Poll: Whats your current financial confidence level?
Poll: Poll: Whats your current financial confidence level?
Total Members Polled: 226
Discussion
Anybody who takes on a large financial commitment, especially for a fast depreciating asset in the current circumstances is playing a very dangerous game (imo)...
Better to batten down the hatches and see how things pan out...however if you have ready cash probably never a better time to buy...........
Better to batten down the hatches and see how things pan out...however if you have ready cash probably never a better time to buy...........
I was quite sure of my job security, despite working in the financial sector - but last week an email went round telling us that the xmas party was being cancelled (thank f
k, but that's not the point), so now I'm not so sure.
Anyway, I'm (somewhat cockily) fairly sure of my own skills and value so don't think that I'd have (too) much problem finding work if the worst were to happen. Even if it wasn't at my current pay level I could earn enough to get by without too much problem as long as my redundancy was enough to cover my remaining cash debt (which I've been paying off VERY aggresively over the course of this year). According to company policy it will be.
So, if I'm made redundant, I'll be ok - if the company goes bust I might be in a more sticky situation if I couldn't find similar paying work. But then if you knew who I worked for, the company going bust would be part of a much wider apocolypse.
k, but that's not the point), so now I'm not so sure.Anyway, I'm (somewhat cockily) fairly sure of my own skills and value so don't think that I'd have (too) much problem finding work if the worst were to happen. Even if it wasn't at my current pay level I could earn enough to get by without too much problem as long as my redundancy was enough to cover my remaining cash debt (which I've been paying off VERY aggresively over the course of this year). According to company policy it will be.
So, if I'm made redundant, I'll be ok - if the company goes bust I might be in a more sticky situation if I couldn't find similar paying work. But then if you knew who I worked for, the company going bust would be part of a much wider apocolypse.
BMWBen said:
I was quite sure of my job security, despite working in the financial sector - but last week an email went round telling us that the xmas party was being cancelled (thank fk, but that's not the point), so now I'm not so sure.
Hmmn. Ours hasn't been arranged yet. I'd attributed that to incompetence but perhaps that was naive on my part...k, but that's not the point), so now I'm not so sure.
I am worried, though not overly.
I work in an industry that WILL contract slightly later in a recession (IT) and its usually quite sudden and costly too. The IT industry tends to contract quickly with very heavy staff reductions (we do cost a lot) and there is typically little or no help.
My wife works for a company who specialise in electrical installations for building etc. Again, a market that will suffer in the coming months, especially as few commercial properties will be built or re-fit.
Both of the companies that we work for are currently weathering the storm well, so it should be fine. But I am not going to count my chickens too early. It could all go pear-shaped very quickly so it makes sense to pull in our spending, save for the rainy day and make sure we can react to whatever happens.
If it all goes well then great, we will be spending a fair amount in 12 months time. However, currently looking to keep hold of much money as possible in the short term. Maybe a little dramatic, but looking at Aldi / Lidl rather than Sainsburys. Reducing energy and pretty much anything else we need to do.
Like many people, we can make our commitments without any problem - but all it takes is a period of medium term unemployment and it could all come crashing down.
I work in an industry that WILL contract slightly later in a recession (IT) and its usually quite sudden and costly too. The IT industry tends to contract quickly with very heavy staff reductions (we do cost a lot) and there is typically little or no help.
My wife works for a company who specialise in electrical installations for building etc. Again, a market that will suffer in the coming months, especially as few commercial properties will be built or re-fit.
Both of the companies that we work for are currently weathering the storm well, so it should be fine. But I am not going to count my chickens too early. It could all go pear-shaped very quickly so it makes sense to pull in our spending, save for the rainy day and make sure we can react to whatever happens.
If it all goes well then great, we will be spending a fair amount in 12 months time. However, currently looking to keep hold of much money as possible in the short term. Maybe a little dramatic, but looking at Aldi / Lidl rather than Sainsburys. Reducing energy and pretty much anything else we need to do.
Like many people, we can make our commitments without any problem - but all it takes is a period of medium term unemployment and it could all come crashing down.
Sevo said:
It depends on the security of your job, my mortgage is over £300/month less than it was in July, that on top of petrol/food/cars getting cheaper has put me in the best financial position ever.
If my job wasn't safe then I'd be battening down the hatches.
Indeed... Just had my first annual performance review, with the company I started at last November, and got a 20% pay rise!If my job wasn't safe then I'd be battening down the hatches.
With fuel coming down, yes it will only be short term, and with interest rates at 3%, I am monitoring loan rates and looking to pay off the existing one at ~8% and get a new one to buy soemthing with a bit of poke.
I run a pub so my current financial confidence level is, to put it bluntly, non-existent.
It's not a great time to own a 4.0litre Jeep Grand Cherokee! There are some great deals out there on cars (I saw a 56-plate Renault Laguna Estate, fully loaded (even had the DVD screens in the headrests) with less than 40k on the clock for under £7k) but no dealer will take the Jeep off me.
One dealer offered me £930 for it and the Renault's dealer told me he'd rather knock £1000 off the Renault's price for cash and let me keep the Jeep!
It's not a great time to own a 4.0litre Jeep Grand Cherokee! There are some great deals out there on cars (I saw a 56-plate Renault Laguna Estate, fully loaded (even had the DVD screens in the headrests) with less than 40k on the clock for under £7k) but no dealer will take the Jeep off me.
One dealer offered me £930 for it and the Renault's dealer told me he'd rather knock £1000 off the Renault's price for cash and let me keep the Jeep!
Wacky Racer said:
Anybody who takes on a large financial commitment, especially for a fast depreciating asset in the current circumstances is playing a very dangerous game (imo)...
Better to batten down the hatches and see how things pan out...however if you have ready cash probably never a better time to buy...........
I'd agree. Some assets are probably approaching full depreciation already, so, as you say, if you're a cash buyer, it's probably not a bad time to buy.Better to batten down the hatches and see how things pan out...however if you have ready cash probably never a better time to buy...........
)0 Low Not taking on any new debts
This isn't really working for me. My financial confidence level is quite high. I have an exceptionally secure job and unavoidable living costs are starting to slide a bit... but do I have any intention of taking on any debt? No. Not because I have low confidence, but simply because I don't see the point of being in debt when I don't need to be.
This isn't really working for me. My financial confidence level is quite high. I have an exceptionally secure job and unavoidable living costs are starting to slide a bit... but do I have any intention of taking on any debt? No. Not because I have low confidence, but simply because I don't see the point of being in debt when I don't need to be.
NDA said:
Wacky Racer said:
Anybody who takes on a large financial commitment, especially for a fast depreciating asset in the current circumstances is playing a very dangerous game (imo)...
Better to batten down the hatches and see how things pan out...however if you have ready cash probably never a better time to buy...........
I'd agree. Some assets are probably approaching full depreciation already, so, as you say, if you're a cash buyer, it's probably not a bad time to buy.Better to batten down the hatches and see how things pan out...however if you have ready cash probably never a better time to buy...........
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