Layoffs / Cut Hours

TripleF · 01-15-2009, 07:43 PM

Sales are reeeeeeeeeeeeeeal slow for me so I got a part time job at a cigar bar back around Labor Day. That's been holding us even with the water line.

What I don't like, is no one sems to be forecasting "a turn", only hoping "a turn" will happen.

Eliminate debt if you can.

01-15-2009, 07:48 PM

Quote:

Originally Posted by TripleF

Eliminate debt if you can.

Good advice but bad for the economy

Paying off debt doesn't put money back into the economy, it puts it back into the hands of lenders who tightened the money lending.

Double edged sword that helps but also hurts.

Chas

01-17-2009, 11:51 AM

Quote:

Originally Posted by ChasDen

Good advice but bad for the economy

Paying off debt doesn't put money back into the economy, it puts it back into the hands of lenders who tightened the money lending.

Double edged sword that helps but also hurts.

Chas

Think about yourself. Payoff all Debt. Who cares about how it effects the economy. Take care of yourself then worry about the economy.

Willygt · 01-19-2009, 08:35 AM

On our company there are rumors that a lay off is coming. We really dont know if it is really coming and who is on the list, we can just hope for the best.

Back in Mexicali there has been several big companies having to cut off complete shifts (Kenworth cut the second shift with about 800 people), and other have been completly shut off. This is affecting us big time, but as some say, when 1 door closes another 2 open.

AAlmeter · 01-19-2009, 09:24 AM

Good luck everyone. Was laid off on Halloween and have received two offers since then. Unfortunately both offers have been dependent on the firms landing specific contracts for projects....and with many projects being delayed/canceled, it ain't easy.

Sadly, I think it's going to get worse before it gets better. Strap on your helmets!

Blueface · 01-19-2009, 09:34 AM

Quote:

Originally Posted by TripleF

Sales are reeeeeeeeeeeeeeal slow for me so I got a part time job at a cigar bar back around Labor Day. That's been holding us even with the water line.

What I don't like, is no one sems to be forecasting "a turn", only hoping "a turn" will happen.

Eliminate debt if you can.

Quote:

Originally Posted by ChasDen

Good advice but bad for the economy

Paying off debt doesn't put money back into the economy, it puts it back into the hands of lenders who tightened the money lending.

Double edged sword that helps but also hurts.

Chas

Quote:

Originally Posted by Tombstone

Think about yourself. Payoff all Debt. Who cares about how it effects the economy. Take care of yourself then worry about the economy.

Just be careful what debt you eliminate.
Any good analyst will tell you there are two kinds of debt.
One where they have you by the cojones and the ramifications can have you living in the streets. That would be your mortgage.
The other is one that the worse that can happen is your credit goes to the gutter but will someday recover and you don't have to go sleep in the streets. That would be credit cards.

If one can live debt free, that is awesome. Buy with cash and stimulate the economy that way. Don't buy what you can't pay right away.

However, if one should have to choose, pay your mortgage first, screw the credit cards.

DON'T refinance your home to pay off credit card debt and automobiles. NEVER do that. If you do, you have converted that credit card debt that they could not take your house away for into the debt of your home, which you can now lose. NEVER use equity in your home to pay bad debt. Always refinance your home ONLY to lower your mortgage, to help you pay the house off faster and reduce interest charges.

Simple rules I try to live by.

GoatLocker · 01-19-2009, 12:18 PM

Quote:

Originally Posted by Blueface

DON'T refinance your home to pay off credit card debt and automobiles. NEVER do that. If you do, you have converted that credit card debt that they could not take your house away for into the debt of your home, which you can now lose. NEVER use equity in your home to pay bad debt. Always refinance your home ONLY to lower your mortgage, to help you pay the house off faster and reduce interest charges.

Converting short term debt to long term debt is rarely a good idea... Unfortunately, too many people use credit to buy things they can't afford. One of the reasons we're in this mess to begin with

01-15-2009, 07:43 PM	#1
TripleF 11/11/11 EPIC IV Join Date: Oct 2008 First Name: Scott Location: Clearwater, FL Posts: 5,626 Trading: (176)	Re: Layoffs / Cut Hours Sales are reeeeeeeeeeeeeeal slow for me so I got a part time job at a cigar bar back around Labor Day. That's been holding us even with the water line. What I don't like, is no one sems to be forecasting "a turn", only hoping "a turn" will happen. Eliminate debt if you can. __________________ Cool Cigar Shirts, Stickers & More

01-19-2009, 08:35 AM	#4
Willygt FunkY Monkey!! Join Date: Jan 2009 First Name: Carlos Location: Chula Vista, CA Posts: 47 Trading: (0)	Re: Layoffs / Cut Hours On our company there are rumors that a lay off is coming. We really dont know if it is really coming and who is on the list, we can just hope for the best. Back in Mexicali there has been several big companies having to cut off complete shifts (Kenworth cut the second shift with about 800 people), and other have been completly shut off. This is affecting us big time, but as some say, when 1 door closes another 2 open.

01-19-2009, 09:24 AM	#5
AAlmeter F.U.B.O. Join Date: Oct 2008 First Name: Adam Location: Buffalo Posts: 288 Trading: (0)	Re: Layoffs / Cut Hours Good luck everyone. Was laid off on Halloween and have received two offers since then. Unfortunately both offers have been dependent on the firms landing specific contracts for projects....and with many projects being delayed/canceled, it ain't easy. Sadly, I think it's going to get worse before it gets better. Strap on your helmets!