Thread: So what will a depression do to you.

squidly, Im in about the same boat...

we exist on my pay, our investments are in property and her income takes care of getting alex to daycare and our fun money. With fozzy running on WVO IT'll just mean I have to go an do more fourwheel driving and camping....


Thats going to leave me heartbroken, just like everytime I see a Cruiser with the big lifts and rubber bogged up to the door sills as I dawdle past in a stock landy.

At the moment, I'm not sure. I was about to retire - effectively at the end of the year (going on long service leave from Feb through to 30th June 2009). Elisabeth retired about a month ago.

Our combined superannuation has plummeted by over $100,000 over the past year - and I haven't checked the last week or so. Having said that, it is (was) still 50% higher than it was when I took redundancy from Telstra in 2002 but not as high as I'd have wanted to retire.

I'll need to talk to the financial planner.

I may stay working - whilst I have a job. 'Tis easier to retain a govt. job than to find a new one. I wish I could work here part-time. I've been offered a part-time job working for a local automotive LPG supplier.

At least we don't have a mortgage.

As effectively a self funded retiree, I will find my income (already below the poverty line) dropping dramatically. The only bright spot seems to be that the drought may be ending, and I may be able to get some stock on agistment, which may at least pay the rates, and might even pay for the costs of improving fencing.

John

already taken it's toll on me. the architecture firm that I work for has cut me back to 2 days a week form full time

I'll adapt to meet any situation as it arises, I very much doubt I will have to send the missus out on the game and the kids to shoe shining lessons. I will be ok.

Firstly, my thoughts go out to all my LR friends and everyone that is going to have a tough time. I heard someone saying the children of 2010 will grow up with the same outlook on life as the children of 1930.

I'm still to young to retire. If we both keep our jobs we should be ok. They are both fairly secure. We own our house. To be honest it should make it easier for us to get another house by the sea if we want.

Originally I wanted the house prices to crash as I thought they were a societal cancer (and personal debt). Now that I'm watching it happen I realise it's so much bigger and there is going to be great pain. Still, it was unavoidable. We have to have the cancer out.

Originally Posted by Captain_Rightfoot

Originally I wanted the house prices to crash as I thought they were a societal cancer (and personal debt). Now that I'm watching it happen I realise it's so much bigger and there is going to be great pain. Still, it was unavoidable. We have to have the cancer out.

You wanted house prices to crash.....? so what, most of the population have huge negative equity.....? people will then default on their payments so they dont end up paying huge mortgages on houses that are worth only 50% of what they were.......

Originally Posted by Psimpson7

You wanted house prices to crash.....? so what, most of the population have huge negative equity.....? people will then default on their payments so they dont end up paying huge mortgages on houses that are worth only 50% of what they were.......

No, so my children had a chance of buying a house for themselves one day It has been obvious this has been coming for some time (well to me anyway). Read this article. Houses always end up being affordable again.

EDIT: This explosion of debt has meant we have been borrowing and spending today, and taking from tomorrow. So, it was clear that times were going to get tougher.