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Author Topic: And a prosperous New Year?
BlabberMouth, a Blabber Odyssey
Member # 2071

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Icon 1 posted December 23, 2008 04:25      Profile for Callipygous     Send New Private Message       Edit/Delete Post   Reply With Quote 
I apologise for this downbeat topic at this time, but I was wondering how the banking and economic crisis is affecting you all.

It has hit our household like a steam train. We have a small graphic design company, and our clients are in the main from the public and voluntary sector, which in the past has meant though we might not make big profits in boom years, we have also been insulated from the worst effects of past recessions. However this crisis has affected our customer base severely, for example some have estimated that UK charities may have lost £2 billion pounds in all this chaos. As a result our turnover, relatively healthy until September, has halved since then. As a result after Christmas, now that we have finally built up a really good little crew of very likeable people, we will have to give 2 out of the 5 of them a month's notice, and the rest of us will have to take significant pay cuts. We are also putting a large sum from our personal savings into the business to pay the January wage bill and keep the firm solvent. So all in all - bummer.

I have lived through quite a few recessions. I have never experienced one which had, on a personal level, such an immediate, dramatic and devastating effect. I hope all of you are doing better.

"Knowledge is Power. France is Bacon" - Milton

Posts: 2922 | From: Brighton - UK | Registered: Mar 2003  |  IP: Logged

Member # 4924

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Icon 1 posted December 23, 2008 05:13      Profile for Ashitaka     Send New Private Message       Edit/Delete Post   Reply With Quote 
The bad: I have lost tens of thousands in the value of stock I own. (In good companies that are making as much profit as before the crash.)

The good: I have money to invest. Which makes me priveledged in todays world. We have not so much as changed our vacation plans, though, when we buy a house, we will have less money than planned to buy it with.

"If they're not gonna make a distinction between Muslims and violent extremists, then why should I take the time to distinguish between decent, fearful white people and racists?"

-Assif Mandvi

Posts: 3093 | From: Switzerland | Registered: Feb 2006  |  IP: Logged
BlabberMouth, a Blabber Odyssey
Member # 1659

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Icon 1 posted December 23, 2008 05:49      Profile for TheMoMan         Edit/Delete Post   Reply With Quote 
___________________ TheMoMan __ Here well I have lost 3/4 of our monitary value, that was a big hit, I also wonder if we could sue (class Action) the money managers that chose to not be prudent. I know get in line.

I know now why he has the name Madoff as he made off with our money.

Those who would give up essential liberty to purchase a little temporary safety deserve neither liberty nor safety.

Benjamin Franklin,

Posts: 5852 | From: Just South of the Huron National Forest, in the water shed of the Rifle River | Registered: Sep 2002  |  IP: Logged

Solid Nitrozanium SuperFan!
Member # 748

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Icon 1 posted December 23, 2008 06:07      Profile for Stereo     Send New Private Message       Edit/Delete Post   Reply With Quote 
I'm pretty much safe. A well paid union job for the government... Sure my savings took a plunge in the recent months (about 20%), but it will recover before I need it. Now if our union signs a new agreement soon, we would get the back pay (our current agreement ended in December 2007) before tax time. Unfortunately, the negotiations are likely to linger on, since the longer it takes, the later they shell out the back pay. And now that our governement finally admitted there was a financial crisis, and that they may see a deficit in the current fiscal year... Guess what. My bet is nothing will get signed before next April. (20 to 30 billion deficit expected for 2009-2010; what's a few millions more? While this year, they were looking for surplus until a month ago; the further they go into deficit, the worst they'll look. I'm just being realist.)

Calli, you've probably thought about it already, but just in case: can't you expand your client base? Not everyone is going to suffer the same way; if you could find a second niche to bring in some more money until your main one recover, it could help you get through. Best of luck anyway! (After all, they may have cut down for now, but I would guess that in order for charities to build some money back, they'll have to ramp up the advertising.)

Eppur, si muove!

Galileo Galilei

Posts: 2289 | From: Gatineau, Quebec, Canada | Registered: Apr 2001  |  IP: Logged

Solid Nitrozanium SuperFan!
Member # 736

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Icon 1 posted December 23, 2008 06:56      Profile for Xanthine     Send New Private Message       Edit/Delete Post   Reply With Quote 
I'm okay. Not carrying debt and while my salary right now isn't much to write home about I have a fellowship lined up (as in, the papers are signed) that's got secure funding for two years. After that, who knows. But I'm not going to lose what I've got right now. I'm glad I won that money when I did. The area I live in, so far, has barely batted an eye at the impending gloom. They cal Boulder 25 square miles surrounded by reality and right now I'm fine with living in fairyland because in the outside world everything's going to hell.

My boyfriend's company is nervous. They're a good company in a field far away from real estate and finance, but this thing has ripple effects and everything's going to hell.

