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 DavidNow accepting new patientsPremium,VIP
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Granite City, IL
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Re: Unemployment and Wall Street said by N3OGH:Converting all your money to gold now would be like jumping on the real estate band wagon in late 2007, or buying Pets.com stock in 1999. Pay down debt, refinance & consolidate if you can. Don't buy anything big you don't need (car paid for? keep driving it). Being able to keep your debt low, and sating employed are gold in and of themselves. Anyone who can do both will weather the Great Recession OK.... I have been doing all those things. Next year tax time I am hoping to pay down some student debts (like $2k if memory serves) and that will save me about $225 a month.
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| said by David:I have been doing all those things. Next year tax time I am hoping to pay down some student debts (like $2k if memory serves) and that will save me about $225 a month. Being debt free is the best thing anyone can do. It opens a lot of doors if you hit hard times.
However, if you expect heavy inflation it's smarter to buy things now (even on credit) because 1) prices are depressed due to deflationary forces, and 2) you expect that to change.
If you plan to buy a car in the next 2-3 years, now's a good time to do it (assuming there won't be significant technology changes you'd miss).
If someone plans to buy a house in the next 5 years, now seems to be as good as ever. The market might still go lower, but when you look at a chart of home prices over the last 20 years, today's prices are almost back to where they would have been if the normal trend had persisted (i.e., no "bubble."). That's an indicator that prices have corrected to traditional levels. (It depends on the area. Some haven't, but they may be different, such as the DC area which, due to the nature of government jobs, wasn't hit as hard by unemployment.).
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