Economy=/

[NHfroggin]

Well everyone knows the economy just flat out sucks right now. so what are you all doing to save on money? i know i don't have it as bad as everyone but working 40 hours a week and being a full time student in college, insurance, gas, room and board(yeah paying my parents to live at home=/) , and trying to save money just in case i lose my job or the economy gets worse, is tough. so what are you guys doing to save money? and what do you think about the economy ?

thanks,

        Bassmaster6

[ilovefooffur]

I plan on going fishing every chance I get to drown my sorrow.  

;D

[NHfroggin]

oh i hear ya on that josh. whenever i get out fishing all the problems seem to just go away ..well atleast untill i get back to the boat launch :-/

bassmaster6

[cart7t]

If Nobody spends & Everybody saves money in case they lose their job = more jobs lost.  It's self perpetuating.  

[Jimzee]

I have done my part in stimulating the economy this year in the fishing industry.  For me saving money is a joke.  I'll put some aside for emergency reasons but something always comes along and takes a huge bite out of it.

[NHfroggin]

i know what that feels like jimzee, i start getting some money saved up then my truck breaks or i have to buy more books for school, very frustrating.

bassmaster6

[senko_77]

The biggest thing that has saved me money is eating at home every day.  If I have to eat fastfood, I get dollar menu items and ice water which is free.  Also, to save money on gas, I try to keep my RPMs at under 2k when accelerating with the boat on the back.  This really has helped me mileage and makes taking trips to the lake easier on the wallet.  Also, when you go out fishing for a day, pack your lunch.  Buying a loaf of bread, deli meat and cheese, and a 12 pack of coke is like the same price as stopping for snacks at the gas station but you get WAY more meals out of it.

[Captain Obvious]

Did you guys know that statistics are showing that it no longer pays to go to college!!!!

I have a friend who works for an investment company (Northwestern Mutual)

Well from what he's been telling me that they ran some numbers and they found that guys that started when they where 18 in a trade like pluming. That on average they make such and such a year ( notice I don't know all the numbers so remember that these are all averages) that if they manage there money correctly that by the time there ready to retire that they will (again on average) have more money than a Doctor!!  

What they found is that a 4 or more year degree cost people so much money that in the long run it hurts them more than it helps?

OK remember that this is all run off of averages but they added in cost of living, amount it takes to set up your own practice or pluming company, and other factors like cars, kids, and kids schooling. Yet in the end the numbers are the same.

I'm still going to college but it's something to think about.  

[uicdent11]

Interesting information you bring up and I actually think I've heard this somewhere else before. However, not everybody wants to go into a trade of some sort. It would be interesting if they looked at the incomes of those who went to college vs. those who didn't go to college over their lifetimes. I would imagine the numbers would tell a different story.

I would never knock anybody that decides to go into a trade. I believe we all have our talents and it is up to use to find them/utilize them best. For me, and sounds like yourself, it was to go to college. I would never take back my experience in undergrad. It has put me in a situation to do what I love once I graduate.

If this love would have been going into the trades, well, then I just wasted $250,000 and nine years of my life pursuing nothing. It would have made sense to not go to college in that situation. It is my hope that everyone has a chance to do what they love day in and day out. Sadly, it just isn't reality.

As for saving money, I would agree with what senko stated about not eating out as much. I was shocked when I started keeping track of how much we were eating out. Try to chart it in an excel document, you may be as surprised as I was.

[Root beer]

If Nobody spends & Everybody saves money in case they lose their job = more jobs lost. It's self perpetuating.

Japan did that. They save 13% of their income compare to America 4% and end up drive themselves into a recession by saving to much. Even Keynes believe we shouldn't save to much because of this reason.

[done]

Eating at home, driving less, buying non-name brand foods, cutting out most live bait (with my jon I can fish for almost nothing), shopping sales (we have a good position now with retailers, they NEED us, take advantage when you can).

We have also brought our utilities down a good chunk by lowering the thermostat 3 degrees and being anal about leaving lights and electronic devices on.

Beyond that, look at the nice to haves like your cell plan. You may be able to get a cheaper one. Downgrade your Cable/Satellite plan, cut back on beer/wine/cigarettes.