My mom's hospital is in a hiring freeze. My dad's work has been thrown for a loop. They were hoping to retire soon, they were doing everything right but now that's up in the air. They had a lot of savings and they were diversified, but everything's going to hell.

My sister's school district is facing a 20% spending cut and she's a new hire. We'll see what happens there. My brother's company is getting nervous too. They're a lighting design firm. No new buildings = no work for them. And my youngest sis is going to graduate into this mess in May. At present, she has nothing lined up. Prospects maybe, but, prospects are ephemeral things that tend to disappear when everything's going to hell.

And it's one, two, three / On the wrong side of the lee / What were you meant for? / What were you meant for?
- The Decemberists

Posts: 7670 | From: the lab | Registered: Mar 2001  |  IP: Logged

Member # 1734

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Icon 1 posted December 23, 2008 08:39      Profile for TMBWITW,PB     Send New Private Message       Edit/Delete Post   Reply With Quote 
It hasn't hit us too hard yet, but it will soon. Josh works largely on commission and the base pay isn't enough to live on here since after paying rent we'd only have $10,000 to do everything else with for the entire year. Fortunately he sells hearing aids so people aren't likely to skip them entirely, though people have started downgrading and waiting longer before getting new ones. But as long as we cut back our spending and throw more of the commission checks into savings we should be okay.

The hard part right now is school. Tuition keeps going up, classes are getting cut back so it's harder to get a schedule that doesn't require me showing up five days a week--assuming I can get all the classes I need at all. Books are a little bit of a problem too, especially now that I'm getting into the upper division courses with more expensive textbooks. Fortunately, this quarter they let us know what books we needed for our next classes early instead of just a week before classes start so I was able to buy pretty cheap used copies of all my books on Amazon to save a lot of money.

We didn't have any stocks, so no worries for us there, but Kaitlin's college fund that her grandparents set up has lost half of its value since a year ago.

"Beauty is in the eye of the beholder and it may be necessary from time to time to give a stupid or misinformed beholder a black eye."
óMiss Piggy

Posts: 4010 | From: my couch | Registered: Oct 2002  |  IP: Logged
BlabberMouth, a Blabber Odyssey
Member # 2097

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Icon 1 posted December 23, 2008 09:03      Profile for CommanderShroom     Send New Private Message       Edit/Delete Post   Reply With Quote 
We're doing alright for now.

My fiancee changed careers so we had a loss in pay. But my company is still solvent. We are a pretty small company that is still growing. But we are lucky, we weren't a big company so we had a lot of areas we can still grow into. And the owners are taking pay cuts just in case.

But things are tight and money is just not going as far as they were last summer. We have been tightening our belts and trying to make money stretch as much as we can.

Posts: 2467 | From: Utarrrrggggghhh!!!!!!!! | Registered: Mar 2003  |  IP: Logged

Member # 780

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Icon 1 posted December 23, 2008 09:32      Profile for dragonman97   Author's Homepage     Send New Private Message       Edit/Delete Post   Reply With Quote 
Callipygous: Dreadfully sorry to hear that. :/

Things are alright here *now*, though I dare not log into my retirement account, lest I cry. *sigh* How things are going to be in the coming year is considerably more up in the air, though /I/ have reasonable job security unless things really go to hell -- not sure what it's going to mean for some other folks if things continue to trend downwards. [Frown]

There are three things you can be sure of in life: Death, taxes, and reading about fake illnesses online...

Posts: 9334 | From: Westchester County, New York | Registered: May 2001  |  IP: Logged
The Famous Druid

Gold Hearted SuperFan!
Member # 1769

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Icon 1 posted December 23, 2008 13:43      Profile for The Famous Druid     Send New Private Message       Edit/Delete Post   Reply With Quote 
Clan McDruid's finances did pretty well in 2008, we're debt-free, with a little put away for a rainy day.

The future isn't looking so rosy.

Like Xanthine's brother in the lighting biz, I'm very dependent on people starting new projects, and "no new projects" is the first memo circulated when companies start tightening their belts. The longest I've ever been involuntarily out of work is 4 months, I'll count myself lucky if I get 6 months work in 2009.

There's an old saying about lemons and lemonade. Like many geeks I've got an idea that will make me rich, but never find the time to work on it. 2009 may be the year I have the time to chase that dream.

If you watch 'The History Of NASA' backwards, it's about a space agency that has no manned spaceflight capability, then does low-orbit flights, then lands on the Moon.

Posts: 10683 | From: Melbourne, Australia | Registered: Oct 2002  |  IP: Logged
Cap'n Vic

Member # 1477

Icon 1 posted December 23, 2008 14:55      Profile for Cap'n Vic     Send New Private Message       Edit/Delete Post   Reply With Quote 
Originally posted by The Famous Druid:
There's an old saying about lemons and lemonade.

I think it goes: When life hands you lemons, get a bottle of tequila and make margaritas.....at least that is what I do.

Posts: 5471 | From: One of the drones from sector 7G | Registered: Jun 2002  |  IP: Logged

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