Struggling Economy Hits Young Adults Hard
by Motte Brown on 11/18/2008 at 4:53 PM
Times are tough. All the leading economic indicators tell the story: Job growth, manufacturing, retail sales, industrial production, and consumer confidence are all down with some at all time lows. And many say these conditions hit young adults the hardest.
The Clarion-Ledger reports,
"This economy not only affects people entering the job market for the first time, right out of college," said Bill Brister, assistant professor of finance at Millsaps College in Jackson, "it also affects people who have been in the market a few years.
"Typically, when companies are trying to cut back, the last ones hired get cut first.
"So, opportunities for young people to build careers, to move to better jobs, are limited.
"This hits the 20-somethings hard, the early 30-somethings, too."
Though the economy may affect young adults in greater numbers, they're probably the most able to absorb the loss. I know it's little consolation but you'd be amazed at how little you can live on when you're single and responsible for no one but yourself.
I graduated college during a recession when careers were very hard to launch (particularly for English majors). But I found employment in a restaurant, rented a house with four of my buddies, and ate lots of bologna sandwiches until things turned around.
So buck-up you unemployed 20-something. Things will likely turn around for you too. In the meantime, be grateful for wherever you land ... even if it's mixing Kirschwasser Swiss Cheese in a fondue restaurant.
1. BDB said the following at 5:01 PM on Nov 18:
The nice thing about job hunting in a major downturn is that under "reason for leaving last position," you can put, "global financial meltdown."
2. HoustonGal said the following at 5:16 PM on Nov 18:
I read that FotF announced staff cutbacks recently too, so no employer seems untouched.
In the original post, it says:
"I know it's little consolation but you'd be amazed at how little you can live on when you're single and responsible for no one but yourself."
That's assuming those who are let go are singles. No one should be immune. Layoffs should be based on keeping the most valuable, productive employees who will get the job done the best on a reduced team going forward. Those staying could be married people with kids. They could be singles. It's all about proving your value and worth, regardless of your season in life or marital status.
3. kyle. said the following at 5:26 PM on Nov 18:
in the early 1980s my mom found herself fresh out of college and competing with laid-off guys who had 20+ years experience.
i, however, have not experienced this. i have kept my job because, as the last hired, i am the cheapest.
4. Rebekah said the following at 5:47 PM on Nov 18:
I think in many ways though, those of us who are younger can find a job much faster. We are willing to do a greater variety of jobs, appear to be more compentent (but have you visited your local MacDonalds?!), and are willing to settle for a lower salary. When I got hired for my last job I beat out at least three forty-year old women.
5. farmer Tom said the following at 8:12 PM on Nov 18:
I believe that this present and coming economic meltdown may have a very positive upside for Boundless readers.
When the unemployment rate reaches 20 percent, real wage rates contract as much as one half of current levels, and when there is are longer financial resources available for young single 20 and 30 somethings to live at their current levels of prosperity,
I predict two things will happen,
suddenly marriage will be much more attractive to those struggling to get by on far less money, since they currently live an affluent lifestyle while whining about their situation. Loose the cable TV the five cats, the $5.00? dollar espressos(never had one, don't know the price) the fancy clothes and the job and I'm betting that it will dawn on some of you that your life has been all about your money and possessions, and maybe, just maybe you will attempt to fill the void left by the empty bank account with a marriage partner. When humans remember that there are some basics in life which can not be bought, which come only through personal relationships, only when hard times come into their lives, do they have incentive for building strong personal relationships, like marriage.
Secondly, I predict that there will be a decline in the divorce rate.
If your choices are living as an unemployed vagrant under the overpass, or making your marriage work, I bet that it will suddenly appeal to a large number of married couples to tough it out. Far too often I see divorce right after an increase in salary or a new job. Financial independence makes people do stupid things, like destroying their marriage "because they will be just fine on their own". Take away the opportunity for financial independence and the incentive to make the marriage work increases exponentially.
So cheer up Boundless readers, as the economy goes in the dumper, your chances for marriage will grow.
6. Kari said the following at 8:22 PM on Nov 18:
Kyle has a good point--generally (it seems) companies and colleges fire the most expensive employees first. Our community college has forced out 20+ professors in the last 3 years, each with up to 35 years of experience, because new teachers cost MUCH less.
