"What is it about the reccession that makes one feel quite wealthy?"

[BinkieBaumont]

It seems that the ecconomic boom of the last 15 years was just a mirage!! Sounds familiar?

I have always lived within my means and been very carefull about wasting money, and never had a credit card! Now it seems all my friends who had huge debts are suffering, where as I am enjoying the fact that the shops are now offering Huge discounts, whilst the rich are not quite as wealthy as they thought they were!

 

[Foofoogal]

oh honey. that is all...

 

[CopperNY]

i feel wealthy just having a job with no likelihood of being eliminated.

of course i've lost half of my portfolio over the last nine months and had to change credit card companies when one tried to jack my rate by 10%......

 

[LizzieMaine]

I have $28 worth of empty pop bottles on my porch waiting to be returned. That's $28 more than a lot of these ginks on Wall Street have right now.

 

[Sefton]

It looks like the stock in Schadenfreude is still rising though...

 

[Lefty]

best response ever
:eusa_clap :eusa_clap :eusa_clap :eusa_clap :eusa_clap

 

[HoosierDaddy]

HA...yes..nailed it..
:eusa_clap :eusa_clap

 

[HarpPlayerGene]

I'm with you. I have very little debt and live fairly simply. A lot of folks thought I was really missing the boat when I wasn't gulping down ARMs and taking on investment properties over the last couple of years. Now I really hate it for them but I'm only on the hook now as a taxpayer not a borrower.

So the nation wasn't successful at borrowing its way to prosperity. Go figure.

Now we'll see if it's successful at taxing its way to prosperity.

Either way seems to me like the money just swirls in circles while large amounts of it drain out to other countries.

 

[Marc Chevalier]

It looks like the stock in Schadenfreude is still rising though...

Angst and more angst: the zeitgeist of this Götterdämmerung.

.

 

[Sefton]

Angst and more angst: the zeitgeist of this Götterdämmerung.

.

Finally, a man who respects the "two umlaut minimum". I'll drink to that!

 

[Marc Chevalier]

One pilsener or two? :cheers1:

.

 

[Sefton]

I'm about to turn in so I'll just have a schnapps with a little bit of Bach, thank you. Too much Wagner before bedtime might spoil my rarebit sandwich. Just one mans Weltanschauung. Good Night!

 

[Mojito]

Sturm und drang aside...I don't think I could say I felt wealthy in response to the crisis. I feel too profoundly concerned about how many people are going to suffer as a result of it. Yes, some of them chose to live high on the hog. And yes, it has strengthened the impression I had of the basic ignorance of finance and economics that permeates the community. I'm about to enter the property market, and deliberately chose a financially conservative approach, going for saving a substantial deposit and factoring in the possibility of future rate increases on a variable loan even though I've been gifted a fair amount and earn a good wage. What has amazed and concerned me, though, is the way that lenders were virtually throwing money at people. Checking pre-approvals, they were willing to lend me huge amounts of money that would have been virtually impossible to repay on my current salary - and that was without factoring in rate rises. And yes, it was tempting - until I got a grip, and did some basic commonsense research that reaffirmed my strategy.

But smug in any way about it? No - I think I could have gone the other way, and if I'd had poor advice (some of it coming from people in finance) I might have taken on more than I could manage. And what's more, while I'm in a comfortable and secure job, earning a good salary, putting aside a solid superannuation contribution and with family support behind me in case of emergencies...whose to say something won't happen to take all that away? So while I have been able to indulge somewhat more in some respects (has anyone seen how comparatively inexpensive 1920s beaded bags have become?), I feel, if not quite guilty, then at least not in a mood to rejoice over how well it works out for me personally.

 

[BinkieBaumont]

Oh I was not laughing at or being smug at the miss fortunes of others and I realise it would be hard for a family with no bread winner.

I just think the rampant consumerism of the last 10 years or so, is rather sordid. I purchased all my furniture in the late 70's from op shops and second hand dealers, and have lived with it since, because i liked the shapes or the grain of the wood, I have never had the urge to redecorate, in times past people got married bought furniture and lived with it forever! maybe recovering the cosy arm chairs with a nice chintz?

