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A820djd
Sep 30th 2008, 12:41 AM
What can us small time peeps do about it?

amazzin
Sep 30th 2008, 12:44 AM
What can us small time peeps do about it?

Amazzin Sings: "Take your money and run...."

HisLeast
Sep 30th 2008, 12:59 AM
Amazzin Sings: "Take your money and run...."

Wow... that should encourage him.

Hey Scottizzle,

There's no question that hard times are... well... hard. The strength we have is in our faith, and in the wisdom contained in the Word. First and foremost, be wise. That's way harder than it sounds... but I think you'll know it when you see it.

For example... now's probably not the time to ring up your credit card buying an i-phone. Whatever money you make, put some in a safe, put some in the bank, put some in other investments. Be very very cautious before going into debt (cars, houses, school, etc). Not all debt is bad... you just have to be really honest about how much you can take on.

Whenever you budget, make sure you leave "'wiggle room". Meaning if you've budged it all and the expenses fit "exactly" into your revenue, you're still somehow going to end up with a minus. Be extra conservative.

Lastly, be strong and be useful. Help people out, and not just when its convenient. Help neighbors out. Help friends out. Help people in the church out. Basically keep your eyes open and help out where its needed. People remember that in hard times.

You're a ponderer Scott, and it doesn't look like you're afraid of hard work. I think you're going to do fine.

amazzin
Sep 30th 2008, 01:03 AM
Wow... that should encourage him.

Hey Scottizzle,

There's no question that hard times are... well... hard. The strength we have is in our faith, and in the wisdom contained in the Word. First and foremost, be wise. That's way harder than it sounds... but I think you'll know it when you see it.

For example... now's probably not the time to ring up your credit card buying an i-phone. Whatever money you make, put some in a safe, put some in the bank, put some in other investments. Be very very cautious before going into debt (cars, houses, school, etc). Not all debt is bad... you just have to be really honest about how much you can take on.

Whenever you budget, make sure you leave "'wiggle room". Meaning if you've budged it all and the expenses fit "exactly" into your revenue, you're still somehow going to end up with a minus. Be extra conservative.

Lastly, be strong and be useful. Help people out, and not just when its convenient. Help neighbors out. Help friends out. Help people in the church out. Basically keep your eyes open and help out where its needed. People remember that in hard times.

You're a ponderer Scott, and it doesn't look like you're afraid of hard work. I think you're going to do fine.

Dude
It's tongue in cheek.

apothanein kerdos
Sep 30th 2008, 01:06 AM
Invest in gold. If things don't start going up, the dollar isn't going to have any value at all.

A820djd
Sep 30th 2008, 01:08 AM
Pffftttttt brb going to Mexico.

amazzin
Sep 30th 2008, 01:10 AM
Pffftttttt brb going to Mexico.

Actually Scott,..Canada is a better choice. Their financial markets are some of the best in the western world.

apothanein kerdos
Sep 30th 2008, 01:19 AM
Actually Scott,..Canada is a better choice. Their financial markets are some of the best in the western world.


Not for much longer. If you look at Europe they're starting to struggle as well (how many Euro Banks have closed?). It won't be long until it hits Canada.

There really is no escaping it (not to sound all doom and gloom).

A820djd
Sep 30th 2008, 01:21 AM
Not for much longer. If you look at Europe they're starting to struggle as well (how many Euro Banks have closed?). It won't be long until it hits Canada.

There really is no escaping it (not to sound all doom and gloom).

......mmmmmmmmmmmmm should I just remain depressed or how can I get out of this doom and gloom state of mind?

amazzin
Sep 30th 2008, 01:24 AM
Not for much longer. If you look at Europe they're starting to struggle as well (how many Euro Banks have closed?). It won't be long until it hits Canada.

There really is no escaping it (not to sound all doom and gloom).

I'll be sure you don't speak to my staff ;)

*Hope*
Sep 30th 2008, 01:28 AM
What can us small time peeps do about it?