7. Rachael said the following at 8:46 PM on Nov 18:
Wow, there's such thing as a fondue restaurant?
8. Rachel S. said the following at 11:12 PM on Nov 18:
Hurray for being in grad school! It will be at least another 5 1/2 years before I have to think about entering the job market. And by then we will have had another presidential election and who knows where that will leave us?
Incidentally, this comic is pretty interesting regarding the options open to young adults:
http://www.phdcomics.com/comics/archive.php?comicid=1078
9. Anonymous said the following at 11:44 PM on Nov 18:
It's funny that I stumbled across this blog article, because I just found out today that my company has already started laying off people and may be laying off people in our section soon. Unfortunately, I'd probably be the first to go since my title is lowest ranked in the company.
I've never been laid off before, so I'm nervous and scared and yet anticipating God's protection and provision at the same time. I guess it's what you'd call "cautious optimism."
I'm praying that God will help me to keep my job, but if He allows me to get laid off, I'm praying that He will protect me through it and that He also replaces that job with something even better.
I'm considering taking a second job to speed up paying off bills and to start putting away money just in case I should get laid off--that way I won't be penniless. I'm not proud and am willing to work at the mall or in retail if I have to (I know that a lot of people would be opposed to this, but "beggars can't be choosers" as my family always says. I have to do what I have to do...and I pray that God will open doors of opportunity through it.
I'm praying that it won't happen though. It would come at one of the financially hardest times in my life with many special events coming up next year. Regardless of what happens though, I think that I like the idea of working 2 jobs--that way I can get more fiscally fit in the future.
Still, considering my worries, would you all be willing to pray that I don't lose my job and that God provides for me? I'm a hard worker, but there just seems to be less and less work coming into our office because of the economy. Please pray that God would protect my job and that He'd provide me with even more work to do.
Thank you most kindly,
--Anonymous
10. obewan said the following at 6:32 AM on Nov 19:
It may not be fair, but it is true that young people take the hit in bad economies. Before my present job, I was laid off 3 times in 4 years from the automotive industry.
I hate to say it, but each hit is a scar on the resume too. It becomes harder and harder to explain yourself in a job interview to companies that discriminate. However, there are "liberal" open-minded companies that try to understand and will give people who have been laid off or unemployed for a long time a break and the benefit of a doubt. I know because I happen to work for one of them.
It was WELL worth the long wait to get this job. They may be politically "liberal", but the upside is they treat people VERY WELL! I will take it any day over a more "conservative" organization that abuses people or has unreasonable expectations.
To those hunting, I would say never give up. You never know what is around the next corner or when your next break will come.
11. Neto said the following at 7:53 AM on Nov 19:
Agree with HoustonGal. Your worth must not be linked to your marital status.
I recall being denied a salary rise because I was single -only married ones were entitled to a rise that year. Pretty unfair, and I was too young to fight back.
It was a good lesson in justice tough.
12. John said the following at 9:32 AM on Nov 19:
obewon,
What are you talking about?
The only problem with farmer Tom's analysis is Uncle Nanny or Nanny Sam which ever you prefer, is bailing everyone out (excpet, of course, fiscially responsible individuals and families) so the social trends he speaks of might well stay the same. (Though there are signs he's right)
Anybody else thinking about not paying their mortgage and starting a failing automobile company in order to make it rich? Good idea?
By the way, we're not in a recession yet. We very well may be soon, but technically, not yet.
13. obewan said the following at 10:18 AM on Nov 19:
obewon,
What are you talking about? (John)
---------------------------------
I am talking about abusive "conservative" companies and will give you an example.
When I graduated from college, I had 5 job offers. I turned down 4, and accepted a position with the most "conservative" of the picks since it was a well-known fortune 500. I then signed a 1-year lease on an apartment. I was not sick, but during the company insurance “physical”, they found a benign tumor (which I already knew about). As a result, they refused my insurance policy and rescinded the job offer. There I was, flat broke, owing thousands on my new lease with no job, and my other prospects gone.
Now thanks to the "liberal" policies of the first Bush, such discrimination is now illegal. That helps people like me with pre-existing conditions like asthma and benign tumors survive in a dog-eat-dog world.
