Has economy affected you?

[kevindsingleton]

We've been fortunate enough to retain our jobs, and we've taken advantage of the weak economy to make some major purchases, including real estate and depreciating assets, including some that go "boom"! With the combination of low interest rates and desperate salespeople, it truly is a "buyer's market".

[jcabin]

Monroe county has lost thousands of jobs in the last year due to factories/warehouses closing down. they didnt pay great to begin with, but it was better then nothing.

I quit my job earlier this year due to some unfortunate reasons.
It was a family business and the family were hard drug abusers, and did so on the clock. When I first got hired I was working 50+ hours a week. I couldnt find a job anywhere else, so I stayed and dealt with it. I was getting a pay check.

The business really started to suffer back around january february when the economy was looking scary. I got knocked down to about 10 hours a week.
At that point, it wasn't even worth me driving in, or dealing with the scumbags who ran the place. I quit, told them off. The owner begged me to stay offering me more money and a better position, with more hours.

I told him I have a future(cj major), unlike anyone else in this place, and I'm not going to jeopardize(cops frequently in and out of the business arresting people, I didn't want to be involved anymore) it because I end up in jail for knocking these drug addicts teeth down their throat. So I finished my duties and left.

[MrUgly]

I'm probably the odd man out in this. So far this economy tanking has been great for me. My wife and I went into the recession debt free with no 401k, so now we are maxing our contributions and buying decent stocks at depressed prices.

The housing market worked well for us as people who over bought for the past 10 years lost crap loads in value, so we bought our first home, which is nicer than we thought we could get.

The industry I am in (financial services) is doing ok as people are still wanting to have their accountants try to find some way to stop the money loss. Our collections are down a bit over last year, but we are still adding staff.

In place of a raise this year, I was offered the chance to work from home one day a week, which saves gas & regional rail costs. All in all, I'm pretty happy with the way things are going.

[rwilson452]

Being retired, It helped for a time with lower gas prices. It hurt in that I won't get a COLA increase this year. Over all I guess the answer is it didn't hurt to any significant degree.

[BTA88]

I've gone from making over $60k/year to under $35k/year in the past year and a half, and was unemployed for 8 months. I consider myself fortunate that I am too young to have lost more, but all the same, the lifestyle change has been huge to me...

[TheBull]

I lost my database consulting job with a Pocono's vaccine manufacturer back in July (started there in June 2004). It's hasn't been all bad. I've had the time to start my own software consulting business. I'm waiting for security clearances to complete, before I can start working on my first contract. I'm a little nervous about being my own s-corp. Wife works for the school district. So far, no downsizing forecasted there.

Work issues aside:
I had time to paint the house. Take my boys out of daycare and spend last month of summer with them before school. Lose about 15+ lbs.

[kevindsingleton]

Originally Posted by rwilson452

Being retired, It helped for a time with lower gas prices. It hurt in that I won't get a COLA increase this year. Over all I guess the answer is it didn't hurt to any significant degree.

Since the cost of living has actually gone down, does your COLA get decreased? Is this Social Security, or some other retirement plan? I'm interested to know, since I'll be retiring, one day!

[Hokkmike]

Wife - 15 years on the job;

Brother - 33 years on the job,

both permanently laid off.

Me? Soon to retire. But I am worried about coming double digit inflation.

[rwilson452]

Social Security will not go down. I get two retirement payment the other being retired Navy. Neither will go down but neither will go up either. I turned 65 this year and I'm required to go on medicare to maintan my VA/Tricare benefits. This takes $98 and change out of my SS check. So without the COLA increase I show a net loss for my income. They may take more out for medicare but congress is messing with that.

Originally Posted by kevindsingleton

Since the cost of living has actually gone down, does your COLA get decreased? Is this Social Security, or some other retirement plan? I'm interested to know, since I'll be retiring, one day!

[kevindsingleton]

Originally Posted by rwilson452

Social Security will not go down. I get two retirement payment the other being retired Navy. Neither will go down but neither will go up either. I turned 65 this year and I'm required to go on medicare to maintan my VA/Tricare benefits. This takes $98 and change out of my SS check. So without the COLA increase I show a net loss for my income. They may take more out for medicare but congress is messing with that.

Congress is always messing with something! I thought VA benefits and Medicare were two different things?

Thanks for the info.