So who's feeling the squeeze from the Market meltdown?

[MIB41]

I have a number of good friends who have lost their rears on 401K's and retirement investments (quarter million and up). Alot of layoffs going on and more likely in 2009. Are market conditions forcing you to cut back or suspend how much you would normally invest in "the hobby"? Hopefully there are no GM workers out here. Analysts say the market hasn't been this bad since 1931...Wow. To think our current market reflects conditions similar to when Boris Karloff was making Frankenstein...now THAT is frightening.

[Megospidey]

I lost over $20,000 in my retirement fund. I asked my wife if she liked bologna or turkey, cause we'd be eating a lot of it when we get old.

[txteach]

To me, I haven't lost anything in the market because I view it as long term investing. I'm not retiring for 20 years or so so I'll see where I am then.

[daffy213]

I can overlook the investment hit cuz like teach I look at it long term. The hardest hit I've taken is the layoff since September. As much as I don't mind being at home, I am running out of useless ways to kill time and would rather not keep living off my savings.

[thunderbolt]

^^^ Yep, you can't look at it as right now. On the bright side, my company's annual contribution went in when the market bottomed out, so I have a lot more units now.

[censy]

I've certainly become more cautious. I haven't made a big purchase for a few months. Focusing more on the new mego repros that are being made and less expensive, loose megos.

Chris

[megoscott]

The market does what it does, but the overall slowdown, all the layoffs, that's the real trouble. Laid off people don't spend money. My company depends a lot on making TV commercials and ad buying will go down considerably in the recession. We also make TV shows and it remains to be seen whether networks will want to spend that kind of money on new material. They say the entertainment biz is recession proof because everyone wants to be entertained in bad times, but it may be different now. Credit crunch doesn't help either.

[vulcan2074]

I'm very Lucky. I haven't had to change a thing. I have alot of Stocks but as Teach said. I'm looking Long Term. I'm in it for the Long Run.
Sammy

[starsky]

most of us are still pretty young to not worry about losing $$ on our retirement fund but i feel sorry for the older generation who are nearing their retirement and were counting on those funds.

[Zemo]

I'm very Lucky. I haven't had to change a thing. I have alot of Stocks but as Teach said. I'm looking Long Term. I'm in it for the Long Run.
Sammy

Exactly, you havn't lost a dime unless you sell it. If you keep looking at everyday, well then you have to be the type that likes pain. I'll look at it in a couple of years.

[toys2cool]

It's been a little rough for me and my pride I used up most of what I saved,luckily my wife has a great job and we have nothing to worry about...she's always actually wanted me to stop working as a trainer (jealousy thing if you see the chicks at my gym) But the thing is that,I worked with these Rich people and most don't even sow up anymore because of how bad things are,and it's not like they don't have sessions cause they do...most are prepaid but they have financial stuff to do and make it to train...So does that screw? Mua!! I don't get paid I unless they train

I told my Boss that I can't keep coming and driving 20+ miles a day for a couple of clients,so he told me to take some time off and he'll call me when things get better.Most trainers picked up their stuff and walked out with me We can't afford to wait

[megocrazy]

I switched the 401 to conservative so it didn't hurt that at all. Just talked to one of my delivery drivers, that lost 6 figs from his totals. Went really aggressive when it was good and took a bath when it went south. Seemed like a lot but he's been in for a while so I guess it's possible. Says he's still up from 4 or 5 years ago so he's not worried. I actually made bonus last month. Only made that two months in the last year. Caught me off guard. Nothing better than bonus money. Come on Christmas!! I refinanaced when the market showed signs and paid off everything I had, cars, credit cards, etc., so I'm actually better now than I was last year. Now's a good time to buy stuff. Thinking some property in FL might be worth while to look at. Might head down in Jan and see what's up with a condo for the future years. I hear the real estate market there is really in the tank. We've been hit hard in the northeast, but not as hard as some areas. I have friends that refinanced and took the total values of their homes and just went insane doing things, like pools and vacations and cars, etc and now their houses aren't worth the amount of the mortgage. They had to adjust insurances to make sure they were covered in the event something went wrong. Just way too much hassle for the gain. Remember to drink more tea. I need the money for megos.

[toys2cool]

I switched the 401 to conservative so it didn't hurt that at all. Just talked to one of my delivery drivers, that lost 6 figs from his totals. Went really aggressive when it was good and took a bath when it went south. Seemed like a lot but he's been in for a while so I guess it's possible. Says he's still up from 4 or 5 years ago so he's not worried. I actually made bonus last month. Only made that two months in the last year. Caught me off guard. Nothing better than bonus money. Come on Christmas!! I refinanaced when the market showed signs and paid off everything I had, cars, credit cards, etc., so I'm actually better now than I was last year. Now's a good time to buy stuff. Thinking some property in FL might be worth while to look at. Might head down in Jan and see what's up with a condo for the future years. I hear the real estate market there is really in the tank. We've been hit hard in the northeast, but not as hard as some areas. I have friends that refinanced and took the total values of their homes and just went insane doing things, like pools and vacations and cars, etc and now their houses aren't worth the amount of the mortgage. They had to adjust insurances to make sure they were covered in the event something went wrong. Just way too much hassle for the gain. Remember to drink more tea. I need the money for megos.

You might want to check out Down town Miami for that,they over built Condos by Brickell which is a super expensive part of Miami and the condos are going super cheap,I'm talking about $600K condos for like $150K or less!!

[mitchedwards]

401K took a hit, and My company is in layoff mode.

[Drain]

We done to 4 days a week plus clean-up that used to be Overtime pay, with a week off here and their. We'll survive. Me and most of my co-workers have had to live threw hardship before. During my day shift On 5 July 2005 my plant caught on fire and burned to the ground, leaving me out of work for six months, after working there for 9 yrs 9 mo. I got on at a new plant, my company bought at the end of 2005. Spent 2 yrs 1 mo, there I before I got my transfer back to the rebuild plant. We will Survive.