Economy Question

[ntsammy5]

I know there are a lot of small business owners, at least one doctor (Jim), and some auto workers on this Board. I work for a bank - one that hasn't taken any TARP money and made a profit last year. Actually one of the largest in the world though most here probably have never heard of it.

So how is the economy affecting you?

For me, other than knowing a lot of people who are laid off, it hasn't really affected me yet. And the operative word here is yet. I still have my job, actually got a bonus this year, even if it was less than 10% of last years, have good health insurance, and none of my kids have been affected yet. So I'm not feeling the pain.

I do plan on retiring within the next 3 years, and my retirement savings aren't what they should be, but when I retire, between me and my wife, we'll have 5 different pension plans plus 2 SS retirements, so I should be OK.

I know a lot of people here are feeling the pain, and I'm sorry for that. Share your pain if you're up to it, especially if you want to get things off your chest.

 

[LONE-STAR]

Up until the last 2 weeks everything has seemed normal. But calls have about dried up in the last 2 weeks. I think it may be due to spring break. I am still ok the company is hurting though. All I can say is if you live in Texas clog up a toilet or break a water line and I will be just fine.

 

[ftwildernessguy]

The beginning of the recession (end of last year) we didn't really see much of a change - we were busy as usual. Then the phone stopped ringing. Many were in shock from watching too much TV and getting scared, others were laid off and either lost benefits or wanted to hold onto money that would be used for deductibles and copays. It seems like it has loosened up a bit over the last couple of weeks. Maybe it's just that the weather is improving along with people's dispositions and igniting some hope. So far, we have been okay. My son is graduating from college this year and has only had one interview so far (last week) with no word yet. My daughter has had her hours cut - she works in a veterinary hospital and they are starting to hurt - have cut benefits and hours. I am thankful that in a few years I will start collecting my Army pension. We have had some really large companies cut back or close here in the Valley - PPL, Mack Trucks, DHL, Air Products.

 

[Christine9125]

My job ended the year on a good note and so did my husbands. Actually his work was better at the end of the year then thru the year. Now we are kind of at a stand still. His job is looking at cutting hours. I did get a bonus this year, alot more then last year and more then I was expecting. We pocketed it for the just in case!

 

[Disney Campers]

I consider myself fortunate, the past few years were bad for me in that I made some bad financial decisions, I''m just about clear of all that now and things look good for the future, I work for a stable company (Although our stock has gone down a lot this past year) other than the 401(k) going down hill. Now my family on the other hand, Mom and one sister were laid off, this has been hard on them.

I think everyone is effected in one way or another, usually in the form of higher prices that we all have to pay. At least the big oil companies made record profits.......

 

[VACAMPER]

my husband is a machinest and he has no work, most of the men he works with have been laid off, he has gotten a few hours because he is painting the plant ceilings where he works. He has 3 brothers 2 of them are on short hours the other works for the phone company, so as long as there is women he has job security . I have been a STHM for the past 4 years except working part time for a preschool as soon as the school year ends ill be looking for fulltime work. It will kill me to leave my kids but you gotta do what ya gotta do (im still praying things turn around before i have to do that). We were lucky to get a good tax return, thats what is covering most of our bills right now. We've had some sleepless nights but God will provide.

 

[auntie]

Auto Body business is s-l-o-w. The end of '08...very slow. Made for a rough Christmas. My dad started this business some 33 years ago..and we've not seen a time this tough. We had two locations and had to close one. We also do collision repairs for Enterprise..and they were slow. People weren't traveling or renting as much. Insurance companies are making it very difficult to make a living, eating away at any profit there is. Customers want you save them something on their deductible..and that's hard to do, when you're not making what you used to on a claim. Cost of health insurance is ASTRONOMICAL...and it's not that good. We saw a year of some major change. I'm not going into the office like I was twice a week. (saving my highly paid salary.. ). That means no new truck and thank goodness, we never got around to buying a new travel trailer. Glad we don't have payments to make now. We are holding our own..and waiting. Waiting for people to start spending again. Bob says it's picking up some. All I know is he's workin' Saturdays. Staying open for Geico(we're a preferred shop for some major carriers). Hoping to pull in some work.

My sister on the other hand..has had a REALLY tough year. She had her own title company that closed. She suffered a substantial loss in income. She has an interview with of all people DISNEY next week. They are building a replica/model DVC in a major mall near us. They need managers and people with title experience to close loans.

On the up-side..my daughter started her first full time job three weeks ago. She received her Associates in Early Childhood Education in December. She started a job in a Kindercare, and LOVES it!. She brought home her first full time pay check on Friday. (I took a picture of her with it.. ) She's very proud. In three months, she is supposed to start receiving benefits..which are to include health insurance, and tuition assistance. I'm relieved she was able to find a job.