Pray. Personally, I'm praying that Christ returns VERY soon....

HisLeast
Sep 30th 2008, 01:33 AM
......mmmmmmmmmmmmm should I just remain depressed or how can I get out of this doom and gloom state of mind?

Its a bit like "not thinking about a pink elephant" isn't it.
No... I don't think you should remain depressed. Unfortunately I don't know how you can get out of the D&G (not Dolce & Gabana) state of mind. Continue making wise decisions, love the Lord, and rely on him. Staying depressed about a future we can only imagine? That's walking into the ring wondering when you're going to tap out. Get me?

apothanein kerdos
Sep 30th 2008, 01:36 AM
......mmmmmmmmmmmmm should I just remain depressed or how can I get out of this doom and gloom state of mind?


Why be depressed? Only in a materialistic society would we become depressed over a lack of wealth. If you work hard and if jobs stay open, you should still be able to afford the necessities. Now, if that collapses...then yeah, you can start to get upset.



I'll be sure you don't speak to my staff ;)

Eh, I'm a realist. Plus my dad deals with bankruptcy law and is one of 10 certified experts on it in the United States, so all I've heard since about 2004 is how "in the next 4-6 years, we're going to suffer an economic collapse." I always rolled my eyes, should have listened a bit more.

A820djd
Sep 30th 2008, 01:39 AM
"And when you pray, do not be like the hypocrites, for they love to pray standing in the synagogues and on the street corners to be seen by men. I tell you the truth, they have received their reward in full. But when you pray, go into your room, close the door and pray to your Father, who is unseen. Then your Father, who sees what is done in secret, will reward you. And when you pray, do not keep on babbling like pagans, for they think they will be heard because of their many words. Do not be like them, for your Father knows what you need before you ask him.

"This, then, is how you should pray:
" 'Our Father in heaven,
hallowed be your name,
your kingdom come,
your will be done
on earth as it is in heaven.
Give us today our daily bread.
Forgive us our debts,
as we also have forgiven our debtors.
And lead us not into temptation,
but deliver us from the evil one.
For if you forgive men when they sin against you, your heavenly Father will also forgive you. But if you do not forgive men their sins, your Father will not forgive your sins.

Ayala
Sep 30th 2008, 02:42 AM
Things aren't good but what good does worrying do? All we can do is put our faith in the Lord. Whether prosperous or impoverished, we're never dished more than we can handle.

xSTEADFASTx
Sep 30th 2008, 03:56 PM
hang on; work your job; or two jobs; do what you've got to do to survive.

AngelAuthor
Sep 30th 2008, 06:47 PM
What can us small time peeps do about it?
1. Pay your bills off if possible.
The fewer people you owe like credit cards or car payments, the better of you'll be when EVERYONE has nothing and creditors come knocking trying to get blood out of stones.

2. Stock up a bit on food and supplies.
They won't be gone forever, but if there's a run and a panic on the stores, it may be awhile before you can get some things. That's one scenario. The other is hyper-inflation. If you had $3.00 today and put it under your mattress, or bought rice with it, or decided to wait to buy rice with it tomorrow:

a. As $3.00 it's going to be worth less tomorrow than it is today.
b. As a bag of rice, it will help you whether there's a disaster or not. You'll eat it sooner or later.
c. As $3.00 reserved to buy a bag of rice in the future, there's a small chance you won't be able to find a bag of rice or that $3.00 won't be ENOUGH to buy a bag of rice.

Investing in food is a win/win situation.

3. Cut discretionary spending...COMPLETELY.
No more McDonald's, no more Taco Bell, no more Friday Night Outs, no more movie theatre going...at least not until this settles down. Save your funds. It wouldn't kill us as Americans to go a few weeks or months without dinner, dancing and a movie.

These are things "the little guys" can do to help themselves in the current situation whether it improves tomorrow or not, you'll be better off for having done them.

tango
Sep 30th 2008, 09:32 PM
What can us small time peeps do about it?