My wife has made it an art form. She actually reuses bags. Like the zip lock ones cheese comes in, or cereal bags, all sort of them. I rolled my eyes when she started doing it, but between that, bottles, and other stuff she has saved us TONS of cash and it makes her happy so it is a win/win.

That being said, At least for us, we got enough saved up to cover us for a while if we have employment issues. Once you hit that point, you can really afford to spend more, take more advantage of some of the killer sales out there, etc.

[=Matt 5.0=]

I spend every penny I have.

[flechero]

Well everyone knows the economy just flat out sucks right now. so what are you all doing to save on money? i know i don't have it as bad as everyone but working 40 hours a week and being a full time student in college, insurance, gas, room and board(yeah paying my parents to live at home=/) , and trying to save money just in case i lose my job or the economy gets worse, is tough. so what are you guys doing to save money? and what do you think about the economy ?

thanks,

      Bassmaster6

I hesitate to even post since this is NOT aimed at you personally, but here goes...

The global economy doesn't really matter to most, just the local economy and even then, your economy is all that really matters. Your economy isn't bad. You have a job and you aren't suffering. Being a pessimist and worrying about what the media reports doesn't change things.

It's always wise to save, especially when things are good so that you don't have to panic when things go bad. You might look into a course called Financial Peace University, you'll learn more in 13 hours than you will in 4 years.

As for saving... I follow the advice of Dave Ramsey- living on a written budget is the KEY. Every dollar is spent on paper, before the month begins. (savings is a payment to myself) And like others, I'm more careful on what I do buy... I don't buy as many steaks at the grocery store as I used to. Controlling spending is the main thing, and learning the difference between a need and a want.

[Daniel A.]

Well said, flechero.

[fatbass]

The econonomy sucks partly because people spent or incurred more debt than they could afford.  I haven't changed a thing because I take on next to no credit card debt and manage all other expense according to the budget.  If I don't have or expect to have the money, I don't buy.

It is always good to get an education! If we insist on placing a dollar sign on a diploma, its intrinsic value is negated.  However, education does not always occur in a classroom.  People should take it upon themselves to be informed.  If I'm considering a mortgage note for x amount of dollars, I'm gonna sit down and do some research so I don't get burned. For that reason. I have amore difficult time blaming bankers for putting people into bad loans.

[Raul]

Well everyone knows the economy just flat out sucks right now. so what are you all doing to save on money? i know i don't have it as bad as everyone but working 40 hours a week and being a full time student in college, insurance, gas, room and board(yeah paying my parents to live at home=/) , and trying to save money just in case i lose my job or the economy gets worse, is tough. so what are you guys doing to save money? and what do you think about the economy ?

thanks,

      Bassmaster6

Man, you don 't know me very well, I don 't save, I try to keep the fishing tackle industry going to help the economy, just placed an order.  

Don 't "need" anything I ordered but what the heck ? you gotta help !

[Fisher of Men]

Raul,

Obviously, if you're still giving into the bait monkey, then the vet business is not too bad there. Seriously, has your business suffered any at all?  What about the local economy in Mexico?

[Raul]

Raul,

Obviously, if you're still giving into the bait monkey, then the vet business is not too bad there. Seriously, has your business suffered any at all? What about the local economy in Mexico?

The kitty/pooch clinic hasn 't suffered, can 't say much about others, but mine is business as usual, but I have a specialized practice.

In my other business ( hair treatments, shampoos n 'such ) the company is expanding pretty fast, we increased our sales 40% last year. When bad stuff happens it 's time of oportunity for those who know how to exploit it.

Everybody whines ( as usual ) but "the crisis" for the local industry has nothing to do with what is happening right now, it has other origins, state paternalism creates loss of competitivity, poor management and bad decissions against foreign factors. You think things will always be the way they are and you are dead wrong if you think that way, you gotta be more rutheless than the competition, it 's a jungle out there and you can choose, you can be the predator or the prey.

[J Francho]

Like your business mind, Raul.  I've always held on to the "Evolve, Do Nothing, or Leave" as your three choices.  I choose #1.

[daviscw]

Did you guys know that statistics are showing that it no longer pays to go to college!!!!

I have a friend who works for an investment company (Northwestern Mutual)

Well from what he's been telling me that they ran some numbers and they found that guys that started when they where 18 in a trade like pluming. That on average they make such and such a year ( notice I don't know all the numbers so remember that these are all averages) that if they manage there money correctly that by the time there ready to retire that they will (again on average) have more money than a Doctor!!