 

[LORNADUCK]

Up until about 2 months ago I said that we really didn't feel it, my DH & DS business had all about dried up. They do curbing, but my DH was doing some sod and then swiftmud killed that business. But he is collection SS and it isn't a lot but with my job gets us thru. Then it started hitting all our friends. 2 of them are in a little (maybe a lot) of trouble. One works for J.P. Morgan Chase and his whole office is being shutt down, their jobs are going to guess where India. He has worked for them for 30 years, is to young to retire and probably will have to sell their house in this great market. Then our Best Friend lost his job, at one point was making mid six figures, then built a great custom house, about 2 years ago his salary was down to about 200,000.00 and his wife make good money. Long story short they will probably loose the house, it isn't worth anywhere near what they own on it, and UI insurance is on $250 a week. They had some great investments, which are now 1/2 and they are trying to find a way. Then last week I took a paycut, not a big one but when u live paycheck to paycheck it all hurts, especially with the medical bills we are paying. Sorry to make it so long.

 

[DisneyBishops]

I guess i am fortunate, I work for a large group of Dr's. The company is still doing great. We just built an 11 million dollar building and are now building a 70 million dollar new building. So i really feel fortunate. I am still getting my 1/4 bonuses and my last one was much bigger than the one before. So the company is making money as we just paid out profit sharing to the hourly employees. So I am fortunate to work for this company with a great group of dr's. We have even been waving laid off people's co pays.

Hopefully this year the economy will begin to get better again so everyone can get back to work. But then again the price of gas will probably go up when the economy gets better.

Jim I know you are in this field also, so you should be doing ok.

And oh yea the oil companies still make big money.

 

[Rhonda]

We own our own business - mobile auto paint repair. The retail end of the business has slowed WAY down. We used to get 3-4 calls per day, and now we're lucky to get 3-4 calls per week.

But, our main customers are the dealerships. They need to keep their cars looking good, in order to stay competitive in this horrible market. So, they're keeping us busy! If it wasn't for them, we wouldn't have been done a long time ago.

My second job -- travel agent at Dreams Unlimited. We've stayed pretty busy! I think that when people are depressed about everything else, they still need to get away from it all.

 

[poohbearwithme]

My husband is a machinist and was recently laid off. I'm just hoping my job holds out. I know that God will take care us. I have to hope for the best...on a sad note my trip to Disney was delayed because of this. (I didn't say canceled because when we are back into the swing again, we will get to go...just don't have a date yet).

 

[clkelley]

We have been so fortunate. My job is really stable, and the company I work for is doing really well. (We are a government contractor involved in a lot of the stuff going to Iraq and Afghanistan, and Homeland Defense. They are also looking at buying companies that are into a lot of the incentives "the annointed one" just signed into the package) Our employee-owned stock was just bought out by an investment firm at a GREAT price, so my retirement account just tripled. Also, as one of the charter employee owners, I got a nice cash payout also.

We are now debt free except for the mortgage, and DH was able to retire (SS Disability).

I was able to sock the stock sale into a safe investment. Not earning anything really, but at least I'm not losing either.

Even though we are doing well, I'm not sure how long the money will continue to flow from the government, and that is our company's bread and butter. I know one thing though, up until a few weeks ago, we were dangerously in debt and could have had a catastrophe. I will NEVER let that happen again. We went and talked to someone and developed a solid budget that we are bound and determined to stick to.

I pray everyday that the economy improves for everyone. It's got to!!!

 

[hopeisb4u]

last year at work they cut all overtime. I was always use to getting 3-5 hours over, so i never realized how much that was to me until it was gone. My retirement took a crazy nose dive. Granted, I'm still somewhat young, 33, and I am no where near retiring, but i lost around 33% of what i had. That 33% would seriously help me with bills now. I have a one income household, and thankfully am keeping my nose above the water. Granted there are some waves from time to time, and i might get swept under ~ but thankfully I float really good, so i'm able to pop back up!

This has seriously taught me to do my best at living within my means. Which is something that I never really thought of before. I used to be all about spending my money on anything. ?? you can't take it with you mentality! Always on the go, entertaining all the time, out to dinner as much as possible with friends / family.

Now it is what we need, not what we want.

As soon as any money comes in...the majority of it is right out the door, for one thing or another. I was even thinking today....if we gave up on eating meat, that would save a lot of money!! Would anyone like to come over for some rice and beans?? If i didn't live under a canopy of oak trees (sneeze sneeze) i'd plant a garden and save even more. (nah...who am i kiddn' i can't grow anything!)

