I know everyone is freaking out about the recession we seem to be going into, but it doesn't really bother me. I didn't have any money in the stock market, so I haven't lost anything. My home loan is fixed, so my payments won't go up. We have two cars, so we don't need new loans. My hospital has been responsible enough to be in a situation where they won't need to make cuts, so I won't lose my job or have my pay cut. Gas prices are down ($2.55 in Independence) which means I save money at the pump. Lower gas prices also means food prices may start to come down.
So it's possible the country is going into a recession, but I'm not too worried. It's part of the business cycle and very natural. By the time I'm ready to sell my house and start investing, it'll be up again. I don't have any less cash in my pocket.
So, have your recession if you feel you need to. I'm truly sorry if your retirement package has suffered, but ride it out and it'll be okay. If you planned to retire this year, that probably sucks. If you have a few years to go, you're probably okay.
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5 comments:
Yeah, I pretty much feel the same way you do.
Ditto. Although, I worry for the country in general, but that's all.
Amen, Brother! I came to the conclusion that if I take care of me and do what the Lord has asked me to do, I will be ok. I cannot spend lots of time worrying about something I cannot control.
I guess I am a little worried about how the banks are going to take this... yeah, thanks are going okay for me right now. but if the banks shut down, then i don't have that much cash handy.
Well, most banks were smart enough not to overload themselves with mortgages and loans to people who couldn't afford them.
Beyond that, the FDIC insures your deposits up to $100,000 (which if you have more, that can be a bummer, but there are other ways to protect your money if you're wealthier).
I'm not really concerned with banks shutting down, there's just too much protection these days. And so far with this recession, no bank has actually shut down, they've been bought out. So that's a good thing for us wee middle-classmen.
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