What does this economic down turn mean to you in real terms

[jacksonbart]

Ok for me I am still employed, the 401k took a 26% hit, just increased my contribution %, my taxable accounts took a hit as well, doing some home remodel projects with some free cash, I am mentally shook up, but my wife and I have our jobs. How has this downturn hit you personally? Please share what you feel comfortably doing so and I hope all is well. No politics intended, just the truth. God Bless. Cheers!!

[DU73]

although the economy at the moment is not "top notch" like you I still have a job. but i think everyone is feeling or felt the punch one way or another, so it could be a lot worse. Unfortunately I think it will get worse before it gets better. I hope I am wrong I really do...

[JJkizak]

Am retired with CD interest rates tanking from 5.2% to 2.5%.

JJK

[dtel]

Oh God it's going to be really really bad if JB posted a serious post ![:#]

[Speedball]

That's what I was thinking Dtel.....

The wife having been at her job for 30 plus years and me being at a new one for a year and a half things are still fine. We did just take a major job of remodeling her Moms house (inherited house) so we can move into it this summer or fall. Now as long as we both keep our jobs and the price of materials and the occasional contractor does not skyrocket everything will be fine.

Any good and cheap electricians live on the southside of Indy?

[EdmundGTP]

Doesn't mean much so far. My job isn't going anywhere anytime soon, and our business is actually still increasing; pretty sure Im up for a raise soon. The house I purchased this past fall might have taken a marginal hit value-wise but not enough to cause me worry. I have a few dollars in a mutual fund that Im sure has dropped a bit, but not enough to matter at this point. I actually forgot I had it until now. No 401K yet. I'll actually be starting that up very shortly, and start investing while the market's low. Couple friends of mine are getting hit by the present economy, but I think damn near everybody could say that.

[Hifi jim]

I was laid off on 1/8/08 and been without work since. I took the time to have shoulder surgery in August and I'm still recovering. The unemployment extension is just in time and might carry me through till spring when I'll hopefully be back to work. Construction is nearly at a standstill here on Long Island, I'm hoping next year will be better but I'm not too optimistic. []

[tigerwoodKhorns]

Lets see. Las Vegas is ground zero for the melt down and we have been dealing with this since the beginning of 2007.

I was in-house counsel for a major developer and lost a great job over one year ago. They are down from about 200 employees to about 20 right now. I was able to keep them as a client and form my own firm and actually had a decent year in 2008. (Lesson to all, use the Bill Gates strategy and create a need for yourself). I have just had two bad months in a row as I am spending a ton of non-billable time trying to breakout into other areas of law. A big Nevada firm where I used to work just laid off 15 attorneys, many who are friends, so going back to a firm is not an option, not that I really want to as it is a horrible lifestyle.

My wife worked in a real estate firm. She left and joined the attorney general's office as she saw the writing on the wall. But we have a huge budget crisis in Nevada and state employees may have to take a 6% decrease in pay. I'm just glad that they are not laying off...yet.

I used to be an engineer and have many friends in that profession. They are all either out of work or near being out of work with no real prospects in sight. Other industries are also failing here. I have many friends who own businesses and everyone is struggling to get by.

My house is worth about 1/2 of what it was formerly worth. Our land investments are gone. Stocks, and IRA are way down.

In the end I feel fortunate that I am able to support myself. A far cry from years past when we never really felt economic downturns here.

However, this all may be an opportunity. I am entering into business relationships and pursuing various opportunities and I like that aspect. Its just rolling with the punches as things are changing very quickly and if you are not nimble with your business you will get squashed.

[Saturn5]

I'm a network engineer at a bank datacenter, and while there's no immediate plans for layoffs, it hangs like a spectre over the entire department. I'm fortunate that my job is hands on, so it can't be outsourced, but who's to say they won't decide to tighten the belt and cut me out and spread my workload over the rest of the team?

My home value hasn't gone down too much, if any. I've been lucky to live in an area that missed most of the real estate bubble inflated prices, so the down side has been more gentle as well. My 401k took a pounding, but with my employer match, I really haven't lost any of "my" money - but the employer match was pretty much gone. (I have to rationalize it that way when I look at my statements) I've got about 20 years until retirement, and this latest economic turn has pretty much ruled out early retirement. It'll take 5-7 years just for the economy to recover.

On the up side, I've been staying at home a lot and going out very little, so I used that as an excuse to invest in some more home theater equipment. [H]

[colterphoto1]

out of work since June last year. unemployment about run out. savings tanking. depression killing me.

[sunburnwilly]

On the up side, I've been staying at home a lot and going out very little, so I used that as an excuse to invest in some more home theater equipment.

Pretty much the same for me . I am in the food service biz and while it's not recession proof it is recession resistant . Been employed at one of Charlestons hot spots for allmost 13 years and have only one employee with a longer tenure there . Bottom line is that I still get my 5 nights and do allright allthough the folks at the bottom of the schedule are hardly working . Senority has it's advantages .

As far as my quote of Satun5's post . Heck , I'm 43 and am over the bar scene . The last thing I want to do after leaving my busy place of employement is go to someplace similar . I'm ready to go home and chill .