If by "small time peeps" you mean people without a fair wedge of surplus cash I'd suggest the following:

Pay down debts
Learn to do more with less
Make your money go further any way you can

Major economic turmoil is never a lot of fun but it can sometimes focus our minds on what really matters. Little over a week ago I picked up a fridge magnet that says "The best things in life... aren't things". Having spent over a decade in investment banking it's a lesson I need to keep in mind a lot more.

keck553
Sep 30th 2008, 10:37 PM
Invest in gold. If things don't start going up, the dollar isn't going to have any value at all.

Lead may have more utility.

A820djd
Sep 30th 2008, 11:10 PM
So what happens if I have no debts and money in my savings account?

Ayala
Sep 30th 2008, 11:28 PM
Keep saving and don't spend money frivolously.

HisLeast
Oct 1st 2008, 01:19 AM
So what happens if I have no debts and money in my savings account?

Thats an enviable position to be in. If it were me, I'd buy a safe and put some of my money in it. Then I'd buy some gold/silver. I'd buy some permanently useful "anywhere-anytime" tools like a good knife, good boots, a good winter jacket (depending where you live), a trench shovel, etc. But most of all, I'd concentrate on my relationship with God, and with helping people.

The shortest answer is "there's no easy answer". There's no gaurantees. There's no hard fast formula for success. Read the scriptures for wisdom (Proverbs is excellent!) and concentrate on being wise! There's nothing much else anyone can do, even in the very best of times.

Lastly, consider Solomon, son of David. This man brought unprecedented prosperity to Isreal. It is said silver was "as common as rocks" in Jerusalem. Yet in Ecclesiastes 1:2 he states "Meaningless! Meaningless! says the teacher Utterly meaningless! Everything is meaningless". He was wealthy beyond imagining, had 700 wives & concubines, and was blessed with discernment beyond normal men... but even he found reason to lament. Mans heart can feel sick even in times of plenty. Keep an eye on your heart my friend.

tango
Oct 1st 2008, 02:30 AM
So what happens if I have no debts and money in my savings account?

What the other two said.

I figure this is either a nasty financial shock, in which case you need to think about protecting your spending power for when things eventually right themselves, or it's the beginning of the end (i.e. a Biblical scale collapse as described in Revelation) in which case any human-scale preparation will ultimately prove useless.

If you're going to buy gold and silver make sure you buy physical gold. If it all goes south a piece of paper saying you own so much gold is worthless. Think carefully about how/where to keep it. If things get much uglier (as I personally think they will) don't be surprised if the government makes holding gold illegal.

IPet2_9
Oct 1st 2008, 02:46 AM
I recommend silver right now, not gold. Gold is trading at 72 times the price of silver. Historically, gold has been selling at 50x the price of silver. So right now, gold is relatively overvalued (or silver undervalued).

AngelAuthor
Oct 1st 2008, 03:58 AM
Plus, Tango is right. Historically when govt's run into severe financial problems or collapse, they tend to want to make owning gold illegal.

They don't do that with silver, though.

tango
Oct 1st 2008, 07:02 AM
Plus, Tango is right. Historically when govt's run into severe financial problems or collapse, they tend to want to make owning gold illegal.

They don't do that with silver, though.

The only trouble with silver is that it takes up so much space. You can buy $10,000 worth of gold and put it at the back of a drawer - the size and weight are such you could carry it around comfortably.

Silver is roughly half as dense as gold and currently about 1/70 of the price, so the same value of silver will take up 140 times as much space and weigh 70 times as much.

IPet2_9
Oct 1st 2008, 07:24 AM
You can get Morgan and Peace silver dollars, which, dating back to the 1930's, they REALLY ARE dollar coins made of silver (wow...imagine the concept...). The government has a hard time making them illegal because they are collectibles. But they DID make it illegal at one time in the 70's, when silver skyrocketed to $52 an ounce.

