Thread: So what will a depression do to you.

Originally Posted by PhilipA

The IMF is predicting this week that Australia will have 2.5 % growth in 2009 and 2.2 % in 2010. Seeing population growth is not that high this means that per capita income will go UP.

I don't disagree with most of your post but the IMF suggesting rates of 2.5% & 2.2% is interesting considering we have just had the biggest fall since the 1987 crash. History shows that a recession/depression usually follows crashes....

Not saying it won't happen but i highly doubt we will hit anywhere near 2%!



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Last year I moved from a large multinational to a govt job and got a small pay rise at the same time. We can service our mortgage reasonably easily and property value is not an issue. As for super it is down the toilet but I am of a generation where compulsory super came too late to be worth anything other than a couple of cases of beer anyway. Even so barring super fund collapses it should recover. I'll just be sitting back, buying a few cheap shares and appreciating the security of a public service job.
Regards,
Tote

I don't think it will effect us greatly......we live simply and we owe

nothing....though my shares will plummet they will rise again eventually I

have seen it before and dare say will see it again



Mrs ho har

I think that our family will be ok. We both have govt jobs in essential services so an economic downturn is not going to bite us to hard. i do feel for the small business owners and people who are doing it hard.

The good ride was always going to end, that was never in doubt as far as we were concerned. We certainly didn't do what a lot of silly people did and over extend ourselves. I know people who are already doing it tough and although it is no good I can't seem to feel any pity for them. You see, these are the people who want everything now, the plasma, the double garage and ensuite, the nice cars and so on and so on.

Although we could get all that to, we made some sacrifices and only bought what we needed instead of what we wanted. We call it being realistic, so we will be ok.

The financial crisis will get worse be fore it gets any better, wait until the mining industry in Oz takes a dive and the hugely inflated property market comes back a bit.

Anyway, as I said, i feel for the battler, especially the pensioners and recent retirees. These people through no real fault of their own have been the worst hit IMHO. As for the greedy ones, well you made your bed, you can sleep in it ........

Hi guys, the depression, well i am an over qualified professional with a double degree with a civil engineering and computing degree and my company has just shut there melbourne office - i am out of work. Yep, great job, great career and i dont know how to support my family day by day. Its real scary having comiitments and not knowing what the future holds. I may have to resort to leaving my family and going to WA to the mines for work but even there im struggling for work as they are seeking Mining Engineers - ie not enough experience in the mines. Scary times ahead i say. Hoping for a "knight in shining armour(land rover) to help us get through!!! Hopefully i get a job and can continue enjoying life./ Send me a PM if you can help me out with work. Any type of work. Anywhere.
Cheers
John

Have been there done that twice.
It is scary at the time but most often you find that you end up better off.
Hit your networks and put the resume out there.
Maybe have a look at Dubai. They certainly are building non stop there.
And it isn't a bad or scary place to live, just bluddy hot in summer.
Regard sPhilip A

just coming out of uni and entering the workforce as we speak in the media game, and also not exactly being financially or economically savvy, i dont know where ill be in a few years. i have no debts, a hopeful future in my career, and a series 3. hopefully i can afford enough to pay for rent, food, fuel for a bit of a drive to keep me sane, then im a happy man.

going to be a very interesting few years ahead

It'll probably have me out of a job (like most private school teachers)

Huh? I would be very surprised if the private school system felt many effects of a downturn. Governments of Australia LOOOOVE private schools and subsidise them mightily. Maybe they would have to cut out the free lunches for teachers, and the Friday night free drinks, and cut down on the new AV equipment. ( my daughter taught at a Sydney Religious private school until sickened by the excesses and complete lack of student discipline)
It is unimaginable that even a Labor Government would cut back the subsidies as the wealthy end of town would punish them.
The working class go to state schools and the working class always gets it worst in a recession.
Regards Philip A