Have You Ever Been Through A Severe Financial Crisis?

Discussion in 'Financial Planning' started by WildSpirit, Jul 10, 2017.

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  1. WildSpirit

    WildSpirit Active Member
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    Unfortunately... Who wasn't born rich has to know how to live in a constant economic balance, right? :) There is no other way to live in a relatively comfortable way and always fulfilling all the obligations of adult life. But it may be that at some point in life, a financial crisis appears to put people's ability to save money to the test.

    Have you ever seen yourself in such a situation? If so, how did you solve it?
     
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  2. Vinaya

    Vinaya Expert Member
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    I have been through a severe financial cricis. When I experienced a severe financial crisis for the first time, I understood the importance of having a reservce fund. When I went through financial crisis second time I had a reserve fund, but it fell short.
    Every time when I go through financial crisis, I learn a lesson. However, I cannot apply the lesson when I go through another crisis. The next financial crisis will teach me a new lesson.
     
  3. Old Geezer

    Old Geezer Legendary Survivalist
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    My grandparents/parents were far too poor to be affected by the Great Depression.
     
  4. remnant

    remnant Expert Member
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    I have been through financial adversity many times. I remember a period just before a general election when I was kicked out of the team of election officials for demonstrating against low pay. It was in late December when earning opportunities are limited and had no coin to my name. The only thing that should not die in a person is faith and hope.
     
  5. Tina Thompson

    Tina Thompson New Member
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    I've been in a financial crisis about my whole adult life. I've learned to live with it and be satisfied with what I have. I consider myself blessed to have a roof over my head, food to eat, basic necessities, and good health. There have been a few times I have gotten ahead but I always shared with my girls to make their lives a little easier, don't take a whole lot to make me happy. It's made me humble and grateful for what I do have.
     
  6. Inqogn1to

    Inqogn1to New Member
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    Im finding myself in a financial crisis at this very moment I type. Sweden, or let me say Europe as a whole flourished with job opportunity's not so long ago. That sadly is not the case now a days, with the whole flood of immigrants being pampered. Don't get me wrong I think it's a good thing to help out your fellow human being but a country's infrastructure should have as a number one priority to support those who are born and raised there. Who's grandparents and even grand grandparents helped to build the country up to what it is. How do I cope with my situation? I'm taking free online courses, to further advance my knowledge in self sustainability, I do freelancing and paid surveys. Does not amount to much funds but I can eat, and I am grateful for that. At the same time I try and connect with like minded people online who are determined to be independent and strive no matter the circumstances.
     
  7. TexDanm

    TexDanm Shadow Dancer
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    I've been through several periods of hard times. In the early 80s every place that I had ever worked for went out of business when the oil industry died. I was unemployed for a year before finally finding a full time job. You had people with masters degrees working in car washes. I was fortunate and when all else fails I am BIG. I put my wife through college loading trucks. The pay at the time was surprisingly good if you could handle the load. When she graduated we left and started all over again someplace else. I lost my home but was never on the streets like so many at the time because while I didn't have a job I worked and was nearly always doing something to bring in cash.

    We lived hand to mouth for that one year. Most weeks we had less than 20 dollars after paying the house and utilities for food, medicine, gas and entertainment. LOL. We turned off the water heater, and lived in a house with one light on at a time. We stopped flushing when we peed to save water. Unhooked the cable TV. I fished and worked for food. I let it be known that I would do almost anything to earn a buck. Because I had a large skill set I managed to keep us afloat.

    You want to know something funny? When I look back those hard times had a lot of good memories tied up in them. I got to spend a lot of time with my kiddo. We spent a lot of time with my parents who were also our best friends. I worked at the Church keeping the grounds mowed and pretty and spent time with friends doing simple things. We actually were pretty happy most of the time. It doesn't take a lot to keep you going if you just cut back. We picnicked, played cards, froze our own ice-cream and read a lot of books. There are times when I miss those times. Life was simple. We were young and our family and extended family were TIGHT.
     
