topic Re: Economic Devestation in Community Chat

Economic Devestation

Reever — Wed, 18 Mar 2020 22:14:56 GMT

Brother in law just stated to sister that wealth has declined by 25 percent and they will not be able to retire as planned in 2023. Sad that so many good hard working people are now in a state of despair. I heard that unemployment may reach 20 percent, worse than the Great Depression in the 1930s. Truly a scary time to be alive right now.

Re: Economic Devestation

Kachina624 — Wed, 18 Mar 2020 22:18:33 GMT

And most of this devastation occured in a 2-3 week period. Didn't take long did it?

Re: Economic Devestation

Tinkrbl44 — Wed, 18 Mar 2020 22:23:34 GMT

@Reever

Perhaps others are different, but I know very few people who haven't had to deal, one way or another, with financial loss. Housing prices can drop, stocks can drop, earthquakes, hurricanes and tornados ruin property, etc.

You simply cannot anticipate some things. Who saw 9/11 coming & prepared for it? Who saw a coronavirus pandemic coming?

Your BIL still has 75% and can put it in CDs if he's afraid stocks will drop more. Stocks can go back up in the next 3 years .... they aren't permanently down! Or, they can re-strategize how they want their retirement to be.

If no one's dead, you can still always make new choices and adapt. Nobody has a crystal ball.

Re: Economic Devestation

FloridaGold — Wed, 18 Mar 2020 22:27:57 GMT

Same boat here.

Me next April

DH 2024

Not happening now.

Not freaking thought..we have real estate

Re: Economic Devestation

Reever — Wed, 18 Mar 2020 22:33:14 GMT

Glad I never played the stock market. If you bank on it and it crashes it will devestate you. Good hard working people who planned for 40 years deserve better. Where is the bailout for the midde class ?

Re: Economic Devestation

deepwaterdotter — Wed, 18 Mar 2020 22:35:53 GMT

I'm down about 15%, and that's with a conservative portfolio. It does sting.

Re: Economic Devestation

I am still oxox — Wed, 18 Mar 2020 22:37:29 GMT

We moved all of our money out of the market funds when the Ebola scare hit, unfortunately we took a large hit before we moved it

Re: Economic Devestation

jannabelle1 — Wed, 18 Mar 2020 22:39:08 GMT

I'm trying to keep myself from getting into a big ole gloomy state. Yes, I've also lost a good bit of funds in my IRA, but I also believe that they will get control of this blasted virus. I also believe that our economy and the market will recover. It's hard to know what the stock market will look like in 3 years, but I believe that it will recover, and sooner than 3 years! Our economy has been strong, and the stock market has always rebounded. Hang in there!

Re: Economic Devestation

Melvin-QVC — Wed, 18 Mar 2020 22:42:29 GMT

This post has been removed by QVC - because it is clearly political.

Re: Economic Devestation

Porcelain — Wed, 18 Mar 2020 22:44:16 GMT

If you made money before, you can always make money again. You may have lost some of the money you made, but you still have the money-making ability that got you the money in the first place. Nothing is permanent, including this situation.

Re: Economic Devestation

Mom2Dogs — Wed, 18 Mar 2020 22:46:23 GMT

Our economy was very strong before this virus hit...I feel that it will rebound and I am not losing sleep over it. DH is 80, he is a bit more concerned. We are self employed and I do understand his concern if our business fails....our customers are business and industry.

I have never been one to stress about things like this. No one can predict the future. Once we are able to go about our daily business again I am hoping things will bounce back.

Re: Economic Devestation

suzyQ3 — Wed, 18 Mar 2020 22:51:54 GMT

@Porcelain wrote:
If you made money before, you can always make money again. You may have lost some of the money you made, but you still have the money-making ability that got you the money in the first place. Nothing is permanent, including this situation.

Some have less time than others, though, @Porcelain. I feel for them. I feel for all sorts of people right now. This is monumentally tragic. It might rival or best the Great Depression, with the addition of sickness and death.

