In my own family, we go into slow down mode. Call me crazy if you want but before the election, I know the stock was going to come down and left my 401K in stock any way because I consider leaving my money in to be my duty. Well, I've served to the tune of $$$$$$$ now I go to slow spending mode.
Two of my brothers are going to cut down their working hours and their spouses will close their business. They tell me it's no longer worth it to do more.
Are we too pessimistic? May be. But after losing lives & major fortunes in past generations to communists and socialists, we don't want people to spread our wealth for us. Mind you we share our wealth far more than Mr Obama & Mr Biden personal record showed, but we absolutely don't want people to grab our money and give it to others in exchange for power.
I was sorta counting on my 457K to help me get started in one of those 95% of small businesses making less than $250K a year, but now I'm down about 30%. I still plan on pulling the plug on my day job. No sense keeping on doing something I'm not enjoying any more for less after tax money, and if I don't at least give this dream a shot now, it ain't gonna happen.
No matter who's in the presidency, no matter who's running Congress, I never see any change in my taxes. Nobody makes it better for me, nobody makes it worse for me. I never see my percentages change in what's taken out of my paychecks, and I never see any money from rebate programs. Things are pretty tough for us right now. I was counting on a sizable raise in a few months, but that doesn't seem likely in this economic environment.
Any changes we make financially will be due to the current state of the economy and how it's affecting us. You can be sure to see me working my ##### off at work (as always), because if there are cuts at my company, I will do my damnedest so that I'm not one of the ones who's let go.
I'm in the middle class (perhaps upper-middle class), and I sure as heck hope to see some tax breaks. Realistically, as in the past, no matter who was to win the election based on my past experience, I didn't expect to see help from either party. I'm a cynic by nature; I don't trust the promises of any politician, no matter the party.
>I'm in the middle class (perhaps upper-middle class), and I
>sure as heck hope to see some tax breaks. Realistically, as
>in the past, no matter who was to win the election based on
>my past experience, I didn't expect to see help from either
>party. I'm a cynic by nature; I don't trust the promises of
>any politician, no matter the party.
I don't expect any help from any politician, but I do plan for their threats for you see, the carrots may never come, but the stick will come most assuredly.
Nope, my brothers' wives do not want to wait. They will keep the business rolling until their contracts run out then they will close shops. They already told us that when the contract renewal came up, they turned them down.
>I don't expect any help from any politician, but I do plan
>for their threats for you see, the carrots may never come,
>but the stick will come most assuredly.
I just haven't felt any reason to feel threatened thus far. I have no problem with a graduated income tax. I feel those who have been blessed enough to be in the top 5% of income earners can afford to part with a tiny percentage more of their earnings than somebody who's just barely able to make ends meet after working 80+ hours a week. I just don't see it as a problem that those who can more easily shoulder the burden do so. <shrug>
I'm increasing my contributions to the 401k. We are in a place where the cost of living is cheaper but we maintain the same standard of living. I don't expect to change my standard of living much regardless of how much I make.
I'm looking at possibly doing some side consulting gigs to sock away even more cash. I know it's time away from the family but it is for our future.
The folks who go into this with doom and gloom before anything has even been laid out are sure to suffer. Rash decisions based on what could, might, possibly happen are not well thought out; they are a knee jerk reaction to an issue that has not, and may not, ever occur. Doom and gloom by enough people will set the rest of us up for most assured failure. You are already whipped, and unfairly so.
I choose to go into this with the thinking that it can be made better. Not in a day or a week or even a year. It took a long time to get here, it will take a long time to get out of here- but if you never believe that things will improve, and if you don't take any initiative to help things improve, they surly will not improve.
I have taken a killing on my retirement fund. I may not be able to retire for many more years than was my plan, but I will stand pat. The market will improve; it has to. The entire world is irreversably tied to their own, and our, markets. The cycle has always been and always will be a curvy one. Our markets were artificially inflated anyway. Worst thing you could do now is throw your hands up in the air and concede defeat. That only makes you the real loser.
Note: the first two pictures, top to bottom, show the sample woods I bought to match: mahogany, walnut, oak, the bottom is the side of the table. The remaining 3 pictures are of the wood in question...