A Bad Economy is A Terrible Thing to Waste

[kfindley79]

Just received a 7% pay increase. I'll consider that a good thing in this economy.

[Retire2013]

Quote:

Originally Posted by aaronc879 I'm on the far other end of the spectrum. I've been unemployed for the last 9 months. Dozens of interviews with no offers. It looks like I may get an offer finally. The job pays a whopping $10.20/hr and i'll be lucky to get it. If I don't get this job my portfolio will drop back down to 5 figures. On the bright side i'm 33 and have over $100K in my portfolio. A lot of people would love to have that...none are on this forum

Sorry to hear about your being out of work for the last 9 months. I hope you will get this offer. And it is nice that you have that 6-figure portfolio to help you "keep calm and carry on" at times like this. Please write to let us know when you start working again and how you like your new job.

[eridanus]

I've also seen a huge increase in my pay (hourly rate) these past few years. Age discrimination in my field comes quickly, though. I hope to be FI by then (~10 years), allowing me to shrug it off and head out on the trail.

[Bimmerbill]

I got some small increases, including my whopping $414 bonus for being an excellent performer. But in year 3 of a pay freeze and starting to feel it.

[Grizz]

The "crash" paid off huge for my business partner and I. We rent industrial equipment mostly to oil companies. All of the big publicly traded rental companies were selling off assets at auction and there was such a glut of equipment that machines that currently sell for $35k were routinely $4k-$6K. We bought about 30 of these with cash and crossed our fingers. We're now in a literal boom again. Good times!

[Grizz]

Just thought that I'd add that if anyone is having a tough time finding decent paying jobs, there are help wanted signs everywhere in Alberta, Canada in the oilfield sector, as well as retail, law enforcement etc etc but the bulk are directly tied to oilfield. Welders start @$34-$37/hr + benefits and basic laborer is about $20/hr. I've no idea what it takes to move here from the states, and believe me it's not all roses. An average house is still $350k and rent and food are pricier than in the states, but if you have a talent for living frugal and can handle occasional -40 weather, c'mon up! I'm happy to advise on the various areas of the province.

[Grainiac]

Quote:

Originally Posted by aaronc879 I'm on the far other end of the spectrum. I've been unemployed for the last 9 months. Dozens of interviews with no offers. It looks like I may get an offer finally. The job pays a whopping $10.20/hr and i'll be lucky to get it. If I don't get this job my portfolio will drop back down to 5 figures. On the bright side i'm 33 and have over $100K in my portfolio. A lot of people would love to have that...none are on this forum

I am 48, FI with 7-figure port and have what currently seems like a secure upper mgmt job in a megacorp. I would trade places with you in a second. I hate getting old.

[flyfishnevada]

Remember, 8% unemployment means 92% are working and 2.2% growth means someone is making money and lots of it.

When I took my pension, almost two years a ago, I was on furloughs and things were looking to get worse. Now they are furloughed 6 days a year and took a big pay cut. Makes retirement more and more attractive.

Now I hear the state is going to fast track filling the 2500 jobs that have been left unfilled. Good news! More people paying into the pension fund that is already growing well with out them.

[Aiming_4_55]

Hang in there Aaron879. Good luck on your interviews.

Quote:

Originally Posted by aaronc879 I'm on the far other end of the spectrum. I've been unemployed for the last 9 months. Dozens of interviews with no offers. It looks like I may get an offer finally. The job pays a whopping $10.20/hr and i'll be lucky to get it. If I don't get this job my portfolio will drop back down to 5 figures. On the bright side i'm 33 and have over $100K in my portfolio. A lot of people would love to have that...none are on this forum

[Aiming_4_55]

43, almost FI with 7-figure port, mid-management job... sometimes I wish I was older, sometimes I wish I wealthier, sometimes I just don't know

Quote:

Originally Posted by Grainiac I am 48, FI with 7-figure port and have what currently seems like a secure upper mgmt job in a megacorp. I would trade places with you in a second. I hate getting old.