Re: Economic Devestation

Trinity11 — Wed, 18 Mar 2020 22:52:02 GMT

@Tinkrbl44 wrote:
@Reever

Perhaps others are different, but I know very few people who haven't had to deal, one way or another, with financial loss. Housing prices can drop, stocks can drop, earthquakes, hurricanes and tornados ruin property, etc.

You simply cannot anticipate some things. Who saw 9/11 coming & prepared for it? Who saw a coronavirus pandemic coming?

Your BIL still has 75% and can put it in CDs if he's afraid stocks will drop more. Stocks can go back up in the next 3 years .... they aren't permanently down! Or, they can re-strategize how they want their retirement to be.

If no one's dead, you can still always make new choices and adapt. Nobody has a crystal ball.

Actually there was an article "Is China Ground Zero for a future Pandemic" in Smithsonian Magazine, November 2017.

Re: Economic Devestation

SilleeMee — Wed, 18 Mar 2020 22:54:34 GMT

"From the ashes we will rise."

Re: Economic Devestation

Patriot3 — Wed, 18 Mar 2020 22:56:58 GMT

Some people think that it is only the rich who are in the stock market. Not so. If you have IRAs, 401ks, 529s, pensions, etc, you are in the stock market whether you know it or not.

Re: Economic Devestation

Nuttmeg — Wed, 18 Mar 2020 22:57:11 GMT

Hang in there. No one can time the money markets I have seen the markets gain and lose a great deal of value in twenty years. We each have to find a position that brings us comfort and stick in there.
I have lost some money today, but made some on other good days.

Re: Economic Devestation

Porcelain — Wed, 18 Mar 2020 22:57:44 GMT

@suzyQ3 wrote:
@Porcelain wrote:
If you made money before, you can always make money again. You may have lost some of the money you made, but you still have the money-making ability that got you the money in the first place. Nothing is permanent, including this situation.
Some have less time than others, though, @Porcelain. I feel for them. I feel for all sorts of people right now. This is monumentally tragic. It might rival or best the Great Depression, with the addition of sickness and death.

Yes. Lots of things getting turned upside down.

Re: Economic Devestation

TheMemphisVette — Wed, 18 Mar 2020 23:03:56 GMT

i am buying stock. always do when big drops happen.

Re: Economic Devestation

Carmie — Wed, 18 Mar 2020 23:06:57 GMT

This is not the first time this has happened and it probably won't be the last.

I lost more than half right before I retired. It's not like you lose your solid cash, you lose your money that is on paper.

Yes, it hurts. It happens and that is life. Investing In stocks is risky and there are ups and downs.

Re: Economic Devestation

happycat — Wed, 18 Mar 2020 23:07:21 GMT

@Reever wrote:
Brother in law just stated to sister that wealth has declined by 25 percent and they will not be able to retire as planned in 2023. Sad that so many good hard working people are now in a state of despair. I heard that unemployment may reach 20 percent, worse than the Great Depression in the 1930s. Truly a scary time to be alive right now.

And they say its just getting started. It hit home to me today more than it had so far. I had to go to town to pick up my wal mart order and my rx from Wal Greens.

The restuarunts that are usually crowded, were empty. I am worried.

Wal Mart and the pharmacies are thriving.

Most other stores I noticed had only one to two cars in parking lot.

My mother in law is so nervous about someone breaking in, out of desperation, she said they have started keeping a gun where they can get to it quickly. And the doors locked.

I live on a mountain, in a semi rural area. Not that many people up here. Last Sat. night 30 vehicles up here were broken into.

I was going to take more food, supplies to my parents, but I heard a rumor that 7 people are an quarantine that dh works with.

There was a family standing outside with a sign that I couldn't read, they were in front of our small wal mart, wanting help. They were on the other side of the road from me.

This is already hard. And we have a long way to go I am afraid.

I feel like we already need to shelter in place, whether they have told us to or not.