Fun with financial crises

[Malamis]

Given the current British banking situation(and a few other things), I am currently kicking myself for the following reasons:

1. not buying more re-sellable stuff from Ebay America when the pound vs dollar rate was LOL, BUY EVERYTHING in September.
2. Not converting more of my [sarcasm] Fat Stacks of Cash [/sarcasm] into Yen and Euros when exchange rates were something offensive and in both cases I had legitimate, albeit temporary reasons to do so.
3. Not selling my fat stacks of crap on Ebay before the new fee structure came into force ( although admittedly I only got access to a digicam very recently, I could have tried harder)

Given these stimulae, the whole atmosphere of distress and the certainty i'll be moving to or beyond Euroland at some point in July, i've been trying to convert to as spartan a lifestyle as possible in the shortest time available and liquidate my British "assets" to facilitate the move without going into debt (in moving fees and initial setup costs). This entails getting rid of(freecycle) /selling stuff(ebay/ebid) that has been in my household for years, as the place is rented and the only reason to stay here will expire in May. Naturally this is probably the worst possible time to do it in several years.

The background out of the way;

How has the current financial climate affected your lifestyle? What have you changed/been forced to change? Has it affected your long term plans significantly?

I'm interested to hear from international far seers, as my immediate peers are generally more concerned (rightly so) with the short term.

 

[ArmandV]

Meanwhile, in America...

Here's A Dozen Fun Facts About The House Democrats's Massive Spending Bill:

A Dozen Fun Facts About the House Democrats' Massive Spending Bill

 

[maushan3]

Now, I think, is the best time to invest on stocks. They are cheap as hell and the U.S. are smart enouch to get off of this economic crisis. Have fun doing it. It's like gambling, but secure.

Mauricio

 

[ArmandV]

^The talk I've been hearing of late is to invest in gold.

 

[maushan3]

^The talk I've been hearing of late is to invest in gold.

How could I have forgotten about this. Of course. Haven't you people seen the commercials on TV of companies that buy gold and get a huge check for it?

The only bad thing about it is that it is very dangerous to keep gold on a house. As of yet, I don't know of any companies that offer to keep your gold safe.

Mauricio

 

[Remixer]

Forget the Gold.

Only if you would have started buying Gold before the hype about it, roughly 6 months ago, you would have made a substantial profit.

Now, you will make a marginal profit.

But I agree with the assessment to buy stocks of major companies as many are undervalued at this point of time and are bound to pick up at a later stage.

Concerning real estate, I would wait at least one more month, if not two. As far as my contacts have pointed out, prices are still to drop substantially.

It was only this afternoon that I received a distress sale offer for 3 million dirhams (roughly US$ 850 000) for an apartment that just last week had a price tag of 9.2 million dirhams (roughly US$ 2.5 million).

I will be moving on the real estate market soon.




Regarding the question posed by the Thread Starter:

No, the credit crunch and general bullshittery by emotional investors and angsty mothers has not affected my lifestyle whatsoever.

That is mostly due to my clients being governments' ministries and armies and me being a printing machine seller.

Sales in printing machines generally are unaffected by turbulence in the world economy.

Cheers



Remixer

 

[Frontman]

My lifestyle has not changed at all. Being in education, my profession is pretty much immune to the economy. Tough economic times often cause an increase in the number of students for two reasons. First, if a person loses their job, they are often entitled to a government benefit which pays for school tuition. Second, those who have not lost their jobs often take classes to make themselves appear more attractive to their employers.

Living in Japan I can't complain about the recent changes in the currency exchange rate. I get paid in yen, and with the increase in the yen's strength, I have been able to travel and/or purchase items from overseas and save significantly.

I'm not saving any more money than usual, which is both good and bad. The good thing is that my money is going into the economy, and some of that money will return to me in one form or another.

My girlfriend's father owns a large company in Japan, one of the few which is still making a profit. As a way to help the economy, he hired a few hundred people who had been laid off from their regular jobs, letting them work for him part-time for a period of 4 months so they might have time to find a more permanent job.

A healthy economy is a circular system. You have to put your money into it to get anything out of it.

 

[Kinsao]

I don't have any debts or a mortgage, so the current economic situation hasn't affected me apart from prices of some things going up, and I wasn't on the breadline so I'm not suffering too much. However, I am at risk of losing my job within the next couple of months, which would affect me hugely if it was to happen - especially as I now have another person to support. I have almost no savings (due to low salary, not squandering my money on a life of debauchery - how I wish!) so have nothing to fall back on should I be made redundant. I rent privately so if the worst was to happen we may end up moving into council accommodation; not too bad a consequence but of course a house move is pretty disruptive at the best of times.

