One Year Since Collapse Poll

mrsLesGrossman

Today is the one year anniversary since Lehman Bros failed and forced us into a total economic collapse. We were already headed in that direction when sub prime mortgage was failing but Lehman really hurt us. Has your financial situation changed within the past year because of the economy? Have you or someone close lost a job? If you own a property, how has it been affected, payments, taxes, value? Do you think the economy will get worse? Has your lifestyle changed because of the economy either by being cautiouis or because you have to?

laladypoet

1. yep 2. not me, but some family and friends 3. I don't think it's affected our property too much... 4. yes. it needs to be FIXED. 5. maybe subconsciously, but I don't spend a lot of money anyways.

SarahSmile23

Has your financial situation changed within the past year because of the economy? Most definitely.Have you or someone close lost a job? Many people close to me have lost their jobs. My part time job laid me off and my full time job has cut back my hours.If you own a property, how has it been affected, payments, taxes, value? We are very very upside down on our crappy condo.Do you think the economy will get worse? I'm really not sure, E. Sometimes I think it's going to get better any day, and then sometimes I feel like it's going to take a long time to get this economy turned back around, especially if nobody in Congress wants to give any ground for the better good.Has your lifestyle changed because of the economy either by being cautiouis or because you have to? We definitely take fewer vacations and go out to eat less often.

nda_roxybabe

Has your financial situation changed within the past year because of the economy?  Yes, but luckily not significantlyHave you or someone close lost a job? NoIf you own a property, how has it been affected, payments, taxes, value? N/ADo you think the economy will get worse? YesHas your lifestyle changed because of the economy either by being cautiouis or because you have to? Yes, both...We're trying to be wiser with our money just in case and because we've been forced to.

Ciaram22

1. Yes 2. No one I know has lost a job. They may have had trouble finding one but haven't lost one. 3. Don't own anything. 4. Maybe but I really hope not. 5. Yes.  

sarah0725

Nah, it hasn't affected me. I'm a grad student, so I was dirt poor before the economy went into the toilet, and I'm dirt poor now. I'm a little worried about my future job prospects, because universities like to use the economy boogeyman to cut funding for professorships in the humanities, and all of this will probably have an echo down the line. But other than that, I don't think about it much other than wishing I could take advantage of the housing market right now.

J&K10910

I haven't lost a job but I gave one up voluntarily right around this time last year to go to grad school.  Now here I am, not going back to grad school, and I've been looking for a job for almost 5 months.  I'm qualified, I'm a good candidate, but because of the economy there are about a million people that are MORE qualified, better candidates for everything I apply for.  FI took a major pay cut for awhile, but was lucky to not lose his job.Don't own property.I really, really hope it gets better, and soon.Our lifestyle changed quite a bit while we were waiting for FI to pass his boards and start making his real salary again.  We stopped going out to eat at all, stopped going to movies, got rid of any extraneous expenses we had to.  I'm ashamed to say I racked up some credit card debt because of stupid things we should have been able to pay for.The thing that really gets me is that there are jobs posted around here (Metro Twin Cities, MN area) requiring at least a Masters degree and 5 plus years experience, and are only paying $30k a year.  That blows my mind.  What makes it even more sad to me is that someone out there needs that job so badly they'll take it, crappy pay and all.  What makes me even more sad is that person is probably way overqualified and deserves at least double that.

shellydiane820

No.  Then again, I work part time at a mall.  Finding a job has been a bit more difficult.No one close to me has lost their job, but I know people who have.No.  Surprisingly, my parent's home has appreciated in value...As for fi and me, we got a pretty good deal on our home.We have started putting a little extra in our savings, however, I like to think I've always been smart with savings.  I have stocks and bonds that are from family.  I just pretend they aren't there.  If we ever need them, of course they will be there.  I don't have much of a savings, because I don't work full time.  I live paycheck to paycheck.Fi also has a good savings account and 401k.  Same goes for him, if we need it (savings) its there.  Every month we each put a percentage of our paychecks in this savings, and don't spend anything in it.  However, if something comes up and we do need it, its there.