I never said anything about “nanny states” or free handouts for the auto industry. When I worked there, it was as an independent contractor on specific projects. When they ended, I was laid off. And there were NO GOV'T handouts for me since I refused my unemployment benefits (even though I was eligible) since my step dad had referred to them as "welfare" payments. I have since come to the conclusion that they are an insurance payment just like you would collect if your car is wrecked or your house burns down.
But back to your original comment, my current “liberal” employer does not discriminate in hiring the disabled or in “firing” the sick. It is not part of the corporate culture. In fact, quite the opposite. My own boss is disabled even. Meeting him had a huge bearing on my acceptance of the job offer. The downside is I have to work for a company that endorses the Democratic Party and that provides health insurance to unmarried same sex partners. FWIW, they do not discriminate against Christians or Republicans either.
14. Marc said the following at 11:22 AM on Nov 19:
Farmer Tom (#5)...
I usually don't agree with much of what your write (though I do believe your heart is in the right place), but on this particular post, I think you're right-on.
15. A.M.C. said the following at 11:44 AM on Nov 19:
Since several of the commentators (e.g. #3 and #6) have mentioned that sometimes the most expensive employees would get fired or laid off first, I wonder if people should consider the following:
1. For college graduates just entering the job market, should they consider intentionally asking for a below-average wage/salary (as long as it's reasonable) to increase the chance that they'll be hired?
2. For those in the 40s and 50s and in executive positions, should they consider asking for a pay cut to save their job (assuming that finding another job after being laid off would be difficult because of their age)?
16. Lydia said the following at 12:17 PM on Nov 19:
To farmer Tom...as a single woman, I had been secretly hoping for a catastrophe to facilitate marriage. However, now that the possiblity of crisis looms, I've come to a different conclusion. If people don't consider it (marriage) when life is stable, why would they when their pocket-book is getting slammed? Instead of waiting for hard times to knock sense into people, I keep getting the feeling that it's a shortage of good people to marry. Will the crisis turn more people to God? I hope so, but, I'd rather wait for someone who is faithful and has the proper outlook already. Crisis shouldn't push people into anything, because you're stuck with them when it's over.
17. Kellie said the following at 1:41 PM on Nov 19:
#13 wrote:
"The downside is I have to work for a company that endorses the Democratic Party and that provides health insurance to unmarried same sex partners."
One thing that annoyed me during the recent elections is (liberal) candidates saying "I'm endorsed by CA [my profession]" What they really meant is that they are endorsed by the union of such workers, of which I am not a member.
My husband works for a liberal non-profit. He doesn't agree with their views on many things, but he has never been asked to do anything he finds unethical.
I believe providing health benefits to registered domestic partners (whether gay or straight) is law in CA, at any rate one would be hard-pressed to find a job which does not give such benefits.
18. BDB said the following at 1:46 PM on Nov 19:
A.M.C. (#15) had two questions:
1) Typically, it's not a question of asking for below-market salary. You SHOULD study the salary ranges for the types of positions you're applying for. Most companies will want to hire in the bottom 1/2 of the salary range for the position.
But they may also have different titles. They may have "Finance Manager I, II or III" instead of "Finance Director." That allows them to set different salary ranges. A Finance Manager I might make $60,000 to start, while a Finance Director will typically make $85,000-$110,000 to start. They both do substantially the same kind of work. So, while you don't ask to be paid less, you might consider applying for jobs with a lower title so that you are easily qualified rather than stretching to reach the minimum qualifications for the job.
One downside to asking for less is that they may think you are desperate and won't stick around when things improve. It takes 6-12 months for someone to really get good at the job, they don'w want a candidate to bail after 18 months. You see this going on with all the investment banking layoffs right now - some recruiters are skeptical about others who originally wanted to follow an investment banking track and now there's no opportunity to do so.
2) It really depends on the organization. A small, family-run organization might indeed ask all the top executives for a pay reduction during difficult times. If everyone takes a 10% cut, that shows solidarity.
But at big companies, chances are there will be more than one round of layoffs. If you avoid one round by taking a pay cut, then you get hit by the next one with a lower severance package. Doesn't really solve the problem.
