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re: How many of y'all were personally affected by the 2007-08 financial crisis?
Posted on 12/10/24 at 7:33 pm to RollTide1987
Posted on 12/10/24 at 7:33 pm to RollTide1987
(no message)
This post was edited on 5/4/25 at 4:13 pm
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Posted on 12/10/24 at 7:45 pm to RollTide1987
Was a shite show out here in Jax. Lots of Banks, lenders, mortgage hubs out here. Many closed shop. Many people were let go doing this period. i worked I.t. in a Manufacturing plant on the business side of the building and they let go of at least 3 or 4 people every week for like 5 months straight. It was brutal .Many for sale signs down every street in great neighborhoods.
Posted on 12/10/24 at 7:45 pm to RollTide1987
I wasn’t affected. We had purchased our house in 2005 that we still live in today. Two older guys that I was friends with got some amazing deals on buying a condo in Destin and one in Orange Beach. No way I could ever be brave enough to buy in a situation like that.
Posted on 12/10/24 at 7:48 pm to RollTide1987
Slightly, but being a government employee shielded me from the worst of it. My municipality is very fiscally conservative, so they had an emergency fund to get us through. Went a few years without COLAs, but I still considered myself fortunate to just have a job. Wife was a specialized nurse, so they couldn't afford to lay her off.
Posted on 12/10/24 at 7:51 pm to RollTide1987
No affect because we bought our house about 4 years earlier and are still in it. 401ks got cut in half though. My job want affected but I know several people that were in banking and construction that got hammered.
Posted on 12/10/24 at 7:53 pm to Harry Caray
quote:
It was impossible for me to buy a house. Mostly because I was 15.
I too was 15 so this is my same response.
Posted on 12/10/24 at 7:58 pm to GreatLakesTiger24
quote:
Infinitely worse than what’s happening now
Is now supposed to be comparable to then? 2007-2008 saw unemployment over 9.0%, peaking at 10%, a recession and very tight credit markets.
Today we have 4% unemployment and a growing economy.
What is happening now is a very good economy. What happened then was a crap economy.
Posted on 12/10/24 at 8:15 pm to ned nederlander
Didn’t really affect me,wife and I worked in hospital so our jobs weren’t affected.We were living in our forever house we built in 2000.
Our 401K balances dropped about 50% which was gut wrenching but we continued to max them out.We’re in very good shape financially since we didn’t panic,and kept up our contributions.
Quite a few of my coworkers cashed out their 401 K’s,took the loss and had to pay tax penalties on top of that.
Bad move on their part.
Our 401K balances dropped about 50% which was gut wrenching but we continued to max them out.We’re in very good shape financially since we didn’t panic,and kept up our contributions.
Quite a few of my coworkers cashed out their 401 K’s,took the loss and had to pay tax penalties on top of that.
Bad move on their part.
Posted on 12/10/24 at 8:41 pm to RollTide1987
It hit almost all of us.
Graduated from LSU in 2006. Me and almost every one of my close friends were laid off shortly after starting our careers. We were in a variety of industries. I lived off the few dollars I had saved after a couple of years of work after I was laid off, but I got back on my feet eventually.
In response, some of us went to grad school. Some switched career paths.
It sucked and most of us came out way better after being forced to reinvent ourselves. But it took us 2-4 years to get back on track. It has impacted my relationship with money; I am very reluctant to splurge on anything and I was risk-averse with investments for a long time.
Graduated from LSU in 2006. Me and almost every one of my close friends were laid off shortly after starting our careers. We were in a variety of industries. I lived off the few dollars I had saved after a couple of years of work after I was laid off, but I got back on my feet eventually.
In response, some of us went to grad school. Some switched career paths.
It sucked and most of us came out way better after being forced to reinvent ourselves. But it took us 2-4 years to get back on track. It has impacted my relationship with money; I am very reluctant to splurge on anything and I was risk-averse with investments for a long time.
