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| The Scuppers This is a new forum for the not necessarily fishing related topics... |
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11-19-2008, 11:23 AM
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#1
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Night Stalker
Join Date: Nov 2004
Location: ............
Posts: 3,605
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I think it depends on who you are. If I was 65 and relying on investmment return in the market I would say that it is pretty bad.
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11-19-2008, 12:02 PM
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#2
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Registered Grandpa
Join Date: Nov 2003
Location: east coast
Posts: 8,592
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Our family is only buying gifts this Christmas for the children.
My fear is the credit card defaults next, as more people lose their jobs.
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" Choose Life "
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11-19-2008, 12:35 PM
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#3
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Registered User
Join Date: Feb 2003
Location: Hyde Park, MA
Posts: 4,152
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As Luds stated, if you are living off of your retirement savings, you are the ones most affected.
I remember a radio money show host saying that when you are young, you want to be investing for "growth", and when you are nearing retirement, you want your investments leaning towards "returns"
Growth = stock price goes up (or down, as it may be) so that your "shares" are worth more.
"Return" = your shares don't fluctuate much (or at all in mutual funds) so you are looking at dividends and cap gains.
everyone receiving a distribution from their retirement plan is getting whacked because they HAVE to take the money or pay a penalty.
I am not hurting right now, but fortunately I live at home with an elderly parent, and the house is paid off. We are not hurting, and are in the process of finishing the basement. It's amazing what a little insulation does to warm up a room.
What I believe will happen will be like Bigfish was saying.
More people will "make it at home" instead of just paying out of pocket. I prefer any "homemade" creation because it shows that the creator cared enough about the quality of the goods (as well as their skills) and it saves $$ in the long run.
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11-19-2008, 12:38 PM
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#4
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BigFish Bait Co.
Join Date: Apr 2003
Location: Hanover
Posts: 23,392
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Funny you mention that Dave! We got notification from Amex freezing our limit at $10,000.00 less than what we had approval for???? I am guessing they are either looking out for themselves....which is one theory.....or they were trying to screw us into a higher rate of interest because they froze it at $100.00 more than we owe them which means if we go over the limit our interest rate goes through the roof??? Think this was intentional??? I do!!!
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Almost time to get our fish on!!! 
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11-19-2008, 01:41 PM
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#5
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Geezer Gone Wild
Join Date: Nov 2001
Posts: 3,397
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Larry, be very wary of the CC people - believe me they are not your friends and they'll put ya in a financial death spiral quicker than you know. If ya can't pay cash, ya can't afford it.
Just duck and cover - it's gonna wash over us but it's gonna take longer than everyone expects and the worst is yet to come.
Sounds like you and the Mrs are doing all the right things - extra jobs, cutting back on non-essentials, hopefully watching personal expenses etc.
Hey did I mention -
GET RID OF THE CREDIT CARD DEBT ASAP
There isn't one single thing you can do that is more important to the financial future of you and your bride. Trust me, I'm an old fart and I've been there - if you can do that alone it's gonna make a big difference in what you'll be able to do once this crap is over...
Treat that AmEx card in your pocket like a rattler - don't touch it. If you can't pay cash, don't buy it. Period.
Sorry, Larr, and yeah, I am lecturing - but it's just tough love, brother 
Good luck - you and your bride just keep doing the right thing - sounds like you guys are already on the right track  |
"There is no royal road to this heavy surf-fishing. With all the appliances for comfort experience can suggest, there is a certain amount of hard work to be done and exposure to be bourne as a part of the price of success." From "Striped Bass," Scribner's Magazine, 1881.
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11-19-2008, 01:43 PM
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#6
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BigFish Bait Co.
Join Date: Apr 2003
Location: Hanover
Posts: 23,392
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Already working on it Chuck...thanks! Paying it off with all my brownie money!  |
Almost time to get our fish on!!!
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11-19-2008, 05:54 PM
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#7
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Geezer Gone Wild
Join Date: Nov 2001
Posts: 3,397
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Quote:
Originally Posted by BigFish
Already working on it Chuck...thanks! Paying it off with all my brownie money! |
Attaboy, BF - I knew you was a smart guy all along  |
"There is no royal road to this heavy surf-fishing. With all the appliances for comfort experience can suggest, there is a certain amount of hard work to be done and exposure to be bourne as a part of the price of success." From "Striped Bass," Scribner's Magazine, 1881.
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11-19-2008, 02:02 PM
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#8
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Registered User
Join Date: Nov 2008
Location: CT
Posts: 6
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Quote:
Originally Posted by justplugit
Our family is only buying gifts this Christmas for the children.
My fear is the credit card defaults next, as more people lose their jobs.
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same here. my entire family had a talk and everyone agreed- no presents for the adults just grandchildren. my aunts and uncles arent wealthy, but they certainly arent poor. things are tight and only going to get worse. how much worse is the question. |
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11-19-2008, 02:13 PM
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#9
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Moderator
Join Date: May 2003
Location: Marshfield, MA
Posts: 6,267
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I am sure here at my house we will weather the storm. We are frugal people and do not carry much debt. As far as my buisness, thing are not as busy as I'd like, but I have managed to squirrel away more nuts than previous winters. If things do get worse...then we will do what it takes to survive...I try not to listen to the media and work on looking at the glass as being half full...
Last edited by Slingah; 11-19-2008 at 04:07 PM..
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