Replies to This Discussion

Permalink Reply by Sheila C on October 11, 2008 at 17:21

Kassi:

The current market crisis is definitely something to ponder. We are small business owners and have already seen a drop in business as a result of all the panic recently. We had to cut back on employees and have had to sit down and talk seriously about how we spend when we spend. We put off a vacation we had planned for later this year and are trying to keep our credit card paid off each month. There will be less dining out and no new debt in our future until we feel safe that we and our business will survive this.

With our retirement plans dropping in value so quickly, we know we may have to work many years past when we thought we could retire, so our top priority will be saving as much as we can.

I sincerely hope that the Haynesville Shale will ease the fears many of us are having in this crisis. I don't think I will ever feel secure enough to invest my hard-earned money in the stock market and hope that it will provide for my retirement years again. I also don't believe I will ever look at my elected officials the same again.

Permalink Reply by sesport on October 11, 2008 at 17:33

Not much has changed in my day-to-day living ... I've been on a single persons income forever. I bought a house I could afford, been in it for 20 yrs., refi'd at below 6%, never took out home equity loans or lines of credit. My credit cards are reserved for emergencies & usually 1 vacation/yr. My income to debt ratio is so low creditors think something is wrong when they look at it.

I was considering a new house this past summer, but with the Shale Play I started paying attention to mineral rights. Then interest rates started going up, sales of homes in my neighborhood were taking too long, and my real estate agent killed the work in progress when a bridge loan was mentioned.

My Roth has been steadily losing money, not much though. I think my retirement through employer will be okay, the statement came today, but I haven't really LOOKED at it yet.

I've been doing a lot of free & low cost things for entertainment for years, so that won't be an adjustment. I guess bottom line is I have my family, friends & dogs, health and job so I'm blessed and therefore happy. If need be, I'll refer to those well published poems "Footprints" and "A Hundred Years From Now" for inspiration.

Permalink Reply by Snake Stewart on October 12, 2008 at 2:12

Nice post S.P.
Living within ones means shouldnt be a new consept but unfortunatly its something that a lot of people just dont consider any more.If you are a believer, ie "Footprints", we already know about the tough times and where true help comes from.Not a government bailout that isnt working , that future generations will be paying for.

Sheila C, As a small business owner and someone that has taken the initiative to try and improve your plight, I feel empathy for you and hope that things go well for you and yours in these troubling times.You are a sect , as a business owner , that will help keep our economy above water.In the future,small business will become a more intricate part of what drives our economy since the big global guy's certainly arent getting it done anymore.Good growth seems to be taking place in the private sector.Good luck.

Permalink Reply by Sheila C on October 13, 2008 at 12:25

Thank you for the encouragement! We have been in business here for three years and are fortunate that we have been on a cash basis since we began. We believe in what we do and strive to provide good customer service to everyone we deal with, so hopefully that will keep us afloat during this time.

Permalink Reply by Kassi on October 12, 2008 at 5:05

Sounds like you have been living wisely and are a great example of how all of us should have been living and will need to in the future.

Permalink Reply by Grayling on October 12, 2008 at 3:03

Nothing has changed for me - I still have my shale land. I feel so fortunate to have lived to see this. My Dad passed away a year ago and left me this land. He knew that there was something pretty valuable under there but didn't know what. I just wish I could have seen his face when they announced the HS and the offers being made. You probably could not have wiped the smile off his face. I'm very fortunate and count my blessings. That "someday" WILL come. The shale isn't going anywhere. If I don't reap the benefits then my kids will. Life goes on but there is now something wonderful under my feet and that's a good feeling......

Permalink Reply by Gordan Tapp on October 12, 2008 at 16:58

Well, I get $120 tax free every day I wake up. It is very secure, and in a couple of yrs there will be some more from SS.
Own every thing I have, only use credit cards to get the bonus points, and pay it off every month. A good saving account padded by my Chesapeake bonus money is nice, but it worries me as to which niece or nephew I am going to leave it to and what restrictions I should put on it. So things havent changed much, I do hope to get my garden started soon so it will be ready for spring planting, but that was planned a while back.

There may be some money making opertunities from these hard times so I will keep an eye out for that. I have someone looking in Las Vagas for really depressed property to buy for rentals , we think something may happen there. got a bid in on Crystal Beach property wiped clean by the hurricane, who said God wasn't making any more beach front property.