5 ms·

> All my friends and support network were destroyed in 2008 What happened in 2008?

fapjacks 8y ago
What didn't happen in '08?
chiph 8y ago
Start of the Great Recession. S&P 500 went from 1400 to 800 in six months. I lost 40% of my retirement investment and it was ... distressing to say the least. Movie recommendations: Margin Call https://www.youtube.com/watch?v=Hhy7JUinlu0 https://www.youtube.com/watch?v=Hhy7JUinlu0 The Big Short https://www.youtube.com/watch?v=MesrrYyuoa4 https://www.youtube.com/watch?v=MesrrYyuoa4
- thinkloop 8y ago
  I know about the crash, are you suggesting that's a clear reason for "All my friends and support network were destroyed in 2008"?
  - chiph 8y ago
    People started worrying about their own situation. And in some cases they lost their houses and had to move out. This would be highly embarrassing, so they probably avoided friends who would ask questions about what happened.
    - thinkloop 8y ago
      I guess - feels like the fundamental function of friends and support networks is to be able to weather these kinds things together.
      - chiph 8y ago
        Thinking about it some more - it wasn't just the house - it was having to pull their children out of private school, no more activities for the kids, having their car(s) get repossessed. Hugely embarrassing to a family that tried to keep up with the Jones'. Another movie that came out about the same time that was marketed as being a comedy, but turned out to be disturbing (or at least I found it to be so) https://www.youtube.com/watch?v=102fYNaBogE https://www.youtube.com/watch?v=102fYNaBogE
        scarface74 8y ago
        I never understood the concept of paying for private school. Why not spend the money on a house in a neighborhood zoned to a better public school district? Especially if you have more than one child, I just can't see how the numbers make sense. And this is coming from someone who went to a private elementary school.
- scarface74 8y ago
  Why should it matter unless you were close to retirement or depending on your investments for income?
  - mswen 8y ago
    Some like myself got a triple hit in 2008 1] Job gets eliminated just when you have been hitting a nice earning "peak". You now get to look for work along with millions of other out of work professionals and you are overqualified for many of the available jobs. 2] Home loses 40% of its value. I waited this one out and was fortunate to have not upgraded to a bigger home and mortgage when the income was flowing nicely in 2006 to 2008. In my area housing values are just now getting back in the general range of 2007 values. So waiting that one out was both possible and good. 3] Retirement portfolio loses 40% of its value. And, yes I would have been fine if I just waited it out. However, Because I struggled to get any decent paying work during 2008 to 2012 and the expenses of a family with 4 kids doesn't just stop. I ended up cashing out some of my retirement. And, some of the cashing out was done when the stock market was at its worst point. I didn't cash out because I was scared of the market going lower, I cashed out so that we could pay bills and not lose our house. In retrospect, there are things I could have done better be better prepared when the income was flowing and to manage through the downturn. But, my point is that sometimes life's difficulties hit on multiple fronts and the choices are difficult.

What didn't happen in '08?

Start of the Great Recession. S&P 500 went from 1400 to 800 in six months. I lost 40% of my retirement investment and it was ... distressing to say the least. Movie recommendations: Margin Call https://www.youtube.com/watch?v=Hhy7JUinlu0 https://www.youtube.com/watch?v=Hhy7JUinlu0 The Big Short https://www.youtube.com/watch?v=MesrrYyuoa4 https://www.youtube.com/watch?v=MesrrYyuoa4

thinkloop 8y ago
I know about the crash, are you suggesting that's a clear reason for "All my friends and support network were destroyed in 2008"?
- chiph 8y ago
  People started worrying about their own situation. And in some cases they lost their houses and had to move out. This would be highly embarrassing, so they probably avoided friends who would ask questions about what happened.
  - thinkloop 8y ago
    I guess - feels like the fundamental function of friends and support networks is to be able to weather these kinds things together.
    - chiph 8y ago
      Thinking about it some more - it wasn't just the house - it was having to pull their children out of private school, no more activities for the kids, having their car(s) get repossessed. Hugely embarrassing to a family that tried to keep up with the Jones'. Another movie that came out about the same time that was marketed as being a comedy, but turned out to be disturbing (or at least I found it to be so) https://www.youtube.com/watch?v=102fYNaBogE https://www.youtube.com/watch?v=102fYNaBogE
      - scarface74 8y ago
        I never understood the concept of paying for private school. Why not spend the money on a house in a neighborhood zoned to a better public school district? Especially if you have more than one child, I just can't see how the numbers make sense. And this is coming from someone who went to a private elementary school.
scarface74 8y ago
Why should it matter unless you were close to retirement or depending on your investments for income?
- mswen 8y ago
  Some like myself got a triple hit in 2008 1] Job gets eliminated just when you have been hitting a nice earning "peak". You now get to look for work along with millions of other out of work professionals and you are overqualified for many of the available jobs. 2] Home loses 40% of its value. I waited this one out and was fortunate to have not upgraded to a bigger home and mortgage when the income was flowing nicely in 2006 to 2008. In my area housing values are just now getting back in the general range of 2007 values. So waiting that one out was both possible and good. 3] Retirement portfolio loses 40% of its value. And, yes I would have been fine if I just waited it out. However, Because I struggled to get any decent paying work during 2008 to 2012 and the expenses of a family with 4 kids doesn't just stop. I ended up cashing out some of my retirement. And, some of the cashing out was done when the stock market was at its worst point. I didn't cash out because I was scared of the market going lower, I cashed out so that we could pay bills and not lose our house. In retrospect, there are things I could have done better be better prepared when the income was flowing and to manage through the downturn. But, my point is that sometimes life's difficulties hit on multiple fronts and the choices are difficult.