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  8. overcast

    overcast Member
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    I think I have definitely been through the time when I had my share of the money issues. I have been sleeping on couch and have those moments where I had my money issues. I had those days when I had no jobs. I had no money in that time. Also I had those times where I had to literally beg for the jobs. So you can see stuff happens and we have to learn from it and move ahead.
     
  9. iamawriter

    iamawriter Well-Known Member
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    My parents with their brood of 9 had issues with finances. There was not enough to go round but my mother had the gift of the gab and ensured that we were well educated.
    I have no issues with finances but do not waste and only go for my needs and not so much my wants.
     
  10. PedroP

    PedroP Active Member
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    Wow, that's sad to hear. I have been in such crisis for the past couple of years and have been unemployed for one year and a half. What keeps me going forward is the hope that things will improve as they already have a little bit. Unfortunately, money is not everything but if you don't have a job you are nothing. You can't feed your children, you can't go out with your friends, you can't buy your girlfriend something nice. Now i know the value of work but i wish i had learned it sooner.
     
  11. streettallest

    streettallest New Member
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    I have really gone through such 'severe' financial crisis and have learnt a lot of lessons from it. This happened before I got a job. I had invested my whole savings into a venture without proper feasibility study. Of course it collapsed and I lost money.

    Paying my bills and taking care of some expenses became a problem for me. But I had to fight through it yo get back on my feet.
     
  12. TexDanm

    TexDanm Shadow Dancer
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    Ok as I reread a lot of this I sort of got my nose rubbed in a few facts and wish to share a few things with y'all. I have been out of work several times in my life in the sense that I wasn't working every day for the same person. That meant no dependable or predictable income, no insurance and no certain sure plan for the foreseeable future.

    It is a shock to go to work one day and get laid off unexpectedly. When I worked in the oil industry that happened several times. No warning! BAM you are out of work. In the one I mentioned in the earlier post this was a huge systemic break down and eventually the area where I lived was 25% unemployed. hundreds of thousands of people were out of work. Thousands were soon out on the streets with entire families living in their cars. Roadside parks were full of people that a year ago had been middle to upper-middle class.

    You need to understand; without a home you had no telephone (this was before cell phones!) and no place to receive mail or benefits!! You could easily become a nonperson and fall between the cracks as far as the government was concerned. After a year you are no longer even unemployed. The unemployment rates got better eventually simply because after a year your unemployment benefits stopped and that meant that you were no longer unemployed. You had left the work force!!

    In comparison my problems were rather minor. I want to share with you why things for me were not as bad. First off My Dad believed in work and so I was well acquainted with it. This meant that while I was looking for a job I was open and willing to accept work. I roofed several houses, Painted a school, replaced the skin on several trailer houses after a giant hail storm, Cleaned houses, did janitorial work at a church, mowed yards, raked leaves, sold a few vacuum cleaners door to door, delivered 7000 circulars to peoples homes,... Basically I was open to doing anything that someone needed. The roofing and painting were things that I learned by starting as a cay laborer.

    You have to be flexible and willing to work hard. The reason I say this here is as entry to my next point. Networking!! That means letting as many people as possible know that you want work and will work hard for reasonable wages. One of my biggest sources of work was through my church. These people knew me and they helped spread the word. Once I worked for someone they became another source as they told people about me.

    It doesn't have to be a church though I do recommend that as one place that can help you. The big thing is that you need to get off your butt and make sure that you are visible and as many people as possible know that you want to work. I did lots of volunteer work during this time and seldom did I fail to get some work from these sources.

    You can have the greatest product in the whole world but if nobody knows about it you will never sell one. Get out of the house. Get involved with other people. Churches, Volunteer groups, Go to political meetings whatever. You are selling yourself and it is like a politician running for office.

