For many are about to lose their jobs and source of income.
If you are in this brutal situation then start building up some savings.
There are very very few jobs out there folks.
19 replies (most recent on top)
Just sold lot of unused stuff and got few dollars for it
@e7 it’s always gambling, but historically you’ll get more than 8% in the market…
@b9+1k8rb3s3v "interest rates are low compared to market returns"
Seriously?? You must be talking about people who had the mortgage for years and kept the low interest rates. Currently, anybody getting a 6% mortgage rate is lucky.
Sure, you could argue that the stock market returns are higher, but that's not the whole story, is it? If you take out a handful of companies doing excessively well (like they are in bubble territory), the stock market is shaky, with several known companies losing value fast. Also, the market is... a little bit "volatile", which means people are a little bit "jumpy", because everyone thinks a crash may come soon. Over 80% of the SP500 lost money in April's sell off. Yes, most of it was recovered now, but that gives you an idea of what to expect.
Even big companies are hoarding cash, with about 8 trillions of dollars as of now. Why would any little fish want to be in the stock market now? Nobody can time the market, so right now is just a gambling. The longer you sit on the stock, the more profits you have, but also bigger the risk of losing it all.
So leave me with my "paid years ago" house, that is safe, that I know I can keep even if I lose my job now, and I'll leave you betting your house in the stock market.
Everything will be ok. Don't worry too much.
America needs a recession to reset everything back to 2019. This will be good for the country.
I will pay cash for your house, 10 % market value less. Must show a proof that you worked at Ford and was laid off. Call Fred at 248-455-3423, former FNV4 engineer who worked in Michigan.
@ac That's nice. I moved a few years ago and my contract expired after the first year and I never renewed it. Per my terms, I'm a free agent and I can leave whenever I want. Pretty solid setup.
Ford of Mexico is hiring 😡
@bd If you live in a weak market you'd still be better off investing in the market and paying the 5-7% interest... Not sure why you think the underlying value of the leveraged asset matters....
@b9 You’re right if you live in a strong market and can actually sell your house, that’s great. But what if you can’t and house prices are now below your purchase price ??? This is a common scenario in Michigan.
No money to pay the mortgage, and now you’re stuck with the house.
If you don't have a mortgage you're a mo--n, interest rates are low compared to market returns. I cannot find any 30 year period in modern history where it made sense to pay cash for a home... Pray for the people with no money saved.
GM cut 1700 jobs in Michigan and Ohio today.
So still no one wants to believe that we are walking straight into a recession
Car payments, apartment rents, credit card bills, hospital bills, food to purchase, clothes to wear, bus/subway tickets to work, cellphone bills, internet/cable bills, insurance premiums, property taxes, college loans ... pretty much everyone!
Gm did it so next of ford
@ac at least they won't be ruined for life when Ford cuts their employment next month!!
Renters are on the hook for the unfinished lease term. Due to money shortage - there is a need to relocate back to mam and pap's basement. 😂
@aa Renters are free and mobile to leave and chase the money wherever it may be.
You don’t care about renters?
Doggy didn't prey for me cutting me off after 5 years. Was he picky on my name for some bias race???? Nobody cared about kids and staying home wife without income. S-B.