Anyone else getting scared?

**mikandmari** · 10-31-2007, 12:04 AM

Is anyone else actually getting scared of the economy we're facing?

All around me I'm seeing evidence of impending doom. I know people who are filing bankruptcy, or heading in that direction, having homes foreclosed on, losing jobs... Prices are up on the basics: gas, heating fuel, groceries, medical insurance, etc. How much longer can people keep borrowing on credit and running up debt? Is my 401K safe? Will my job be sent overseas?

I'm sorry if I sound like chicken little. I have a best friend going thru bankruptcy right now, and I think it really hit home how easily things can fall apart.

Is anyone else seeing someone they care about suffering financially?

**Luv2BeFrugal** · 10-31-2007, 03:17 AM

Yeah...some things are actually getting pretty scary... My friend lost her job 2 months ago and needs to sell her house... She's been temping to make ends meet (because she wants to move so doesn't want to commit to permanent work), but it's not really cutting it. I know how her money situation was when she had full time work and overtime often, too. Now if there's a holiday or she's sick she doesn't get paid. I'm thankful there's plenty of work up here...but the housing market is mighty slow...

Moreso than the money problems...the drought and future water problems are scary to me.

**frugalfarmwife** · 10-31-2007, 03:47 AM

Yes, the stress has been really bad for me. On top of watching family go through bankruptcy, a friend really struggling to make ends meet and the housing market dropping here I've got the crop and feed prices to worry about.

Add to that the bottom basically dropping out of the horse market (thank goodness we've never releid on the horses for income). The rising cost of heating and fuel to run the farm.

I've just committed a LARGE chunk of our available cash to hay and grain for the winter because I see the costs doing nothing but continue to rise.

I worry that many I know will not be able to feed/keep their livestock through the winter, and this will effect ALL in the future cost wise.

My hours are much lower at work this year, I'm ok with it but those that I work with that depend on the income are worried, very worried.

But, I'm thankful DAILY that hubby has a job in an industry that will be in constant demand, so thankfully that is secure.

I try not to be a gloomy gus about it, but some days it really DOES get to me.

kj

**frugalfarmwife** · 10-31-2007, 03:54 AM

Originally Posted by frugalfarmwife

Yes, the stress has been really bad for me. On top of watching family go through bankruptcy, a friend really struggling to make ends meet and the housing market dropping here I've got the crop and feed prices to worry about.

Add to that the bottom basically dropping out of the horse market (thank goodness we've never releid on the horses for income). The rising cost of heating and fuel to run the farm.

I've just committed a LARGE chunk of our available cash to hay and grain for the winter because I see the costs doing nothing but continue to rise.

I worry that many I know will not be able to feed/keep their livestock through the winter, and this will effect ALL in the future cost wise.

My hours are much lower at work this year, I'm ok with it but those that I work with that depend on the income are worried, very worried.

But, I'm thankful DAILY that hubby has a job in an industry that will be in constant demand, so thankfully that is secure.

I try not to be a gloomy gus about it, but some days it really DOES get to me.

Edited to add: Yes, the weather is also a great concern, we've been very lucky in Ohio with our weather but I have friends all over the country that are in desparate situations feed/hay wise due to flooding or drought, I've helped several locate and ship in hay, but the prices have been astronomical. One local farmer here dropped all his local clients and has been shipping his hay to Florida and getting up to 4x the price AND shipping for it. Hay is like gold in some states. What used to go for ranges of $80-$110 a ton went for $180-$230 a ton at last weeks auction here.

kj

oops, sorry hit quote instead of edit.

**powerfm1** · 10-31-2007, 06:05 AM

I've lived on very little most of my life, so I'm not really scared. Made through at least three major recessions (at least that I can remember).

The thing is that people who've always had middle class incomes don't necessarily have the skills to make it through. It has to be scary for people who have major financial outlay who are on the verge, or just have lost everything due to this recession.

Maybe everyone will find this website and similar ones so they can acquire the skills needed to survive during this terrible time.

