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Cure for GAS: RECESSION!!!
- Thread starter Dr. Cheese
- Start date
I know of what Dr. Cheese speaks. My contract just was renewed, and with luck I may see a few extra pennies early next year, which I fully expect to be offset by health plan premium increases.
For me here are the big big questions as regards GAS:
1. How much are you gigging?
2. If the answer to #1 is "a lot" or better, how long will it take the object of adoration to pay for itself?
3. Do I need the object of adoration right now and enough to finance it? If so, why? (Financing a new and lighter amp rig may save you money on throwing out your back and being laid up.)
3. If I finance using the "xx days - same as cash" mantra, will I really pay off the loan with my gig money only?
4. If I get lazy toward the end of the loan term, what will the accrued interest hit be? (Read yer fine print before you sign - might be more than you think.)
For me here are the big big questions as regards GAS:
1. How much are you gigging?
2. If the answer to #1 is "a lot" or better, how long will it take the object of adoration to pay for itself?
3. Do I need the object of adoration right now and enough to finance it? If so, why? (Financing a new and lighter amp rig may save you money on throwing out your back and being laid up.)
3. If I finance using the "xx days - same as cash" mantra, will I really pay off the loan with my gig money only?
4. If I get lazy toward the end of the loan term, what will the accrued interest hit be? (Read yer fine print before you sign - might be more than you think.)
You know, I actually think a year same as cash is a good deal provided one is responsible enough to stick to the terms and I have done so every time I ever entered into such an agreement. What concerns me is that I fear something really bad may be heading our way, and an extra $50-$120 a month may really come in handy.
You know, I actually think a year same as cash is a good deal provided one is responsible enough to stick to the terms and I have done so every time I ever entered into such an agreement. What concerns me is that I fear something really bad may be heading our way, and an extra $50-$120 a month may really come in handy.
I'm with you in thinking that something bad might just be headed our way. I don't think anybody needs to take on any kind of additional payment right now.
bassman314
I seem to be a verb, an evolutionary process...
I haven't given up on the market yet, either. It came back from 1929. It came back from 1989, and the dot com bubble.
I wasn't planning on retiring anytime soon (I'm only 30), so any losses I take now will be back in the long run.
bassman314
I seem to be a verb, an evolutionary process...
I just turned 50..my 401 lost 25% in the past few months so I removed all funds from the stock market and put it into the guaranteed fund..the interest rate is guaranteed ..the money is ..I hope safer there than in the market..I will wait for the election to pass and move my funds back into the stock market since I dont plan on retiring for anothe 20 years...It should rebound and I hope to get it on that rebound...
I have been paying down debt incurred while unemployed for an extended period and have made signifigant progress in the past year..I see the light at the end of the tunnel flickering...
as far as buying new gear.. I purchased a used cab a few weeks ago for 250 and paid cash..I will not incur any debt for gear..I have enough stuff....
I have been paying down debt incurred while unemployed for an extended period and have made signifigant progress in the past year..I see the light at the end of the tunnel flickering...
as far as buying new gear.. I purchased a used cab a few weeks ago for 250 and paid cash..I will not incur any debt for gear..I have enough stuff....
sometimes i think i spend too much on musical stuff...but then i remember how i really spend the same amount (%) of my money on 'toys.' it used to be video games, for the last few years its been music gear...
having a credit card can be dangerous, but i try to pay everything off within a few weeks of incurring any debt. i've also been trying to pay off my student loans/car payments ahead of schedule. i don't like the feeling of having a lot of debt- but it's kind of a fact of life for US citizens. or at least it is right now. I'm really happy to have a steady job as a scientist.
Inflation sort of reduces the burden of debt [provided your bank doesn't jack up the amount you owe in accordance with it] The current inflation rate is about 5-6% right now- it could go higher especially since Bernanke is going to cut the prime rate soon to 1.5%... if our money hits superinflation levels, which it might, at least then i will have proportionally much less debt.
although my savings will be worthless
i wonder what is going to happen in the next decade. my thoughts- it's going to suck. maybe not great depression levels of outright suckitude, but it will be up there.
at least i'm only 23 so i'm not terrified for my retirement accounts. my condolences to our more senior members- you've been pwned by a set of failed economic principles...
having a credit card can be dangerous, but i try to pay everything off within a few weeks of incurring any debt. i've also been trying to pay off my student loans/car payments ahead of schedule. i don't like the feeling of having a lot of debt- but it's kind of a fact of life for US citizens. or at least it is right now. I'm really happy to have a steady job as a scientist.