So with that in mind in the last few months I have purchased a 60" Pioneer plasma , allmost 50 blu-ray discs and my very first receiver a Pioneer Elite VSX-92TXH . Just doing my part to stimulate the economy and myself at the same time [] .

[Batmans Robin]

out of work since June last year. unemployment about run out. savings tanking. depression killing me.

Hope and change.

[germerikan]

This is hitting the world.

Here we are facing mass layoffs. Auto industry getting hit worse than others. Since Nov. 2008 I am a Freelance tech for digital printers and am keeping above water. Could be better could be worse. We´ll probably batten down the hatches and sit it out. Last year we saved for remodeling our entranceway in the appartment after that the entire apt is done and we will be trying to fatten up the savings.

2 weeks ago a 40 year old single unemployed male hit the lottery for 17,500,000.00€ (alot of 0´s) so there is hope. [Y]

[Johnlw7]

The local school district here for whom we have done paint contracting work for the last twenty years has finally let us go.These were good jobs almost no bid type work,we made decent money but were always fair and their when they needed us.They have replaced us with a company that does everything related to the building trades.It has been hard on me,but telling the crew these jobs are gone and they ain't coming back is harder.Hell i guess i needed a break my body is shot anyway.I will survive someway though.Plan on opening a Vintage stereo and record shop soon,as well as doing custom home theater work.

[RT FAN]

Like most folks the 401K is down 35% tracking the S&P, house is down about the same. My wife and I live pretty close to the vest, cars are paid off. The economic horizon is pretty bleak from where I sit. B of A and Citi both trading under $5 a share is not the sign of a healthy economy. I would recommend to anyone here on the forums to pay down the credit cards and try to build up your savings to at least cover 6 month's worth of expenses.

[colterphoto1]

yeah but living in NYC- how cool is that!

[Groomlakearea51]

We don't eat out any more... at all... Not that Okeechobee is a "Cordon Bleu" place to start with.

My income is stable but the rate of inflation and cost of living means that I make less than I did in previous years. House and property is almost paid off and my retirement pay-out in 2011 is guaranteed by the state (Florida's retirement system is considered as financially stable). My wife's 401 took a hit, but apparently not that bad.

We just will not buy anything major for awhile if we can avoid it. We made sure we have sufficient contingency funds for major appliance replacements and both vehicles are covered by extended factory warranties for the next three years, so we're safe there (and the vehicles are Ford pick-up trucks so that's relativel safe...). Courtesy of the hurricanes in 2004/ 2005, we have a new roof, new floors, new A/C system, new 25 year paint job, etc. so.... if we can just wait and survive.....

[Groomlakearea51]

Great Avatar colter!!! You look sufficiently "creepy" to scare off nemesis dudes, evil minions who are revolting!!!! [Y][Y][Y]

[Fotog]

Work for a major automobile manufacturer in Michigan. Wife works at a local hospitol. Times are very bleak. 401's down, home equity down (lost 30K in last 6 months), multiple foreclosures in my neighborhood, employment very unsteady. Company downsizing an absolute certainty and for those still working - compensation reductions guaranteed in the next few weeks.

Towards the end of last year we paid off all CC's. Eliminated Christmas. Modified cable back to just basic. Even modified our monthly phone bill by $5 by eliminating our unlisted number. Keep the thermostat at 66. Monitor all electric usage. Have virtually eliminated going out to eat - but we do try to get out a couple times a month - even if just for a bargain breakfast or something. Have cut WAAAYYYY back on beer - [] (instead of 18/wk it's now 18/mo).

Placed bulk of portfolio in very secure low risk bond funds just prior to the election, so I'm basically even with where I ended up last year. Am just trying to get a little cash set aside for the anticipated layoff/forced retirement. Considering refinancing my mortgage if I can get a rate inside the 4% range, and will have at least 1 car payment no matter what.

Just doing what I think everyone is doing - trying to make it. Have neighbors/friends that have both lost their jobs. Have co-workers "encouraged" into retirement and unable to find any work. Tough times here in Michigan.

[dgoreck]

I'm young, 27, working in NYC at a 'alternative financial investor bank' (yeah, Im being semi vague, and no I don't work at like a BoA, C or GS), I do IT/Engineering work. Been here for 4+ years, since out of college. I have a car payment, small rent, and no loans. 401K was down 47% last year. I've been looking, well wanting, to stop renting and get a house since early last year, but even now, scared to pull the trigger.

I've always been pretty carefull in what I spend vs what I save. yes, I get some nice things, but also make sure I put away equally if not more then what i spend. So I haven't stopped spending entirely. I got the 52" samsung in Jan, rockband2 last week, and looking a road bike as I planning to compete in triathalons this year. So yeah, the $1500 road bike is also health related.

Like someone else mentioned, keep alteast 6 months around. I had a friend who get laid off 4 weeks, ago, but just got a job offer. He is like a sales engineer at a software company. Things maybe down, but some stuff is in need. Similair situation for a different friend. Am I scared about my job? To a degree, but I've been pretty frugal in the past and not worrying about it. Just focused on what I do at work, and make sure I do it well to maintain my position.