What has this downturn taught you (if anything)?

StevieJ

treliac wrote: »

I'm SVR with sub-Standard Life, so not so good. Will really have to change and I'm not sure what to do / how long to leave it as not wanting to make a mistake.

I actually got a good deal with A&L a few years back, if I moved my current account over I wouldn't have to pay any fees. It was BR + 0.25 for two years and BR +0.95 for life and flexible so I could pay as much as I wanted off .

purch

Comic Relief is in a few weeks.

It's time we stopped feeling sorry for ourselves, and started realising that we are still incredibly well off.

In fact hopefully the images that we will see, (which are too rarely on our minds) will make us ashamed that we are still so selfish.

What has this downturn taught you

It should hopefully make us wake up and realise just how lucky we are !!!

squirrelchops

I have learnt that I am glad I made the move to debt free 12 months ago and that I feel happy I had decided to go back to Uni in 2007. I am training in a public sector job and one that unfortunately is more needed when there is a recession so hopefully there will be a job for me in 2010 when I qualify.

My OH has learnt never to rely on overtime as part of his 'basic' wage. I drummed this into him when he started his new job last year. Many of his work colleagues are used to overtime and count on it as part of their claculations when they got their mortgages etc. I made sure OH didn't rely on it hence where his colleagues are now panicking about over time being stopped he is ok.

SingleSue

I have learnt the importance of a good education, even if you are a more, ahem, mature person, it helps to get back into employment.

I have also learnt far more on here about all manner of weird and wonderful terms than I could ever have hoped to have done from reading the paper and that despite my current situation, there are always people are lot worse off whether it be in terms of large debts or just plain bad luck.

Thrugelmir

Be happy with what you've got. If its too good to be true it is. Clear debt in any form as quickly as possible. Save for the future.

Family and friends are priceless assets in difficult times.

fc123

The bit I have found the hardest has been the way 'sensible' plans suddenly become nul and void through events that had absolutely nothing to do with how you conduct your own life.


We have spent January doing accounts etc and really crunching figures.

On the shop T/O chart, you can see clearly when NR went down, then following year, Lehmans followed by HBOS...and T/O halved (from 07 figs) overnight.


Now, we have to decide which fork to take next, but can only base the decision on what we know today.....and it could all change in 6 months through another random event, unconnected to our tiny lives, and the decision made could turn out to be the wrong one afterall.

I am really struggling with the 'not being able to plan' bit.

I am currently researching absolute worst case scenario concerning our shop lease.......and can we cope with the fallout? If we did, it would be the best thing ever as it will be like going one step back to then go 2 steps forward........but only based on what is happening today (not 6 months time).

StevieJ

Thrugelmir wrote: »

Be happy with what you've got. If its too good to be true it is. Clear debt in any form as quickly as possible. Save for the future.

Family and friends are priceless assets in difficult times.

Don't be so sceptical If its too good to be true it PROBABLY is :beer:

payingfornowt

Three things for me really.
I was watching Planet Earth on TV last night and a Snow Leopard ran down a mountain in a blizzard, after a death defying descent caught and killed some kind of Deer then she had to drag it all the way back up the mountain to give to her baby, it was beautiful and made me think that life is ending one second at a time. Then there was a Giant Panda who only eats Bamboo, which just does not have enough nutrients for the bear to be able to store enough fat for hibernation, its milk was so weak in value (they should call it Sterling) that its baby had to feed almost 24x7 but both mother and baby looked really graceful. Then when the adverts came on I phoned a pizza.
Secondly, I am really proud of my country to be honest. We have a world class welfare state, you should not starve to death or die of exposure. If you are ill the NHS will look after you. Whilst we may be ill equipped compared to similar nations to deal with a downturn that is all subjective on how bad things get.

Thirdly. The problems now are caused by an asset bubble and high levels of debt throughout society. This will happen again and again, its part of a capitalist economic cycle. The trigger for the burst of the asset bubble was too high energy prices, the reason they were too high is because oil is simply running out. The more cynical among us may even say that recent wars have been fought over oil. I watched Mad Max and I dont like it. We need to make it a personal, national and international goal to reduce our reliance on oil. I am going to get an electric fire at weekend. It is my aim to not own a car this time next year.
Peace and Love Maaan x x x

SouthCoast

History repeats itself.

Brighton has a very long history of property bubbles.

Prepare for the worst.

The original plan called for two hundred and fifty houses. Financial constraints, however, necessitated the elimination of two of the squares as originally conceived. Arundel Terrace, Chichester Terrace, Lewes Crescent and Sussex Square were included in the final estate plan. They consisted of 106 houses. In 1823, Kemp approached Thomas Cubitt to commence building works. Houses sold slowly. Kemp had to convey ten thousand pounds of land to Cubitt to cover his debts. By 1828, eleven houses had been occupied; by 1834, occupancy numbered thirty six. In 1837, Thomas Kemp was forced to flee the country to escape his creditors. His grand project, however, continued under the aegis of Cubitt and the Fifth Earl of Bristol.

Rochdale_Pioneers

Its taught me two things:

1. Do not worry. There is always someone out there worse off than you who manages to cope with a smile on their face. In my case my wife's job finishes 8th March and we're not sure what she will be able to get. But at least my salary will keep the bills paid and the roof over our heads - just. How many poor sods aren't as luck as we are?
2. Too many people are selfish idiots. I do find it cathartic to read the opinions of people for whom the only person that matters is themselves, the only correct viewpoint is their own, and that other people aren't people at all but things that get in their way.