This post was edited on 12/10/24 at 8:43 pm
Posted on 12/10/24 at 8:51 pm to ned nederlander
quote:
Is now supposed to be comparable to then? 2007-2008 saw unemployment over 9.0%,
I agree, but you can find many posters here, on the money board, and especially the politard board over the past three years that would swear we’ve been in a depression and something much worse is coming any day.
Posted on 12/10/24 at 8:51 pm to RollTide1987
I was just starting out at a new company after graduating from LSU in 2007. Our biggest client went bankrupt. The contact list on the company server would shrink every Friday, and I knew my number was coming up. They had me to from project to project for a few weeks to collect people’s laptops. I had to go to the corporate office in Atlanta at some point and all the leased furniture was gone.
When they finally let me go I was already accepted into grad school. I ended up in a better, more lucrative career than I would have. But it sucked for a while.
When they finally let me go I was already accepted into grad school. I ended up in a better, more lucrative career than I would have. But it sucked for a while.
Posted on 12/10/24 at 8:51 pm to RollTide1987
I had a couple a close college friends that bought houses right before the bubble popped in 2007.
Both were instantly upside down. And both are still in those houses today.
Luckily for me I was not affected. I got divorced in 2007 and was starting over. On the bright side my 401k contributions were buying x2 the shares as I could before the pop…..
Both were instantly upside down. And both are still in those houses today.
Luckily for me I was not affected. I got divorced in 2007 and was starting over. On the bright side my 401k contributions were buying x2 the shares as I could before the pop…..
Posted on 12/10/24 at 8:53 pm to RollTide1987
Wife and I get married and buy house
Within a month both laid off
Her career trajectory was never the same. I rebounded.
Covid was great for my 401k
Within a month both laid off
Her career trajectory was never the same. I rebounded.
Covid was great for my 401k
Posted on 12/10/24 at 8:54 pm to LSUA 75
quote:
Quite a few of my coworkers cashed out their 401 K’s,t
I had to do this to pay rent and tuition when I went back to grad school after the layoffs.. It sucked but I didn’t have many options.
The money lasted for about 18 months (supplemented with income from a part time job I had) but I spent my last dollar a couple of weeks before I graduated.
More importantly the mass layoffs pushed a young woman that I would eventually marry to move in with her parents in Louisiana. I wouldn’t have met her if the economy didn’t crush both of us.
This post was edited on 12/10/24 at 8:57 pm
Posted on 12/10/24 at 9:00 pm to RollTide1987
I graduated in 08 and it wasn't very easy finding jobs at that time. I secured a job senior year and was fortunate that it wasn't reneged before I started. We had a massive RIF 3-4 months after I started that I escaped as cheap labor. It was pretty shitty for a lot of people I knew. Most eventually recovered but it sucks being unsteady right out of the gate.
Posted on 12/10/24 at 9:20 pm to LNCHBOX
quote:
You think everyone in your life affected would share that info with a 20 year old?
I lived through the Dot Com bubble, Real Estate Bubble and the 9/11 Bubble. Luckily I never withdrew any of my savings and let them ride. Those decisions paid off handsomely and allowed me to retire early and enjoy almost thirty years of retirement.
Posted on 12/10/24 at 9:34 pm to RollTide1987
Didn't hurt as bad as my spouses credit card debt 11 years later. But I survived both because my planning doesn't involve help from others.
Posted on 12/10/24 at 9:37 pm to auie93
quote:
Watched my 401k lose half its value, panicked, and put what was left into a money market. Missed the ride back up before moving it back into stocks a few years later. That dumb decision easily cost me a million in retirement accounts. Fortunately, I learned from it and invested heavily into stocks after the covid crash but it didn't come close to making up what I lost in 2008.
Haha, same. I've done well since, but probably still a couple of hundred k from where I'd be if i just let it ride.
Posted on 12/10/24 at 9:41 pm to RollTide1987
Retired in 2009, rode the market back up. CD's were paying good at that time.
Posted on 12/10/24 at 9:41 pm to RollTide1987
My job, finance, took a big hit that lasted until I switched careers 6 years later into transportation where I am now.
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