gloom is the norm.
Wait a few weeks after the election and solutions will come out of the cupboard.
Fear not.
The business I work in is somewhat an indicator of the economy....I print tickets.
There's a funny bit of true wisdom in that answer - no matter which party wins, 51% of the population feels better afterward.
_____________________________
“For every problem, there is a solution that is simple, elegant and wrong.” -H.L. Mencken
"Most people would rather die than think; in fact, they do so." -Bertrand Russell
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RE: What Goes Down Must Come Up! REALLY? - 10/13/2008 5:11:54 PM
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GroupW
Posts: 2863
Joined: 11/16/2007
From: Up in the hills of Colorado (very BIG hills...)
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quote:
ORIGINAL: rcjames
The market definately went up today; nearly a thousand points (double the old record).
Day traders must think they have already died and went to Heaven with all this fluctuation.
Thanks
RC
LOL - the good ones, anyway. The not-so-good one's account for all the broken windows in the high-rises downtown.
_____________________________
“For every problem, there is a solution that is simple, elegant and wrong.” -H.L. Mencken
"Most people would rather die than think; in fact, they do so." -Bertrand Russell
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