Will the economic collapse take you with it?

[Grandpa Frank]

Looks like I picked a bad time to change jobs.With the economic news being all doom & gloom, companies are laying off, not hireing. My wifes 401K retirement has lost thousands with the stock market dive. It seems like the US is speeding towards a long and hard recession if you believe the news.
How are things sounding in your country? Have you been affected yet? What are the chances your job might disappear in the next few weeks? Do you have a parachute plan if the economic ground falls out from under your feet? Are you doing anything to save more and spend less? Are you very worried about things or not worried a bit? What are your thoughts about todays economy?

Uncle Frank

:bikkuri::?

 

[tada]

It worries me quite a bit. I'm worried that I'll have nothing left because of a combination of stocks failing and the dollar going in freefall, which would make it that much harder to move to Japan, since my money would be worthless. If a dollar was suddenly only worth 10 yen, I'd have that much less savings and that much less money to supplement me and find a job. I'd be slightly peeved even if it fell to 50 yen; I'd essentially have half as much money.

The only thing I do myself is whenever I travel to somewhere, I do not convert my money back into USD. My parents thought I was stupid for keeping money in CAD when I was dragged on a family vacation to Whistler, Canada in 2005. At that point, $1 USD was about $1.25 CAD. Now they're almost equal. Who's stupid now?

I also have kept about 25,000 yen from my last trip to Japan. If the dollar does completely implode, I at least have that to hold me over in Japan.

 

[Kinsao]

How are things sounding in your country?

Things are not looking too good in the UK either.

Have you been affected yet?

I'm affected on the most basic level - the prices of everything going up. This hits me hardest at the moment in terms of petrol, because I am not used to having a car - I've lived 7 years independently without one, now I suddenly have one. Or rather my partner does, but he has lost his benefits due to marrying so cannot always afford to put petrol in the tank.
Also the prices of basic foods going up has affected me. And I dread to think what the winter fuel bill is going to look like. (I have gas and electricity.) I am feeling the pinch more than in usual circumstances because my partner has moved in with me, which would have increased bills slightly anyway.
My wage looks quite good on paper, but in 'real terms' it's coming to mean less and less. I'm 'struggling' about as much now as when I first left uni and got my first 'proper' job 7 years ago. Perhaps more so.

What are the chances your job might disappear in the next few weeks?

I don't want to tempt fate but my employers are pretty good at transparency, and there isn't anything in the breeze at the moment about redundancies. I don't work in the financial sector or in property, so economic downturns do affect us, but not as much.

Do you have a parachute plan if the economic ground falls out from under your feet?

I wish I had. If I lost my job, then I guess I wouldn't get housing benefit because we're in a 2-bedroomed place and for a couple they'd probably say we only need one bedroom. So what would probably happen is we would have to move house to a smaller place damn quickly (within a month) and spend a lot of time doing paperwork for benefits (~_~) and I'd just spend every spare minute searching for jobs.
State handouts are my only possible 'parachute plan'.

Are you doing anything to save more and spend less?

I haven't got any savings despite all those years working. I was saving up during that time for a 'rainy' day, and eventually I had almost two thousand, but I spent all that on our wedding earlier this year. To my mind, that's what savings are *for* - saving up for an occasion when you need the money, so I have no problem with that at all. And we did everything on a *really* tight budget, limiting ourselves exactly to the money we had, rather than going into debt.
Several kind, generous people gave us money as a wedding gift, so we were able to actually put some money back into the 'pot', which was great. However, what we have would only last us about a month - including rent and bills - if we had no income from any other source. We have no savings that we could live off or invest in anything.

Are you very worried about things or not worried a bit? What are your thoughts about todays economy?

Despite my doom and gloom comments I think I'm actually pretty lucky. Mainly because I don't have any debts or a mortgage. So basically with my finances, 'what you see is what you get' - i.e. I have an income, I have outgoings, and it's pretty clear when one is exceeding the other, and what margins I've got to play with. Yeah, things are getting tight and I can't pretend I'm happy about that, but I'm also pretty confident that we'll be able to ride this one out. I'm damnly glad I never got a student loan...

 

[Moddex]

I think the other alternative I myself see as beneficial as well as an "effective" parachute plan would be joining the military. There's a lot of downsides, I know, but really, it's becoming much of today's young adult alternative to working minimum wage or fighting tooth and nail for a mediocre job you couldn't afford a small home with. A lot of folks near and above my age (19) are having to return home to their families simply because we are unable to support ourselves with the bare minimum in job availability here (Florida). I'm not sure how bad it is north wise or beyond this country (because frankly, I'm uninformed), but from just what I've read, the issue is hitting everywhere for the most part.