Instead, focus on which parts of the organization are growing fast, and try to find a way to work in that part. If you really think you can afford a pay cut, try taking the money you're willing to "cut" an stuff it into a savings account for a few months. Really, you should have all your credit cards paid off before you even think of asking for a pay cut.
A bigger problem is when your industry is getting smaller. If the industry is consolidating because there is less work (like construction these days), you may need to take a lower-paying job in another industry. Retail clerks make a lot less than house framers. Develop skills that can transfer to another industry. Sales, finance, human resources are the kinds of things that every organization needs.
19. BDB said the following at 1:49 PM on Nov 19:
Rachael (#7) wrote:
>>Wow, there's such thing as a fondue restaurant? <<
Yes! And The Melting Pot has locations in Tacoma, Seattle and Bellevue.
20. BDB said the following at 1:54 PM on Nov 19:
Neto (#11) wrote:
>>I recall being denied a salary rise because I was single -only married ones were entitled to a rise that year. Pretty unfair, and I was too young to fight back.<<
That is illegal in the U.S. While I never recommend suing an employer, or threatening to get a lawyer, I DO recommend leaving employers who engage in illegal activity.
21. HoustonGal said the following at 3:13 PM on Nov 19:
A.M.C. - #15:
In my own situation, I would say yes to #1 and a tentative yes to #2 - you want to ride the fine line between making that concession, but not come across as paranoid. My leaders want us focused as much as possible on doing the best job we can - not spending our time figuring out how *not* to get laid off (if that makes sense).
I'm 39, and in my career, those laid off were not necessarily the highest paid. Those laid off were (in general):
-Those with the least amount of experience, and also lacked enthusiasm.
-Those who had performance issues (we were asked to sacrifice a resource two weeks ago--the person let go was on a 90-day plan).
-Those who were the least flexible with the job (not wanting to step up to expanded responsibilities or learn new skills).
-Those needing lots of flexibility from the employer (for example, always asking for random days off with short notice, never being able to stay late or come in early, frequent requests to work from home).
-Those who already expressed dissatisfaction with the job and/or employer.
I think all employers are different. Some will definitely look at compensation only, but it's really the value you bring relative to what you make. If you earn a lot but your're a rainmaker and everyone wants to work with you because you are truly outstanding at what you do, it's in the employer's best interest to keep you because you will shine through the tough times.
But in the end, I guess you have to know what your particular employer's mindset is and conform to it. If giving up my raise or taking a pay cut was necessary, I'd do it.
22. Patricia C said the following at 3:39 PM on Nov 19:
Farmer Tom,
Not every single person who is struggling financially is doing so because his or her life is all about money and possessions. Some of us are just genuinely poor because we're on the bottom rung of the career ladder. We do want to be married and we just aren't right now. It is very immature to paint every person who is not currently married and living on their own as spoiled. It's not as if every married person is an altruistic saint either.
23. farmer Tom said the following at 8:10 PM on Nov 19:
22. Patricia C,
I think you are badly misunderstanding my comments.
Not every single person who is struggling financially is doing so because his or her life is all about money and possessions. Some of us are just genuinely poor because we're on the bottom rung of the career ladder.
My wife and I have four children. I am a salaried employee currently working 75 to 80 hour weeks. If I figured my pay based on an hourly wage, I would be making less than $5.00 dollars per hour. I know what it is to struggle financially. I know what being on the bottom of the pay scale is like.
My point is, that when times are tough, those who currently enjoy financial prosperity may suddenly find themselves in the kind of situation where they are no longer living a relatively prosperous and self centered financial existence. When that time comes, they may find that they are less picky about finding the "perfect" mate because they are suddenly faced with the reality that they are just as vulnerable to financial difficulty as those of us at the bottom end of the financial ladder. And they will suddenly find that they would consider marrying someone who is lower down on the financial scale.
Without naming names one writer suggested that women choose a mate based on financial parity. What a joke. When unemployment is rampant, those who have jobs are saving and living frugally in fear of losing their jobs, making choices on marriage partners based on financial reasons will become a sure indicator of someone who loves money more than marriage or the God who provides all our needs.
