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  1. #1
    Senior Member Grayscale's Avatar
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    Default what are you doing to prepare for a global economic crisis?

    topic is that-a-way

  2. #2
    `~~Philosoflying~~` SillySapienne's Avatar
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    Um...nothing?

    `
    'Cause you can't handle me...

    "A lie is a lie even if everyone believes it. The truth is the truth even if nobody believes it." - David Stevens

    "That that is, is. That that is not, is not. Is that it? It is."

    Veritatem dies aperit

    Ride si sapis

    Intelligentle sparkles

  3. #3
    Minister of Propagandhi ajblaise's Avatar
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    I'm eagerly waiting for Grayscale to give up some specifics.

  4. #4
    Senior Member ptgatsby's Avatar
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    I've done three primary things;

    1) Reduced long term spending and plans, and cancelled some vacations and what not that were in the works over the next two years. This is a direct result of the loss to investment (savings).

    2) Reduced discretionary spending, such as eating out. In general, have cut down on a lot of small costs that add up to large amounts. In the food case, cut the general spending from about $400 or so down (historical) to about $100. Also increased buying more staples for cooking and what not.

    3) Become alot more careful with pricing. I've started unit pricing and working out costs in more detail. I've stopped taking the bus and have my wife drive to me work (time vs money actually put the car cheaper than mixing the two) and such...

    The short answer - spend less, increase contingency savings, shorten time horizon. The normal stuff, really.

    This was also strongly motivated because the market I am in puts my job at risk. Not tangibly so in the upcoming future, but I've learnt to watch the large scale forces more than what individuals say... the reality is that the market I am in is way worse hit than most and the department I am is capital intensive, so doubly bad. Every day that the downturn continues makes it more probable that the company will need to adjust.

    (OT: nothing for the global, except as it has and might influence me.)

  5. #5
    Senior Member GinKuusouka's Avatar
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    I'm..going to school? ^^; Sounds like a good deal to me. Oh yeah... I figured I'd just eat a lot of rice and forget about the TV anymore. Not like I have time to watch it anyway. But like hell will I get rid of my internet connection.

    Seriously, I'm not really doing anything about it. There's not a lot that I can do except ride the waves until things are all good again.

    Edit: I am watching how I spend my money food-wise however.
    I have no idea who I am. All I can say is let's rock hard.

  6. #6
    Senior Member Lateralus's Avatar
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    Improving my qualifications.
    "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."

  7. #7
    ish red no longer *sad* nightning's Avatar
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    ^ +1

    Will be in school for 2-3 more years and hopefully the economy will improve by then.

  8. #8
    Senior Member Grayscale's Avatar
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    Quote Originally Posted by ajblaise View Post
    I'm eagerly waiting for Grayscale to give up some specifics.
    typically, large scale things like this are "hands off" to the public, but at a certain point the impact becomes so great that individuals should consider making changes.

    nobody can tell the future, but preparing is the difference between a smart person and a "should have".


    i think it is unwise to ignore one's changing environment... as for myself, i am thinking about how i can increase my financial stamina. i believe it is very possible that even if we do not enter a depression-esque period we will be in major recession for at least a few years. when the market fell last night and this morning, my friend called and we agreed we should meet up and discuss what we are going to do to deal with whatever difficulties may lie ahead.

    this means making some changes to how things are and potential plans i had. for instance, i am planning to change careers soon, that will likely be put on hold for a little while. people in our circumstances tend to "feel" the economic changes more than those who have well-established lives or are not surviving on their own finances alone.

  9. #9
    Senior Member ptgatsby's Avatar
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    Quote Originally Posted by Grayscale View Post
    we are in a unique situation where we are not going to school, but are not old enough to have major investments or savings to hold us through.
    I would say that is the 'most risky' position, in that it has the highest variation to your standard of living.

    That's only half the story though. Most people, due to the way it is unfolding, are not high risk, in terms of variance, simply due to the likely outcome being almost all negative, with no upside. Friends with two mortgages, kids and other large fixed costs are not likely to come out of this alright... almost certainly so. It doesn't even take serious shocks to cause them issues.

    You aren't in that position, fortunately, but keep in mind the variance

    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.

    (Sadly, I am putting my wife through school, and so things are a lot tighter for us than I'd like. This limits our flexibility. It's unfortunate, too, because a piece of land just had it's price dropped by 25% and I would very much like to buy it, or similar, over the next year. That looks less likely now, whereas if we were both working, we'd of been able to nearly buy it in cash. Cash is very good to have in bad times. Very good.)

  10. #10
    no clinkz 'til brooklyn Nocapszy's Avatar
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    I've begun making a wishlist of fireworks and have already ordered 30 pounds of confetti.

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