 

[Tsuyoiko]

Things are more expensive here now, no doubt about that. Fuel and grocery bills have definitely gone up, but not so much that I feel like I've got to cut back. Although, I do have to plan ahead for a long trip because petrol costs so much now.

I'm not particularly worried though, because I've always been very careful. I earn a lot less than the UK average wage, but I have a fairly ascetic lifestyle - I don't go on holiday or socialise, I don't buy expensive stuff. I just have my internet, satellite TV, my games consoles and the occasional meal out. The rest of my spare money goes into savings. I paid off my mortgage two years ago and I always keep at least one year's salary in a savings account, so I have my house and enough money to tide me over if the worst should happen.

I just had my contract made permanent three months ago, after two years on fixed term contracts, so it seems unlikely that I'll lose my job any time soon. They are asking for voluntary redundancies and early retirement where I work, but since they only just made me permanent I'm assuming I'll be OK.

 

[Shineko]

Despite of having moved from one country to another one, there were some problems in the beginning like there always are, I think I am doing rather fine. After all, I have gotten all the stuff needed for the daily life, no need to buy expensive stuff like a washing machine. It took me a while to get a job, as the first job I would have gotten was destroyed by the delay caused for me to get my crime record from Japan.

Anyway, I got my a job and I am living very cheaply, so I can save up most of my money, or use it if I feel like it. Also where I work the salaries were raised for everyone, so I had a rather good time joining the group.

I have not seen food prices or anything else getting more expensive, but that might be just because I until end of May I lived in a different country.

 

[Kinsao]

OMG Tsuyoiko! I can't imagine having anything like a whole year's salary in savings! That would be an unachievable dream for me (well maybe I get there when I'm about 60 ¬_¬) even though I don't spend money on anything much, I don't even have a TV.

 

[Pachipro]

I've done my best to make sure it does not take me with it. Being a truck driver, my job is secure and if I lose my job than my company, with over 50,000 employees, goes bankrupt. Besides there will always be a need for drivers. Still I will survive as like Tsuyoiko, I have no debt, own my house outright and have positioned myself for a pending collapse which I see coming within the next year or two with gold and silver and their related shares. The only thing I may lose is my 401k which I cannot touch anyway without losing at least half of it. With the economy the way it it is, it may be cheaper, in the long run to take the 50% hit.

I paid off my mortgage two years ago and I always keep at least one year's salary in a savings account, so I have my house and enough money to tide me over if the worst should happen.

Very good for you Tsuyoiko. If the worst does indeed happen, your money may be worth zero, or far less, much like the confederate currency of the South during the civil war here in the US. If I were you I would at least get half of those savings into hard assets like gold and/or silver or their related shares as they will never be worth zero even if an economy collapses. If you do purchase these metals, make sure you receive them and have them in hand as you can always pout them in a safe deposit box at a bank. Do not trust any ETF's as that is only paper. Also, don't trust a bank to hold them for you unless you know the solvency of that bank.

Silver is probably the best bet for most people as 7 months ago it was US$21/oz. Today it is about US$12/oz and it is predicted to triple in the future.

ﾂ"In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of valueﾂ….
ﾂ….(Gold) stands as a protector of property rights.ﾂ"

Also, have hard cash on hand in the case of "bank holidays".

Remember, in a country with a centralized bank, all money is fiat currency with nothing to back it up. They say gold backs a nations currency, but today that is probably more false than true. Money is whatever they say it is and they do not have to pay you back if they do not want to or decide not to.

Also, keep a sharp eye on Iceland as they are on the verge of declaring bankruptcy. If they do declare bankruptcy, it will be interesting to see what becomes of the peoples' savings and such. Will there be nothing there? Will it be worth far less than what it was last week? Only time will tell.

As Iceland is a small country, they may be the "test case" for a national bankruptcy. If it suceeds with little fallout from the people look for the dominoes to fall throughout Europe as this derivative and Credit Default Swap (CDS) gets worse when the real truth gets out.

Another good buy is Swiss francs as that is where the worlds wealthy elite, including the scum and dictators have their savings. It is safe. Is it not any wonder why throughout the centuries and World Wars, Switzerland has always been neutral? It's because that's where the world puts their money. Switzerland, by agreement has always been "off limits" no matter what happens. Very safe.

