| Author | Message | ||
     Whistler |
Out of curiosity, just from a financial viewpoint, two questions please. Are the people closest to you, your friends, family, and/or co-wokers better off today than a year ago? Do you think they will be better off a year from now? Thanks. | ||
| Pwnzor |
I am better off today than I was exactly one year ago. I am paying a lot more taxes, but my living expenses have gone down due to relocating to Georgia. If I was still in California, I would be in foreclosure and/or bankruptcy. | ||
| 1324 |
No - on all accounts. | ||
| Etennuly |
Better off? Perspective is everything. I have friends who by most standards have more change in their pockets, but like Pwnzor, they have sold off much of their assets and cut back to minimal on every service they can to be able to spend more on gas. Business-wise I am locked in a vacuum where I am, can't grow, can't change, can't sell, I can only exist. | ||
| Strokizator |
Not at all. Slowly bleeding to death here. I still have plenty of assets but my net worth is less than it was a year ago. I'm in survival mode and not planning on much fun stuff until things get better and I can't see that far into the future to tell you when that will be. Most people I know are in the same boat. | ||
| Froggy |
Better off? Yes. I am making more money than I was 12 months ago, and I recently got rid of a second apartment I was renting so that freed up some cash flow. I went a little nuts on the credit cards, so I will have to get them paid down. | ||
| Mtjm2 |
1324 , DITTOS , my client base has stopped spending . That is people earning $250,000 and above . HOPE AND CHANGE ? little hope and not much change left in the bank | ||
| Phelan |
Anyone who isn't getting raises as quickly as the dollar is disintegrating is essentially losing value by the day. If I had my way every dollar I earned that was spare would be converted to Euro or Yen till a later date. | ||
| Slaughter |
The one thing that has changed, we are now in the ABC retirement plan: Anywhere But California We are holding OK but are more realistic about the world than we were a decade ago. We own ALL our vehicles, paid off ALL our credit cards. We just think differently now. Not worse, just different. (Message edited by slaughter on July 13, 2011) | ||
| Honolulu_blue_esq |
1. Dow Jones is at 12500 right now. A year ago it was at roughly 10380. So, it is up about 20%. While this isn't the be all end all, it is a pretty good indication of where people with 401(k)s or other stock portfolios (if reasonably diversified) are today vs. where they were 1 year ago. 2. Income levels are individual to individual. Mine is slightly better than it was. My family/friends are all generally the same. 3. Expenses for me are more because I took on another car payment, but are otherwise relatively stable from where they were. Family/friends are similar. So, those of my family/friends with 401(k)s and diversified stock portfolios are generally better off (as am I). Others are generally in the same position as they were. I learned about 3 years ago not to try to predict what will happen 1 year from now. But,we are getting close to an election. So, conservatives are obligated to say they are doing terrible and getting worse and liberals are obligated to say they are doing great and getting better! | ||
| 1324 |
1. The DOW, while an indicator, has proved to be a false prophet after 2008. Sure, higher numbers generally mean more profit. However, where is all the money? Who is holding it? Is corporate America spending or reinvesting back into the American economy? In general, it's hard to say, but it isn't a resounding YES. A major fallout of the bank bailout (and wall street in general) was that much of the aid received was reinvested in other markets, thus actually hurting the American economy more. The DOW is a hoax and is nothing more than a mind game. 2. I can only speak for myself on this one, but with only a few exceptions of family/friends, incomes are either down or flat lined. 3. Expenses are funny because so many of them increase without much fanfare. Did your health care premiums increase (or do you even have health care)? The price of oil has driven up prices at the pump and nearly everything we touch from food to luxury items. Even my tolls to work have gone up. I'm sick of the political bantering in this country. Honestly, I'd like to see less finger-pointing and more fixing. It seems, the collective in Washington is incapable of doing this. I don't care who's fault our situation is; I just want it fixed. You can't trust what the media feeds you, and you can barely trust what the government feeds them. Unemployment numbers? Hogwash. If numbers are dropping it's only because people are either dropping off unemployment insurance, they are taking lower paying jobs, or they are based solely on lies. The fact of the matter is that we are still in very muddy water. I'm a registered independent, btw  | ||
| Mtjm2 |