[Aiming_4_55]

Congrats CorporateSoldier on your good fortune.

Job has been flat on salary/bonus the last few years, but adding to my rental property holdings has helped. The rentals will help in the long run, but that's just a part time job in a sense.

[CorporateSoldier]

Quote:

Originally Posted by Grizz The "crash" paid off huge for my business partner and I. We rent industrial equipment mostly to oil companies. All of the big publicly traded rental companies were selling off assets at auction and there was such a glut of equipment that machines that currently sell for $35k were routinely $4k-$6K. We bought about 30 of these with cash and crossed our fingers. We're now in a literal boom again. Good times!

Well done! Perfect example of someone with cash and a willingness to take on some risk who will benefit from this mess.

Whenever there is change in the market place, there is opportunity for someone.

[Steel Rain]

Quote:

Originally Posted by glippy I did get swept up in a massive lay off in 2009 (with a huge grin on my face). I took the opportunity to start rehabbing cheap foreclosures. Fortunately, I had plenty socked away to pay cash for a few places. But yeah, I try to keep mum about profiting off of other people losing their homes.

We have done very well doing the same thing. When I first started doing this, viewing distressed homes that still had occupants was the hardest thing for me. I remember we toured one home back in 2009 that had a little old couple in it that had lovingly maintained the home and worked to improve it for years. The hopeful look on their faces when we walked in was heartbreaking. It almost soured me on the whole deal until my father pointed out that we were the agents that would utilmatly turn the market around while provideing more affordable housing along the way. That helped me ton.

Steel

[obgyn65]

I am doing quite well also. However, I always remember to give 10% + of my income to charities or to medical missions here or abroad. Sometimes, I feel happier helping others' medical needs abroad free of charge than doing the same for money here.

Feel free to give some of your hard earned money to those who are less prosperous.

Quote:

Originally Posted by CorporateSoldier Curious if anyone else out there is finding themselves doing really well in this mess of an economy. (...) I apologize if this sounds like I am bragging but where else can you talk about this stuff?

[YoungSaver]

Around 2009 I thought I was going to be let go. I thought I was going to be laid off so I started cutting back on everything I could. Our department went from 12 to 6, but I made it. It probably helped that I am the youngest and lowest paid. We didn't really get much of a raise over the next few years (a percent or two annual increase) and my side business failed. This year I have switched my car insurance, refinanced my mortgage and received a promotion at work which netted me 7%.

I am most thankful for saving as much as possible from my side business and second that I started cutting back on expenses a few years ago. That definitely rounded the edge off of a sharp decline and made it more tolerable.

At my current income level and mortgage payment I am able to live comfortably, but I keep in mind everyday of how much I am spending. Ramen and store brand cereal

[EvrClrx311]

This year is the first negative the down economy has played on my salary... 0% raise for 2012

[Mill]

I got a 1.9% raise in 2012. Better than nothing I guess?

[Calgary_Girl]

DH has been at his current employer for 3.5 years and only once received a 2% raise to cover inflation. Annual bonus' made up for the lack of salary increases however - he received a 20% bonus this year which made up for last year when he only received 5%.

Finally, after a few months of looking, things are looking way up and DH received a job offer from another company with a better title and a 36% bump in base salary and the same bonus potential.

I think he's actually looking forward to going to work on Monday to give his 2 weeks notice and tell his old company where to stick it! :-)

[pb4uski]

Quote:

Originally Posted by Calgary_Girl ....and tell his old company where to stick it! :-)

Not a good idea IMO. Tell him to take the high road. Also see thread on burning bridges.

[kz]

DH has a part-time job that should average approx. 54 hrs per month. Due to the economy his employer has not filled full-time positions due to attrition so DH has been averaging 78-82 hrs per month for the last few years. He loves the job so this hasn't been a problem for him. Since it hasn't messed with our vacations I don't have a problem with it either....for now.