Brie2010

Kind of--we were students last year and now we're working, so it's changed because of that anyway.Lots of my friends from law school had their offers for post-graduation pulled, or they're having their start date delayed.  I've been unable to find a job because the market for attorneys is heinously bad.We don't own property, but FI has made some smart stock investments that have paid off well since the collapse.I can't really say.  I don't know enough about the reasons behind the collapse.Yes, absolutely--we have to be more cautious because we're living on one salary, when we had planned on having two.

andilion

Has your financial situation changed within the past year because of the economy? Nope. I was worried that the bad economy would flood economics graduate programs with influx of newly jobless management consultants and insurance brokers, but I ended up doing really well in admissions and got into a really good school with a really good stipend. Have you or someone close lost a job? I don't know anyone personally who has lost a job. I do however know a ton of recent college grads who have been unable to find work. If you own a property, how has it been affected, payments, taxes, value? N/A, I rent. Do you think the economy will get worse? Possibly. Even among macroeconomists who study this stuff for a living, I don't think there is a consensus on what mechanisms are at work here. As an outsider to macroeconomics, I have always thought their models were pretty arbitrary, almost pulled out of thin air. There may be an odd macroeconomist here or there with an especially bright insight about the condition or future of the economy, but for the most part, they don't know what they're talking about (I'm somewhat less harsh on labor economists). Has your lifestyle changed because of the economy either by being cautiouis or because you have to? No. My parents raised me to be really frugal so I would have lived this way even if the economy was booming.

headed2yale

This is going to sound really weird, but it made FI and I decide to get married sooner. This is because his family no longer has the money to help pay for school and won't help him get a loan (we tried every where we could think of but they turned him down if he didn't have a cosigner) so we ended up borrowing $5000 from my parents to pay for FI's school. Once we are married we will be considered "independent" and because we make so little money, school will be paid for by the government and our school. And they have married housing on-campus which is nice and inexpensive, as well as inexpensive health insurance too. My parents have already taken out $20,000 for me to go to school (i took out loans too) but my step-dad is now disabled and can't work because he was hurt on the job. They are reluctant to pay and he made 75% of my parents income. So continuing to ask them to pay for my school and borrowing money for FI's schooling wasn't an option.

MissSarah786

Yes, my situation has gotten worse. I do not have a job right now. Thankfully, we don't own a home or have kids. Yes, I think it will get worse and/or not improve for at least a year or a few. I have to change my lifestyle. Every purchase is considered  big one, even buying a shirt on Target clearance.

mrsLesGrossman

What the fuuck did I do to the spelling of cautious?  Has your financial situation changed within the past year because of the economy?  yes, my income is a lot less since it is commission based on investments and loans, he has projects that haven't paid him, and I have had to really play the market to make back our losses  Have you or someone close lost a job?  I'm in finance so yes, I know a lot of people who have and I lost an opportunity at another firm a few weeks after this  If you own a property, how has it been affected, payments, taxes, value?  our value pretty much stayed level, usually in NY the value jumps every year Do you think the economy will get worse?  not sure if it will get that much worse but we are not out of it for at least two years, it will take that long to lower the unemployment rate and for credit to rally Has your lifestyle changed because of the economy either by being cautious or because you have to?  we used to go on long weekends every month and travel a lot, now we take day trips and do things on budget, it doesn't seem right to take major vacations like before so if we travel, we don't take more than two weeks, I shop less than before, and we don't eat out at very expensive places 

MissSarah786

We just moved into a new apartment and we need to buy latice to cover the open slats in the porch railing so the kitty can go outside. It's $36 and I don't want to buy it because it's too much of an expensive considering I just had to get her shots for $90.

ggmae

Yes, it's changed drastically.I am jobless at the moment, but I voluntarily left it last year.We rent, thank goodness.I hope not.Ditto MissSarah. I feel guilty buying any clothing and haven't in months. We barely go out to eat anymore, don't go the movies at all, watch how much we travel due to gas. It sucks, but hopefully when I get a job we'll be able to enjoy being newlyweds a bit more.

brookelynpaisley

Has your financial situation changed within the past year because of the economy? NoHave you or someone close lost a job? NoIf you own a property, how has it been affected, payments, taxes, value? I have a condo in Tucson that I own with my parents. We aren't even considering selling so I don't think we've honestly even looked at the value. Their house has lost value, but their land has gone up due to development, but I'm not sure of percentages.Do you think the economy will get worse? I don't know about worse, but I think it will be slow to recover to do consumer fear.Has your lifestyle changed because of the economy either by being cautiouis or because you have to? No

MissSarah786

I'm kind of angry right now because Tim and I both have 5 years of college under our belt, plus we're starting MA's, and yet I can't get a job. I know other people are in my situation, but I don't give a crap about other people, I care about me. Knowing that other people are in my situation doesn't make me feel better.

MissIntentional

-yes, my monthly income has decreased by around $500 -i know many people who lost their jobs, i lost one 13 months ago. -the value has went down by about $50,000 just in the last year (live in ca) -no, i hope not -yes, i don't shop nearly as much as i used to. i even used coupons this year.

ggmae

I know other people are in my situation, but I don't give a crap about other people, I care about me. Knowing that other people are in my situation doesn't make me feel better.I feel exactly as you do. When others with jobs try to console me by saying "A lot of people are going through this right now" I get pissed, because who are they to say that? They don't understand what it feels like to be in the position that I am currently in - stressed 24/7 and feeling completely worthless because I have a B.S. and can't find a freakin' job.