It can be very frightening. But, i believe if he brought me to it, he'll bring me through it. (even if i'm kick'n & scream'n!)

 

[GOBA Mom Lynn]

On the whole we are doing well. My DH works for a company that is DOE related doing the nuclear engineering for the Navy. They are actually hiring right now because they are losing engineers to Westinghouse's newly expanded nuclear division on the other side of Pittsburgh.

My little part time job is at our local library, and it is more uncertain. Funding for libraries is rumored to be on the cutting block, but for now it's OK.
but since I'm one of the newest hires, I'd be one of the first to go. The irony is, more people use the library when things are bad, and we are busy! Lots of people who don't own their own computers, come in to use ours to do job searches and write resumes, and take out movies (for free). Remember to support your local library!

 

[des1954]

We've had a year of up's and down's...mostly down's. Both DH & I retired from the phone company 6 years ago (took early retirement) knowing we would have to do something until we reached that magic age of 59 1/2 when we could start withdrawing $$ from our IRA. DH chose to go into sales jobs (which he's very good at) BUT, there is nothing selling. Now, he is working in funeral sales and the money is steady, but not near as much as it should be. People are opting for simple cremation with no viewings, memorial services, funeral services, or any extras. I don't blame them - because that's what my plans have always been. However,,,salesmen at his company (he's relatively new to this field) have seen commissions drop below half of what they were used to making.

Before this time last year, I worked part time for my church and took a second part time job with Home Depot. Then I was offered a job with Geico, which I turned down, because my church did not want me to leave so they bumped me to full time with a salary instead of hourly pay. I still work at Home Depot.

Yesterday I received my 1st year's review at THD, and it was glowing. My manager wanted to give me a $.50/hour raise, but the store manager nixed it because of the economy & the store being so slow in sales. SM wanted to give me $.25 raise, but my front end manager negotiated and got me $.30/hr. I had no idea any of this took place until they gave me the review. To be honest, I expected no raise, so I was surprised that I got anything at all - and even more surprised that my front end manager fought for me before even coming to me.

I'm thankful that we are holding our own right now - no late payments or as of yet threats of losing anything. We maintain our tithe to the church, even though some weeks it's tempting not to give. I truly believe God is carrying us through these rough times by giving us exactly what we need each week, and sometimes-well most of the time - a little extra so we can still enjoy some minor luxuries.

Our IRA is in the toilet right now - but by the time we actually NEED to rely on it - hopefully it will have recovered. We are actually $200K below what we rolled over when we retired 6 years ago. That's scary!

Lots and lots of people in my area have no jobs, so we are very thankful to be working - albeit - we are two people you would consider "under-employed". It's depressing to say the least.

 

[StPeteDisneyFan]

Business is good for me. I work in a liquor store. When the economy is good people drink to celebrate. When the economy stinks people drink away their sorrows. So no matter what we stay busy.

 

[big kahuna1]

Business is good for me. I work in a liquor store. When the economy is good people drink to celebrate. When the economy stinks people drink away their sorrows. So no matter what we stay busy.

Send me a case of Crown...Party Pleaser size. My address is:

 

[PolynesianPixie]

We've remained pretty fortunate...knock on wood. My hubby is a rock-star at work! Our stocks and 401k lost a ton of money but we're still fairly young so I'm not going to sweat it. Prices have gone up and our grocery bill has been out of this world, but some of those prices seem to be coming down again now...not to mention how gas prices have plummeted! Thank God!

I'm going to reiterate what Deb said....giving to the church doesn't seem like a have to and there have been times when I've been tempted not to because our washing machine went out or something. You just have to suck it up and say "God, help me find a way to pay for this!". God has a good sense of humor and I have certainly chuckled to see how it all works out!

I think things are starting to get better...I feel it!

 

[ntsammy5]

It's depressing when you see friends and family getting hurt by this stuff and it's really depressing reading the news - my job involves credit risk management, so I tend to see lots of bad news every day - there are companies in trouble now that I would have bet would NEVER have problems.

Depression is a bad thing.


As for liquor stores - a friend owns one and his business has been brisk - they seem to do well in this kind of environment. The local casino has been laying people off though, so it appears that doesn't happen to the gaming industry.

 

[clkelley]

You know what's so sad, is the SMART thing to do, which is to stay out of debt, and live within your means is actually bad for the overall economy because the entire country (maybe world) is on such a credit centric cycle.

I'm sure my credit card companies are very upset with me cause I've paid them all off. I know I've gotten calls from every one of them with some type of cash advance offer.