Author Topic: Contingency plans as economy changes (Read 13592 times)

old joe · « **Reply #20 on:** February 25, 2009, 08:41:21 pm »

Over the past several years, when I saw the very beginnings of our current fiasco, I have been increasing my homesteading skills. Also learning marketable skills like welding, sawmilling. Buit a shop, and some rental units. We were never much for fancy lifestyle, and are pretty tight with a buck. Both of my sons, and their families live on my land and both are good , with their minds and their hands. We'll get by. I got out of the Market.Only lost a little skin. We grow or make nearly all we need.
Joe

Dodgy Loner · « **Reply #21 on:** February 26, 2009, 08:47:25 am »

Day-to-day life hasn't changed much for me yet. I'm still in plenty of debt (house, car, student loans), but I pay off my credit card every month and I'll have my car paid off by September. By then it'll be my turn to support the diamond industry (if you know what I mean), so there's another two months salary worth of debt. I feel kind of lucky that I don't own a business right now. Not much chance of me losing my job. I'm young and underpaid. Extension usually weathers these things by offering early retirement to the folks with bigger salaries than me. People were lining up to retire early, so much so that they had to limit the number of spots. So that pretty much took care of our budget shortfall.

Like many of you, I'm already planning my garden. I think it's a good way for folks who already have the land, the tools, and the experience to save a little money. Most folks are probably better off just cutting back on the take-out and cooking for themselves more often. A good farmer can grow food much more economically than a novice; especially a novice that's having to buy all of his tools at once. I think division of labor is a good thing; we're all better off if people are doing what we're best at doing. Maybe bartering with a farmer or gardener down the road would be more productive than trying to maintain a big garden on top of all of your other activities. Just my 2 cents.

Cedarman · « **Reply #22 on:** February 26, 2009, 09:45:29 am »

Are lottery ticket sales down? Or do people think this is their salvation? When I used to buy scratch offs, I figured I was donating of my own free will to the state. Same way with casinos. In Indiana I think people are visiting them less or gambling less. An easy way to save some money.

We are still gambling. Have a new project we are experimenting with.

Ironwood · « **Reply #23 on:** February 26, 2009, 09:46:09 am »

Plugging along and thankful for a lack of serious liabilities. We have always lived simply and w/ our means, so I guess that is paying off these days. Watching spending, but still looking to the future upswing when it comes and looking for buying opportunities in the mean time to take advantage of that upswing. A buddy called the other day asking about buying a double bottom plow I have,.... I told him I decide to keep it as I may have to plow our 20 arces

This will be a good lesson for future generations of "mass consumerism types", it is just a shame we'll be paying for it for DECADES. As I have said before,

"I have sucessfully mis-managed my business for years, where's my bailout?" As if the deficit wasn't bad enough after all the money we spend in Iraq.

Iornwood

WDH · « **Reply #24 on:** February 26, 2009, 04:11:15 pm »

Quote from: Dodgy Loner on February 26, 2009, 08:47:25 am

By then it'll be my turn to support the diamond industry (if you know what I mean), so there's another two months salary worth of debt.

Whoa! I do think that I know what you mean

. She is a fair lass! I guess that a domesticated Dodgy is inevitable

. She seems to like trees

.

Dodgy Loner · « **Reply #25 on:** February 26, 2009, 04:37:05 pm »

I wouldn't say that she likes trees so much as she tolerates my incessant rambling about trees

. Which is more than I can say for most women who know me

tcsmpsi · « **Reply #26 on:** February 26, 2009, 05:06:11 pm »

Quote from: Dodgy Loner on February 26, 2009, 04:37:05 pm

I wouldn't say that she likes trees so much as she tolerates my incessant rambling about trees . Which is more than I can say for most women who know me

I see. And, how is she with those "most women who know me"?

crowder888 · « **Reply #27 on:** February 26, 2009, 06:37:23 pm »

I'm wondering how people's habits will change after this whole mess is over. Do you think that people will continue living a lifestyle within their means or will they return to their old ways that got us here today? What will you do?
Speaking for myself, I just paid off $775 of monthly debt load and feeling pretty darn good about it. Now we were never in a real financial crisis but we were definitely feeling the pinch at times. I've found myself eyeing many more toys now than I have for the past 12 months. Granted they are "toys" that will add to the business and make us more profitable in the long run buy my point is once I dumped the debt I started to feel my oats again. I can say that I will probably be more careful in how I spend my money and definitely get rid of the wasteful spending that I became accustomed to a few years ago.
So back to the original question, do you think people will jump right back to their old behavior?

