Q-Man Posted February 20, 2009 Share Posted February 20, 2009 I have worked for a kitchen cabinet manufacturer and installation company for 22 years. I also have had my own cabinet business for ten years. Four years ago I was doing well enought that I almost quit my full time job. Then the housing market took a dive and I decided that I better still do both. The housing market started dropping off in 2005 here in Florida on the Space Coast. I think we saw this coming before anyone. 2005 business down 10% from 2004 2006 " " 10% from 2005 2007 " " 30% from 2006 2008 " " 40% from 2007 Were dowm 90% from 2004 In 2005 I lost my $ 10,000.00 per year bonus In 2006 I took a 10% pay cut, In 2007 I took another 10% pay cut and the company stopped contributing to my 401K . In 2008 I took another 10% pay cut. We are operating with 1/4 of our original employees, and that's still too many to have for our work load. In four months we may be closing the doors. I'm now buying a building to run my own business out of. Bank of America laughted at me when I went in for a business loan. I found a small local bank that is giving me a loan. The building that I am buying is dual zoned, meaning that I can also live in it if I need to. If business gets worse I may have to sell my house in order to pay off the business loan and move into the building. Then hopefully things will turn around in a couple of years and I can will be able to build another house. It's back to survival mode. 1 Quote Link to comment Share on other sites More sharing options...
oldmako Posted February 23, 2009 Share Posted February 23, 2009 Aside from my two (very cheap) Klipsch purchases this year I am tightening my belt as much as I can. My job is very shaky and I fear if this continues I'll be "living in a van down by the river!" Quote Link to comment Share on other sites More sharing options...
SWL Posted February 23, 2009 Share Posted February 23, 2009 Aside from my two (very cheap) Klipsch purchases this year I am tightening my belt as much as I can. My job is very shaky and I fear if this continues I'll be "living in a van down by the river!" Don't be surprised if there is a parking meter there. Quote Link to comment Share on other sites More sharing options...
skonopa Posted February 23, 2009 Share Posted February 23, 2009 Thankfully, I am still doing quite well, and pulling in a pretty penny. I have no debt except the house payment, on a house that I've been living in for over 13 years now (on a 15 year loan). Fortunatly, the type of work I do and the industry that I am currently in is pretty much resistant to the economy, but alas, not resistant to the whatever political games the gov may try to pull, especially with the new administration that is in now. My company is doing really well now, but who knows in the future? Like everybody else, my 401k and other retirement funds took a hit (pretty depressing looking at the statements), plus my house did come down in value, but still worth way more than I originally paid for it. Much of it has to do with the location as I am right next to all the major shopping, the interstate and so forth, thus in a pretty prime area (you know that old cliche about location...). One thing I do notice is that I used to get people all the time offering to buy my house, but I don't see that anymore (not that I would've sold it anyway). Another thing I notice is that I used to get wallpapered with credit card offers, but I don't see them anymore, at least not in the frequency like I used to (I guess, in a way, is a good thing. Still get a couple now and again, but I need another credit card like I need another hole in my head. I have way more credit then I could ever hope to use as it is right now (and pray that I don't have to fall back on it). I've also been socking away money like as though it is going to go out of style, but at the same time, still got quite a bit simply for "play", thus the ski trips and so forth. I am the type that will run cars into the ground, won't replace anything until it is darn near worn out and so forth, but when I do replace something, I tend to want to get the nicest, top-of-the-line thing, such was the case with the washer and dryer. Quite an upgrade going from an ancient 20 year whirpool washer and dryer that finally died and felt was not worth the effort to fix anymore to a top-of-the-line Maytag Neptune front-loader with all the bells and whistles. I am about to do the same thing for the kitchen, replace this old stove and dishwasher with something really nice and modern. When the ski season is over is when I plan to start shopping around. As for TV - this trusty ol 55-inch Mitsubishi Diamond series W55813 still kicking strong and delivering quite a picture, although it may not be the latest gee-whiz flat-panel with 1080p and all that fancy new stuff. I have no reason to replace it anytime soon, as this was a replacement of an older TV (again, that save it until it dies then get the nicest thing I could find to replace it with). Thankfully, there is still quite a demand for skilled/experienced software engineers, especially ones with my type of expertise [8-|], so hopefully I should have no problem weathering this out, even if I end up having to go independent and take on contract jobs. If not that, I could always go west and try to live as a true skibum and sign on with one of the ski patrols out there. [] Quote Link to comment Share on other sites More sharing options...
Mr Tech Posted February 24, 2009 Share Posted February 24, 2009 Not so good for me. I've been self-employed for 32 years, owning a 6 bay auto repair shop on a busy street. Business has been steadily declining for over 5 years now and currently is terrible. I've been hanging on by a thread for awhile now, just trying to stay in business. I've tapped every financial source available to me just to funnel money into the business to keep it running and keep my 2 employees in a job. I have not laid anyone off and have not reduced anyone's salaries. I am now tapped out and don't know how much longer I can remain open, unless business seriously picks up. I don't have any savings, retirement accounts, nothing to fall back on. I wouldn't even qualify for unemployment. I am almost 56 years old and highly unlikely to be employable in this market. The only thing I do have is the reputable 32 year old business that I built and the real estate it occupies. Although now would not be a good time to try to sell it. My wife works for a knee surgeon who is expected to retire his practice within a year. Without that job we will be without health insurance, which is a scary thing since I have had 6 surgeries in the last 5 years and she has had 2. Sounds kinda bleak I know, especially as I write all this, but I don't feel nearly as bad as it sounds. I have a lot of faith and know that God is my source, not the world, so I just continue to hope and pray. Quote Link to comment Share on other sites More sharing options...