1324 , registered INDEPENDENT ? seems like yur one of us small town hicks that the President says ,dont pay attention to whats going on in WASHINGTON but what yur gunna have for supper .  | ||
| Honolulu_blue_esq |
1. As I said, the DOW isn't the be all end all, but it is a good indicator of how people's 401(k)'s and stock portfolios (if diversified) are doing. Since most of us save this way instead of in savings accounts (if at all), I think it is a good indicator of savings. Again, not the be all end all, but it is all the research I'm willing to invest in answering this question  I did check my own 401(k) and it turns out that the DOW was almost exactly on. Controlling for contributions, I'm up 20.7%. So, at least for me, the DOW is not a "hoax." 2. Yeah. Again, this one is person to person, and maybe even region to region. 3. I generally agree with you here. My statement that expenses my expenses are equal was the result of a quick look at my personal money management software which tracks and categorizes my expenses automatically (because I only use my debit card). Within a couple percent, I'm right were I was. Regarding your statement on fuel cost, you are correct that they are up about $1.00 per gallon from a year ago. So, I'm either driving less or have transitioned to the bike a little more. Not sure the cause there. Health Care is paid by my employer so that hasn't moved for me. On your last point, I(sick of political bantering), I think this is where those that decide elections are. Conservatives vote republican. Liberals vote democrat. The 20% or so in the middle vote for who they trust to fix things instead of blaming everyone else for the problem. Regarding your being registered as an independent, I'll say this. Have you ever heard the term DINO or RINO (Democrat in Name Only or Republican in Name Only). IINO's also exist. Not saying you are one of them, but being registered as an indy doesn't mean you are an indy. | ||
| Brumbear |
We are screwed Dawg I thought last year was bad when a lot of people in my area were loosing there homes well twice that are loosing them now. The unemployment numbers are down because people have no more to claim and no jobs to get. Check welfare applicants I bet it is soaring. I don't care what the DOW does if we don't get folks working again we are gonna sink plain and simple. We gotta get property taxes down by whatever means and start cutting goverment salaries not jobs salaries. | ||
| Xl1200r |
I was better off (had more stuff) a year ago, but I was bleeding fast and didn't fully realize it. Today, I think I've about hit the bottom of where I'm going to be and things are mostly pointing up. | ||
| Thumper74 |
I'm making 8% more than last year and I'm looking for part time work to cover the cost of being alive... Wife and I were joking about a divorce so she could be on SSI... | ||
| Teeps |
Took a pay cut 2 years ago. That financed early retirement buyout program for those positioned to take advantage. After a year base pay was restored to precut level. Got a raise this year, not much; but not a cut... I've always run life's business lean and mean. Above all NEVER finance toys... | ||
| Dynasport |
I am definitely worse off. I'm not sure I can blame much of it on President Obama. Most of it is related to expenses having to do with my young adult children. My income is basically the same. I am under a pay freeze and my wife is facing a 3% cut next year. We will survive and try to thrive. It's the American way. | ||
| Sifo |
Income has been steady for us, though I'm solidly among the "under employed". That's OK with me right now though as we are pretty much in a coasting to early retirement mode. The DOW did well this year and my investments did a bit better yet. I'm happy for that, but don't get too excited about that. The rise in the DOW isn't a reflection of private sector growth right now. It's more of a reflection of the government printing money. Those gains are almost certainly going to be eaten away by inflation in the next few years, and we are starting to see that happen now. Gas isn't included in official inflation numbers, but it is certainly working it's way into the price of everything we buy, it just doesn't happen all at once. I don't know why people are talking about unemployment numbers going down. The most recent number went back up to 9.2 percent and I heard that earlier jobs numbers got adjusted to the bad side. If you still have your job you really don't feel the effect directly. If you are part of the unemployed then you feel it very harshly. It still effects everyone in a stealth way from an overall weakening of the economy though. We were looking seriously at pulling the plug on working next year. We have made the decision that with all of the new unknowns, health care being a huge one, the stumbling economy being another huge one, there's no way we are giving up the jobs we currently have. Are we better off? I would say the fact that we are postponing our retirement speaks for itself on that one. | ||
| Etennuly |
