re: How many of y'all were personally affected by the 2007-08 financial crisis?

I had just started my business in the restaurant industry so it killed or delayed growth plans for basically three years. It did help in that I bought my first house at a very good rate in 08 thanks in part to Obama bucks

The many homeowners who overreached on mrtgs got hammered- many forced into foreclosure. Banks were outta control on lending.
Job losses were huge.
It was definitely an intense time.

I was invested in the stock market during the time. Sitting through so many huge daily drops was tough to stomach. Luckily I had $ on sidelines and threw back in when the Dow was at 7-8k level. This set me up for a sweet early retirement.. then I panicked during Covid, pulled a lot out during that market low and erased a lot of those gains but still. Moral of the story: be cool if/when in these mkt scenarios on your finances and don’t panic.

Anyone that had a 401K was affected.. I personally lost half of mine...

I graduated in 2008 and there was frickall as far as jobs were concerned in my field (landscape architecture). Half the people from my class that did land jobs were laid off by the end of the year. I took a low-paying job in Baton Rouge just to make rent.

It really sucked at the time, but it all worked out after about a decade . I wouldn't change it for the world. I met my wife because of it and now own a business and have a wife and kids I love more than life itself. None of that would have happened without the crash.

It was way worse than what we are dealing with now. The engineering company I worked for went from 265 employees to 70 employees over the course of two years. I had just bought a house. People were talking about the last person in Houston needing to turn the lights out. It was bad bad. We sold that house in 2013 and lost $5,000K after owning it for 5 years.

People in Louisiana didn't feel the crisis as much as the rest of the country. Louisiana industry was carried by money from Katrina and the BP Oil spill hit in 2009/2010. Those disasters kind of shielded Louisiana from the "Great Recession" because of the money being pumped in as a result.

If hit e everybody in construction and real estate. From the “Fat Cats” to general labor. I lost about $300K in real estate. It was mostly on paper so it was unrealized. I just worked my tail off for a couple of years for basically nothing.

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Yes, Louisiana was one of the least affected states, but I think it had more to due with a lot of housing supply was destroyed by Katrina 18 months before. Housing prices were increasing in Louisiana while collapsing in other parts of the country.

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The feds were pumping in tons of money to the area for rebuilding, which helped a lot. It's the only reason I got and held my job.

The 2007-08 financial crisis was when learned my parents were terrible with money.

I had just graduated in civil engineering and got a job in Louisiana. Was doing pretty well and was making serious headway on paying off student loans when I my parents told me they couldn't pay their mortgage and had even tried gambling borrowed money (once, about $1,500) to try and get caught up (didnt' work). It didn't help that one parent was a real estate agent, so that income obviously was destroyed, but my parents had not saved in the boom times. I helped out with about $8k over 6 months and they still lost their house. They've had to rent ever since.

I had a relatively small amount of loans to pay off, and I became debt averse at a young age, but that experience made me seek even more education about finances. No way I get to the point they did.

I got really luck I was with a company that had a very large project that lasted throughout the entire downturn.

Does losing my job count?