fini Posted February 24, 2009 Share Posted February 24, 2009 I am almost 56 years old and highly unlikely to be employable in this market. I hear ya, brother. I'm a 53 year old carpenter with back and knee problems. Work was real sparse last year, virtually non-existent this year. A career change is needed, for sure. I love the hands-on work, though. It'd take some getting used to to supervise...not sure I could handle that, at least in the building trades. I do have a BA in art/film. Maybe... My wife lost her job in November, and is continuing her search (anyone need an excellent West Coast sales manager? Email me for her resume![]) for work. Thank goodness for unemployment insurance (for her, not me...I've been part-time for a good while) and COBRA (albeit at $1266 per month)! So, we're hanging in there, with two teenage girls, relying on our nest egg to get us through. We're keeping stiff upper lips, though! Quote Link to comment Share on other sites More sharing options...
colterphoto1 Posted February 24, 2009 Share Posted February 24, 2009 I"m eating more peanut butter. Next Christmas, getting an orange in the toe of your stocking will be consider a really BIG DEAL again! Quote Link to comment Share on other sites More sharing options...
merkin Posted February 24, 2009 Share Posted February 24, 2009 [*-)]Not pulling the trigger on a set of Khorns. Job is stable, wife has already cut back. 401 k down35%, No debt, reservese down but definitely not out. Will have 2 kids in college next year hope the 529's hold out. May have to supplement them more. Thought about taking the swingset out of the back yard, planting a huge garden and start canning the vegatables. If we get anymore stimulus/bailout plans like the last couple I may need to. I don't think they taxed home grown veggies even in Russia. Socialism a change we can believe in.[*-)] Quote Link to comment Share on other sites More sharing options...
jbsl Posted February 24, 2009 Share Posted February 24, 2009 I"m eating more peanut butter. Don't forget brown rice, cheap for a 2 lb bag and makes a lot once cooked. Just got turned down after a job interview cause not enough experience [:'(] Oh well life goes on till I run out of money. Well I'm going to put my tube DAC on Audiogon [] the last of my 2 channel system. Luckly my HT system is nice so I'll have something, until I have to sell it. Quote Link to comment Share on other sites More sharing options...
Coytee Posted February 24, 2009 Share Posted February 24, 2009 My wife works for a knee surgeon who is expected to retire his practice within a year. Not to make light of anyones situation, but maybe we could hire Tanya Harding to....you know, help boost his business demand...? Quote Link to comment Share on other sites More sharing options...
fini Posted February 24, 2009 Share Posted February 24, 2009 Hey, you guys with jobs, spend like crazy, eh? At least remodel your houses!![] Quote Link to comment Share on other sites More sharing options...
Joe Shmoe Posted February 24, 2009 Share Posted February 24, 2009 . I have a lot of faith and know that God is my source, not the world, so I just continue to hope and pray. There ya go.... that's it in a nutshell. [Y] Quote Link to comment Share on other sites More sharing options...
jacksonbart Posted February 24, 2009 Author Share Posted February 24, 2009 Hey, you guys with jobs, spend like crazy, eh? At least remodel your houses!! We are helping out, just finishing up a complete remodel to the masterbath. Everything I have put into the market has turned to sh!t, I figured on this move I would get my money's worth. Quote Link to comment Share on other sites More sharing options...
jacksonbart Posted February 24, 2009 Author Share Posted February 24, 2009 hoping everything is completed by the weekend. Went with a really big shower, as I am not a bath guy. Sitting in a bath by myself naked holds no allure. Now a shower is my game and in this one the wife and I can easily fit. Quote Link to comment Share on other sites More sharing options...
Coytee Posted February 24, 2009 Share Posted February 24, 2009 Hey, you guys with jobs, spend like crazy, eh? At least remodel your houses Ok, I too am stepping up to the plate... Enlarge kitchen (top left), need room under it for support (bottom left) and a wrap around porch with roof. By the way, the roof is made of soemthing like 4x6 pine beams with 2x6 tongue & groove pine for the visible ceiling. Quote Link to comment Share on other sites More sharing options...
colterphoto1 Posted February 24, 2009 Share Posted February 24, 2009 I built this. Even though I acted as my own contractor and therefore hired myself onto about every crew, I kept 3 framers busy for a couple of weeks, paid my brother for a month's labor, rented equipment, hired electrician and concrete guys for a grand and a half each. And about $5K in lumber, to say nothing of doors, windows, insulation, shingles, Hardiplank. While unemployed. Quote Link to comment Share on other sites More sharing options...
Tarheel Posted February 24, 2009 Share Posted February 24, 2009 Speaking of hypocrisy.....Hillary begging the Chinese to buy more of our debt. Communism coming to the rescue of capitalism[:^)] Quote Link to comment Share on other sites More sharing options...
Tarheel Posted February 24, 2009 Share Posted February 24, 2009 Hey, you guys with jobs, spend like crazy, eh? At least remodel your houses!! We are helping out, just finishing up a complete remodel to the masterbath. Everything I have put into the market has turned to ***, I figured on this move I would get my money's worth. Very nice JB.....is that travertine on the walls? I have a master bath redo in the early planning stage. Waiting for the economy to cooperate. Quote Link to comment Share on other sites More sharing options...
jbsl Posted February 24, 2009 Share Posted February 24, 2009 hoping everything is completed by the weekend. Went with a really big shower, as I am not a bath guy. Sitting in a bath by myself naked holds no allure. Now a shower is my game and in this one the wife and I can easily fit. Where are the Heresys going? Quote Link to comment Share on other sites More sharing options...
Hifi jim Posted February 24, 2009 Share Posted February 24, 2009 Sitting in a bath by myself naked holds no allure. That's because you're not taking a bath with Bubbles. This is Bubbles... Quote Link to comment Share on other sites More sharing options...
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