How to survive (and thrive) in a recession

re: How to survive (and thrive) in a recession

Dan — Wed, 22 Oct 2008 14:07:44 GMT

Lots of good ideas there. One I'd add is the value of using a mortgage broker if you need to refinance your home. A good independent mortgage broker could potentially save you a lot of money by ensuring you get the best deal possible for the debt against your home.

For lots of good information on mortgages take a look at this site: <a href="www.wwfp.net/.../mortgage-broker.html >

re: How to survive (and thrive) in a recession

Dee — Sat, 18 Oct 2008 01:08:27 GMT

I think Larry L, MC and Mike is right, and as said before a lot of you have much wisdom and knowledge in what you say. The comments was for one thing and turned another direction. I again, thank you for sharing your knowledge. I pray all come out well or as much as can be espected. Be safe, Pray and Much Blessings to All.

re: How to survive (and thrive) in a recession

treet007 — Fri, 17 Oct 2008 02:15:27 GMT

I have decided to take the most risk adverse configuration in my retirement funds. I've stopped contributing to my mutual funds, 401K, and Roth IRA and reoriented the monthly amounts into pure bank savings. I then parked my 401K and Roth IRA to the safest investment possible within the brokerage without any penalties.My objective is to limit my quarterly losses and keep the money into savings until the economic recovery is accomplished.

Plus, my understanding is that Roth IRA maximum is $4000 per year, but I do not have to make the 2008 maximum contribution until April 14 on the following year. So my savings can instantly be placed in Roth IRA if the economy stablized by April 2009.

re: How to survive (and thrive) in a recession

John Condrasky — Fri, 17 Oct 2008 01:55:37 GMT

I was a young boy in the 1929 depression and sold shopping bags and song sheets on the street as well as patriotic miscellany in Washington DC during Roosevelt's inauguration. I still recall seeing him waving to the crowd from a balcony. But while things were bad generally I recall the vast majority of people seemed to be dressed well and spending freely in the department stores. My gut feeling is that the present financial calamity will not be as bad as as the news paints it and that except for a few unfortunate ones that will need help, things will resolve without all the dire happenings that are indicated in the news.

re: How to survive (and thrive) in a recession

Mike — Fri, 17 Oct 2008 00:46:46 GMT

People need to do things that should have been done when they were younger. Saving money for things you need, not spending too much on things you don't need. I think that Obama is a good candidate because he isn't going to support companies that go over seas to save money. Why should WE support companies that go over seas and take jobs away from US? I'm tired of uneducated AMERICANS saying that they aren't going to vote for Obama because he is black, musslim, etc. GROW UP! I'm 18 and what a perfect time for me to learn how to live with limited money. My job is in danger, so what do I do? I start looking for another job, I save all of my money and watch my credit card. I make sure that I pay it off every month. I have turned down many things that I know I can live without. I live off a measly 1200 a month and I live a nice comfortable life. Granted I haven't lived as long as many others or have half as much as what they have, I'm looking to only get what I need to get by, like buying a car that will last me for a couple of years. People just really need to learn how to curve their spending and get only the things that they need for basic daily life while we go through this "recession".

re: How to survive (and thrive) in a recession

carolynn — Thu, 16 Oct 2008 20:47:49 GMT

I continue to hear from history buffs that this country is following the times when Rome fell. and looking at history we are on our way. definitely concur that we need to tighten our belts in spending and ask ourselves which pocket the next administration you want to fill.

re: How to survive (and thrive) in a recession

Michele — Thu, 16 Oct 2008 19:29:24 GMT

I am one who just got laid off from my job and it is very scarey. My 401 K are down thousands and I can only hope Obama wins this election or not only will we be in for more of the same as the last eight years we will probably not have company healthcare. I guess for those of you who think McCain is great go for it but he is going to raise taxes on the working people not the rich corporations that have taken everyting away.

re: How to survive (and thrive) in a recession

evil bastage — Thu, 16 Oct 2008 19:20:36 GMT

I know were roger lives. I'm finding his shelter and taking his stuff!

re: How to survive (and thrive) in a recession

Matt — Thu, 16 Oct 2008 18:45:15 GMT

I want to set the record straight on the word "Recession".

The Clinton administration (via the IMF) changed the way that GDP was calculated by adjusting the valuation principles of core services, investment, and government spending. This has made a true recession and a recession on paper very different as it is much harder now for GDP to decline for two straight quarters even with rampant unemployment, inflation, and declining marginal consumption. Also, the reactionary style of the term means if a recession starts today, we won't call it a recession for six months. The function also fails to track a significant portion of the economy, such as all-cash businesses, black markets, voluntary services, quality, etc, etc, etc.

So are we in a recession?

re: How to survive (and thrive) in a recession

MC — Thu, 16 Oct 2008 18:41:38 GMT

I have worked 2 jobs to keep out of debt, my children went through college but unfortunately have some debt. They are already working as much as possible and making double payments. Many others wiser than I have said that the trick to survive financially is to spend less than you make. Slowly I am reaching this point - I will have to work into my 70's but, Lord willing, should be able to do it without becoming a burden to anyone. Comment to Henri, we all have to pay for those who have gone ahead. Frankly, those ahead of us are the point men - anything happens they get hit first. We need to be their backup. Don't whine about it just work hard.