The financial markets have imploded, the stock market crashed, Obama is President - elect and all else is trash. Lehman Brothers is bankrupt, Merrill Lynch gone, bought by B of A and renamed Lynch America (joke hahahaha.) Wachovia sold to Wells Fargo, Bear Sterns bought by JP Morgan Chase, Washington Mutual bought by another large bank and National City by PNC. AIG 80% owned by the Federal Government, GM, Ford & Chrysler all in desperate need of a bailout. GE shored up by a $5B Warren Buffet investment that gets paid a 10% annual dividend with rights to invest another $5B at the same price. Thank God I had 25% in cash and only 25% in equities; although the 50% in real estate is showing some signs of stress - down 20%.
A lot of people's retirement dreams are in ashes, purchases postponed, retailers are hurting and futures look grim. This too shall pass as it always has. Just wait it out, don't panic, learn to be frugal and save all you can. Sure wish I had a job right about now.
Monday, November 10, 2008
Sunday, April 20, 2008
It Is Personal Now
Down $200,000 and dropping. A year after buying our new house at Discovery Bay, the market has tanked, people are being foreclosed on in record numbers and houses like ours have been sitting for months. One across the street bought by a flipper started at $1.3MM and is now $1.099MM and not moving. Next door is one for $1.049MM. Our old house would sell for around $599M now vs.the $799M we sold it for. So its a push and we didn't have to make the $100,000 worth of repairs it needed. Last week I filled out a county tax assessor form requesting a reduction in the assessed value of $300,000 for tax purposes. I'm sure we'll get close to that as I have comparable sales very close to that number.
So I am unemployed having been laid off by my employer of 9 years with only 10 weeks of severance. Bastards. I've been close to three jobs and have a couple others working but think I may need to go set up my own company and get back into the fray. I've owned LeasingInsider.com for 8 years and am working on activating it and using it as my business platform. I'd need to form an LLC to provide some protection for my assets should anyone decide to sue me for any reason. Lisa too becomes unencumbered June 30 so things could get tight. Her prospects for a new job are much better than mine. She has one job already offered and is receiving calls from recruiters and friends in the industry. So hopefully she'll land quicker than I have.
So I am unemployed having been laid off by my employer of 9 years with only 10 weeks of severance. Bastards. I've been close to three jobs and have a couple others working but think I may need to go set up my own company and get back into the fray. I've owned LeasingInsider.com for 8 years and am working on activating it and using it as my business platform. I'd need to form an LLC to provide some protection for my assets should anyone decide to sue me for any reason. Lisa too becomes unencumbered June 30 so things could get tight. Her prospects for a new job are much better than mine. She has one job already offered and is receiving calls from recruiters and friends in the industry. So hopefully she'll land quicker than I have.