A (non) political question. What will you be doing?

[darylbowden]

I'm already doing it.

My start-up was backed by investment bankers.  They lost tons of money, so we lost all of ours.  So, I guess technically I'm unemployed, but I've been doing enough contract work to keep the lights on.  I don't have any CC debt, but I had to defer my student loans for a few months 'til I find something solid, so that basically leaves me with rent, car payment and utilities.  Unfortunately, in SoCal, those 3 add up to a pretty decent-sized number.

Anyhow, the good news is that since I have more time on my hands, I should be able to do the server migration tonight so that the DMF will be strong like bull.

[Grampa]

good point. I would have never looked into thier home loan section, see'n how we dont need it.

[rgramjet]

My business phone has slowed down big time.  Folks dont want to come off their bucks like they used to.  Previously I was a remodeling contractor shifting towards the cabinet business.  Now Im shifting back towards the former.  Luckily my 3 billable employees are multi faceted....my finisher/cabinet maker is also highly skilled in tile setting and hardwood flooring, my Master Cabinetmaker is a wiz with interior trim and Corian countertops.  

My one person in the office is about to learn a hard lesson about reality....be productive or get the F out.  Never hire family even distant family.

I am attached (read:married) to a woman that spends $$ like water.  Time to strengthen the Pimp Hand.....dont even get me started.

[TiAvenger]

I cannot recommend our credit union due to the fact that your not a Tulare County resident.... and other... er factors.  There is a reason I need a safe to hold a cash backup.  


Check out Golden One.  

[the_Journeyman]

I'll keep my fixed, 4.75%mortgage from a small, local FDIC bank ~

JM

[jdubbs32584]

I work for a major bank so I've been tightening up for the past 6 months or so. I've gotten ahead on my bike and car payments, and I've knocked out some credit card debt. The school loan is still a pregnant dog but I'll be paying that for a long long time.

My parents asked me to delay moving out of their house (was gonna get an apartment again) so that we could all save a little money. We carpool whenever possible and always eat at home. Vacations have been mostly canceled and spending is kept to a minimum.

[cloudseeker]

Me, apparently I'm gonna start by adding a second private school tuition to the expenses.  

We'll continue to have two full time incomes as long as possible, that's for sure.

[the_Journeyman]

I've gotten ahead on my bike and car payments, and I've knocked out some credit card debt.

This is smart, my fiancée is doing this on her car, just in case we have a lean month or two, she'll not *have* to make a payment.  Luckily, with wood heat, the only oil-products I need for heading is the gas & oil for the chainsaw.  I'm be using the heatpump very sparingly ~

JM

[Tommy T.]

This is interesting reading.  Such diversity on this board.

I live on income from investments.  I'm broadly diversified, with a core holding in U.S. Tresury's, some real estate, some precious metals and enough stock that days like Monday with its 770 point drop are a jolt.  I'm debt free and have substantial cash positions and it is unlikely that the worst of credit collapse and even deep recession can do more that cause a change in vacation plans.

My problem is dealing with the utter frustration of being unable to take meaningful action in response to the situation or to protect my very hard earned position.  There are just no alternatives that are clearly better than the fairly lousy place where my finances currently are.  I used to get paid (as a financial attorney) to help other people make big bucks setting up hedge funds, creating and dealing in derivate securities, buying and selling interest swaps and LIBOR based exchanges.  I know exactly what has happened on Wall Street and why the various bail out proposals won't really be fixes, just smoke and mirrors that may restore confidence in a market that is pretty much 100% based on confidence.  (Why do you accept a piece of green paper in exchange for something as obviously substantial as your used bike?)

I'm stuck with paralysis by analysis -- too many different ways to go and incomplete information to base a decision on.  I just hope the whole economy doesn't experience the same lock-up that I am.

Tommy T.

[TiNi]

we've been paying extra on our mortgage since the first payment, and i hope we can keep doing this...

we have stopped going out for dinner and drinks, &  have no travel plans either.
i have stopped spending money i don't need to, and i'm pretty proud of myself

i am nervous about fuel costs this winter... heating a house with an open floor plan gets expensive.

both my job and my fiancée's look pretty stable right now, let's hope they stay that way.

[hyphen]

As shitty as this sounds, I'm not affected by this situation much.  Minus the high gas prices and shitty housing market, my lifestyle hasn't changed at all.  The games industry has seen a 43% increase in sales since 2007.  I kind of feel bad because people are using our product as an escape from the hard times, similar to how films were used during the depression.  I've had 2 pay raises since January and expect big bonuses after our game ships, which we expect to sell well (our last game sold over 11 million copies since 11/07). 

I just have to save my dough so I can buy property later.  I'm not too interested in doing it now.

[rgramjet]

Now might be the best time to buy property.  Nelson Rockefeller said something like the time to buy is when there is blood in the streets

[superjohn]

I started last year when I thought I was going to be laid off. I paid off the car, paid off the credit cards, and started putting money away in a few different accounts. I've also started putting more into my retirement account as the market goes down to take advantage of a future rebound. I'm also cutting back on expenses, utilities and so on.

I'd like to refinance to a 15 year mortgage and start paying off more principal, but I'm not so certain I can get that done at the moment and interest rates are probably going to go up as well.

[wbeck257]

i am nervous about fuel costs this winter... heating a house with an open floor plan gets expensive.

[Kyna]

I have enough money in the bank to pay all my bills for the next 6 months, but I'd like to increase that to at least 9 months.  I'll be paying off my student loans for years to come, but that's my only debt.

I finish grad school in about 8 months, my part-time job has enough work for me to actually be full-time.  If that maintains through to April/May then I'll have a solid job after I graduate, Probate law.  If not that then I have an application in for the state department of revenue.  Death and taxes right?

I'll keep renting until I have 20% for a down-payment on a place of my own.  As a future first time home-buyer I can't help but think that this crisis is going to bring real estate back within reach of people just starting out in life.