Are you worried about the impact of the financial crisis on you?

[meow1981]

Most of us seemed totally confused about the impact of the financial crisis. Would like all of us to chat and discuss together what personal worries you have about the crisis, and where you go to find answers?

Together we thrive!

[ScrimpAndSave]

Honestly, I am in a pretty sweet spot. I make a good salary ($50,000 and I am 27). My 5 year contract moves me from $50,000-$85,000 by 2012. I am marrying a lawyer in Sept. 2009. I am living at home with my father till January 2010 and paying him low rent. I am able to currently save about 85% of my income.

My main concern is buying a house in 2010...should I buy as much as I can possibly afford? Should I put over 20% down to make my payments small (this was my initial plan)? Should I buy modestly and put little down because of the real estate market...fearing that it would lose its value?

When we do buy in 2010, it is going to be a very long term house...because we can afford it. I hope to put about $70,000 on a house that is around $275,000...and stay there for at LEAST 10-15 yrs.

[ScrimpAndSave]

Originally Posted by ScrimpAndSave

Honestly, I am in a pretty sweet spot. I make a good salary ($50,000 and I am 27). My 5 year contract moves me from $50,000-$85,000 by 2012. I am marrying a lawyer in Sept. 2009. I am living at home with my father till January 2010 and paying him low rent. I am able to currently save about 85% of my income.

My main concern is buying a house in 2010...should I buy as much as I can possibly afford? Should I put over 20% down to make my payments small (this was my initial plan)? Should I buy modestly and put little down because of the real estate market...fearing that it would lose its value?

When we do buy in 2010, it is going to be a very long term house...because we can afford it. I hope to put about $70,000 on a house that is around $275,000...and stay there for at LEAST 10-15 yrs.

So no - no major concerns here. I just feel very, very fortunate.

[momof1in150]

No real worries for us other the increase cost of our utilities. We heat with oil and the prices are high right now. My DH works for Uncle Sam and there is a law on the books that keeps the War College open so he will always have a job. While he could make more in the private sector he wouldn't have the job security.

[disneysteve]

No major concerns here. We live below our means and save over 20% of our gross income. Obviously, I don't like what is happening to the size of our nest egg, but I know it is a temporary problem and I am 18 years or so from retirement. I expect it to recover nicely between now and then.

[Ima saver]

I am concerned. My husband is a builder and there is NO building going on right now and hundreds of new homes are just sitting for sale in our area. I hate to use our savings to live on, but if it comes to that, that is what we will have to do.

[maat55]

Being debtfree and living on a tight budget with a good EF, I'm not real worried, but my business is prone to slow periods during recessions. A long recession would be uncomfortable, at least. With I and my wife bringing in something, we can survive quite a while. I'm glad I'm debtfree.

[Snave]

I really have no concerns eaither at this point. My investments are sickening to look at, but other than that, I am not concerned. We live below our means, so increases in food, gas, utilities, etc... are not fun, but are not killing us. As for debt, we only have our home. So, I don't plan on having to refinance or anything like that, so no worries about "stricter" lending rules. Our credit score is goodanyway, but really doesn't matter b/c we pay cash for nearly everything already.

[Cassandra]

What really concerns me is the budget cuts my university is experiencing. At the end of this semester, there will be no Math Center, Career Center, and Writing Center. There are a few tutoring places still open on campus, but they have started charging you for tutoring by the hour. Tuition spiked for the fall semester and it's going to go up again either for spring or next fall. This isn't entirely bad though. Because the Math Center is being cancelled, I've had several people ask me if I tutor and I know there will be more people needing tutoring next semester for math.

Other than that, I'm not worried. But I don't think I'm one of the people most likely to be affected by the economy. I don't have any stock investments and my bank is doing really well and my job is pretty secure.

[boosami]

I am concerned, but not as much as some.

I have some rental properties, and it pains me to watch them go down in value while the property taxes go up. Additionally, the recession has forced me to lower my rent amounts to get worthwhile tenants.

