Are you guys hunkering down money wise?

[pennwalk]

There are a couple of things I'd like to buy (tractor implements, computer, new car). I am wondering if I should put that credit card down and leave my wallet in my back pocket so to speak. I can't tell where the economy is going but it is making me nervous. What do you think?

Chris

 

[dmccarty]

How secure is your job aka your source of income?

If its secure spend away.

If not so secure....

We have been kinda hunkered down for years. Wish I had more to show for all of the hunkering. The wifey started a business as a real estate broker a few years ago. Its a tough business to get started in and now the market has tanked in our area. We bumped into the mason that built our house and he said he is having to drive into Raleigh for work which is something he has not done in decades.

Two of the real estate agencies in town are sharing an office which is very strange and tells you how bad things have gotten. It looks like another agency in town is trying to lease the second floor of their office. That floor used to have a bunch of agents sitting up there.

We live off my income so we are ok but if my job went away things would get interesting. Our cars are 2002 models which we shall be driving for many years.

We did buy a new computer which we needed. There are some tractor implements I would like to have but we won't be buying anytime soon.

If we hunker much more we will be in a bunker. hmmmm.

Later,
Dan

 

[deereguy]

Definitely hunkering down. The nation seems to be constipaded and no one seems to be spending big money because of the unstability we are in and a fear of losing jobs in the corporate world. I believe its a phase (history repeats itself) and we (as a nation) will turn around in late '09-'10 (hopefully)!!

I was at a gravel pit for two days hauling gravel for a farm project and you didn't really think there was any type of economic depression, they were busy and the local dump truck company had 4-5, 6 axle dumps running from that pit all day (they usually have 4-5 at another pit 20 miles away).

 

[Flatheadyoungin]

on everyday things, and "toys" we have all but stopped buying....

however, on the other hand, we are getting ready to take the plunge into this property we're buying....

so we have slowed for two reasons...

 

[EddieWalker]

I've been hunkering down since 2002 when I sold my house. I got way more then it was worth, but I could have waited a year more and probably gotten even more. The houseing market was just out of control and I felt that if I didn't sell when I did, it would start to drop in what I could get for it.

Since then, I've been on a cash only basis with the credit card for emergancies. I started two companies that didn't work out, then this third one that is doing good. The credit card came in handy for living expenses when the work was slow, and probably will again in the future. It's my insurance so to speak.

I'm booked up for the rest of the year, but so far, nothing in January yet. That always makes me nervous, but the phone is ringing and I'm meeting new people all the time, so I'm not too worried. Just don't like the idea of going into debt when my future is always based on a few months worth of work.

We did just buy a new car for my wife. One of those deals that we couldn't walk away from. No problem on the loan either. Being self employed made me a little nervous, but my credit score is 780, so it was a quick and easy process.

Eddie

 

[MikePA]

I can't tell where the economy is going but it is making me nervous. What do you think?

What does 'where the economy is going' have to do with your personal situation and why would it make you nervous? The reasons people spend, or don't spend, money should not change.

As Dan said, is your source of income secure? If it is, spend away. If not, don't. Not complicated.

 

[Flatheadyoungin]

because right now he may not be impacted but in a wider/larger break down, he could be........

he's just trying to think ahead and see exactly why he is asking.....

What does 'where the economy is going' have to do with your personal situation and why would it make you nervous? The reasons people spend, or don't spend, money should not change.

As Dan said, is your source of income secure? If it is, spend away. If not, don't. Not complicated.

 

[Egon]

is your source of income secure

That is the problem as security is always "Blowing in the Wind" as "The Future's not Ours to see".

 

[pennwalk]

What does 'where the economy is going' have to do with your personal situation and why would it make you nervous? The reasons people spend, or don't spend, money should not change.

As Dan said, is your source of income secure? If it is, spend away. If not, don't. Not complicated.

My Goodness Mike did you really write this??? Since you are not too far away in Pa can I come over and borrow some of what you are smoking?

Chris

 

[Mike_Kanzer]

Have you guys ever heard Dave Ramsey on the radio or seen his show on FOX business news channel? He believes that "Cash is king and debt is dumb" If you can't afford to buy it without the credit card than don't buy it unless it is essential. He deals all day long with good folks who have gotten themselves deeply in debt by overspending with credit cards for things they didn't really need. Kind of like the way congress operates. Just my two cents.
-Mike