Inflation sort of reduces the burden of debt [provided your bank doesn't jack up the amount you owe in accordance with it] The current inflation rate is about 5-6% right now- it could go higher especially since Bernanke is going to cut the prime rate soon to 1.5%... if our money hits superinflation levels, which it might, at least then i will have proportionally much less debt.
although my savings will be worthlessi wonder what is going to happen in the next decade. my thoughts- it's going to suck. maybe not great depression levels of outright suckitude, but it will be up there.
at least i'm only 23 so i'm not terrified for my retirement accounts. my condolences to our more senior members- you've been pwned by a set of failed economic principles...
On the retirement thing-
I am 43, and my modest 4.01k got chewed up some, but not too bad. I can recover from this. Not so for my aunt, who just moved from California to Oregon, substantially downsizing her lifestyle in the process. Smaller home, not much income now, her 4.01k lost huge (I warned her to reallocate!) and now she can't retire in a couple months like she planned. But neither can she find work- she's 62, and none of the legal firms will hire her. So she's getting wiped out. She's already got her house on the market, looking for "rental-grade" property that she can rent out as well as live in.
I have made great strides in my personal GAS reduction, planning to pay only cash for further "needs". Also, not being in a band right now thanks to Ike has calmed me. I am slowly selling off my gear a piece at a time, and will keep only the pieces that have extraordinary sentimental meaning, or extraordinary functionality. I already know what I like now, when I re-gear in a few years, I'll be two steps ahead of the game.
I have noticed that equipment is moving really slowly in the classifieds, both here and on the Bay, and also in local outlets.
The economy has only begun to slide, I fear, and my job is in IT. Makes me real comfortable. IT is always the last to go, right?
Adding to our misery down here- the hurricane and the glut of people seeking jobs to replace the ones they lost, and the loss of property values, and it's gonna hurt around here for a while. No wonder Tina left Ike.
But the wise thing to do is to buy when others are in a financial panic. When people are complacent and prices are high, everyone is making money, that is the time to sell. I'm going to start buying some select stocks that I feel have been beaten like a red-headed stepchild as soon as I see some sort of bottom to this mess (probably next year, but I'm not certain). Look for a slight "dead-cat bounce" over the next couple days. Overall, I think the market will spiral in on itself for a while, until the shakiest banks, both here and overseas, die off. Even then it might not be all over. The ripples in the pond will keep going back and forth for a while. Moral of the story is? Follow the bouncing ball...greed is not good. Debt is bad. Savings are sexy.
I am 43, and my modest 4.01k got chewed up some, but not too bad. I can recover from this. Not so for my aunt, who just moved from California to Oregon, substantially downsizing her lifestyle in the process. Smaller home, not much income now, her 4.01k lost huge (I warned her to reallocate!) and now she can't retire in a couple months like she planned. But neither can she find work- she's 62, and none of the legal firms will hire her. So she's getting wiped out. She's already got her house on the market, looking for "rental-grade" property that she can rent out as well as live in.
I have made great strides in my personal GAS reduction, planning to pay only cash for further "needs". Also, not being in a band right now thanks to Ike has calmed me. I am slowly selling off my gear a piece at a time, and will keep only the pieces that have extraordinary sentimental meaning, or extraordinary functionality. I already know what I like now, when I re-gear in a few years, I'll be two steps ahead of the game.
I have noticed that equipment is moving really slowly in the classifieds, both here and on the Bay, and also in local outlets.
The economy has only begun to slide, I fear, and my job is in IT. Makes me real comfortable. IT is always the last to go, right?
Adding to our misery down here- the hurricane and the glut of people seeking jobs to replace the ones they lost, and the loss of property values, and it's gonna hurt around here for a while. No wonder Tina left Ike.But the wise thing to do is to buy when others are in a financial panic. When people are complacent and prices are high, everyone is making money, that is the time to sell. I'm going to start buying some select stocks that I feel have been beaten like a red-headed stepchild as soon as I see some sort of bottom to this mess (probably next year, but I'm not certain). Look for a slight "dead-cat bounce" over the next couple days. Overall, I think the market will spiral in on itself for a while, until the shakiest banks, both here and overseas, die off. Even then it might not be all over. The ripples in the pond will keep going back and forth for a while. Moral of the story is? Follow the bouncing ball...greed is not good. Debt is bad. Savings are sexy.
bassman314
I seem to be a verb, an evolutionary process...
