Sure, it might be "better late than never", but if knowing that the inevitable move needs to be made, it is better to move earlier than before forced, rather than prolonging the pain and anxiety as the point of no return approaches.
With all the concern around the economy at the moment, it is the things like making cutbacks to spending and adding another source of income that come to mind here. As often, people wait until the eleventh hour to act, making what they do more painful and less impactful, whilst also reducing the chance of it being enough to actually make a difference.
The other day, someone commented that they didn't want to get a second job, not because of the lack of need or the time it would take away from family, but more the effort - they just don't want to. And, I completely get this as no one wants to work themselves into the ground in order to pay the bills, but at some point, it may be necessary and the earlier that Band-Aid is ripped off, the faster the time to value will be realized.
It doesn't feel good.
Being forced into doing anything is going to hurt, but making an active move toward improvement is going to feel better than seeing that line approach, knowing something needs to be done, but delaying pulling the trigger.
Perhaps one of the reasons people do procrastinate on these things is because of the element of "loss" in cutting back or getting something like a second job, where cuts mean losing quality of life of some kind and getting a second job feels like failure, especially as it is often something below the skill and prestige level of a main job. Like it or not, the vast majority of us do care about what others think about us and we want to save face. Having our professional colleagues as well as strangers, seeing us stacking shelves at the local supermarket is a pretty big hit to the ego.
Is it worse than losing a house?
Some friends dropped in for a coffee tonight and were talking about one of their acquaintances who started building a house and while it is almost finished, they need to sell their current place to complete it. The problem is, their current place is not selling despite them reducing the ask down by almost twenty percent and now, they are approaching a point where they won't cover the mortgage on the sell, but still currently paying two mortgages on the old and new home.
And, then they told of a couple other friends who have bought in recent years and didn't collar their loan at the record low interest rates, but still borrowed toward their maximum amount possible. This means that as rates increase, they are finding it hard to cover their mortgage under normal conditions, but as we know, these aren't "normal conditions" as we are accustomed to in recent years, as inflation is running rampant, housing prices are falling and the additional extremes of energy prices are also in play.
And, there are also people who are forced to sell just because they can't afford to keep the heating on, especially after the land rates increased for many in the last two years on top of all that is going on. So, especially the more elderly and those who inherited a home with a mortgage they might not be able to fully afford, are making the decision to sell, instead of bleed out into the dying economic conditions.
It makes for grim discussion.
Yet it is is still an important discussion to have, because it can make us think about where we are and whether we are making similar errors or, not making the decisions we know we should, because we will have to make them down the track anyway. For my friend and I who are a bit older, than our wives, we are old enough to remember what the late eighties and early nineties looked like, even though still quite young at the time. Our wives who are only a few years our junior, were too young to remember directly what their parents would talk about at the dining table.
It seems to be have created a difference in our financial attitudes.
While the economy isn't interesting, like it or not, it affects us all and learning about it is essentially imperative to our personal wellbeing, especially if we don't want to become dependent on others to provide for us. This means taking an interest in the uninteresting which again feels like a loss of time and energy that could be going into more fun activities. Avoiding the process reduces the ability to move early, because the experience and pattern recognition to see what is coming isn't there, which means inevitably, moving too late.
Moving late means losing options and having more doors closed, with those that are open having less effect on improving our conditions. Early moves (in the right direction) have a compounding effect and if we are able to make enough of an impact, when we would have otherwise been getting forced to make cuts, we will actually have options available to take advantage of conditions and make gains. But as easy as this sounds, making the "right move" is easier said than done, especially when there is so much volatility and variability in the options.
I have my own opinions on this and through my personal experience, I generally feel it is better to take the hit early so the get up and dust off can happen sooner, than wait until the hit might be a knockout blow. It is never nice planning for that punch in the face though. But, taking that punch to the ego, can mean being able to avoid the punch that drops us to our knees, by becoming faster and more mobile on our feet.
Taraz
[ Gen1: Hive ]
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Always plan well ahead of time. Expect the unexpected. It could get worse before it get a lot worse.
I think it is going to get worse.
I have been preparing since around 2018 and have aggressively eliminated all debt.
While interest rates were low, my friends have all borrowed more, I paid down more principle instead.
My spendings have not gone up with my income in the last 10 years, even with career advancements I have not indulged in unnecessary overpriced “luxury”.
That’s how.