Sprucegum · « **Reply #28 on:** February 26, 2009, 07:10:44 pm »

How quick they forget.

I have lived through several downturns in the oil patch and everyone goes into shock every time it happens. We have a lot of young enterpreneurs who started after the last crash and have never seen anything but growth. Some will get weeded out, some will swear to do better if they survive. If more than 10 years pass before the next crash it'll be shock and awe again.

Tom · « **Reply #29 on:** February 26, 2009, 07:22:00 pm »

If anything comes of this, I hope that it is people quit trying to "keep up with the jones'". Society has impressed on later generations that success is toys, big houses, fancy cars and parties. Perhaps some of them will discover a fish hook again.

Don_Papenburg · « **Reply #30 on:** February 26, 2009, 07:39:51 pm »

But they can't afford the license to use the hook

Engineer · « **Reply #31 on:** February 26, 2009, 07:53:50 pm »

My wife and I are selling a piece of land that we hate to get rid of, but the neighbor offered us a price that's too good to refuse. While it ain't much land, he wants it and I don't care anymore - our debts are too high. Tammy and I were looking at each other over the dinner table tonight and griping about how we are scraping the bottom of the freezer, and we'll be eating roots and leaves before too long if my customers don't pay their bills. What the land sale is gonna do is get us out from under almost $1800 worth of monthly bills that would take me five years to pay off in a good economy, interest rates being what they are on credit cards and car loans.

I'm looking at new trucks, tools, etc. but always in the back of my mind thinking "that old truck will go another fifty thousand if I help it along, got kids almost in college, the tractor's runnin' fine, the chain saws are still workin', we're in a new house that don't need much but finishing up some trim and cabinets - " I realized I don't need anything but food and electric so I'm gonna save up for the next one of these "recessions". The money will find a way to get itself spent anyway.

customdave · « **Reply #32 on:** February 26, 2009, 08:52:59 pm »

Yes its anybody's guess what this economy is going to do, I think things are going to seek lower level & stay there for 3 yrs. I don't have a mortgage so I should ride things out not to bad plus I raise Bison & their darn good eaten!

customdave

Don K · « **Reply #33 on:** February 26, 2009, 11:13:35 pm »

I can't do much to lower monthly debt, but I am planting a garden after a 4 yr hiatus. If we don't have a drought this summer

I'm gonna fill the freezer, but may can alot so I don't have to worry about power loss. If I get real hungry, I'll go to the depression era game laws, NONE.

Don

WDH · « **Reply #34 on:** February 26, 2009, 11:39:57 pm »

Quote from: Don K on February 26, 2009, 11:13:35 pm

If we don't have a drought this summer
Don

Oh there will be a drought for sure, hopefully it will not be a bad one

. Middle GA is already 6" below normal for the year.

Don, the best way to forestall a drought is to invest a mint in costly irrigation and it will rain cats and dogs

.

Radar67 · « **Reply #35 on:** February 26, 2009, 11:48:02 pm »

How about a driven well Don? Don't you have a wet area out back?

Polly · « **Reply #36 on:** February 26, 2009, 11:55:11 pm »

i tell my kids to get out of debt and stop supporting the banks buy only what you can justify that will make you money and you can write off your taxes if your car or truck is still dependable keep it you will save on insurance and taxes try to have two things going that will make you money that way if you loose one of them you still got something to fall back on i know you cannot do the above over nite it took me 70 years

Kansas · « **Reply #37 on:** February 27, 2009, 04:43:17 am »

Thats correct about installing irrigation systems to make it rain.

A friend of mine that has a feedlot and puts up a lot of corn silage installed a center pivot irrigation system 2 years ago. I cant remember exactly what he spent, but it seems like it was close to 100 K for the well and pivot system. He still hasnt turned it on, except to move it out of the way. Last year I think he had on top of 20 tons of silage per acre. I don't think there has been two years of better timed rains in the history of kansas than the last two years. At least over that particular field.

Cedarman · « **Reply #38 on:** February 27, 2009, 08:12:15 am »

The depression made a big impact on the people that went through it. They tried to ingrain some of those skinflint habits into their kids, but didn't have much success. If we have truly tough times for an extended period of time, then people will change. But if it is over in a year or so, then the "good times will roll".

Sprucegum · « **Reply #39 on:** February 27, 2009, 09:29:29 am »

The depression made a big impact on the people that went through it.

My mother is in her late 80's and lives in a home but she still buys flour every time it goes on sale

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Author Topic: Contingency plans as economy changes (Read 13592 times)