Economy is the pits.
And it appears that it's just going to get much worse.
-Mike
F/S: 1986 5 speed Coupe # 89 Blue and Orange
Mike,
I feared for this economy way back in the Reagan administration. Didn't see how we could remain competetive in a global economy by removing tariffs, spending way more than we took in a cutting taxes for those that least needed it.
Spent the next 25 years making sure we could get through tough times, if they came, and they have.
We invested in stocks, switching to Bond index fund before GW Bush was elected, got back into stocks, sold off all bank stocks in 2006/2007. Also bought timberland in N. Florida and a second residence by the Suwannee River. Really strapped ourselves sometimes! But it paid off. Sold the land and 2nd home at large profits 4 years ago. Planned on selling stock to pay off the house when the wife turned 59 & 1/2. She did in April 2009. Got layed off in May 2009 and is still drawing unemployment. We are now completely out of debt. No mortgage, no car payments, no credit card balances and we didn't have to sell any stock. Switched most of stocks to Money Markets 2 years ago so we've pretty well ridden out the storm in great shape.
I tried to warn all the relatives to do the same. Quit buying a new car/truck every other year. Stop using plastic in place of cash and save, save save for the future. They didn't listen. Some are now in their 60's, big mortgages, high debt and can't even think about retirement. My kids did listen. They are in good shape and in the right industries for the future. (Health care, used auto parts, food industry both retail and growing Hops and Organic Cherries)
Now we can only pray for the rest of the citizen's! Small businesses are closing here left and right. And a tax cut for small or large businesses isn't going to help if no one has money to buy anything.
My wife says I'm cheap, cause we are still very conservative with our spending. I prefer the term 'fiscally cautious.' Or even frugal. But when I buy something it's top quality, not cheap, fall apart junk!
I feared for this economy way back in the Reagan administration. Didn't see how we could remain competetive in a global economy by removing tariffs, spending way more than we took in a cutting taxes for those that least needed it.
Spent the next 25 years making sure we could get through tough times, if they came, and they have.
We invested in stocks, switching to Bond index fund before GW Bush was elected, got back into stocks, sold off all bank stocks in 2006/2007. Also bought timberland in N. Florida and a second residence by the Suwannee River. Really strapped ourselves sometimes! But it paid off. Sold the land and 2nd home at large profits 4 years ago. Planned on selling stock to pay off the house when the wife turned 59 & 1/2. She did in April 2009. Got layed off in May 2009 and is still drawing unemployment. We are now completely out of debt. No mortgage, no car payments, no credit card balances and we didn't have to sell any stock. Switched most of stocks to Money Markets 2 years ago so we've pretty well ridden out the storm in great shape.
I tried to warn all the relatives to do the same. Quit buying a new car/truck every other year. Stop using plastic in place of cash and save, save save for the future. They didn't listen. Some are now in their 60's, big mortgages, high debt and can't even think about retirement. My kids did listen. They are in good shape and in the right industries for the future. (Health care, used auto parts, food industry both retail and growing Hops and Organic Cherries)
Now we can only pray for the rest of the citizen's! Small businesses are closing here left and right. And a tax cut for small or large businesses isn't going to help if no one has money to buy anything.
My wife says I'm cheap, cause we are still very conservative with our spending. I prefer the term 'fiscally cautious.' Or even frugal. But when I buy something it's top quality, not cheap, fall apart junk!
Deposit on the car
I've taken a deposit on the car. Much less than where I started, but it is going to a good home.
Mike
Mike
Bleed Ford Blue!
-
scoutdrivinrebel
- Posts: 405
- Joined: Thu Nov 11, 2004 4:18 am
- Location: Texas
-
86ASCCoupe20
- Posts: 225
- Joined: Mon May 31, 2010 2:59 pm
- Location: New hampshire