 

[Malamis]

Living in Japan I can't complain about the recent changes in the currency exchange rate. I get paid in yen, and with the increase in the yen's strength, I have been able to travel and/or purchase items from overseas and save significantly.

I was there six months ago, but didn't capitalise on it. Good show on your efforts.

My girlfriend's father owns a large company in Japan, one of the few which is still making a profit. As a way to help the economy, he hired a few hundred people who had been laid off from their regular jobs, letting them work for him part-time for a period of 4 months so they might have time to find a more permanent job.

And on a grander scale, Fujitsu went and sold its (loss making) HDD division to Toshiba, fobbing off a Samsung attempt for the express purpose of maintaining Japanese jobs, ala IBM in the depression. I'm pretty sure the BS-based British economy could/would never support that sort of genuine commitment to national prosperity.

I rent privately so if the worst was to happen we may end up moving into council accommodation; not too bad a consequence but of course a house move is pretty disruptive at the best of times.

I'd suggest you sign onto the council house provisioner list anyway as :
A.There are probably ten thousand spartans thinking the same thing and in similar situations.
B. Unless England works differently, you're under no obligation to take up what they find you and have a chance to get something genuinely appealing, as opposed to being forced into whatever your equivalent of the Raploch is.

 

[Kinsao]

I'd suggest you sign onto the council house provisioner list anyway

Yeah I am getting on the list, not just thinking about it (just got to get together all the 'evidence' they ask for now! mammoth task! ).

you're under no obligation to take up what they find you and have a chance to get something genuinely appealing, as opposed to being forced into whatever your equivalent of the Raploch is.

You get two refusals and if you refuse a third offer you get bumped right back down the bottom of the list again. On the form you have the option to select any areas you particularly don't want to live in, but to be honest, if you're actually homeless you're not going to be that fussy, right? (And if you still have your privately rented accommodation, getting bumped back down doesn't matter, as you'll gain more points again if you lose your accomm.)

 

[ShadowSpirit]

I've reenlisted in the U.S. military, one of the few careers in America that has any stability during difficult financial times.

I'm fortunate not to have any debt no matter how small. I just incur the standard living and communication expenses (rent, internet, phone.)

As a result of the U.S. recession, I have taken a strong interest for investing in stocks. I have a brokerage account. Trying to anticipate which companies are at rock bottom but aren't at risk of closing business. Theoretically, if the economy builds itself up again, then the median for these stocks will rise as a joint benefit. Hopefully the financial benefits will follow with it. This is a long term outlook however.

I also use online banking for the high interest they offer in savings and CDs.

Finally, I've been keeping my eye on the housing markets. The predictions are that house prices will continue to drop well to the end of 2009. The rate of descent will slow drastically, though still this grants me the time I need to consider my options and be able to buy a house at a bargain price. I should be able to afford one outright without any need for a mortgage. I have to factor in costs of furnishings, repairs, upkeep, and other surplus homeowner costs.

On another note. Investment into gold isn't so much regarding a profit to be made on its exchange rate. It is more about the stability that gold provides for its value during times when confidence fails in the strength of the domestic currency.

 

[ArmandV]

I've reenlisted in the U.S. military, one of the few careers in America that has any stability during difficult financial times.

While that's true about stability, you are forgetting that a Democrat is in the White House and Democrats control both houses of Congress. Past history has shown that they have a tendency to let salaries of our military lag behind inflation, thereby forcing our fighting men and women to get food stamps.

 

[ShadowSpirit]

While that's true about stability, you are forgetting that a Democrat is in the White House and Democrats control both houses of Congress. Past history has shown that they have a tendency to let salaries of our military lag behind inflation, thereby forcing our fighting men and women to get food stamps.

Thanks for your concern. I haven't forgotten the negative influences that Democrats can pose on the military way of life. Lack of funding for support of defense stability, military housing turned into Section 8 (low-income) housing, and lack of base expansion are examples of things that mostly have an impact on the U.S. military in these instances. Yes, I don't expect any leaps or bounds in my base pay to help me keep up with inflation. Though it will hardly have me in line for food stamps.

As for military quality of life and recreation. That in itself might be influenced by the bad economy as the funding for such things are from donated services of the USO, MWR, small groups, and individuals that show support in any little way they selflessly can. Which while on topic, I would like to give my sincerest and strongest gratitude to those who have supported these programs.