How is the economy effecting you?

[sgrizzle]

You heard it here first, TheArtist is now 50% off!

[YoungTulsan]

At least I was smart on the house when I got it. The lenders were saying,,,, Oh, you can have whateeeeever you want!  I was like,,,, ME?! A self employed artist. Are you serious?

I'm shocked at how much I've heard this about lenders a few years ago.  No wonder the market crashed.  Good job being smart

[Conan71]

You heard it here first, TheArtist is now 50% off!

He should try Val-Pak.

(Just trying to make you chuckle a little, William)

[enits]

At least I was smart on the house when I got it. The lenders were saying,,,, Oh, you can have whateeeeever you want!  I was like,,,, ME?! A self employed artist. Are you serious? lol  I went conservative with the house, splurged (stupidly in retrospect) on the car lol.  

My spouse and I did the same thing when we purchased our house.  The lender (ahem, BOK) was basically saying we can have whatever we wanted.  Hubby and I looked at each other and both said, "No, this is what we want."  Our friends thought we were crazy and suggesed that we should have opted for the higher amount, which was what they did.  Now they're barely making ends meet just so they can live in a McMansion and some have even filed for bankruptcy. 

.

[Conan71]

Your friends got the Jumbo McMortgage deal, eh?

I bought and financed below my means and it was a smart move considering my income dropped, I've got one kid in college and another heading there in 2011. It will also allow me to accellerate my retirement plans some instead of paying out what could be retirement savings into additional interest.

[Red Arrow]

You financially responsible people are going to ruin the economy.   

[DolfanBob]

Alms? Alms for the poor?

Alms for a ex-leper.

www.youtube.com/watch?v=U74s8nFE7No

[azbadpuppy]

I'm shocked at how much I've heard this about lenders a few years ago.  No wonder the market crashed.  Good job being smart

Yup. About 5 years ago I was able to get a $500,000 construction loan, 100 percent financed, with only stated income, when I was doing part time contract work and not making much money. Hmmm......

Luckily I finished the house, turned around and sold it one year later just before the crash. If my timing had been a year or so off, it would have been ugly.

Now I have one house in southern AZ that I cannot get rid of, so it is rented, and my other house in Phoenix is worth less than what is was purchased for 6 years ago. Real estate is a gamble, and oftentimes it is more of a liability than an asset.

People laughed at me here when I predicted in January of 2007 that we would lose 30-40% of our (inflated) real estate value. The latest numbers now show it's more than a 50% loss. Foreclosures are supposed to be even higher in 2011. I am predicting at least 5 years before we start to break even again.

Tulsa is fortunate in that the market did not spike. The real estate mess appears to be far less there and in the OKC area than many other areas of the coutry.

[GG]

I work in staffing................. 2009 is a year I'd just as soon forget about.

However, things have been picking up quit nicely since the first of this year. 

Staffing companies are a good barometer of the economy, we are the usually the first to feel the downturns, but are also the first to come out of the downturns of the economy.  I am hopeful things continue to improve and the recovery burst into full bloom. 

[fotd]

The economy? It's making me sleepy...the Rip Van Winkle economy.

Want more action? Print more money.

[carltonplace]

I think bad grammer has a negative effect on the economy.  When communication breaks down, it affects everyone.  If we ever want to effect real change, we'll need to evaluate the effectiveness of our schools.  Every student will be affected.

Some people are such effing sticklers...they seem so affected and snobbish.

I'm surprised that this post did not affect the thread's title. What effect will my response have?