I'm rather astonished to visit friends homes and being swept though the place like i'm a prospective buyer by being told "here's the new couch"

I remember when the shops closed at 12.00 noon on saturday and stayed closed till Monday, in the meantime we went to the beach, hiked, played card games and picknicked.

Now the streets and malls are filled with glassy eyed people looking for something (anything) to fall in love with and buy on a credit card

Oh............................................... I think i've just become a grumpy old man

 

[Foofoogal]

whose to say something won't happen to take all that away?

I am a miser and always have been but there is definitely things coming up beyond our control.
IMHO, noone is immune to what is swirling about. I am devastated and grieve for the stories I am hearing just on the internet.
Like I said before on here. The last decade could be summed up in one word. "hype."
I wish I could talk freely as I really need to but will not.
I often wonder where all the old FL'ers are and how many have been affected. Maybe even cannot pay their computer bill and so no longer come here. It is a possibility. Since I am not God I have no idea how it will play out but I do pray for all of us.

 

[Carlisle Blues]

I am very grateful for my situation. I was not always able to buy food for dinner. In fact there were times when I had to make a choice either I feed the dog or I get fed. I fed the dog.

Such is life when you run your own business.

More poignantly, an attorney friend committed suicide last Friday. He left a neat stack of overdue bills near his body. His note stated something to the effect that he was ok, but, out lived his usefulness and did not want to be a burden to anyone.

I cannot imagine anyone enjoying a state of Schadenfreude in this situation or any other for that matter.

 

[Flivver]

I used to take a lot of heat from "friends" for not participating in the stock market...or for not buying new cars...or for being "too cheap" to have cable TV.

It looks like the depression era values I learned from my parents will come in handy over the next few years.

 

[The Shirt]

Carlisle Blues -
I am sorry for your loss. It makes me very sad to see that what is going on has affected someone to their very core.

I am relatively new to this frugal lifestyle. I was raised with very accomodating and spoiling parents. I never wanted for much. I lived beyond my means for a number of years out of school. Suddenly it all caught up with me. For a number of years I have been trying to "fix" my own situation. I buckled down long before this recession hit. Most of my friends could not understand my choices. I saved for a modest house and put a large downpayment. I paid off all my debt (yahoo!). Now I am thankful that my house payment will not swallow me whole. I have rainy day savings that I will not touch unless it becomes dire. I feel as prepared as I can. That's all I can do. I am still overwhelmed and scared every single day that everything could change. I pray that it doesn't but I know that I can succeed and survive if I set my mind to it. People around us are inherently good and will lend a hand when asked. This will pass, but I hope that people will understand money in a different way. It feels amazing to live within my means, I hope that others will find this to be true too.

 

[Doctor Strange]

The only time I have ever been in major debt was during my marriage when we had a house in Westchester on just one modest salary, but that's now years in the past and all cleaned up. Since then, I have reverted to the values instilled in me by my Depression-raised parents, and lived pretty frugally. Among other things, this means that I usually buy myself just one new hat or jacket a year - way below the average for this place!

I don't own a house, and I have no substantial debt, but I have a pretty significant monthly nut toplined by my child support payment to my ex (for two kids in New York State, this is effectively 25% of your gross income.) I've also got one kid in an expensive college (Rensselaer Polytechnic Institute - about half covered by scholarships) and another midway through high school who'll be college-bound soon enough. No matter what, the next seven years are going to be the most expensive of my life. (Nice timing, huh?)

Well, as of this week, my entire company went onto four-day work weeks - effectively a 20% pay cut (though it has also tripled my time off, which is kinda nice). We have already endured the loss of all 401K matching, and had some layoffs (mostly in sales), but they hope not to significantly lay off development staff, because it takes years to ramp up to usefulness on our extremely complex products, and our expertise is the company's most valuable asset. But the economy hasn't bottomed out yet, and it's obviously going to be a long haul... and I'm pretty scared.

These are very scary times, and even though I'm in a pretty good position at the moment compared to many, no, I don't feel "quite wealthy"!

 

[Miss_Bella_Hell]

I'm not looking forward to graduating without a job and without the likelihood of one (at the top of my class incidentally), and having my loans come due.