    Step three is simply have a plan for the long term. A brilliant old man told me once, "Sonny, If you don't know where you are going don't be surprised when you don't get there!" He said that my wife and I needed to first decide what we wanted in life. Where did we want to be in 20 or 30 years. He said to dream big and write it down. After that anytime we came to a crossroad in life we would look at that and take the path that best led in that direction.

    I took a job loading trucks. It sucked big time and was a mind numbing job. I worked at night for 5 years doing this because it paid way better than you would imagine, had benefits and in the end that company guaranteed my wife's student loan and sent my wife to college.

    It is bizarre how closely our life ended up to matching that dream that two young people sat down one night when things were darkest and wrote down the wishes! My wife ended up with a great paying career and was done with dead end minimum wage jobs. I got to start my own business doing something that I always liked to do. We lost our home but in losing it we left the bigger city that we were not happy in and moved in to the country near a much smaller town near another smaller town. My daughter got to grow up in a just wonderful environment with horses and nature and go to a small school with little to no problems.

    Be willing to do ANY sort of work and work hard. Network, mix with as many people as possible and get them keeping their eyes open for work for you. Have a plan in the sense of knowing pretty exactly what you want and what is important to you.

    You will note that in my wife and my plan getting rich wasn't mentioned. For us that just wasn't/isn't important. We are blessed in that we have beer tastes. Champagne holds no attraction to us. That means that we don't have the problem of having champagne tastes with a beer pocketbook.
     
    Last edited: Jul 20, 2017
  13. GS AutoTech

    GS AutoTech Expert Member
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    There is nothing like struggling against adversity to expose your true grit & character. Many memories & strong bonds are formed in these times.
    Tipping my hat to those who have endured hard times & became better people.
     
  14. lonewolf

    lonewolf Moderator Staff Member
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    I've been made redundant 3 times and laid off at the end of a contract many more times, been unemployed for long periods sometimes years, nothing anyone else in my country probably hasn't had to endure, especially in the 1980s and 1990s which were pretty bad in the construction industry. I managed, there were times I ran out of money but I never ran out of food, I hadn't even heard the term "prepper" back then but I was still doing what we all do now.
     
  15. Keith H.

    Keith H. Moderator Staff Member
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    Yes, I have been down to my last 2 dollars, no food left & the clutch master cylinder was gone on my vehicle. I was stuck in a one horse town called Wundowie. I I gave one dollar to my travel companion to bet on a horse. I bet my dollar on a horse called Bonanza! My companion lost his dollar, but I won 4 dollars. I purchased some flour & powdered mild & cooked it in an old biscuit tin. Three days later I landed a job at the iron & steel foundry.
    Keith.
     
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  16. Morgan101

    Morgan101 Master Survivalist
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    I just saw this thread, and it brought back some memories. Have I ever been through a severe financial crisis? I would honestly say no. Even through the worst of times I have never been unemployed for more than three or four months. We always had enough to weather the storm, and I have always been blessed in that I landed on my feet.

    The closest thing for me was during our first year of marriage. It was our first year filing a joint tax return. We had both always gotten a refund from the IRS when we filed separately. We purchased our first house in February, and taxes are due April 15th. We didn't have two nickels to rub together. We put everything into buying the house, and some necessities when we moved in. When I did the taxes, fully expecting to get a refund, I found out we owed about $700.00. That was a month's pay back then. I thought for sure I was going to jail. Somehow we came up with the money. I think we ate beans for the next three months. It is funny looking back at it, but it sure wasn't funny then.
     
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  17. randyt

    randyt Master Survivalist
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    yes I have, it was the Obama years
     
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  18. LS55

    LS55 New Member
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    Yes a few times. When my kids were very young I had to borrow to buy milk for them. I still remember (and they do too) going through the checkout line at the store and having to ask the checker to put items back because I couldn’t afford them. It’s humiliating, especially when the people behind snicker. Then in 2008 in the recession we had a really bad time. I could no longer work because of health issues and my husband had to change jobs. We ate a lot of hamburger helper with very little hamburger in it. Luckily we did have a great garden so we had lots of veggies. Those times made me realize how important it is to prepare for anything that could happen. Because it usually will happen.
     
