Looks like we are in a recession. Technically, we are not yet in recession, but it is just a matter of time before it becomes 'official'.
Pls. share your thoughts on how you survived the last recession.
We had moved into US few months before 9/11, and went out of job for 9 months over two year period, in bits and pieces. The 'comfort zone' was the significant cash balance that we could dip into (don't have the luxury this time...)
Now I have much better skillset, know the market, have green card flexibility, but yuck, the feeling in the stomach...
Remembering the last recession
Remembering the last recession
VMWare P/E - 178
RIMM - P/E - 76
Google P/E - 53
Apple P/E - 44
Financial companies in accounting irregularities.
It is deja vu.
RIMM - P/E - 76
Google P/E - 53
Apple P/E - 44
Financial companies in accounting irregularities.
It is deja vu.
Remembering the last recession
Tips for surviving recession:
(1) Sell off all stock index funds, individual stocks and put in a same prime money market fund today itself where DOW is above 13000. Wait till the gloomy recession day when DOW passes below 10000 or 9000 and invest all the money in stock index funds or excellent value stocks or excellent bank/homebuilder/home-based retailers stocks. Once the market comes up probably after 2 or 3 years, your stocks might have appreciated very well and you can sell if you want. (Eventhough many pundits wont agree with me which is impossible to predict - I also agree that if you have AAP plan you can stick to it without selling stocks)
(2) Diversify your skill set in learning at least 3 core key skills which will have market even in downturn. If possible, take a independent contract role, travel for a short time and make good $$$/hr which will come a long way during recession.
(3) Please do not buy anything now. During deep recession, companies will sell their product under deep sale and buy during that time. Now is the saving time.
(4) Eat home made food and please do not spend on eatouts which will save a lot.
(5) Close all your credit cards or do not use your credit cards at all. Use Cash for all purchases and big item purchase use credit card but pay immediately. In that way, you have better control over cash flow and you can control cost. (Apart from occasional fights with your spouse that opposing parties will be blamed for incurring expenses:) )
(6) If you are renting and you do not have a job and even after several tries and if you have GC/USC and if you are single/married/married with younger kids below 5, please take a long vacation of 5 to 6 months to India and put all your home stuff in public storage for $100/month. Temporarily close all utilities including car insurance except comprehensive insurance which will cost very less. Your entire expenses in US should be only $125/month and you can have a nice time in India with less expenses. Buy a VOIP phone and start searching jobs from India. If you get it , its good as you have saved monthly expenses and you can come back here happily.
(7) If you happen to choose option (6), you can get some excellent training in various IT courses in India such as SAP, Oracle Apps, Datawarehousing tools like Cognos, ReportNet, Informatica, DataStage. Beware that only few training institutes and teachers are good and find out which one will be the best. The training in India is very cheap and you can get one easily at very low cost. Please buy an excellent laptop during nov. sale (www.black-friday.net) and take to India where it will immensively help in mobile learning.
(1) Sell off all stock index funds, individual stocks and put in a same prime money market fund today itself where DOW is above 13000. Wait till the gloomy recession day when DOW passes below 10000 or 9000 and invest all the money in stock index funds or excellent value stocks or excellent bank/homebuilder/home-based retailers stocks. Once the market comes up probably after 2 or 3 years, your stocks might have appreciated very well and you can sell if you want. (Eventhough many pundits wont agree with me which is impossible to predict - I also agree that if you have AAP plan you can stick to it without selling stocks)
(2) Diversify your skill set in learning at least 3 core key skills which will have market even in downturn. If possible, take a independent contract role, travel for a short time and make good $$$/hr which will come a long way during recession.
(3) Please do not buy anything now. During deep recession, companies will sell their product under deep sale and buy during that time. Now is the saving time.
(4) Eat home made food and please do not spend on eatouts which will save a lot.
(5) Close all your credit cards or do not use your credit cards at all. Use Cash for all purchases and big item purchase use credit card but pay immediately. In that way, you have better control over cash flow and you can control cost. (Apart from occasional fights with your spouse that opposing parties will be blamed for incurring expenses:) )
(6) If you are renting and you do not have a job and even after several tries and if you have GC/USC and if you are single/married/married with younger kids below 5, please take a long vacation of 5 to 6 months to India and put all your home stuff in public storage for $100/month. Temporarily close all utilities including car insurance except comprehensive insurance which will cost very less. Your entire expenses in US should be only $125/month and you can have a nice time in India with less expenses. Buy a VOIP phone and start searching jobs from India. If you get it , its good as you have saved monthly expenses and you can come back here happily.
(7) If you happen to choose option (6), you can get some excellent training in various IT courses in India such as SAP, Oracle Apps, Datawarehousing tools like Cognos, ReportNet, Informatica, DataStage. Beware that only few training institutes and teachers are good and find out which one will be the best. The training in India is very cheap and you can get one easily at very low cost. Please buy an excellent laptop during nov. sale (www.black-friday.net) and take to India where it will immensively help in mobile learning.
