# Anyone actually been hit hard by the economy?



## TANATA (Oct 31, 2003)

I've seen a lot of people on CNBC and CNN talking about how they lost their home and job and 401k and everything else you can think of but can't think of anyone that's been hit other then my dad and his company.

Anyone really been hit other then fuel/inflation as far as jobs and housing goes? I think the midwest, or North Dakota area atleast seems to be taking it pretty well.


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## drjongy (Oct 13, 2003)

Not losing the shirt off my back or anything, but still, a 30% reduction in my IRA combined with 30% increase in expenses is not the best situation.


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## whitehorse (Jan 28, 2008)

I happened to pull funds out 6 months ago... at first i thought it was going to kill me for financial aid since I had more income, but I guess I'm too broke still.. and I prob saved myself $500$ from the hit I would be taking right now, even after paying for the fees... just had a bad feeling, and needed to get some cash, so worked out well

I also heard on the radio that the midwest is hit less than the rest of the states... not sure how credible that is, or the reason behind it.... I figure it's that we usually own items... tractors, cars, homes, ground... not renting a skylight, investing thousands a month because we "should"... oh... and we don't buy several hundred/thousand dollar coach bags or whatever.... just my thoughts...


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## buckseye (Dec 8, 2003)

ND is a farm state, all grains are way up... sunflowers are way way up. Cattle market is stable at pretty decent prices. Then the added income from all the oil activity has also helped. It better be good cause we have never had it so good price wise out here!!!


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## omegax (Oct 25, 2006)

I'm young enough to take the long-term view that stocks are going on sale (dollar-cost averaging is your friend in the long term!), but my parents just retired... they're not too happy at the moment. They've had to cut WAY back on their plans for the next few years, which is sad because they were diligently saving for a long time.


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## Bobm (Aug 26, 2003)

omegax said:


> I'm young enough to take the long-term view that stocks are going on sale (dollar-cost averaging is your friend in the long term!), but my parents just retired... they're not too happy at the moment. They've had to cut WAY back on their plans for the next few years, which is sad because they were diligently saving for a long time.


Very good advice dollar cost average and buy now and hold, my parents are also retired and nervous.

It will work out


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## MSG Rude (Oct 6, 2003)

Bobm said:


> omegax said:
> 
> 
> > I'm young enough to take the long-term view that stocks are going on sale (dollar-cost averaging is your friend in the long term!), but my parents just retired... they're not too happy at the moment. They've had to cut WAY back on their plans for the next few years, which is sad because they were diligently saving for a long time.
> ...


Just like the great dep., time will balance it out. We still have a ways to go IMHO until we see the bottom of the bucket. It will get worse before the pendulum swings the other way.

Just MHO.


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## Plainsman (Jul 30, 2003)

> but my parents just retired... they're not too happy at the moment. They've had to cut WAY back on their plans for the next few years, which is sad because they were diligently saving for a long time.


That's where I am at too. Savings dropped so far that my wife and I have gone from thinking about a new fifth wheel and going to Arizona for a month in the winter to just staying home and no camper. Oh, well, it's better than Obama taking half of my savings and giving it to some illegal alien and me living on potatoes and oatmeal. I have done that before and it's no fun.


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## ruger1 (Aug 16, 2006)

Plainsman said:


> > but my parents just retired... they're not too happy at the moment. They've had to cut WAY back on their plans for the next few years, which is sad because they were diligently saving for a long time.
> 
> 
> That's where I am at too. Savings dropped so far that my wife and I have gone from thinking about a new fifth wheel and going to Arizona for a month in the winter to just staying home and no camper. Oh, well, it's better than Obama taking half of my savings and giving it to some illegal alien and me living on potatoes and oatmeal. I have done that before and it's no fun.


Unfortunately there are always winners and loosers. Sorry to hear about your current state plainsman. I know my parents are in the same position. It creates mixed feelings for me as I'm not retiring for another 15 years. I took advantage of this and dumped all my free cash into the market when it tanked. Got to love cheap stocks.


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## buckseye (Dec 8, 2003)

When people start putting their money in the bank again we will see a big difference. A lot of people prefer higher risk returns and now it is biting them in the arse. If banks don't have money to lend they have to borrow from the Feds.

Maybe I'm lucky but I prefer Annuities, I need security much more than a few more dollars.


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## dblkluk (Oct 3, 2002)

My 401k is now a 201k...

Worth half as much.. :wink:


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## blhunter3 (May 5, 2007)

I don't know how much I lost but mom said I would have had enough money for 5 years of college and then some before 9/11 and everything else.


