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Thread: what if the economy crashes?

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    Default what if the economy crashes?

    with all the talk that the economy is about to crash,it makes me wonder how thats going to affect my money as a stripper. im starting to get scared about the whole thing. i was planning on buying a new car,and home but what do i do when im not making enough money to pay those bills because the economy crashes? im thinking about just buying a cheaper car and getting paid off as soon as possible and also buying a home maybe even a nice double wide trailor,and just pay it all up front so i dont have a house payment and car payment. anyone else feeling the same way about this?

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    Default Re: what if the economy crashes?

    Be smart, don't focus on the negative and keep on moving.
    That's what I got, from my friend, when I asked the question!

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    Default Re: what if the economy crashes?

    I would say that this is not a time that you want to be incurring a ton of additional long-term debt. I doubt the economy will "crash" completely but it's going to be a long time before things start to get better.

    Frankly I'm surprised that you are not already feeling a loss of income. My ATF has been working extra days and double shifts since the fall to try and maintain the same level of income that she was making a year ago.

    I am also an independent contractor. At times like this it is best to try and keep expenses low. Instead of buying a house keep saving money towards that goal. A new car? Ask yourself if it can wait a few months or even a year. If not, a car loan is not quite as big of a deal as a huge mortgage payment. The key is to prioritize and if all possible save something so that if the bottom really does drop out of your business you can at least survive for a while.
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    Default Re: what if the economy crashes?

    "What if?" I'd say that is pretty hopeful.

    "When?" is better.

    "How low will it go?" is better still.

    "How long ago did it start?" is more like it.

    Not just America, but much of the world is heading for stagflation. = decreasing wages and asset values with increasing prices (inflation). However, with all this extra borrowing that governments are taking on right now, it is difficult to figure out how hyperinflation can be avoided.

    That means that owning virtually any type of financial asset is risky. Even cash. These are really difficult times.

    As said above, cut expenses to the bone. Start looking for a second job unrelated to the first. If you have a partner, get him or her looking for a second job too. If you don't need it for survival, you may not want to buy it soon.

    Pay down debts if you can, especially short-term / high interest rate debt.

    Cross your fingers for luck.

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    Default Re: what if the economy crashes?

    Quote Originally Posted by kenzi19 View Post
    with all the talk that the economy is about to crash,it makes me wonder how thats going to affect my money as a stripper. im starting to get scared about the whole thing. i was planning on buying a new car,and home but what do i do when im not making enough money to pay those bills because the economy crashes? im thinking about just buying a cheaper car and getting paid off as soon as possible and also buying a home maybe even a nice double wide trailor,and just pay it all up front so i dont have a house payment and car payment. anyone else feeling the same way about this?
    Don't be afraid. You have a good solid plan. Work hard, and don't waste any time telling yourself scary stories about things that may never happen.

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    Default Re: what if the economy crashes?

    *sticks neck out*
    talk about the economy makes me mad, wanna know why? Remember that $700 billion they wanted to spend the 'save' the economy? Well, MOST of it hasnt been spent yet, and now Obama wants to get ANOTHER some odd hundreds of billions for some other stimulus plan. A few months ago Fox news said that one of the congress people had the idea of..giving every american citizen with a social security number and whatnot FOUR HUNDRED THOUSAND DOLLARS as a stimulus. yea, $400,000 to everybody who was actually american (im assuming also 18+) it would bring the economy back up INSTANTLY cuz everyone (who was smart) would pay off all their debt which is what caused this decline to begin with (bad house loans) the government would get 8% of it back pretty much instantly. If we as taxpayers are going to be paying for it anyway why not just give it to us? its the same idea as bush's $600 stimulus plan, only on a larger scale. they said it failed but it did work, a little. anyway back to the $400k. congress didnt want to do it, and it is (IMO) because that congress is mostly democrat now, and if they had done anything at that time then Bush would of gotten the credit for it, and democrats dont want to make a republican look good. so now that Obama is president maybe Congress will get off their lazy asses and start doing their job again. stupid politics
    yea this is a rant but its all true and you know it too if youve been paying attention to the news. if everyone knew about the $400k stimulus thing that congress didnt want to do everyone would be furious

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    Default Re: what if the economy crashes?

    Quote Originally Posted by Meleania View Post
    *sticks neck out*
    talk about the economy makes me mad, wanna know why? Remember that $700 billion they wanted to spend the 'save' the economy? Well, MOST of it hasnt been spent yet, and now Obama wants to get ANOTHER some odd hundreds of billions for some other stimulus plan. A few months ago Fox news said that one of the congress people had the idea of..giving every american citizen with a social security number and whatnot FOUR HUNDRED THOUSAND DOLLARS as a stimulus. yea, $400,000 to everybody who was actually american (im assuming also 18+) it would bring the economy back up INSTANTLY cuz everyone (who was smart) would pay off all their debt which is what caused this decline to begin with (bad house loans) the government would get 8% of it back pretty much instantly. If we as taxpayers are going to be paying for it anyway why not just give it to us? its the same idea as bush's $600 stimulus plan, only on a larger scale. they said it failed but it did work, a little. anyway back to the $400k. congress didnt want to do it, and it is (IMO) because that congress is mostly democrat now, and if they had done anything at that time then Bush would of gotten the credit for it, and democrats dont want to make a republican look good. so now that Obama is president maybe Congress will get off their lazy asses and start doing their job again. stupid politics
    yea this is a rant but its all true and you know it too if youve been paying attention to the news. if everyone knew about the $400k stimulus thing that congress didnt want to do everyone would be furious
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    Default Re: what if the economy crashes?

