re: How did the 2008 financial crisis affect you?

I shorted the housing market

I am a government contractor who works in weather. I maintained my job but with COVID sticking around, it could affect my job in about 2-3 years. Sill have another 12 years before retirement.

Not much then but makes me depressed now.

Almost pulled the trigger on $10,000 of Apple stock that would now be worth $373,000.

:sigh:

Lost my job. Ended up switching careers and make a good bit more now, but it sucked for a few years.

Graduated in 2006 and I was in a job I really hated from 2006-2008. I had an interview that went great end of October 2008 out of town.

Accepted the job that next week, put in a 2 weeks notice and then put my house on the market. Market was fine at that time and our realtor said she had no doubt we would sell in a month or less.

My marriage hit a rough spot at that time (my terrible job had made me pretty depressed) and I asked for a later start date and if I could stay another month at the old job. Both accepted and my wife and I worked things out.

Then boom. House viewings stopped instantly and I started getting incredibly lowball offers on the house that we’re insulting.

New job was enough to float apartment in the new place and keep paying for the mortgage.

We decided to rent and I could barely get anybody to rent at a rate that covered my Mortgage.

Went on for 2 years. Finally sold it to the 2nd set of renters and made back maybe a year or so of losses.

The house was in San Angelo, TX and about a month or 2 after that there some big shale patches found out there and most houses were selling for 150% above their value. FML.

After I got out of that, I got another job and moved up a tax bracket Obamacare stuck me in the rear.

We never really got ahead much until Obamacare mandate was removed, we dropped insurance for a short time and Trump tax cuts took effect. Cruising now, and have insurance again but 2008 pushed the starting line out a few years.

Nearly all of friends were layed off in 2008-2009. It was 2009 for me, and my whole career path changed as I had to reinvent myself. I earn more now and enjoy better benefits than I ever would have in my previous career, but it is very much “Plan B”. Doing what I wasn’t 100% passionate about actually turned out better than I imagined.

I still always have one eye checking over my shoulder for downsizing or RIF’s. I save as much as I can for a “rainy day”. I know it will probably happen again one day to me. I don’t think I have it in me to totally reinvent myself again though.

Another silver lining....I might not have met the woman who would become my wife if the recession didn’t happen.

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Were you able to provide for your family? Did you have to delay retirement?

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Yes... as a single guy it was quite easy. I think 09 or 10 I hit my largest corporate tax bill, 6 figures. Bought a bunch of foreclosures we fixed up when the slowdown finally hit us. Living off of rental money, and working whenever I feel like it. Turned 40 6 months ago

401k took a hit but I stayed the course and recovered nicely. All during that time I continued to contribute as usual. Many lessons learned during that time. Stay the course.

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Nah, I work in IT but I was doing consulting for banks at the time. Not the best industry to be in 2008. About 30% of my coworkers were laid off.

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frick Dodd Frank!