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  1. #11
    ^He pronks, too! Magic Poriferan's Avatar
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    Errr... Through most of my life, my family earned so little money that I don't think the economic crisis would make much of a difference. True, i'm in better living conditions now, but I think it would take the worst case scenario to... just send me back to where I use to be.

    It just might be fun to watch. If it's bad enough to topple a large margin of the upper-class, then I think I will be amused to see them go crazy as they try to survive living the way I grew up.
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  2. #12
    Senior Member Grayscale's Avatar
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    Quote Originally Posted by ptgatsby View Post
    Sadly, increasing your value has very marginal returns if unemployment should rise. It tends to cause compression across all fields, where higher ranked people fill lower ranked jobs, etc. Still, it'll help keep you fed, probably. A few people I know took this route, and it didn't work out... generally, you want to find stability, not competence. In good times, competence moves you up, which is the main purpose of it. No level is protected in down times, and it is much less effective than it would seem.

    My single piece of advice, if you are worried, is to reduce expenses and increase savings. This is the flip side of the over extended. It opens up opportunities and multiplies your safety net. In my view, the money isn't going anywhere - if the concerns pass unwarranted, you have the money and can do something with it. However, when things go wrong, they can go really wrong, and can take upwards of a decade to get sorted out.
    exactly... not too worried about income, i have a good job now and i could get another easily if i lost it. mostly it is the inflated cost of living that i was comfortable with before, but not now with pending economic turmoil. im fairly well versed in that, though... for a good period of time i was living on about 5% of income going to expenses. since then ive given myself a lot of allowances and im at about 40%, i think i can get that down under 25% and build up savings. i'll need them for a career transition anyways.

  3. #13
    no clinkz 'til brooklyn Nocapszy's Avatar
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    Quote Originally Posted by Magic Poriferan View Post
    It just might be fun to watch. If it's bad enough to topple a large margin of the upper-class, then I think I will be amused to see them go crazy as they try to survive living the way I grew up.
    You bring the beers, I just ordered those fireworks.

  4. #14
    Senior Member ptgatsby's Avatar
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    Quote Originally Posted by Grayscale View Post
    . im fairly well versed in that, though... for a good period of time i was living on about 5% of income going to expenses.
    o_O Where the hell do you live man, cause I want to live there. Or make as much as you do

    Minimal structural costs for me would be about 35%. When GF and I were together, before getting married/her starting school, we got it down to about 20% core and 15% discretionary. Bleh, now I'm at about 95%, and very little is discretionary (reduce income, increase expenses... does magic.)

  5. #15
    Senior Member Lateralus's Avatar
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    Quote Originally Posted by ptgatsby View Post
    o_O Where the hell do you live man, cause I want to live there. Or make as much as you do

    Minimal structural costs for me would be about 35%. When GF and I were together, before getting married/her starting school, we got it down to about 20% core and 15% discretionary. Bleh, now I'm at about 95%, and very little is discretionary (reduce income, increase expenses... does magic.)
    95%? That would make me sick. I can't stand being over about 66%. I start to get antsy. I prefer to keep it under 50%.
    "We grow up thinking that beliefs are something to be proud of, but they're really nothing but opinions one refuses to reconsider. Beliefs are easy. The stronger your beliefs are, the less open you are to growth and wisdom, because "strength of belief" is only the intensity with which you resist questioning yourself. As soon as you are proud of a belief, as soon as you think it adds something to who you are, then you've made it a part of your ego."

  6. #16
    Senior Member ptgatsby's Avatar
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    Quote Originally Posted by Lateralus View Post
    95%? That would make me sick. I can't stand being over about 66%. I start to get antsy. I prefer to keep it under 50%.
    Me too. Unfortunately, cutting income by 35% and adding a good 1000$+ to expenses a month does that <_<

    On the other hand, she should earn more than me at the end of it, where our incomes will more than double and we'll reduce our expenses by most of that $1000...

    But the timing was off, for sure (she started before the downturn.)

  7. #17

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    I've already been hit rather hard by the current crisis..most of the damage happened in the September-October time frame.

    So at this point, I'm in a "recover" from the crisis mode already.

    My 401k funds are still there but almost completely frozen in a state of limbo. I can't move the funds someplace else without severe penalties.

    The original seller of my condo, had decided to keep a large section of the condos for themselves to rent out. Apparently, the prices dipped enough that they decided to walk away from their loans, which means close to 30% of the condo's in the area went on the market as forclosures. This of-course has made the prices plummet. Last time I checked on the price of a model of the Condo I own, it sold for $200000 less than what I bought it for. Needless to say, I am now upside-down on my mortgage.

    I was issued a large section of stock-options as part of my compensation package. This comprises the pay-for-performance section of my compensation. In addition, I am given a profit sharing account as another part of compensation. Neither of these are under my control. The valuations of the options are now 0 and well below water, and the profit sharing gains for the last three years have been wiped out, the profit sharing account continues to decline.

    My little self-directed Roth IRA has done well, but compared to the losses elsewhere, this is little comfort since it has not been able to keep up with the decline in the profit sharing account.

    To be honest, I am not going to be doing anything significantly different. I have managed to cut my expenses to 85% my previous (pre-september) run-rate, but I am still a long ways away from fiscally disciplined.

    I had entertained quiting my job earlier, but that is less of an option now. Still, my resume is fairly up to date, which is a good thing.

    I usually do all my 401k savings up-front during the year, and pay a little extra towards mortgage (I've pulled in the pay-off date by a few years already). My savings dwindled this year because I paid off some major loans I had, so I will likely spread out my savings to my 401K, and extra for mortgage for a little while.

    The basic answer for me is to conserve and wait it out.

    Accept the past. Live for the present. Look forward to the future.
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    "[A] scientist looking at nonscientific problems is just as dumb as the next guy." Richard Feynman
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  8. #18
    Senior Member Anonymous's Avatar
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    I'll be going to school. If I can't afford school, I'll probably join the military.

  9. #19
    No moss growing on me Giggly's Avatar
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    Love is always a stranger in the home of avarice. - Andreas Capellanus, The Art of Courtly Love

  10. #20
    Senior Member Anonymous's Avatar
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    Quote Originally Posted by Hmm View Post
    Love is always a stranger in the home of avarice. - Andreas Capellanus, The Art of Courtly Love
    What's that have to do with the global economic crisis?

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