**lwlynch** · 10-31-2007, 06:57 AM

It does seem that things are changing and usually never to the good lately. Groceries are going up, gas, electric and here in GA we hear about how we have so many days till we are out of water.! what is next... but now that I have vented I am on to conquer the day.

**steelergal** · 10-31-2007, 06:57 AM

I am always nervous about our income when it is this time of year- husband works outside so his hours are very dependant on the weather. I get nervous about our heating prices, food and right now I am nervous about Christmas.

I am actually contemplating getting a job with a relative working during the night (9 pm to 5 am). My husband refuses to let me work this shift (since I am the one who takes care of everything in the house and we don't have a baby sitter).

**Dancing Lotus** · 10-31-2007, 08:08 AM

Ofcourse at this time its sensable to watch your money and stockpile a little more but honestly what scares me is how many people are worried about it. I firmly believe that your thoughts can cause things to happen and if thousands of people are thinking negative about the economy then things will go bad.

This is not the first time I have seen the economy like this , things will bounce back and the good times will roll.

I do agree with the op that said the upper middle class often lack the skills to survive a time like this and those are the people I worry about. Two yrs ago I would have been one of those people and I managed to learn a few things. I guess I could say I am a better person for it.

**jamie79** · 10-31-2007, 08:15 AM

We have a bright spot in that dh is in the military. Its a guarentted paycheck and he will never get layed off or fired.

**tammy88** · 10-31-2007, 09:11 AM

i know the mortgage companies are doing bad and people are foreclosing and filling bankruptcy because of the mortagaes.my opinion is that companies do not build houses for the average family anymore..everything here starts at 300,000.00 and its crazy..town homes starting and 4 and 500,000.00 and i blame that for the mortgages faling because thats all thats available and people just dont make that kind of money but the mortgages approve them for the house anyways..when my parents who first looking 20 some years ago they were approved for 200,000.00 but my mom knew she couldnt afford that so she found a house for 68,000.00 and still lives there..its a 3 bedroom tri and they have added a garage and they got an extra acre with it..nice house thats now worth a little over 200,000.00...

and people do try to live above their means.

i see the gas going up and the groceries and the heating cost but thats the cost rising and always will..the government in my opinion lets people work up the cost until people start getting used to paying and then rise it again and say that the economy is bad..i dont believe it for a minute..its the government getting greedy....i dont think we are really in for a big recession just things getting tight until the government steps back in an says they cant bleed us anymore then they already have and will let up some...and then they will try again later.

**frugal-fannie** · 10-31-2007, 09:51 AM

I have friends that have went bankrupt. Most could never get rid of their cable,computer service,nice cars.They have taken vacations to Europe. One has managed to buy 2 additional houses after her BK and when the equity goes up 100k they are spending it, I am waiting for the point when the rent no longer covers their expense. They look at my 800k house and what I am left owing on it (my first is under150k) and cant understand why I drive an older car and have never went on a cruise. Now I am gearing up for my husbands retirement in 2 years, I hear how lucky I am. Luck had nothing to do with it. Also having my husband graduate in the Carter years, and when I graduated from high school, I don't think it could ever get worse than that. My husband could not even get a engineering job, he had to work as a draftsman.Our first car interest loan was 19%. Housing was almost as high. and I remember even thinking 12% for a house loan was good years later and unemployment was way up. We are not even close to that, But I find people have short memories and are very rarely thankful for what they do have.We will of course have recessions, and every 70 years is a major business cycle- Amazing the Jews have a 70 year business cycle from the bible, every 70 years It is called the year of Jubilee. When I have everything paid off that is going to be my year of Jubilee.

**bamber** · 10-31-2007, 10:41 AM

As a college student, working with all I've got to learn how to have a job and make a life, I am scared.

It's almost impossible to make it in the world as it is. I have almost no money, barely any income, and no one gets a break. There is no way I can afford a house, and I cannot live with parents in my current situation. I have to live in an apartment, paying money into something that I will never get back.

