Or just don't know. My parents were products of The Great Depression. It stuck with them throughout their lives and was reflected in many ways for me growing up. The cheap dried up shoe leather round steak. Bizarre casseroles eaten at the dinner table. Canned veggies rather than fresh. Fresh was a treat and we got those from my Grandparent's garden. And that was the 1970's. They lived tightly because they grew up in The Great Depression and knew no other way. Don't get me wrong there were moments when they forgot themselves and indulged. We weren't dirt poor, but middle class.
If you do not think this economy will not affect you, you are either stinking rich or foolish. And either candidate will not be able to clean this up. The World and it's leaders do not know what to do about this economy and it is not only the United States.
My retirement in which I still am socking money into is in the shitter in just the matter of a year. I wanted to pull it out two years ago and take the caning on the tax, but we decided to let it ride. I will be lucky to have it somewhat back in 20 yrs when I retire. It will take 10 to 15 yrs for this economy to recover.
Steve and I are lucky in that we were smart enough to not over mortgage this home and not take any of the many equity cash offers given to us over the years. We did not get stupid and said "No Thank-you!" . We actually do have equity. Amazing these days. Instead we brought down our credit debt and lived within our means. We have taken action just this week to prepare for the worst. I am lucky in that Stephen is a smart man and predicted this well over a year ago, but even this gets scary for him. I am also lucky enough to have a career that is in need, however, even where I work, a children's hospital as an RN, they have begun to take measures to find ways to cut our bonuses and raise the cost of our health care as employees.
This will affect us all, reflected in work load, jobs, the grocery store, education and so on. Cash will be important, very important as credit will no longer be readily available. Good luck to us all!
9 comments:
I am afraid Callie is right things are not in a good situation , BUT the worst thing to do is panic. If your home is your home the value is just a few pieces of paper and thats all, IT IS STILL YOUR HOME. If your 401k is down the pan it just means to sit tight and not sell at or near the bottom, it will pick up given time.
I am sure we will all need to tighten our belts over the next few years and change many of our spending habbits but we will be OK.
Just be thankfull we are not from Iceland http://www.businessweek.com/globalbiz/content/oct2008/gb2008109_947306.htm?chan=globalbiz_europe+index+page_top+stories
Who took all the bad things the rest of the western world did and went a few steps further and now the COUNTRY OF ICELAND IS BROKE and having it's assetts siezed
steve
Indeed, you are right. Going to be some tough times ahead. I'm scared, but not panicking. Just using the time I'd be out spending money to clean up the house and take care of what I've got.
Scary times!!
We are not panicing either, however, just getting a bit prepared. Stowing a bit of cash and using credit while we still have it, but only on necessities. Also did a big canned and dried goods food shop and storage, locking gas caps and padlocks on fences!
www.daveramsey.com
I'm telling y'all---- Listen To This Man.
He will teach you how to handle whatever comes your way.
Dave's two favorite sayings?
"Act Your WAGE"
and
"CASH IS KING"
Works for me.... ;)
Callie, the chaining of the paddlock is a good idea to keep someone from dumping unwanted horses on you. I would put one on the goats , someone would eat them. I have people stopping all the time wanting my goats. People will eat them before horses.
My FIL was born in 1922. He has strange indiocyncrasies about food. We used to always catch him eating gravy/drippings out of the bakeware in the kitchen, not wanting to pour it out. He loves to cook and eat, but insists on buying the cheapest/clearance cuts of meat, even though he doesn't have to. He got a Snicker bar for his 14th birthday, his only gift, and made it last for a week, it was such a treat for him.
We are sitting tight. Except for a new stove, which we need because our old one finally died, we aren't making any purchases. Oh, and our 30 year old toilet needs to be replaced!
Yes, good luck to us all.
Right now our job situation is going through some turmoil and major changes, but we're in a better place then we've ever been our married lives.
We paid off our home, our cars, and all of our loans and credit cards.
So now all we have is daily living expenses and emergencies, propane (pellet stove is on our list to get right now...when we can pay cash), and electric (planning on moving into solar next summer) and food (especially hay. yikes).
But I'm grateful that we're doing better than most right now.
People didn't believe it could happen, and many still don't and still keep shopping and filling their homes with cheap junk they don't even need.
Hang in the folks. The ride's just going to get rougher from here on out.
~Lisa
Oh! I forgot to add, there is one thing I will not do in these trying times ahead: Eat Spam.
My parents served up Spam to me in a hundred different ways growing up, and I hated it all.
We also ate cases of tunafish in all sorts weird ways (patties, casseroles galore).
I'd rather just eat rice or noodles if it gets that bad, thank you :P
~Lisa
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