The good news is that the real estate is only an investment and not my main source of income. I am 26, single, and make a six-figure salary with effectively 100% job security (because of the sector in which I work). So, while I'm annoyed with the economy and market, I'm not worried about my own financial security. I consider myself very lucky because so many others are not as fortunate as I am.

[paladin]

I work in an industry that has been very hard hit by the economic slowdown, and our department is looking at some big changes, which could include layoffs. So yes, we are a bit worried - we do, however, have our expenses planned so that we can live on one income should the need arise, as it did a couple of years ago when I was laid off previously .

[srblanco7]

I have good job security, we live below our means, and I'm 18 years from retirement (hopefully).

That being said, I hate what it's doing to our investment portfolio, especially since I don't have univested cash to take advantage of this buying opportunity.

[Coleroo]

i am concerned, and a wee bit scared. The prospect of going through a "great depression" makes me nervous. Not having food, few jobs, etc.... seeing that on a mass scale is something I do NOT want to have to experience.

On a personal note, my husband works for a utility company - Just like Ima Saver said, there is no building going on here either....and no building means no new utility jobs and it's trickling down to my husband's company. They've already been through a few rounds of layoffs this year....we're just holding tight, hoping they wont cut his crew. We've already experienced one layoff recently (the company i was with left the state in oct 2007) when i was 2 months pregnant, and that's cleared out almost all of our savings.

I'm not worried about our retirement (although seeing my measly 403b drop almost 2,000 in less than a year hurts!!) because we're both just 25. It's the daily living and subistancy that worries me - not just for us, but for my parents and older relatives as well. We already live well below our means, and will be completely debt free (except for a small mortgage) in less than 2 years....and we haven't used credit cards since november 2006....but we're still feeling the crunch, despite that. I just don't want to experience a depression on the scale that my grandparents went through in the '30s.

[Slug]

No real concerns. We live below our means, have 2 paid off cars, and rent while we watch the real estate market crater. Our only debt is student loans. Just continue to max the 401k and Roths and we should be golden when retirement comes in 25-30 years.

[osadg]

I do have concerns, but I'm always concerned!
My husband and I certainly live below our means, and just last year we decided to get ALL of our debts paid off, so in some areas we're not being affected at all. My husband's job is not a concern, but since I work specifically in the financial field it's hitting my employer hard. My concerns aren't neccessarily regarding my personal finances, but I do worry that as our company is being affected more and more, that I may start to feel the pinch. If everyone else is being affected and aren't taking care of their financial woes-then it could have a serious affect on my employer, and thus on me.

[tripods68]

I do in a way even though we feel secure about our jobs. I have friends and relatives that work in the service and financial industry. If the bailout doesn't pass, many of my friends/relatives may not have a job. That could hurt the economy in the long run. Just check your 401(k) statement.

[kork13]

No, but I am concerned for the nation as a whole. Myself, I have a very secure job, and good savings to back me up if something happens. However, much of the nation is kinda freaking out. I'm staying calm, but there are a whole lot of people right now that are not at all. And losing your calm...... tends to lead to poor, hasty decisions....

[asmom]

Yes I'm concerned. I'm steadily employed in a stable field (registered nurse). Similarly my husband is a veteran who works for the post office. But we carry a lot of debt and our savings are very low. I am working to correct the problem on my end but what if something happens in the meantime? This is a very poor position to be in and if we can hold onto our jobs for the next 3 years then we'll be okay but it shouldn't be like this at this stage in our life and with our type of jobs and income. We only have ourselves to blame.


I am also concerned for family and friends who do not have the job security that we have even.

[Cassandra]

Originally Posted by kork13

No, but I am concerned for the nation as a whole. Myself, I have a very secure job, and good savings to back me up if something happens. However, much of the nation is kinda freaking out. I'm staying calm, but there are a whole lot of people right now that are not at all. And losing your calm...... tends to lead to poor, hasty decisions....

I agree. I wonder how much of this could have been and would be avoided if people stayed calm and didn't make decisions so quickly and not thinking things through.

[rennigade]

nope.