For nearly twenty years a large part of my business is repairing rental trucks. It is a simple indicator of how the economy is doing. People rent trucks, they need to be serviced and repaired. People don't rent trucks, nothing needs done. At this time we are in the summer busy season with less than half the numbers in the downsized fleets of the major players and things are not booming. The use and movement of these trucks is uniformly based on housing starts. It's ebbs and flows are an indicator six months ahead of what the g'ment claims. Well it was until this administration claimed an increase that was so small that two trucks covered the moves. When is an economic "flat line" no better than a "dip"? ................when you are on the bottom! | ||
| Daves |
I am better off. Business is up 36% YTD over last year Profit is up 28% Just hitting my busy season so I am hopeful I will have another "best year yet" in my archery business. I do not credit anyone in WDC or DSM for this. It is due to, 1.New bigger building 2.1 more year under my belt gaining customers 3.Some really hot selling products from my manufacturers 4. The majority of my customers are passionate(sound familiar?) about bow hunting and will buy what they want. Period. I am a lucky and thankful man. | ||
| 46champ |
I've been self employed for over 2 years now. I've been making a concerted effort to pay down debt which I have done. At the end of the month now with a lot less debt load I am not any better off. Most of it has been going into the tank of the pickup so I can go to work. So I would say a little bit worse. | ||
| Danger_dave |
My design business has changed a lot post GFC. Pre-meltdown I used to spend 3 days a week doing ads for the motorcycle industry. Now it's 3 days a month. Leisure spending is still very tight. I also used to derive a good chunk of income making web sites for small-medium business. Google now does that for free. Some of the slack has been taken up with feature writing, but it's patchy work. Turnover is now about half of what it was 3 years ago. Co-pilots job offer arrived just as I was thinking it's time to bail. Overall I think NZ is in 'fair' shape and will recover slowly, but I think Aus will be a better place to be on the back of the resource based economy, so I'm quite looking forward to going home in 6 weeks - and mid winter temps in the 70's! | ||
| 1324 |
Yep, I'm aware of this. I'm pretty much right down the middle on most things. If I lean one way, it'd be more the right. Either way, both sides have good points. Of course, they'll never admit that in public. | ||
| Swampy |
Income is steady but I am/we are slowly bleeding to death. Dirt poor but asset rich, two houses, both excellent investments, we could sell either of them now and triple our money. I am encouraging my youngest son to start up a business with a friend, right now they are out making a bid on a job, if they get it....with a deposit, I will be running down to the equipment store and putting a load on my credit card, hoping this first job will pay "my" startup expenses | ||
| Davegess |
I and most folks I know are better off. Of course a lot of my friends are at work and we are so busy we can't catch a breath. Had our best year ever last year and this year is looking better. My retirement money is back above the level before the crash so retiring looks possible. Things look pretty good here. Very few foreclosures in my immediate area. And you will not believe the business I'm in... we make fancy paper plates and napkins. Who would have thought. | ||
| Cityxslicker |
nope, it is abysmal. Happier abroad, if my phone rings 90% chance it is from overseas. The local HR/Recruiters with their TaleoX widgets are worse than any dating prescreening you could imagine. So as the answer there was opting out, getting out, so it is with the employment as well. Just had the second Skype interview this morning, they come through with the relocation package and it is DONE. (Ps the dollar spends pretty well in Ukraine, about 1 to 8 , paid on US Salary, living in Ukraine economy with lodging PAID? Fat dumb happy, not returning) One more American asset outsourced abroad | ||
| Iamike |
My company has resisted hiring for a couple of years now. They are scared to death about how cap & trade would adversly affect us. Due to that I put in 50-70hrs. per week and still fall behind. If it wasn't for the OT I would guess that I would be worse off. | ||
| Brumbear |
I am actually busy but my costs are up and quite handily offset the difference but as a whole there are many many worse off people this year than last we need to get back to making stuff again I truly believe it is the only way not buy American MAKE American.Any American business that makes a product I support if I can. | ||
| Wolfridgerider |
I'm slammed.... I'm not doing as well as 2007 but it is better than 2 years ago. My wife and I have cut WAY back... paid a few bills off... all we have left is the mortgage. I would love to have that chunk of change paid off |
