I have been telling people that I believe that my chances of staying employed through 2009 are 50/50. Fortunately, I think that today, I am better prepared to handle getting laid off than I was the first time that happened to me. I have more money saved up than I did then, my mortgage payments are lower, and I have some different ideas about where to take my job search than I did back then.

What do you think that the new year might bring for you? Has the economy prompted you to do anything to prepare for potential economic hardships?

Is preparing for the loss of a job in itself a taboo subject? I once told a former co-worker that I was working on preparations (such as having enough savings to support myself for six months or more) in the event that I should lose my job again someday. He was a bit perplexed, and then he said something like, "well, I don't think that you need to go around thinking that way." He reacted the same way when I said that I was looking to pay off my mortgage someday.

Alfredo we only met and spoke once but you are from that brief conversation better equipped to handle what 2009 has in store for you than you actually currently realize.

Myself I am underemployed (been unemployed since 03-04) but the preparations and expectations that I have are much different than most on this board. I fully maybe too optimistically believe that at the very least will be employed part time by the end of 2009.

I am hoping for a pt position with the Salem SA Kroc Center by this time next year hopefully (fingers crossed knock on wood!)

Alfredo-

It's good to be thinking about these things. Having been through full time job loss (both my wife and I lost full time jobs within a year and half of each other) we set into motion during that time our worse case scenario budget. We still hold to that ideal today even though our income has change.

It's pretty simple: If you don't have the money don't buy it! (Whatever IT is)

Getting out from under your mortgage is a great goal to attain. If you can make two payments a month on it, you will see it come down quickly. One payment for the interest the other for the principle. That's what we did and have been mortgage free for several years.

Itemized deductions are big with us. Call me captain write-off. Look for those deductions you might not think you can write-off. In my case, I write-off my work, medical and volunteer mileage. Plus working from home I have many other deductions. It really helps when it comes to the AGI (Adjusted Gross Income) at tax time.

Figure out a percentage of your income to put into savings every month if possible. Live within your means. Keep it simple.

Look into your finances thoroughly. Get to know your spending habits and what you can possibly cut back on that may be a vice. You don't have to go cold turkey but just a small adjustment can make a difference

I also suggest looking into www.freecycle.org and www.idealbite.com. Both have helpful ways to resuse, recycle many things. In the long run it saves you money.

I think you're being wise. My wife and I have been doing some creative thinking about our businesses. Some of our clients have been hurt by this economy and we need to prepare for any changes that might affect our bottom line.

We had our best year ever in 2008 and invested heavily in our home with many improvements. We feel we are ready for any downturn that might happen in 2009, but also thinking creatively and non-traditionally, which has proven to be beneficial for us.

My guess is that the Vice President elect soon taking office after a terrible accident to the President elect.

Yeah?

Get enough to drink? Need some help with that?

You were an ass last time you posted. Nothing has changed.

Alfredo, Chris, I totally agree. We are on the haven't much to lose end of things, so it's all about keeping that monthly nut low, no payments on anything, and saving what we can.

I think it's gonna get more ugly before it gets better, and the fewer dependencies you have the better.

"I think it's gonna get more ugly before it gets better."

No doubt.

Hunker down. Do what you can to save, be wise in your spending but also don't forget to enjoy the other aspects of life as well. With much of the world living on less than $2 a day in some deplorable conditions, being thankful for a roof over your head, clothes on your back, food in your gut and a country (even with all it's faults) is still one of the best to be living in, we have lots to be grateful for.

"keeping that monthly nut low"

????, OK, so I googled it:

http://wiki.answers.com/Q/Where_did_the_expression_monthly_nut_come_from

(not much help)

Well, I hang around sales people, and have to do some sales from time to time.

The term, "cracking the nut" refers to the minimum level of business to be done, in order to receive your compensation reward, or bonus, depending on what your comp plan is.

With regard to personal finances then, it's all about how much money must flow through the family no matter what. That's the nut. If your income exceeds that, you've cracked it, and can then enjoy the reward of your liquid income!

http://www.mrbellersneighborhood.com/story.php?storyid=1945

I predict the return of Herb on 1-21-09.

My guess is that the Vice President elect soon taking office after a terrible accident to the President elect.

I predict that Dr. Johnny Fever has a horrible accident that his own family causes and he will no longer contribute on this board.

Predict? I KNOW Dr. Fever has few real friends and even fewer friends that like him. I also KNOW Dr. Fever spends more time being an internet bully than just about anything else.

Have a nice new year people.

BOOGER!

>>I predict the return of Herb on 1-21-09.

No need. Rush Limbaugh has already declared the Obama Presidency a failure.

Radio Industry opinion, of those remaining that is, surrounding HD Radio will finally come to acceptance on the reality that technology enhancements:

a. do not hold the answers for the ongoing slide downward,

b. do not indicate AM is dead, unless they say it is, with that being a different problem,

c. highlight the idea that maybe fewer IS better, (stations overall)

d. have shown us the perception of choice is king, and that this has nothing to do with the actual physical number of choices realized,

e. in their failure to capture attention, perhaps tell the story that people do add value and should not be discarded.

Fat chance on the last two, but I'm actually pulling for the first three!

MORE pollution -
..that's what's gonna really hurt us people...