View Full Version : What a great recession
Covenant
03-07-2010, 17:56
This is very much my perception of the economy and how it affects me. I know its a smug way of looking at things and many people are not as lucky but its partly relief I suppose, following redundancy last August, that I have kept my head above water and developed business links from a variety of sources.
Lots of things have helped-having an offset mortgage at 0.75% above base for one!
Its made me realise how wasteful we were before, a lot of luxuries have gone but have been replaced with savings.
Next week I am too busy for some work I have and will be sub-contracting it out, long may it continue.
So for me and my family its an ok time. What about you?
I started out with nothing, and I've still got most of it left.
Seriously, OK, but I'm worried that they're raising the retirement age just as I'm approaching it.
It has, rather perversely, been beneficial for me. Although my pay rise this year was 'only' 1.8% and last year zero, my outgoings have gone down considerably. My mortgage payments, for instance, are around £300/month lower than before the crunch.
Time will tell regarding the effects of the new governments measures to address the country's debts, however. I'm sure the increase in VAT etc. will have an influence on the vast majority of us.
I started out with nothing, and I've still got most of it left.
Seasick Steve! :)
Covenant
03-07-2010, 18:09
It has, rather perversely, been beneficial for me. Although my pay rise this year was 'only' 1.8% and last year zero, my outgoings have gone down considerably. My mortgage payments, for instance, are around £300/month lower than before the crunch.
Time will tell regarding the effects of the new governments measures to address the country's debts, however. I'm sure the increase in VAT etc. will have an influence on the vast majority of us.
I just left my mortgage repayment as it was, its great seeing the capital reducing every month. About 5 years left for me at this rate.
I am disabled and live on a combination of benefits and savings. My wife took early retirement partly because of her own health problems. She still manages to prop me up phyiscally, and her small pension helps to keep us solvent. Luxuries? What are they?
Thankfully, our mortgage is paid off. Yet, I remember paying interest rates of around 13% in the early years. But it's sod's law that the recession means any interest we might make on savings is now vanishingly small.
Frankly, I worry about the future.
Lucky you Mr Covenant!
The 8.25 hours contracted per week finish in August because of savings (and the lad I was helping has made good enough progress he's in mainstream class next year so his funding is being withdrawn). The High School I work at on a casual basis needs another Cover Assistant but the office wishes me to remain on a casual basis, so when year 11 mostly leaves at Whitsun, there's no work there for me as there's a surplus of teachers and TA's. My time out of work used up our remaining savings (all but an emergency reserve) and the credit cards took a bashing, which we're now gradually and painfully sorting out. My income is so low I can't even apply for a new card with lower interest (and generous balance-transfer prospects) so have to deal with things as they are.
So yeah, I suppose we have much to be thankful for (no mortgage thakfully), but I'm worried for my future as noone wants people over 50 for work as all attention is for 16 to 24 year olds.
quadsugdenman
03-07-2010, 20:38
I started out with nothing, and I've still got most of it left.
Sorry gents. I recently started using this as a signature -I think you will find it is an anonymous quote taken from the American depression of the 1920/30's.
I was 'made redundant' as 'the man from --- ----' because I stood up to the 'sceptic tanks' over matters of quality and principle. I had to sell my home and now work for myself as a consultant/interim. David is right, many over 50 are finding it tough in the current business and economic climate for many reasons. Some therefore may have not been so lucky.
I think you will find it is an anonymous quote taken from the American depression of the 1920/30's.
Interesting, I didn't know that!
It's also the title of an album by Seasick Steve.
http://www.seasicksteve.com/startedout.htm
This is very much my perception of the economy and how it affects me. I know its a smug way of looking at things and many people are not as lucky but its partly relief I suppose, following redundancy last August, that I have kept my head above water and developed business links from a variety of sources.
Lots of things have helped-having an offset mortgage at 0.75% above base for one!
Its made me realise how wasteful we were before, a lot of luxuries have gone but have been replaced with savings.
Next week I am too busy for some work I have and will be sub-contracting it out, long may it continue.
So for me and my family its an ok time. What about you?
Good to hear you are doing well but I suspect the worst is yet to come. Maybe not for you or I personally or not even for the UK directly, as there seems to be a lot of confidence in the new Government at the moment (market-wise, which is what counts in the end), but certainly there are problems in the EMU region that may have a knock on effect for us at some point in the near future. Not a time to be counting one's chickens, I suspect.
quadsugdenman
03-07-2010, 21:06
Interesting, I didn't know that!
It's also the title of an album by Seasick Steve.
http://www.seasicksteve.com/startedout.htm
Thanks Mike I didn't know that!!
We live and learn, eh? ;)
Don't worry about your future,or lack there of, next year the U.S.A. is going to have to tax us 80% of our income or default on it's debt.
Then the World econemy will collapse over night.
The real question should be (WHAT SHOULD WE DO DIFFERENTLY WHEN IT'S ALL OVER)?
I belive at some point we will have to press ALT,CTRL,DELETE and restart the world from Flat Broke.
WWIII might just be a war over food.
The Vinyl Adventure
05-07-2010, 21:41
Im doing alright too... At least so far...
Congrats to those also having a succesful time, and the best to those who arnt!
Beechwoods
05-07-2010, 22:36
I count my blessings... no one is immune to what the future might bring...
Luckily Australia seems to have missed the worse (then again we are at least 10 years behind the rest of the developed world), being part of a global company I got a lower pay rise than expected, but that was still 2.75% (4.5% last year). Watching the news and speaking to people I know in UK it seems we are very lucky indeed. Best wishes to all hit by this mess.
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