What they found is that a 4 or more year degree cost people so much money that in the long run it hurts them more than it helps?

OK remember that this is all run off of averages but they added in cost of living, amount it takes to set up your own practice or pluming company, and other factors like cars, kids, and kids schooling. Yet in the end the numbers are the same.

I'm still going to college but it's something to think about.

There's a huuuge difference between working with your body and working with your head. Not many people can physically be a plumber from 18 to 55. Also take in to account that tradesmen don't get benefits provided. That will make you think twice.  

[done]

Did you guys know that statistics are showing that it no longer pays to go to college!!!!

I have a friend who works for an investment company (Northwestern Mutual)

Well from what he's been telling me that they ran some numbers and they found that guys that started when they where 18 in a trade like pluming. That on average they make such and such a year ( notice I don't know all the numbers so remember that these are all averages) that if they manage there money correctly that by the time there ready to retire that they will (again on average) have more money than a Doctor!!

What they found is that a 4 or more year degree cost people so much money that in the long run it hurts them more than it helps?

OK remember that this is all run off of averages but they added in cost of living, amount it takes to set up your own practice or pluming company, and other factors like cars, kids, and kids schooling. Yet in the end the numbers are the same.

I'm still going to college but it's something to think about.

There's a huuuge difference between working with your body and working with your head. Not many people can physically be a plumber from 18 to 55. Also take in to account that tradesmen don't get benefits provided. That will make you think twice.

I would have to see how he defines "manage money correctly". Is he assuming a certain lifestyle, etc. Like Davis said too. I have an uncle who has done custom building his whole life (27 years so far). Physically, the mans body has taken a beating. Yeah he is strong as an ox, but his back and knees have not appreciated the beating.

I would also say, with my bachelors, I have gotten to the point that I currently earn 3-4 times more a year than I paid for my education. Granted I went to a VERY reasonable school as far as tuition went.

I am sure your friends math is certain, but specifically when it comes to stats on a subject that has a TON of data points (life style, college they go to, major, work ethic, region they live in, natural talent, etc), IMO, there is too much variation to really lock into such a broad hypothesis.

[Raul]

There's a huuuge difference between working with your body and working with your head.

One of my uncles owns a dairy farm ( like many of my uncles ) and I worked for him for a couple of years, he had 3 vets working for him,  my "field" job was to run mastitis tests twice a week, most of my work took place at the office ( checking production reports, clinical reports, mastitis reports and things like that ), one day he came at the office ( I was with my head up reading reports ) and joking he asked : "Is that what I pay you for, sitting all morning long at the office reading, typing at the 'puter and printing more reports ?"; to which I replied: "you pay me for what I know to do and not exactly for what I actually do". He just laughed.

I seldomly touched a cow and got paid 50% more than the other two vets.

[farmpond1]

Before the feces hit the fan, I always encouraged people to save their money and stop spending so dang much (especially stay away from borrowing and credit cards). Now, I almost feel I have to say the opposite. No, really, if everybody saves all their money or buries it in their backyards, this situation will not improve much. People should do now what they should have done before. Be smart. Put aside money for difficult times, spend some (but not more than they make) and never borrow unless it's absolutely necessary! (and I don't mean, "I absolutely have to have that brand new bass boat!")

[done]

Before the feces hit the fan, I always encouraged people to save their money and stop spending so dang much (especially stay away from borrowing and credit cards). Now, I almost feel I have to say the opposite. No, really, if everybody saves all their money or buries it in their backyards, this situation will not improve much. People should do now what they should have done before. Be smart. Put aside money for difficult times, spend some (but not more than they make) and never borrow unless it's absolutely necessary! (and I don't mean, "I absolutely have to have that brand new bass boat!")

To add to that FarmPond, I think those who have gotten themselves into a nasty fix debt-wise should chill out now. Close out some of their debt. Get to a livable position with cash in the bank to support themselves for a few months should they lose their job. Make adjustments to their standard of living if necessary.

Once you have that position though, do not be afraid to spend. Folks just have to be careful to not get themselves into a bad position with consumer debt. We, as a society, have been real bad about that in recent years and we need to just budget and be careful.

[Root beer]