Worried about economy?

[BigDog]

Is anybody actually truely worried about the economy?

Like is it the first thing on your mind before you go to bed, and when you wake up?

And has anyone seen DR plan for the "bailout" plan?

How We Can Clean Up A Lot of the Economic Problems

[wannabefree]

Yes, it is the first thing on my mind in the morning and the last thing at night since my husband hasn't worked since June 20th. I keep Fox news on quite a bit to see what's happening.

But ultimately I know WHO my provider is and that gives me comfort and faith. "God hasn't given us a spirit of fear but love, power and a sound mind." So after I fret a bit, I quickly remind myself of those scriptures that give me comfort and hope.

[BigDog]

[jorjasjungle]

:(

[berlinsmommy]

Well, by nature I tend to be pretty rational and not buy into the whole "sky is falling" hype as a general rule.

That being said, I just have to sit down and instead of worrying about the world, assess my family's place in the pecking order and how a worst case scenario would affect us. We've always lived below our means, so if one of us (DH or I) lost our job, we would have to shuffle a bit and cut off some luxuries (cable, cell phones, etc) but we could pay our bills and still buy food and gas.

If we both lost our jobs, we both have degrees and could easily find employment if we were willing to be "underemployed" and even if we were underemployed, we could still pay our bills, but the luxuries would be gone and we would have to halt things like college and retirement savings. If it were really bad, its nice to know we are not upside-down in anything and could liquidate our cars and/or our house.

The only way we'd be completely out is if the entire economy completely collapses and there is no market for jobs or to sell our house but I keep telling DH that if the economy got THAT bad I don't think the bank would want our house - they'd already own most of our neighbor's houses as well as a good portion of most peoples homes.

So, I think everyone has to look not at the nation as a whole, but to their household and figure out, right now, what you can do to "recession-proof" your house. This includes building up savings, building up food storage, paying down debt, and cutting back where you can now to save, even if it is not necessary. For example, my DH has stopped driving to work and is taking the bus. With his commute and current gas prices, this saves us roughly $8/day. Honestly, we could afford for him to drive at this point, but why not put that money to better use?

So, I'd challenge everyone to find a few dollars here and there that you can cut, even if you don't need to. Because it does add up. My DH has been riding the bus since July and I'm seeing the difference as a few hundred extra dollars are getting stashed in our savings instead of his gas tank. If one of us did lose our jobs, we'd be thankful we did that.

[Momtwo]

I am not really worried. I have been through tough times before in the US over my 61 years. The US will weather this and if history is an indicator which it usually is, things will get better in the year after the election.

Instead of worrying, take it as a lesson to pay off all debt as fast as you possibly can. When you have no debt, you worry a lot less.

[Janshops]

YouTube - Dollar Collapse - Chicken Little Was Right - Goodbye Dollar

Yes I am worried that the Sky is Falling
But like the second poster said I have connections with the one who controls it all.
I am praying for my country and for my leaders to make the right decisions

[mama22qts]

I've been watching the overseas markets open, and they appear to be stable, in some cases actually up on the news that we have a bill. The only thing that concerns me really is that there's no guarantee that this will work. :(

[berlinsmommy]

Whoa, did you guys see the stock market? I literally refuse to look at our retirement accounts and our DD's 529. I was only willing to look at one of my accounts (sharebuilder) since I only had $120 in there. It is only down to $108.50 right now. While I was pleasantly surprised, I'll bet my one tiny account is the best of the bunch.

Okay, I gotta admit, I'm having a few of those, "Ok, maybe the sky IS falling" moments today. Seriously, I keep thinking about how at least I have an overflowing food storage.

[chris2267]

The best thing for everyone to do and continue to do is lower your dependence on credit and have that emergency fund available. This whole thing started with people buying things they could never repay and banks that were greedy. The bubble has burst. The best thing to do is to take care of your own and have your own "bank" with an emergency so that none of this credit stuff affects you. The economy will rebound because we have too many people that are always inventing new products, better ways to do things that are cheaper. I also don't play the stock market but put my money in mutual funds with long term history. The media does not help anyone with all the "the sky is falling" mentality. You guys here are doing the correct thing by couponing and watching every dollar. That is what you need to be doing.