I'm poor, and the future looks as though I may well remain that way indefinitely, so all the joy in life must come from my relationship with Jesus Christ, my lovely wife, my children, and extended family. I'm suggesting that it may well dawn on a lot of Boundless readers or their demographic, that pursuing marriage and forming a family may begin to take on a higher importance. And that's a good thing.
24. Chris said the following at 9:44 PM on Nov 19:
Hmmmm.....lots of interesting comments. Some things to think about:
1) Would you really want to buy a product/service from a company that lays off its most experienced workers or hires the cheapest workers? There's an old saying that's still applicable today: "You get what you pay for." If you asked a company if it hired the best/brightest people, would it say no? Why, then, would it lay off the best ones (e.g., the most expensive ones) and replace them with the cheapest? Would you want the cheapest doctor performing brain surgery on you? Circuit City laid off experience commissioned sales people and replaced them with cheap salaried people. Look where it got them.........(bankruptcy, if you don't follow financial news)
2) In regards to the whole liberal/conservative company issue, any good company would never consider an employee's health/sexual orientation/marriage status. It would be what value that employee brings to the company. Along this line, I would argue that "liberal" companies are the better positioned since they would not automatically exclude a person based on any of these conditions.
3) Financial issues are the largest contributors to divorce. I highly doubt that economic hardship would make people work on marriage. If a spouse is driven to work/not work on a marriage based on financial considerations, that person isn't a good spouse to begin with........
25. BDB said the following at 11:27 PM on Nov 19:
HoustonGal (#21) wrote:
>>-Those needing lots of flexibility from the employer (for example, always asking for random days off with short notice, never being able to stay late or come in early, frequent requests to work from home).<<
In California, this one might not be legal. It depends on if they are seeking time off for a protected purpose, such as Family Medical Leave Act.
Another legal category is employees with documented disciplinary action. If two people are equal in their job performance, and one has three write-ups in six months for stuff, that's the one to invite to search for new opportunities. You do need to be cautious that your department supervisors are applying policies equally - and not that the one with the write-ups writes up everyone for everything, and the other supervisor wants to be everyone's "buddy."
In a mass layoff, where, say, 10 or 20% of the people are leaving, it might be possible for people to volunteer. During one such, people with cancer (in themselves or a family member) jumped at the chance to have several months of pay with health insurance. One in particular was able to spend six months with her husband before he died of brain cancer.
Remember that some of those higher-paid employees usually have at least one or two staff members they rely on. Unfortunately, some companies decide to achieve "savings" by eliminating the support staff and pushing the work back on the high-paid person.
If you eliminate too many of the strategic thinkers, then operations tend to slowly go awry. The remaining strong people get burned out and quit. Then they end up bringing in another, higher-paid person to "fix it." And what does that person do? Say the need X more strong people to run the business...
26. RA said the following at 11:59 PM on Nov 19:
Although young people can be hit hard by downsizing, it's those close to retirement that have the most to fear. I know of a number of companies who are laying off the older employees first because they are paid more. The recent college grads are being kept because they are the most up to date on new technology etc, plus they are making the least amount.
But it must be really hard for the older people getting laid off, the ones with mortgages and kids in college. So much for company loyalty paying off in the end.
27. obewan said the following at 8:20 AM on Nov 20:
">>I believe providing health benefits to registered domestic partners (whether gay or straight) is law in CA, at any rate one would be hard-pressed to find a job which does not give such benefits.<<"
------------------------------------
Gee, that must be some law. I did not even know there were laws requiring companies to provide ANY benefits to anyone! Before I got this good job, I worked in several temp positions with ZERO benefits of any kind - not even holidays.
28. A.M.C. said the following at 11:19 AM on Nov 20:
Re: Farmer Tom (#5, 23)
While I would agree with your statement, I do have one question:
Wouldn't some people actually AVOID marriage during the current economic crisis not because they live a wasteful lifestyle or can't find the "perfect mate," but simply because they aren't sure whether they would be able to financially support a spouse and children when their job security is uncertain?
29. Christina (in green) said the following at 12:07 PM on Nov 20:
A.M.C.
I wonder if maybe financial uncertainty makes one desire the other things in life to a greater extent.
And where there is a deep desire, there's the motivation to make it work.
And where there's the motivation to make it work, there's the will to succeed.