MissSarah786

It's not the money so much that stresses me out, finacially, we're fine, we've got a big savings, but I want to keep it in savings. What hurts is the worthless feeling. Tim is making money and I'm not helping much. I feel like a lazy leech.

J&K10910

Ugh I couldn't agree more, Sarah and GG.  Especially when the "advice" comes from my friend who can't get a better job (he works in retail) because he partied his way through a 4 year degree in 7 years.  Dude, I worked my BUTT off in undergrad, I have a year of grad school, experience in my field, and I can't even get a job in retail.  DO NOT pretend you are in the same situation as me.

mrsLesGrossman

I get what you're all saying but it sounds a bit selfish.  Then why even answer the poll if you don't care about how others feel?  By learning how other people save, what has helped them, given them an advantage, or gives you an idea, you all benefit.  What is the point in having knowledge if it isn't shared? 

J&K10910

I'd be jealous too.  Cake and drinks.  Fixes everything.  And dancing.  I want to dance.

J&K10910

E, I can't speak for Sarah, but the way I interpreted what she said was that she doesn't like it when people say to her "you're not the only unemployed one, the economy sucks, look I can't find a job either!"  I care about my friends who can't find a job, but no, it doesn't make me feel the slightest bit better that I'm not the only one.

ggmae

E - What I don't care about is the fact that others try to console me by telling me that others are in my position too - like it's supposed to make me feel better about my situation.  I've been a pretty selfless person for my entire life, so I can't help but feel a bit sorry for myself in this instance. FWIW, I do watch financial shows and read articles about it to gain knowledge about how to save when we have the money to do so- I am interested in what others have to say about things like that.

mrsLesGrossman

Got it, I totally read it differently.  I am not into the whole pity party.  I like reading and learning about new ways to save or manage money. 

Ciaram22

The thing I hate is when my family gets on me about ways to get a better job and how i live a crappy life because I work in retail. I don't exactly love my job but I don't hate it either. Most of my family has college degrees and they think that you can't have a good living without a college education.

ggmae

Well my life isn't a long drawn-out pity party. Typically, I'm an optimistic and upbeat person, so I don't feel too guilty about throwing myself a pity party now and then. Once I get my chocolate fix, I'm ready to move on. Ha.

MissSarah786

I just don't like the idea of, "Well the economy sucks, no one is doing well, so be happy." That doesn't make me happy. What makes me happy is getting out there and working (subbing), but unfortunately, I can't do that every day because they don't call me to work every day. My mother kept telling me to "will myself a job..." I'm not gonna will anything. I applied to over 100 jobs between June and the beginning of Sept. and I'll take any teaching job that comes up. Willing it won't make it better. I'm gonna be honest, if it was between me and the other guy getting the job, I hope the other guy's alarm doesn't go off on the day of the interview, and if that makes me selfish, then that's fine with me.

tenofcups4me

Has your financial situation changed within the past year because of the economy? Yes. Dh and I are both freelancers and this year has been extremely slow. Last year, I made more money than I ever had as a freelancer. There was a dramatic decrease in income for both of us this year. Have you or someone close lost a job? We haven't, but like I said above we've both lost the volume of paying gigs we used to have. A lot of my friends have been let go, but no one who we're really close to. If you own a property, how has it been affected, payments, taxes, value? This part seems to have worked well for us. We were able to buy a house for significantly less than it would have been even a year earlier. On the flip side, we're also trying to sell our house and won't be able to get what we could have gotten a year ago. But it still worked out -- the decrease in our selling price probably won't be nearly as great as the decrease in the buying price. Plus, we were able to get a mortgage right when that hit bottom so our mortgage is only 4.25%, which makes a huge difference. Do you think the economy will get worse? No. Both of us have started to see a significant increase in work in the past two months or so. I think the worst is over. Has your lifestyle changed because of the economy either by being cautiouis or because you have to? Yes. We used to go out to eat without thinking about it, regulatly buy filet mignon or king crab without a second thought, buy whatever I wanted when it came to clothes, makeup, etc. We're not "hurting," but we definitely have cut back in certain areas.

saschaduran

1.  It dropped last year, but it has stayed the same this year.  My investments have actually gone up since January.2.  No3.  My house is being sold for less than half of what I paid and the bank refuses to lower my 9% interest.  This is by far my biggest loss.4.  I think it will take a decade at least to recover since so many places closed and houses are 50% here.5.  We still travel, but travel more on weekend road trips, and we go out to more reasonable dinners and happy hours, not expensive dinners.