You have mentioned and this must make your various sacrifices along the way to get here, worth it. Just for peace of mind at least.
With my partner the age gap is quite extreme, almost from different generations as I am 42 and she is 27. Plus she makes about twice as much as me. Neither of us have ever owned a property before, but I think by 2024 and the impending recession + housing crash, we are finally nearing a place to buy something.
I will likely finally sell off the majority of my Magic the Gathering collection to collect the money for a down payment, but the twist is we are looking to move to a new country to get away from the craziness that has become the United States govt. I'm pushing for Portugal, but it looks like Costa Rica is well in the lead. I would be just fine in a tropical condo near the beach. Hopefully we can make this dream a reality!
That is quite a difference in age gap - does it cause any issues at times? I don't know much about Costa Rica, but Portugal would be pretty decent in my opinion too - will be heading there for a work trip in a couple weeks to see it for the first time :)
I reckon you are timing the market about right with the house - end of 23 through the start of 24 looks like the buy window.
The age gap is really only felt when we talk about the TV and movies we enjoyed in our youth. I yearn for the old days in the mid-90s before cell phones and the internet was much of a thing and the representation and plot of movies were much different than they are today: Empire Records, Seven, Good Will Hunting, Mallrats and Go are some of my favorite movies. Now everyday I find my DMs filled with 2 dozen TikToks from my partner, as well as a Snapchst streak thq5 has lasted for the better part of 2.5 years (we've only missed 2 days) and this is how she communicates with me on a daily basis.
I have spent the last 20 years living life as a 25 year old so we share some very common passions, namely staying out late at the club all night and experimenting with psychedelics. And both of us are committed to not having children and exploring an open relationship, so in these ways it is probably more fitting I have been able to find someone younger who falls in line with some more values of these younger generations. Right on the cusp btwn Gen X and millennial, I never felt like I fit in with the people and values of my generation, so I feel very lucky and blessed to have found a younger person to accept me for who I am.
My country Venezuela has a hyperinflationary crisis that is drowning us for years the prices of products change their value twice a day today I learned that there is an increase in gasoline and wages are devalued and do not increase is stressful this year end for the first time I could not have a Christmas dinner as every year without grapes without apples I could not buy my punch cream thank God were part of my family that is a blessing but well we must continue working happy new year 2023
Don\t you find it crazy that with all the oil reserves and the like, Venezuela has been unable to develop a more stable system? Norway on the other hand has used their incredibly effectively.
My country is very rich in oil and minerals but corruption is in power and they have destroyed our economy where being a professional has no value.
I sometimes wonder, is the corruption at the government level, or is it in the society? Would the average person given the opportunity, do much different than the average politician there now, or have they learned the same lessons over time and therefore, will act similar?
Any citizen who has the possibility of making a profit will undoubtedly do so, but sinking a nation is another level.
Multiple earning opportunity can bring money but we shouldn’t forget other priorities in our life like our beloved family. A wise move can help us having a better life. Its hard to manage multiple jobs but sake of family and self maintenance we need to do it and sometimes life become robotic. Anyway, living life should be more important than everything else, if we are not fine, we can't be the reason behind other's well beings.
Of course. but drowning in debt and unable to provide isn't good for the family either - so at times, working more is good for the family.
Indeed and undoubtedly!
I fully agree with you!
In my view it is always good to be prepared and ready and to act in advance rather than waiting for the last second.
If necessary, I'm for example for a second job, just in the past few days I had found one that I accepted and I should start on the 15th of this month... it just so happens that in the first job they didn't renew my contract.
Acting in advance and in a timely manner, today I still find myself in work which, if I had procrastinated, I would not have ... finding myself unemployed.
But now I'm planning what to do and I won't deny you that if I had to find the good opportunity I would immediately take another job so as to have two .... I can do without it but if I find it I prefer to take it and set aside funds for emergencies and to invest, it seems to me the best thing in the current situation.
Sorry about the non-renewal, but that is some good luck and preparedness in having the second starting. Have a good start!
And finding work from an unemployed position is always harder I think.
I live everything with Philosophy, let's say I can devote myself more to my family, writing and my passions.
Diciamo che viviamo bene anche con un lavoro e riuscirei a portare avanti la carretta anche senza lavoro eh eh.
Preferisco però continuare per ora per incrementare i miei risparmi 💪😉
This kind of downturn is hardest on folks with fixed incomes, or people like me with health issues. Treading water is all I can do. I just hope the steps I took before help me stay afloat.
