Has the millenium ruined you financially?

[Lindsey23]

here was an article in Time Magazine last year, talking aout how the first dacade of the millenium, was the worst ever, in America

How has the millenium been for you, especially financially? Has it been a horrible decade for you too, regarding your personal financial situation? Or has it been good for you? Also, do you think that the second decade of the the millenium, will bring improvements in your financial situation? And if so, why?

[disneysteve]

Our financial situation is just fine. We continue to live below our means and save aggressively for the future. Yes, some of our investments didn't perform very well for a stretch of time, but other investments did better so it balanced out. And the past few years, we've recovered pretty much all that we had lost.

[GREENBACK]

I think the only people who really got hurt the last decade are those with little understanding of basic investment philosophy(blame that on whomever you wish). I did just fine the last decade. I took the ups and downs with no major problems and am better than ever now.

Who know's what the next decade will bring but maybe it will bring wiser investors with it.

[LuckyRobin]

No. We've done quite well actually with DH advancing up the ranks in his career and increasing income. If it hadn't been for massive medical debt we'd be a lot further ahead in the game with retirement and basic savings, but I can't blame medical stuff on the millenium even if it happened in this one. It could have happened in the last one just as easily.

[snafu]

I've done the taxes and they prove we exceeded our 10 year goal. Our investments took a serious hit 9/09 - 03/10 and all but one has recovered. Our home is still evaluated lower than the all time high evaluation 07/08 but it is $ !!0,000. higher than the purchase price [no mortgage]. There are two units for sale in our complex which are listed at the price we saw back in the summer of 2008 but real estate is still lagging in our city.

[bennkar]

Hmmm, beginning of the decade my net worth was maybe $50k. Now after a decade where I was unemployed for more than a year, and got divorced and paid my wife $40k to have her go on her way, I have over $200k in retirement accounts, another $20k in DRIPs, another $10k in savings, $20k in CDs, and a $300k house about three payments from being mortgage free. Soooo, while I think its been a hard decade, its been a great one financially for me.

[rj.phila]

been great, personally. 2010 ended up being a banner year for me.

[feh]

Definitely didn't ruin us, because we save a lot, but it was a bummer to see such measly gains over a 10 year period like that.

If the historical returns (8% for the S&P) had taken place, I may have been retired by now...

[Shewillbemine]

I have a house now, zero credit card debt, and financially solvent vs 9 years ago when I just graduate from college. I also purchased my house at a much lower price than it used to be listed/valued for.

Sure, I'm not driving the fancy cars I used to drive when I was younger and dumber. But it sure is nice to buy whatever I want whenever I want (cash). Plus we now own two cars that will last us decades.

[Frugal]

Yes, it has been a horrible decade financially for most people I know, compared to how they were doing in the '80s and '90s. I think this common consensus holds. Unless someone landed a really good job, most are not that much better now than in the 90s. I know I am not, hoenstly...

[ua_guy]

I'll take the hook and say 'yes'.

I graduated college mid-2005 and entered the workforce as an insurance adjuster with AIG. The salary was meager, and the signs were written all over the wall that the financial market was wearing like a bad tire.

With a steady income and plenty apartment living long behind me, I thought I was ready to buy a home. Income was never the worry, but immediacy was. I didn't have enough saved for a downpayment and an emergency fund--just an emergency fund. My partner and I bought a house at the height of the market because we thought the wave would continue to swell for at least the next 3-4 years. We moved in April 2006, and by mid-2007, it was apparent that this was a bad move. The market was beginning to show bad signs, and it was already too late for us to get out of our house, which was falling apart and turning into the 'money pit.'

Fast forward 3 years, 2 refinances - One to get us out of our 'fly-by-night' ARM, and the 2nd refi to lock in super-low interest rates on a 30y fixed. We've sunk untold sums of money into this house, often foregoing contributions to retirement and general investment and emergency funds for immediate home repairs.

It's now 2011, I'm making more than ever and am employed in a very stable, lucrative industry. It's got the makings of 'good future' all over it, but first I need to dump the house. I'm 28 years old and currently contribute about 15% of my income to a retirement fund, another 10% to savings, and the rest is used for living and fun.

Had I purchased wisely (or not at all) I'd be in an EXCELLENT position, ready to grab the market by its neck and buy at record-low rates and super deals in the real-estate market. I'd also have a lot more assets. For now, though, I'd consider myself a C average when it comes to 'success' in the first millenium, having only been part of the steadily employed, 'full time' workforce for only 4 years of it.