  19. Dalewick

    Dalewick Expert Member
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    Yes, a few times. When I was young uncle Sam would forget to pay me sometimes. Once for 6 months. Was young and single and deployed all over most of that time. Finally told the Colonel I was going home if I wasn't getting paid. I got paid.

    Hard times can make you hard, but learning from it is a path to wisdom.

    Dale
     
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  20. TMT Tactical

    TMT Tactical The Great Lizard !
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    Been there and done that and never plan to go back. The details would be boring and of no value to most. My children never missed a meal but there were very hard times. Worked 2 jobs sometimes to make ends meet. 2008 was a real back breaker. Lost home, saving, parents and job. Mr. Murphy sure had fun that year. Lesson learned, a few but the big trick, when knocked down, get back up.
     
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  21. lonewolf

    lonewolf Moderator Staff Member
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    I've spent most of my adult life on either low wages or unemployed, its just how things were.
     
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  22. Sourdough

    Sourdough "ALASKAN"
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    Alaska suffered a True economic depression after the oil pipeline was built and the price of oil crashed. We lost 77 percent of our banks and credit unions to bankruptcy. This period in Alaska lasted from around 1980 till about 1993.
     
    Last edited: Sep 11, 2019 at 4:16 PM
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  23. TexDanm

    TexDanm Shadow Dancer
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    I actually spent my last dollar one time. It was a 1976 silver dollar that my Dad had given me. We were dead broke and that was all the cash that I had. I gave it to the guy at a meat market for something to eat and he promised to hold on to t for me. I spent the evening hunting the ditches bottles that had deposits on them. I washed them up cashed them in and got my dollar back the next day. I still have and carry that old coin. It is almost totally slick with just the outline of Eisenhower left and a hint of the date.

    The good thing about hard times is that if you will take advantage of the opportunity you can totally redirect your life. When you have a job, even if it is not a good one, you are just hesitant to dumps it and try something new. When you don't have a job at all and are just about busted you don't have nearly as much to lose and so, if you will run with it, can give almost anything a try. I've always fixed my own stuff around the house and on my cars. I like doing that sort of thing but had never really thought about doing it as a living. I got laid off again after we moved into the country and so did a bunch of it around the house that I was renting. My landlord liked it and let me do it on some of his other places. I basically stopped looking for a job and went to work for myself with my landlord as my first and best customer. I bought books on plumbing and electric wiring and repair masters for all sorts of appliances. After a while, I bought a book and then passed my licensing test to do AC and refrigeration.

    You can't see it looking forward but in retrospect, most of the best things that happened in my life had a start in something that wasn't so good at the time. Hard times can be sort of scary but when you have nothing to lose you need to reach for the gold and do things that you have wanted to do in the past but couldn't.

    Actually being poor isn't all that bad. I learned that when you trimmed off all of the things that you don't need you end up with very little in the way of needs. Once I trimmed my bills to the minimum the amount of money that we needed was fairly easy to come up with. If you will cook, eating is cheap. Pretty much every town has some sort of food pantry for people that are having money troubles. Since we liked to cook they liked us a lot and we got things like beans, rice, cornmeal, flour, and other staples and let them keep the canned and boxed stuff for people that didn't cook. I like beans and rice with cornbread. We also ate a lot of gumbo and fish. We played cards and went to the park with the kids.

    I think that one of the reasons that I feel comfortable with surviving TEOTWAWKI is that I know that I can get along fine without most of the modern conveniences. About the only thing that will create a real hardship will be the loss of refrigeration. The good thing is that soups, stews, gumbo, and goulashes don't need much in the way of refrigeration since the meat needed is minimal and the vegetables don't need it at all.
     
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