At least I feel that I am bettering my life for the future (going to school). A lot of the stress in my relationship with my BF comes from the fact that he feels stuck. He is not in school, he is in a mediocere, barely making it, job. This also frustrates me because there is nothing I can do to help.
He needs a car - his is wrecked and falling apart. He needs to go back to school - no money, no time. Oh, and did I mention he has NO credit so he cannot get a car loan? It's just so frustrating.

And I'm afraid that in a few years, it will not be worth anything. I feel like I am working for nothing, and He feels like the average person cannot get anything anymore. It creates a lot of stress.

**SammiesMammie** · 10-31-2007, 10:58 AM

I know that we have/are facing some very scary issues right now ourselves..Friday my husband comes home from work and informs me that he will not be receiving a paycheck until 11/10...(He gets paid weekly) It seems that his employer has filed Bankruptcy, and don't have the money to pay the workers until then??? So, he like the good guy he is, continues to go to work in the hope that he will be paid, but who knows?? This is a really horrible time for this to happens also, due to the fact that 2 weeks ago we had 862.00 in car repairs that depleated our EF to just over 150.00..yikes!! So please say a few prayers for our family and the company that my husband works for, we need a miracle here I think..

My best friend and her husband have a resturaunt that has been open and doing well for 7 years..until this summer..Needless to say, today is their last day, very sad..There are businesses closing on every corner in the town we live in, what a sad day.

But on a lighter note, I have made tremendous progress in reducing my electric, water, and food bill since I have joined FV...yeah!!! So when God closes a Door, He opens a Window, and Thank you all for the wonderful tips..I couldn't have done it without y'all!

**frugal-fannie** · 10-31-2007, 11:19 AM

Originally Posted by bamber

As a college student, working with all I've got to learn how to have a job and make a life, I am scared.

It's almost impossible to make it in the world as it is. I have almost no money, barely any income, and no one gets a break. There is no way I can afford a house, and I cannot live with parents in my current situation. I have to live in an apartment, paying money into something that I will never get back.

At least I feel that I am bettering my life for the future (going to school). A lot of the stress in my relationship with my BF comes from the fact that he feels stuck. He is not in school, he is in a mediocere, barely making it, job. This also frustrates me because there is nothing I can do to help.
He needs a car - his is wrecked and falling apart. He needs to go back to school - no money, no time. Oh, and did I mention he has NO credit so he cannot get a car loan? It's just so frustrating.

And I'm afraid that in a few years, it will not be worth anything. I feel like I am working for nothing, and He feels like the average person cannot get anything anymore. It creates a lot of stress.

Bamber. You have seen my post. My husband graduated from OSU in 1981 and could not get an engineering job, the economy was 10 times worse than it is today. He made$5as a draftsman and it took 2 interviews to get that job and I made $3. per hour as a nurses aid. We had to live at the YMCA. We didn't have cars, we took the bus and I had to walk a mile after that just to get to work and wipe butts all day. The bus service didn't go far enough to reach my work.My family did not want us to get married and his family were overseas and also did not have money to shower upon us. We saved up and moved to San Diego from Denver. We eached worked 2 jobs to save up for a car. Things did not come easy.Now I have more than a million in assets, but that has been work. I went back to college, I worked 2 jobs or more for years. We had to start paying back25k in husbands student loans almost right away. We managed to have 4 kids along the way.The road is not always easy, we now laugh at the times we had to stay in the Y and the hard work and accomplishment have drawn us closer.I of course credit Gods guidance and protection in all this. I would be scared to live in the neighborhoods I lived in during those times.

**Denvergirlie** · 10-31-2007, 11:49 AM

Originally Posted by AnnK

I firmly believe that your thoughts can cause things to happen and if thousands of people are thinking negative about the economy then things will go bad.

This is how I would stand as well. I really don't feel that bad off. Sure I've got some debt still, but it will be gone in by summer 2008.

My job is as secure as any other right now and if it suddendly disappears, so be it. Why worry about things you can not control? What does that serve other than to get you all riled up and focus more so on the negativities.

I am thankful everyday for my job that affords me a good wage and the ability to meet my requirements.