I really don't know, just guessing. My dad worked in a plant nursery when he married my mom and i was born. They probably made less than minimum wage between their two jobs combined. I know my mom didn't work full time...and I'm not sure if my dad did, but they seemed to want it to work to a much greater extent than those that are financially well off would naturally want.
At least, they fought for it more.
I lived in a falling down cabin with no toilet for the first year of my life...before my dad made a very bad business decision and we ended up living with his sister and brother in law.
Family ties become crucial under those circumstances. And it either builds or breaks families. Those it builds are stronger than any I've witnessed in more properous circumstances.
30. farmer Tom said the following at 12:24 PM on Nov 20:
28. A.M.C.,
An excellent question, and I'm not going to answer it.
Instead I'll quote the words from an old hymn,
" I don't know about tomorrow,
I just live from day to day;
I don't borrow from it's sunshine,
For it's skies may turn to gray.
I don't worry o'er the future,
For I know what Jesus said;
And today I'll walk beside Him,
For He knows what is ahead.
(chorus)
Many things about tomorrow
I don't know or understand;
But I know who holds tomorrow,
And I know who holds my hand.
I don't know about tomorrow,
It may bring me poverty;
But the one who feeds the sparrow
Is the one who stands by me.
And the path that be my portion
May be through the flame or flood;
But His presence goes before me
And I'm covered with His blood."/
Matthew 6:27
Can any one of you by worrying add a single hour to your life ?
31. Larry Geiger said the following at 11:16 AM on Nov 21:
Baby boomers are beginning to retire in record numbers. As the economy recovers unemployment is going to be at some of it's lowest levels ever. Just as there were 20 people for every job in the sixties and seventies, there are going to be lots of jobs as those folks retire. It's coming.
32. Chris said the following at 8:14 PM on Nov 21:
Larry writes:
Baby boomers are beginning to retire in record numbers. As the economy recovers unemployment is going to be at some of it's lowest levels ever. Just as there were 20 people for every job in the sixties and seventies, there are going to be lots of jobs as those folks retire. It's coming.
Not necessarily so. Those wedged between supporting elderly parents and adult children (or children born later in life) are not exactly going to jump ship anytime soon. And even without the recent drop in the stock market, boomers are, on average, woefully unprepared to adequately fund their retirements. Tack on healthcare issues (e.g., you need a job to get healthcare benefits), and I don't think you'll see a wave of retirements anytime soon.
33. Chelsea Moore said the following at 5:10 PM on Nov 30:
In the interests of single people, I would like to reply to this article.
I don't like to "nit pick", but perhaps this is not "nit-picking" at all. Single people often suffer under the common misperception that they have easy lives simply because they aren't married with children, i.e., "you are only responsible for yourself". Yet how far this can be from the truth! My own life experience bears this out.
As tempting as it may be to assume that single people have it easy, sometimes they do not. Adversity knows no bounds.
I have suffered from depression since my youth. I have allergies that require me to take medicine. I have been laid off from work multiple times. I have gained a substantial amount of weight from my illness and tough economic times. I have a mortgage, car, and a demanding job that requires a two-hour daily commute. I suffer from loneliness a lot. I'm just picking things out of the air, but they are all real. I hope the picture is clear. I know many other singles who contend with many challenges as well.
We are not children, we have problems, too.
Thanks,
Chelsea
34. Austin said the following at 12:03 PM on Dec 4:
I'll agree that the economy is very difficult, right now, but some people have a hard time regardless of what the Dow indicates. I'm now 27, have 2 jobs to keep the bills paid and a sizable emergency fund in the bank, but everything is, always has been, and for the foreseeable future will be, precarious.
I don't know what financial security is or how it feels, because every time I've made a step up, I see that there are 20 more to go before things like a car loan will be judged fairly. Without a single late payment on any credit card or my current car note or anywhere else, my interest rate stands at 14% and has been there for 2 years. My partner declared bankruptcy 2 years ago and now has a much nicer car but due to his rate of 5.something% his payments are actually lower. Is this fair?