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## TANATA (Oct 31, 2003)

If you guys are getting hurt by the market, get into gold. Always going up with unstable financials and everything else being hurt. Watched a few companies increase 50 fold in a matter of 2 days. Wouldn't be bad for the check book. :beer:


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## blhunter3 (May 5, 2007)

Or leave your money where its at because there will always be highs and lows in the market`


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## TANATA (Oct 31, 2003)

Sound financial advise bl


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## Burly1 (Sep 20, 2003)

With retirement coming in eight years, this downturn hurts! Had a long talk with the missus the other day, and decided that the Alaska cruise for this coming Summer is still on. We've vacationed very little over the years, and have been looking forward to this one for a while now. I will have to cut back on some other expenditures though, and that will be tough. I bought $65 worth of groceries yesterday.....for $107! Prime steaks for $10.99/lb. None of those came home with me. We'll all adapt as we must, I'm sure. 'Cause if we don't we'll starve!
Still hopeful,
Burl


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## fishhook (Aug 29, 2002)

I could go on for hours on this subject, but i'll just leave this thought.

Give it the window test. Look at all the new SUV's and Full Size Pickups on the streets and highways in ND. Now look at the same in the metro areas.


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## goodkarmarising (Feb 8, 2008)

x


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## goosetalk (Jan 26, 2007)

dblkluk said:


> My 401k is now a 201k...
> 
> Worth half as much.. :wink:


You mean 200.5k :wink:


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## LuckCounts (Aug 8, 2008)

Although my 401k took a 30% hit I am not drawing on that any time soon. Saw a much bigger downward hit after 9/11 but it came back like gangbusters in the years after. All the financial advice I've gotten about the 401k is that dollar cost averaging is the way to go. Once you are 10 years out of retirement you have to start thinking safe. Have a professional firm manage my 401k. They have done a much better job than I could have done on my own. Only thing is I am big on living within our means. Don't have a car loan, or mortgage. My daughter is in her last year of college but we just paid off the tuition without taking out a loan. Takes a lot of discipline but I believe it's worth it.


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## northdakotakid (May 12, 2004)

We are about to see a financial down turn that we have not seen since around 1907ish... with the added leverage of a flattened world economy that at that time was shielded for the average American by the American Government.

There is no easy answer other than liquidity for the individual investor as we all talk about retirement as though it si something that we are intitled to... how many years ago was it that retirement was someting our health dictated instead of our bank accounts??? How many 20 year olds thought about retirement in the 50's, 60's or even teh 70's?

In those times the average American was worried about providing enough of a living to support their families and keep a little saved in a coffee can or god forbid in a Savings Bond.

The issues we face today are as monumental as the Great Depression... make no mistake. The really scary thing is that as a Nation we are ahead of the Brits and most European countries as far as the process goes. The next two years of our life will be something that we will tell our children about...

Today, only 79% of consumers with a 800 credit score are getting car loans. Think about that... these are the most credit worthy consumers on the market. How is that going to affect car dealers - - car manufacturers - - raw material suppliers?????

We are about to see a wave of lay-offs that this country has not seen since the early 80's ... this is the largest expense for most fortune 500 companies... salary and benefits.

God help us if either candidate raises taxes... it will take another 23 years (check your Great Depression history) before the markets come back... but the good thing is the troops will be back home soon as it is time for the Government to review it's checkbook and start reducing spending(Increasing strength of dollar).

So buckle up... get liquid... remember that houses are meant to raise a family, not to make you money until "retirement"


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## scott (Oct 11, 2002)

Well at least country music should make a nice run during hard times  .


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## ruger1 (Aug 16, 2006)

> My daughter is in her last year of college but we just paid off the tuition without taking out a loan.


Won't be paying for kids college. They can join the guards, get student loans, or grants and scholarship like I did. That sure helps my future financial outlook.

Other than that, I'm like LuckCounts. No debt, live below my means, max my 401 and Roth every year, hunt as much as I can. Can't beat that.


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## dakotashooter2 (Oct 31, 2003)

The people that are really in trouble are the ones that are overextended. If you have minimal debt load you should be fine. It's gonna get tough on the 25 year olds with 3 credit cards, ATV, snowmobile, boat ,motorcycle and vehicle payments and a house much larger than they need.


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## TANATA (Oct 31, 2003)

I have a 670 credit score at 20 years old, and was just accepted for a 19k loan at Corwin. Not sure where the people with 800s are having trouble unless they are trying to buy that new Escalade with half their income already tied up in debt.

The only problems I know of with loans has been mortgages of course, but recently they have been talking about small business's not being able to get their usuall lines of credit on real short terms loans such as paying their employees when they have a lot of capital tied up in a big project or ect.


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## MSG Rude (Oct 6, 2003)

ruger1 said:


> > My daughter is in her last year of college but we just paid off the tuition without taking out a loan.
> 
> 
> Won't be paying for kids college. They can join the guards, get student loans, or grants and scholarship like I did. That sure helps my future financial outlook.
> ...


I told my kids the same thing. Uncle Sam (Army) has paid for all three of my degree's and I did not pay a single penny for nothing..no books, no tuition, nothing.

They can do the same thing.


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## weasle414 (Dec 31, 2006)

Business at McD's has been way down the past couple months. Corporate has been selling stores left and right to fanchises so prices have been going up, and employees have been getting sacked and demoted everywhere you look. It doesn't really effect me much since I've been with them so long, they can't get rid of me for no reason. That's really the only thing that's hitting me at all as far as I can tell.


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