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Ace Novice
- Posts: 514
- Joined: Mon Feb 05, 2007 8:17 am
Remembering the last recession
Another one ? Cool. Let's have more of them now, in our productive phase, and less later.
Remembering the last recession
LoveIndia;56546Tips for surviving recession:
(1) Sell off all stock index funds, individual stocks and put in a same prime money market fund today itself where DOW is above 13000. Wait till the gloomy recession day when DOW passes below 10000 or 9000 and invest all the money in stock index funds or excellent value stocks or excellent bank/homebuilder/home-based retailers stocks. Once the market comes up probably after 2 or 3 years, your stocks might have appreciated very well and you can sell if you want. (Eventhough many pundits wont agree with me which is impossible to predict - I also agree that if you have AAP plan you can stick to it without selling stocks)
(2) Diversify your skill set in learning at least 3 core key skills which will have market even in downturn. If possible, take a independent contract role, travel for a short time and make good $$$/hr which will come a long way during recession.
(3) Please do not buy anything now. During deep recession, companies will sell their product under deep sale and buy during that time. Now is the saving time.
(4) Eat home made food and please do not spend on eatouts which will save a lot.
(5) Close all your credit cards or do not use your credit cards at all. Use Cash for all purchases and big item purchase use credit card but pay immediately. In that way, you have better control over cash flow and you can control cost. (Apart from occasional fights with your spouse that opposing parties will be blamed for incurring expenses:) )
(6) If you are renting and you do not have a job and even after several tries and if you have GC/USC and if you are single/married/married with younger kids below 5, please take a long vacation of 5 to 6 months to India and put all your home stuff in public storage for $100/month. Temporarily close all utilities including car insurance except comprehensive insurance which will cost very less. Your entire expenses in US should be only $125/month and you can have a nice time in India with less expenses. Buy a VOIP phone and start searching jobs from India. If you get it , its good as you have saved monthly expenses and you can come back here happily.
(7) If you happen to choose option (6), you can get some excellent training in various IT courses in India such as SAP, Oracle Apps, Datawarehousing tools like Cognos, ReportNet, Informatica, DataStage. Beware that only few training institutes and teachers are good and find out which one will be the best. The training in India is very cheap and you can get one easily at very low cost. Please buy an excellent laptop during nov. sale (www.black-friday.net) and take to India where it will immensively help in mobile learning.[/quote]
I like your tips very much especially no 6 :emwink:. Perfect time for having a long holiday.
Do you have any tip (modified 6) for people those who have children above 5 ?
Remembering the last recession
Neesha:
Thanks for your accolades and (probably some brickbats which you may not like to reveal:emwink: )!!
(1) If your kids are above 5 and if we lose jobs in the month of April/May, then we are fine as kids will have 3 months vacation and we can go to India.
(2) If not (1) where we lose jobs other than April/May and if our kids are between 5 and 7, then also we can relocate to India, find some average schools in India where they can continue their education with minimal stress and come back here later.
(3) If Not (1) or (2) and our kids are more than 7, then there is no other alternative except the spouse (generally men) should travel anywhere in america (including hawaii or alaska) for short-term contract jobs to get the family going.
Thanks for your accolades and (probably some brickbats which you may not like to reveal:emwink: )!!
(1) If your kids are above 5 and if we lose jobs in the month of April/May, then we are fine as kids will have 3 months vacation and we can go to India.
(2) If not (1) where we lose jobs other than April/May and if our kids are between 5 and 7, then also we can relocate to India, find some average schools in India where they can continue their education with minimal stress and come back here later.
(3) If Not (1) or (2) and our kids are more than 7, then there is no other alternative except the spouse (generally men) should travel anywhere in america (including hawaii or alaska) for short-term contract jobs to get the family going.
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Ace Novice
- Posts: 514
- Joined: Mon Feb 05, 2007 8:17 am
Remembering the last recession
It occurred to me that if you are freelancing, it might be time to lock up a long term gig (for those of you who prefer short term gigs and the vacations in between).
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Chicago Desi
- Posts: 1642
- Joined: Tue Jan 23, 2007 1:24 am
Remembering the last recession
What is the basis of the claim that we are heading towards a recession? Looks like I missed something in the news.
Remembering the last recession
Housing Sector, Finance Sector, Bank Sector, Home-Based Retailers, Lower Projected Corporate Profits all point to lower GDP in next subsequent quarters which might lead to recession during mid 2008. However our fed master will start printing additional money :emteeth: by lowering the interest rates so that republicans dont lose heavily :emsmile: (Already many folks expect Democrats to come back after 8 years)
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Ace Novice
- Posts: 514
- Joined: Mon Feb 05, 2007 8:17 am
Remembering the last recession
What on earth does it matter who wins.