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March 29, 2024, 01:07:43 AM
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[Econ D+G] how concerned are you about ...

Poll
Question: Which best summarizes you? (if I missed something, post it)
What ? I'm one of the select few well off enough to benefit right now! - 0 (0%)
What me worry? (enough wealth to fall back on for many years, house already owned outright, etc) - 0 (0%)
A little bit worried, but could make ends meet for 2-3 years even if everything falls apart (mostly would affect retirement plans, etc) - 9 (69.2%)
Beyond worried, would run into major problems in 6 months if things go wrong...(living day to day or worse as it is now) - 3 (23.1%)
Can't even sleep at night, it's already that bad for me - 1 (7.7%)
Total Voters: 13

 
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twoiron
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Re: [Econ D+G] how concerned are you about ...
« Reply #15 on: November 25, 2008, 05:59:43 PM »

meh!
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Re: [Econ D+G] how concerned are you about ...
« Reply #16 on: November 25, 2008, 06:50:58 PM »

I'm almost 52 years old, and I've watched my investments decline by almost half over the last 14 months (down around 400k).  I have one child in private grade school and another in an Archdiocesan high school. The one in HS is 21 months from going to college.  November has been the worst month my company has had in the 7 years I've been there.  I have this impending sense of doom almost daily (unless I drink). I've never been so scared.

Yet I realize my debt on my home is less than 35k, my wife has a job that provides half our income (and there's very little chance that her job is at risk).  Unless my company goes belly up (which is a definite possibility), I have a job.  I still have almost $500k in 401(k)'s and mutual funds.

So, I'm between C and D.  On one hand I know we'd get through it, on the other hand I'm watching my retirement disappear and I have the feeling that if I lose my job, I may never get another.  I've never had the feeling of anxiety that I have right now.

I know I'm over-reacting, I have trouble sleeping, but I can't seem to get past it.
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Spanky
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Re: [Econ D+G] how concerned are you about ...
« Reply #17 on: November 25, 2008, 07:33:30 PM »

Try Ambian. It works great.
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lennyquai
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Re: [Econ D+G] how concerned are you about ...
« Reply #18 on: November 25, 2008, 08:05:14 PM »

C for me.  I've been straight commission for 11 or 12 of the last 15 years.  Some good months; some not as good.  Some good years; some not as good.  My industry is typically cyclical where we run into 12-18 months of downturn every 5-6 years.  We budget based on the worst months and years, and put the rest away. 

Still carrying 2 house payments, though we've had the other house rented for the last 6-7 months - to the person with whom we have a contingency contract to buy the house.  Hopefully, hers will sell at some point; otherwise, we keep it as a rental.  It wouldn't be the end of the world, though I'd rather have it gone.
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gleek
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E chu ta!

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Re: [Econ D+G] how concerned are you about ...
« Reply #19 on: November 25, 2008, 08:28:06 PM »

I'm almost 52 years old, and I've watched my investments decline by almost half over the last 14 months (down around 400k).  I have one child in private grade school and another in an Archdiocesan high school. The one in HS is 21 months from going to college.  November has been the worst month my company has had in the 7 years I've been there.  I have this impending sense of doom almost daily (unless I drink). I've never been so scared.

Yet I realize my debt on my home is less than 35k, my wife has a job that provides half our income (and there's very little chance that her job is at risk).  Unless my company goes belly up (which is a definite possibility), I have a job.  I still have almost $500k in 401(k)'s and mutual funds.

So, I'm between C and D.  On one hand I know we'd get through it, on the other hand I'm watching my retirement disappear and I have the feeling that if I lose my job, I may never get another.  I've never had the feeling of anxiety that I have right now.

I know I'm over-reacting, I have trouble sleeping, but I can't seem to get past it.

That is brutal. Am I right to assume that you were 100% invested in equities in your retirement account (rather than a mix of stocks, bonds, and cash)? Also, does that amount represent losses on just your retirement account or the combined losses on both your and your wife's retirement account?

I've been too afraid to look at my retirement account balance, although I've been in a large cash position for quite some time now and know that it can only go so low. Where my wife and I lost most of our net worth is probably in our home value. Based on average declines here in Nor Cal, we've probably lost the equivalent of our remaining principal balance in equity. IOW, had we sold the house a year and a half ago, moved to Kansas or Greenland or Nunavut, moved back today, and bought an equivalent house, we'd own it outright.
« Last Edit: November 25, 2008, 08:35:38 PM by gleek » Logged Return to Top

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Re: [Econ D+G] how concerned are you about ...
« Reply #20 on: November 25, 2008, 09:15:12 PM »

I'm almost 52 years old, and I've watched my investments decline by almost half over the last 14 months (down around 400k).  I have one child in private grade school and another in an Archdiocesan high school. The one in HS is 21 months from going to college.  November has been the worst month my company has had in the 7 years I've been there.  I have this impending sense of doom almost daily (unless I drink). I've never been so scared.

Yet I realize my debt on my home is less than 35k, my wife has a job that provides half our income (and there's very little chance that her job is at risk).  Unless my company goes belly up (which is a definite possibility), I have a job.  I still have almost $500k in 401(k)'s and mutual funds.

So, I'm between C and D.  On one hand I know we'd get through it, on the other hand I'm watching my retirement disappear and I have the feeling that if I lose my job, I may never get another.  I've never had the feeling of anxiety that I have right now.

I know I'm over-reacting, I have trouble sleeping, but I can't seem to get past it.

That is brutal. Am I right to assume that you were 100% invested in equities in your retirement account (rather than a mix of stocks, bonds, and cash)? Also, does that amount represent losses on just your retirement account or the combined losses on both your and your wife's retirement account?

I've been too afraid to look at my retirement account balance, although I've been in a large cash position for quite some time now and know that it can only go so low. Where my wife and I lost most of our net worth is probably in our home value. Based on average declines here in Nor Cal, we've probably lost the equivalent of our remaining principal balance in equity. IOW, had we sold the house a year and a half ago, moved to Kansas or Greenland or Nunavut, moved back today, and bought an equivalent house, we'd own it outright.

We had a small amount in bonds (a balanced fund), but the number is combined losses for both of our accounts.  I figured I was 10-15 years from retirement, it wasn't yet the time to start moving to more conservative investments.  Now I have no choice but to stay invested in stocks.  If they go back up, I'll be okay.  If they go back down, it makes little difference.

There's time for the investments to come back.  My company may survive and I'm obsessing about nothing.  It's just difficult to not obsess over it.
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