From here on out, money will be worth less and less because of inflation and there is a massive push going on right now for control of the world's banking institutions and money supply. Just look at the news. Italy's banks are closed until Monday. Look for "bank holidays" in the coming weeks and months where no one will be able to access their own money. A major grab is underway and it is the largest transfer of welath from the working class to the elites in history.

Save yourself and do not trust banks as it will only get worse.

Good luck!

 

[Nall-ohki]

I'm a game developer in California, and generally I'm doing fine. The game industry is especially good in this respect: when the economy turns crappy, we generally do even better (people need cheap outlets, and for entertainment/hours, games have an incredibly good cost ratio).

However, I have been saving for the last 4 years to go to Grad School, and now I'm in a bit of a pickle. I've been shortlisted for the MEXT scholarship, and I've been making backup plans, but if the scholarship falls through, I could be in a tough situation.

All in all, it's a really crappy time for this to happen.

 

[alantin]

I have not seen food prices or anything else getting more expensive, but that might be just because I until end of May I lived in a different country.

Well.. They have gone up here too and I really can feel everything getting more expensive!

I'm still studying and in about a year I'll graduate and do my civil service and after that I'll probably study some more and since studying in Finland is free, I'm not really worried.
I have some study loan and I'm hoping to be able to work after graduation to pay that back and save some money so that I don't have to take loan when I continue studying but I'll have to see what the situation is next fall..

All in all, I'm not really worried. I'll just have to cope with the student allowance being what it is and the rising food prices.

I also read somewhere that this recession doesn't touch Finland so much, so..

The price of fuel doesn't personally concern me anymore after my car broke down and I'm not gonna get another for a while. I am used to having a car though so it has been a slight shock, but I guess not having one will probably save me enough to get by.

One thing that sucks is the way yen (and US dollar too) is getting more expensive! I'm planning a month's stay in Japan next spring and it seems that everything is gonna be a lot more expensive than the last time!

Last time 1€ was around 160-165 yen and today it's 137 and sinking!
Well.. It has about a half a year to get cheaper again! :auch:

I hope it won't be around 50 by the time I get to move there a bit more permanently in about three or four years..


I don't really know anything about markets so how long can a regression like this last anyway?

 

[Pachipro]

I don't really know anything about markets so how long can a regression like this last anyway?

As long as they want it to last. Japan is still suffering from their collapse in the late 80's/early 90's and, until recentkly were in a period of deflation for almost 20 years. I feel this one will be a long one as they rearrange the worlds financial systems to their favor.

 

[Gackt21]

How are things sounding in your country?
Have you been affected yet?
Do you have a parachute plan if the economic ground falls out from under your feet?
Are you doing anything to save more and spend less?
Are you very worried about things or not worried a bit?
What are your thoughts about todays economy?

How are things sounding in my country?​

The dow is falling again today. Credit is frozen and no loans can be made. The government also has taken over ownership of some of the banks.

Have you been affected yet?​

We are starting to be affected but not as much as others might be. We can barely afford food as it is.

Do I have a parachute plan if the economic ground falls out from under my feet?​

My husband found some website that could help but I can't remember the name of it. It said something about storing up food and supplies. Make sure to have all meds too.

Are you doing anything to save more and spend less? ​

We don't have the money in the first place to save.

Are you very worried about things or not worried a bit? ​

I am accually scared about what is happening that it bothers me greatly.

What are your thoughts about todays economy?​

We have a great mess with our economy because of the liberals in Washington.

 

[nice gaijin]

It's like watching Rome burn.

 

[tada]

What are your thoughts about todays economy?​

We have a great mess with our economy because of the liberals in Washington.

Yeah. Because it really is the liberals' fault. Uh-huh. The conservatives didn't have anything to do with this.

 

[Gackt21]

Yeah. Because it really is the liberals' fault. Uh-huh. The conservatives didn't have anything to do with this.

We are trying to let the markets recover on their own without a bail out that will do nothing. Just watch and wait. They are already recovering without the bail out in order yet. The capital in Washington has not yet put the money into the market yet.

 

[vegitagojita]

Where I work we have just completed the third wave of lay-offs. So far I am safe except that I got moved to another department and have to work nights because my workforce on days got reduced to almost nothing.

Gas where I live in $2.79 a gallon now and it seems to be going down still. I am sure that it will continue to decrease until the election and then shoot right back up again.

My wife is a stay-at-home mother and I provide for her and my 3 kids. I need a second job and have been having a real hard time finding one. I am currently looking for seasonal jobs that need help for the holidays just so that I can afford to pay my bills.

