Community Chat

[Peaches McPhee]

Some, if not all, of it will be back before 2023.    Even though the unemployment rate if super high, you can't compare with the Great Depression.  Two entirely different things.

Keep positive.  This will end at some point.

[Reever]

---

@happycat wrote:

---

@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. 

---

It is terrifying. Everyone needs to stop buying things accept essentials.  Im watching the shopping channels and thinking how out of touch they are. I am watching but certainly not buying in these uncertain times.  No one know how deep or bad this will get. I usually budget around 50 dollars a month to QVC. Not now.  No non-essential purchasing for some time. I have clothes, shelter and food.

[kaydee50]

DH and I have been stock holders for 40+ years.  I remember in the early '80s when the Dow hit 1,000.  I was working for a brokerage firm at the time and there was great excitement.

We stopped contributing to IRA's when we retired 15+ years ago.  The way I look at it is we are still way ahead of what we put into the market.  Unless you need the money now and have to sell, let it ride.  12 years ago the Dow was under 8,000.  A lot can and will happen in a short amount of time.

[Foxxee]

I knew two couples in their mid 60's who lost 50% in the stock market in 2008.  They, too, had to continue working.  One until 75.  Another at 84 was still working.  

The stock market is too risky for older people who can't afford to lose any of their money.  

[happycat]

And my dh called me just a bit ago, a co worker was planning to retire soon, so soon they'd already had his retirement party. He has lost so much money in the stock market he has had to put off his retirement. 

[Silver Lining]

---

@TheMemphisVette wrote:

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

---

Would you care to say which ones? Asking for a friend : )

[Silver Lining]

---

@happycat wrote:

---

@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. 

---

@happycat, that is so terribly sad, all of it. Your mother-in-law's fear, the family standing by the road with a sign, the break-ins, etc. I could just cry for all of them. 

[happycat]

@Silver Lining, I did cry at the family standing by the road. I have a hard time understanding how quickly our lives have changed in the last few weeks.

[shoekitty]

The devastation is something we have never ever dealt with, in this country. The Great Depression and 2008 were man made  disasters  the banks got careless and greedy.  They ran non check and non stop.  This time it was a virus with an over loaded economy. Everything has come to a stop by edict.   Our portfolio has lost the gains, and about 10% capital. We are so conservative with investmentas we are retired.  We have seen SS cut our payments by 500@ month and more and now loss in 401k, no interest on savings and cd's, grandkids out of school, and out of wor with no money.  Like everyone else in this country the were called up, texted for emailed one day not to come in. 

I don't think the economy as we knew it will return for 10 years.  Good lesson in humble living and grateful for good health.

it may be a return to appreciating the simple things in life.  Like a little dinner out,  a family reunion/ get-together, less, less, less.win material tings

i feel sos bad for everyone.  I think of all those weddings, proms, graduations, vacations cancelled, everyone is home working, or out of work.  The chain is endless ...from non benefit employees living on minimum wage to stock brokers, retires, and  business. Owners.  The restaurant business is main staple of our ecomy,  so many tied to it. Not just employees but distillers, paper products, linin suppliers, cleaners, food suppliers, bakeries, dish and glass suppliers...I could go on

but I believe we will get through it,  there is a silver lining.  Something will be had to learn from....somewhere in this big mess.  We are too strong 

[Tinkrbl44]

---

@Trinity11 wrote:

---

@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.

---

@Trinity11 

Really?   How interesting.  Unfortunately,  nobody seems to have read that issue.