The beauty of them is you can actually trade them as currency, even if our paper currency winds up not worth a Continental. Gold is a little tougher in that regard. It would be kind of like trading diamonds as currency.

tango
Oct 1st 2008, 10:42 AM
Yes, gold is a little trickier in that it has a much higher value. You wouldn't want to be paying for a hamburger with gold coins, but then neither would you be wanting to try to buy something of high value with a sackful of silver.

Lorren
Oct 1st 2008, 08:13 PM
Invest in food.

If you learn how to bake bread, you can feed yourself for relatively little cost.

IPet2_9
Oct 1st 2008, 08:19 PM
Invest in food.

That is true, but I don't think we are at that point yet.

wheatbread
Oct 2nd 2008, 03:41 AM
What can us small time peeps do about it?

How about getting educated and Vote! :idea:

Semi-tortured
Oct 13th 2008, 06:21 PM
So what happens if I have no debts and money in my savings account?

If that's your position, then you have little to worry about at the moment. People who are losing sleep are the people who are on the cusp of retirement and are watching their portfolios evaporate pushing their retirement age back to 75-80. You are young. Either the economy will have recovered by the time you are ready to start making your mark professionally in the world, or it is the collapse that brings on the end. Either way, you're fine. Things are bad right now, but they've been worse. There is a very real possibility that we will be well on our way down the road to recovery by this time next year.

Lorren
Oct 13th 2008, 07:18 PM
That is true, but I don't think we are at that point yet.

When do you determine that point? When people panic and rush to the grocery stores? When the shelves are empty? Or when the shelves are full and the prices are relatively low?

If you're an ordinary person, you might not have much money now... taking a few dollars a week to buy a bag of beans, flour, sugar, or rice might not break your budget now, but it will help build up a surplus. Then if/when people do panic, you'll be prepared. Staples like this will last a fairly long time.

It takes some time to learn how to cook more from scratch as well, so if you start now, you'll be more prepared.

wheatbread
Oct 14th 2008, 02:00 AM
If that's your position, then you have little to worry about at the moment. People who are losing sleep are the people who are on the cusp of retirement and are watching their portfolios evaporate pushing their retirement age back to 75-80. You are young. Either the economy will have recovered by the time you are ready to start making your mark professionally in the world, or it is the collapse that brings on the end. Either way, you're fine. Things are bad right now, but they've been worse. There is a very real possibility that we will be well on our way down the road to recovery by this time next year.

People with money in the markets are only a VERY small portion of those who are, have been and will be affected. Prosperity doesn't trickle down in the economy but hardship certainly does.

tango
Oct 14th 2008, 06:33 AM
If that's your position, then you have little to worry about at the moment. People who are losing sleep are the people who are on the cusp of retirement and are watching their portfolios evaporate pushing their retirement age back to 75-80. You are young. Either the economy will have recovered by the time you are ready to start making your mark professionally in the world, or it is the collapse that brings on the end. Either way, you're fine. Things are bad right now, but they've been worse. There is a very real possibility that we will be well on our way down the road to recovery by this time next year.

People who are heavily in debt are also losing sleep worrying about whether their jobs are safe. A lot of people with savings are losing sleep worrying about whether their bank will still be there next week and whether their savings are adequately protected.

A lot of people with or without savings are losing sleep watching prices rise much faster than official inflation figures and wondering how long the money will last if they lose their jobs.

Semi-tortured
Oct 14th 2008, 06:19 PM
People who are heavily in debt are also losing sleep worrying about whether their jobs are safe. A lot of people with savings are losing sleep worrying about whether their bank will still be there next week and whether their savings are adequately protected.

A lot of people with or without savings are losing sleep watching prices rise much faster than official inflation figures and wondering how long the money will last if they lose their jobs.

I realize that, but I was kinda directing it to Scott in particular because he has no debt or money put away. I agree with your points though.

tango
Oct 14th 2008, 06:57 PM
I'd read Scott's points as saying he has no debt and he has money in his savings account, rather than he has neither debt nor savings.

But either way, good to know we agree :)