    Quote Originally Posted by Meleania View Post
    *sticks neck out*
    talk about the economy makes me mad, wanna know why? Remember that $700 billion they wanted to spend the 'save' the economy? Well, MOST of it hasnt been spent yet, and now Obama wants to get ANOTHER some odd hundreds of billions for some other stimulus plan. A few months ago Fox news said that one of the congress people had the idea of..giving every american citizen with a social security number and whatnot FOUR HUNDRED THOUSAND DOLLARS as a stimulus. yea, $400,000 to everybody who was actually american (im assuming also 18+) it would bring the economy back up INSTANTLY cuz everyone (who was smart) would pay off all their debt which is what caused this decline to begin with (bad house loans) the government would get 8% of it back pretty much instantly. If we as taxpayers are going to be paying for it anyway why not just give it to us? its the same idea as bush's $600 stimulus plan, only on a larger scale. they said it failed but it did work, a little. anyway back to the $400k. congress didnt want to do it, and it is (IMO) because that congress is mostly democrat now, and if they had done anything at that time then Bush would of gotten the credit for it, and democrats dont want to make a republican look good. so now that Obama is president maybe Congress will get off their lazy asses and start doing their job again. stupid politics
    yea this is a rant but its all true and you know it too if youve been paying attention to the news. if everyone knew about the $400k stimulus thing that congress didnt want to do everyone would be furious
    With all due respect, it's nonsensical to suggest rational people suggested giving everyone $400,000. First it would make money worthless or more accurately much more worthless. Assuming 225,000,000 adults in the US, that would be a giveaway of $90,000,000,000,000. I also would like to think something like this would make the news and I would here about it.

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    Default Re: what if the economy crashes?

    I personally would love a 400,000 stimulus check.

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    Default Re: what if the economy crashes?

    Quote Originally Posted by Meleania View Post
    *sticks neck out*
    talk about the economy makes me mad, wanna know why? Remember that $700 billion they wanted to spend the 'save' the economy? Well, MOST of it hasnt been spent yet, and now Obama wants to get ANOTHER some odd hundreds of billions for some other stimulus plan. A few months ago Fox news said that one of the congress people had the idea of..giving every american citizen with a social security number and whatnot FOUR HUNDRED THOUSAND DOLLARS as a stimulus. yea, $400,000 to everybody who was actually american (im assuming also 18+) it would bring the economy back up INSTANTLY cuz everyone (who was smart) would pay off all their debt which is what caused this decline to begin with (bad house loans) the government would get 8% of it back pretty much instantly. If we as taxpayers are going to be paying for it anyway why not just give it to us? its the same idea as bush's $600 stimulus plan, only on a larger scale. they said it failed but it did work, a little. anyway back to the $400k. congress didnt want to do it, and it is (IMO) because that congress is mostly democrat now, and if they had done anything at that time then Bush would of gotten the credit for it, and democrats dont want to make a republican look good. so now that Obama is president maybe Congress will get off their lazy asses and start doing their job again. stupid politics
    yea this is a rant but its all true and you know it too if youve been paying attention to the news. if everyone knew about the $400k stimulus thing that congress didnt want to do everyone would be furious
    I think the $400,000 stimulus check idea was meant as sarcasm. If everyone got a $400,000 check from the government then inflation would be out of control. Can you visualize gas at $150.00 a gallon? That is what giving everyone that kind of money would do to our economy.


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    Default Re: what if the economy crashes?

    Quote Originally Posted by Meleania View Post
    *sticks neck out*
    talk about the economy makes me mad, wanna know why? Remember that $700 billion they wanted to spend the 'save' the economy? Well, MOST of it hasnt been spent yet, and now Obama wants to get ANOTHER some odd hundreds of billions for some other stimulus plan. A few months ago Fox news said that one of the congress people had the idea of..giving every american citizen with a social security number and whatnot FOUR HUNDRED THOUSAND DOLLARS as a stimulus. yea, $400,000 to everybody who was actually american (im assuming also 18+) it would bring the economy back up INSTANTLY cuz everyone (who was smart) would pay off all their debt which is what caused this decline to begin with (bad house loans) the government would get 8% of it back pretty much instantly. If we as taxpayers are going to be paying for it anyway why not just give it to us? its the same idea as bush's $600 stimulus plan, only on a larger scale. they said it failed but it did work, a little. anyway back to the $400k. congress didnt want to do it, and it is (IMO) because that congress is mostly democrat now, and if they had done anything at that time then Bush would of gotten the credit for it, and democrats dont want to make a republican look good. so now that Obama is president maybe Congress will get off their lazy asses and start doing their job again. stupid politics
    yea this is a rant but its all true and you know it too if youve been paying attention to the news. if everyone knew about the $400k stimulus thing that congress didnt want to do everyone would be furious
    Someone in Congress suggested a $400K stimulus check? That frightens me even more.

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