On the retirement thing-
I am 43, and my modest 4.01k got chewed up some, but not too bad. I can recover from this. Not so for my aunt, who just moved from California to Oregon, substantially downsizing her lifestyle in the process. Smaller home, not much income now, her 4.01k lost huge (I warned her to reallocate!) and now she can't retire in a couple months like she planned. But neither can she find work- she's 62, and none of the legal firms will hire her. So she's getting wiped out. She's already got her house on the market, looking for "rental-grade" property that she can rent out as well as live in.
I have made great strides in my personal GAS reduction, planning to pay only cash for further "needs". Also, not being in a band right now thanks to Ike has calmed me. I am slowly selling off my gear a piece at a time, and will keep only the pieces that have extraordinary sentimental meaning, or extraordinary functionality. I already know what I like now, when I re-gear in a few years, I'll be two steps ahead of the game.
I have noticed that equipment is moving really slowly in the classifieds, both here and on the Bay, and also in local outlets.
The economy has only begun to slide, I fear, and my job is in IT. Makes me real comfortable. IT is always the last to go, right?
But the wise thing to do is to buy when others are in a financial panic. When people are complacent and prices are high, everyone is making money, that is the time to sell. I'm going to start buying some select stocks that I feel have been beaten like a red-headed stepchild as soon as I see some sort of bottom to this mess (probably next year, but I'm not certain). Look for a slight "dead-cat bounce" over the next couple days. Overall, I think the market will spiral in on itself for a while, until the shakiest banks, both here and overseas, die off. Even then it might not be all over. The ripples in the pond will keep going back and forth for a while. Moral of the story is? Follow the bouncing ball...greed is not good. Debt is bad. Savings are sexy.
I hear ya on the investing now bit. I don't have extra income not allocated elsewhere right now, or else I'd be doing the same. Maybe next year.
BTW, I just heard that eBay is laying off 1,000 employees. A great friend of mine works there, and I haven't heard if he's affected. They have 2 kids, and are expecting a third in December.
amen to that! Sure, it may keep you from obtaining physical luxuries for a period of time, but the luxury and peace of mind of no debt or payments to worry about is a wonderful thing to have.
Also, as far as our disillusioned economy. Check the used bass market. Great basses are going quite cheap now! Not good for gas!
bassman314
I seem to be a verb, an evolutionary process...
amen to that! Sure, it may keep you from obtaining physical luxuries for a period of time, but the luxury and peace of mind of no debt or payments to worry about is a wonderful thing to have.
Also, as far as our disillusioned economy. Check the used bass market. Great basses are going quite cheap now! Not good for gas!
Just doing our part to stimulate the economy!
The recession has been effecting me for a while now.
I quit my band and one of the reasons was the cost of travel back and forth. The gig money just wasn't justifying the trips anymore. Not to mention that a lot of the bars and clubs we played starting closing their doors or stopped having bands altogether. Limited places to play means limited opportunities to play for new people. Then the people that come out to see you regularly get bored of seeing you at the same places and decide to stay home and save cash.
Bad times folks, bad times.
One thing this recession is good for is that the used bass market is about to explode.
All of the people that bought guitars and basses as a result of "Guitar Hero" will be bringing them back to the stores soon.
Especially when it's a matter between buying food and gas or getting guitar/bass lessons.
I quit my band and one of the reasons was the cost of travel back and forth. The gig money just wasn't justifying the trips anymore. Not to mention that a lot of the bars and clubs we played starting closing their doors or stopped having bands altogether. Limited places to play means limited opportunities to play for new people. Then the people that come out to see you regularly get bored of seeing you at the same places and decide to stay home and save cash.
Bad times folks, bad times.
One thing this recession is good for is that the used bass market is about to explode.
All of the people that bought guitars and basses as a result of "Guitar Hero" will be bringing them back to the stores soon.
Especially when it's a matter between buying food and gas or getting guitar/bass lessons.
That attitude'll keep you afloat Chris, come what may
!The only reason that I could afford any of the gear that I've bought (and sold again) over the past 5 years, is that I didn't have it when I was younger and would have needed to get into debt to buy it
.OK, we can't all put our lives on hold, whilst stuffing money under our matresses
, but credit actually prevents you from getting all that you could have - in the long run.That's my belief and I'm sticking to it
.
Hasn't hit Canada yet, but it will at some point. Although none of our banks will go under, only one band in Canada has gone under since the depression and that isn't about to change anytime soon. No matter how bad things get.
lowsound
lowsound