I hope so too.
I definitely understand the challenges people face and it isn't always possible to "just get another job" for many, but it is the steps beforehand that can be the saving grace and many don't plan their path at all.
Many are going to be caught out and they should have seen this coming along way off. I don't understand society in general when they think it is ok to live on credit. If you want a decent car the best time will be in about 3-6 months time most likely as repos will be off the charts and they wont be able to give them away. I read somewhere that the big downturn is next year for Europe being 2024 so if they are struggling now imagine in 12 months time.
I am going to keep an eye out for a new car, just in case something comes up :)
I did a project for a friend who owns a dealership a few years back and you only should look to buy in the two weeks that cover the middle of the month. There was around a 15% difference in prices. The price should reflect 50-60% of retail which also should include warranty and service plans. The bank repos are the ones to go for and you should have plenty of choices.
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Those who prepare ahead of time, make changes, moves as you say, will often be better-placed later down the track. Ego and hubris sometimes prevents people from doing so however.
The ego is a killer.
Yep...but I guess keeping up appearances is sometimes more important than having a sustainable and viable life. Sauron was like that, egotistic bastard. Saruman too, now I think about it.
I think doing a secobd job in today's world would be much more difficult. You should be either younger or devote your life to your family, forgetting yourself.
In this case, I think HIVE can be a second job opportunity if one will be patient and consistent here.
There is so much part-time work available that is unskilled and relatively mindless, that throwing a few hours here and there shouldn't be too hard for most. But, it isn't glamorous.
At times I just want to sell all my splinterlands cards for hive. This season I am struggling in silver league and might not even reach gold... It seems that I am just getting worse and worse at the game. So selling is more and more tempting. But on the other hand value of cards could grow once the land is finally released. I have no idea what is the right choice.
You and me both. I don't know what is right either, but selling now is a monumental loss for me :D
Wow, I think that situation sucks but I just don't think there is a lot of spare cash going around for people. Timing the market is hard and I generally try to avoid that. After all, leaving that part out of your control would be tough.
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There is very little spare cash for "people", but the investment firms will play their role, after collecting for the last three years from those who no longer have spare cash.
The investment firms can pick things up but I don't think the money is enough. Sure, they can move the markets but then they will be fighting for the money between themselves rather than taking it from retail. At the same time, I just wonder how well they can do when the market is bearish.
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The retail investors will follow behind, to pump it up.
The way I see it is that the sooner you prepare for what's coming, the lesser the hit, even though it will come. This is what I have learned, not from listening to my parents, but from having lived through 4 years of hyperinflation, and shortages of basic goods, and I can't enumerate how many more struggles. Adapting and not being afraid of change and reinventing yourself is key.
Let's hope the situation will improve for everyone soon.
What I learned from my parents was that they were bloody terrible with money and I had to learn far more than they had. They were self-made victims of economic circumstances, because they didn't want to take the time and effort to understand.
Experience is a far better teacher than hesrsay.
And yeah, adapting and reinvention is key. Sometimes it is necessary to become a completely different person.
Mr. Taraz, my husband, and I are high-end professionals with master's degrees and Ph.D. both, and we are doing other jobs (trades) as a result of the economic situation in my country. He is doing refrigeration repairs whatever comes out, and I am advising thesis for prices below what my work is worth, and we do not care what they will say, but we have covered the basics to live both with more than 60 years of age to resist is to keep trying forever.
And while I think that "this shouldn't be necessary" let alone long-term, I do think it is more rewarding to work hard and make ends meet, than not work and continually struggle without agency or options. Hopefully, things will improve for everyone, but that doesn't really happen by chance.
Even if this is not in the long term, here in my country many senior professionals like us are doing the same because our pensions and pensions of the public company are on the floor with the monetary sign of this country that is devalued. So it is with much dignity to do other jobs to be paid in the foreign sign $ (the currency of the parallel market).
It is happening in other places too, especially since there is a shortage of workers in many industries. Here, they aree discussing taxbreaks for seniors, but it is taking too long in my opinion.
And when it takes too long to resolve what we seniors are entitled to for so many years of work, it may be too late because the quality of life and health are a priority.
How many kilowatts do you use per month? Maybe now it is profitable to install solar panels.
I'll have to check - but in the winter here, solar panels don't do much. The roof is covered in snow :)
Yes o. You are very right on your point, it is a right time to move
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