 

[ArmandV]

Pfft! It already took me with it. I got laid off last November from my insurance claims adjusting job with a TPA (third party administrator).

It was explained to me that as we handled claims for several non-standard insurers (with minimal limits auto policies), our company received revenue by receiving a percentage of the premiums these carriers received.

When the housing foreclosures started happening, people cut back on different expenses and concentrated on putting food on the table (even though in California it is illegal to drive without liability insurance). As these carriers received less premium money, so did we. We had lay-offs stretching over months and it was my turn in November. My supervisor was laid off in March and our claims manager was laid off last month.

There's a lot of adjusters out of work right now in California and the offerings are very few. Since I used to work in armed security patrol (during a previous lay off), I had to bite the bullet and go back into it again (at about half the annual salary I received as an adjuster, but still better than unemployment). Luckily, I maintained my permits so it was easy to get a security job. Now I'm working as a field supervisor on swing shift so I can keep my mornings open for insurance job interviews. Good thing I had that parachute!

I am paying my bills, fortunately, but it screwed up my plans to go to Japan this year.

Thanks to Congessman Barney Frank, Senator Christopher Dodd, Franklin Raines, Jim Johnson and Jaime Gorelick of Fannie Mae and Freddie Mac for this mess. Yes, this was all caused by liberals.

 

[Amigo]

My country's economy has been always bad since we changed the politic party 5 years ago. So we don't feel anything special to it.
Our former president Aznar was very good at economic relations, whereas this one is bankrupting even the Social Security.

 

[Grandpa Frank]

I gave up !

I decided it was just the wrong time to find a new type of job. After 6 weeks of sitting home and not getting 1 single interview, I'm back doing home care nursing again. So far I only have 16 hours a week, but hopefully I'll get another 8 hours soon. I had a cash reserve of $600US when I started my job hunt and I'm down to my last hundred; be nice to start getting a paycheck again. Gas for the car has come way down from around $4.65 last summer to $2.89, which helps a lot. The upcoming election news is drowning out the economic news right now. It probably won't be until a few months after the election before we know if the recession is long term or not.

Uncle Frank

☝

 

[Pachipro]

Well good for you Frank. Now is definitely NOT a good time to be seeking out a different line of employment especially at our age unless you can drive a truck or something that's needed regardless of age.

From what I have been reading, jobs in the health care industry are recession proof especially now that the "baby boomers" are starting to retire and, whether they want to admit it or not, the US is ion a full blown recession right now and it will only get worse before it gets better.

In the AARP's recent magazine, they list health care as the most sought after jobs today with the most openings. Have you ever thought about using your VA benefits to attend nursing school or getting certified in your field. I believe they might still be available from what I've read on www.military.com They have a great listing on careers and all. Good luck.

 

[ArmandV]

I decided it was just the wrong time to find a new type of job. After 6 weeks of sitting home and not getting 1 single interview, I'm back doing home care nursing again. ☝

Anything that puts food on the table and pays your bills is the way to go.

I know what you mean about not getting interviews. I may get one out of fifteen resume submissions, if I'm lucky.

Well good for you Frank. Now is definitely NOT a good time to be seeking out a different line of employment especially at our age unless you can drive a truck or something that's needed regardless of age.
From what I have been reading, jobs in the health care industry are recession proof especially now that the "baby boomers" are starting to retire and, whether they want to admit it or not, the US is ion a full blown recession right now and it will only get worse before it gets better.
In the AARP's recent magazine, they list health care as the most sought after jobs today with the most openings. Have you ever thought about using your VA benefits to attend nursing school or getting certified in your field. I believe they might still be available from what I've read on www.military.com They have a great listing on careers and all. Good luck.

I've also read that the medical industry seems to be booming (i.e., more jobs) than the rest of the economy.

If I were about 10-12 years older, I'd just retire. I am fearful that my 401k and IRA took hits this past month.

 

[uchimizu]

Well, here in France, certainly the economic outlook is worsening. Now, it also means that you can get discounts, cheaper housing and the like. So if I manage to stick to my job, I may actually be better off than a few years ago even if my income stays the same, as every Euro spent will go further. I may however have to work harder.

On the other hand, if I lose my job, I will be quite worse off, even if I will get significant unemployment benefits. However, in France, it is far easier to find another job when you have some experience, so I am confident I could find something decent.

I expect people who will gratuate next year to suffer the most.

I have no special worries about retirement, as we have a public retirement system where people who work directly pay the pensions of the elderlies. It also seems our government is doing quite its best to try to balance it, by making people work later so that the public pension system is still afloat.