I went to a doctor yesterday, because the stress of maintaining 2 jobs has brought me close to the breaking point. My doctor listed all the symptoms, noted that I've had allergy problems in the past, and recommended that I rest for 2 days. Something doesn't sit right, though, as my complaints included blackouts, dizziness, rapid weight loss, etc. Unfortunately, I started working 5 months ago for one of those companies where if you get sick in the first 6 months it's considered to be a disciplinary problem, and I work for the same company as this doctor. I've never gotten a straight answer from a doctor, though, and more testing never seems to be warranted - if it isn't "called for" by ever stricter patient care protocols than insurance won't pay, so getting answers will likely be a very expensive task.
I guess it could be worse, though - like 2 jobs ago where my pay was cut because I was hit by a drunk driver one evening and was late to work the next day because of the injuries sustained. The other driver was a drunk uninsured illegal immigrant and didn't have insurance, so mine paid out only for the hour I missed, not for the subsequent pay reduction. Plus, the car note is only for 4 years (half-way there!), and pales in comparison to the 12% variable-rate mortgage I was offered in 2005. My friends all gasp when I mention it, but perhaps I should have taken that offer, just so the federal government would have some supposedly reasonable basis on which to offer some help at a time like this.
I guess what I'm trying to say is that some of us just seem to be living in a very different economy, one where your hard work, dreams, and needs don't matter - you may be a responsible person, but you're going to be held even more responsible if you ever (or even might) slip up, and you're going to get the shortest possible end of any stick because there's some older consumer who is going to have his or her promises fulfilled at your expense. Working hard and paying my bills because I believe it's the right thing to do (while capable) still earns me the run-around on every front. If I ever find out what is (or isn't) wrong with me physically, will it even be worth it? I'll have years of medical bills, which will make me look like even more of credit risk.
I don't expect an unearned penny, I work hard, and I pay my bills. Total fairness may be too much to ask for, but can't a guy get a break at some point?!? Does anyone remember that talk about the "new economy and the new, new economy" in the late 90s? I'm beginning to think they were right, but that ship has already sailed with all the passengers it can sustain, and the rest of us are left behind.
35. IMO said the following at 1:27 PM on Dec 4:
Austin,
Wow I am outraged at what happened to you in regard to your car accident. My heart goes out to you. I hope you can get properly diagnosed and treated.
I hope you are surrounded by people who love you, care for you, and are supporting you during your trials.
36. Larry Geiger said the following at 8:29 AM on Dec 11:
"I don't know what financial security is or how it feels"
Ain't gonna happen! You can never have enough. Everyone is one step away from total disaster. It doesn't always seem that way, and sometimes we enjoy good times. Give thanks for those. But if you are working for or towards "financial security" you are headed in the wrong direction.
If you are working for you, or to pay the bills, or to be responsible, then you are working for the world. We should be working for God. We work for his kingdom. Everything we do and everything we have is for him. Once we get straight on this, everything else falls into place. Take a look at Philippians 4.
37. Austin said the following at 9:11 PM on Dec 12:
Thanks IMO and Larry - I'm sorry for the rant but am grateful for the advice and hopeful wishes. I lost my job because I got sick, and you're right - I have support all around and it's in God's hands now. I may not have worked long enough to earn the right to live by modern medical means, but I've learned that almost anyone cares when it's really time. I'm certain someone is orchestrating the whole thing, but I would never have believed it before. Thanks again
38. BDB said the following at 12:09 AM on Dec 13:
Austin - have you checked your credit report for mistakes? Equifax (who I don't work for) has a very handy tool on their web site where you can buy your credit report and FICO score, and it gives you suggestions. The one time I had an 11% loan it was because I had one late payment on my previous car loan - due to Chemical Bank being bought out by Chase Manhattan bank, changing my loan number, and me not being smart enough to figure out that my on-line bill payment was sending checks with the wrong account number. They were jerks, too, and refused to look up the check # from the bank for the cashed check, but hey, I never have to do business with Chase again.
Where was I?
Oh, you may want to make sure that there are no mistakes like that on your credit report, because you can ask them to investigate and this can get them cleaned up. You can also post a statement on your credit report to rebut the entry, which I did with Chase, explaining how their billing conversion got messed up. I paid off the loan completely, and my mortgage lender didn't care, nor did they count it against me. In fact, after the 11% loan (which I paid off early), I qualified for 0.9% on the next car, and they specifically cited how I paid the previous two off early.