Surviving and Leveraging this deep recession

jbaello

Do we have any thread in here? on how to survive this deep recession, and to take advantage of the bottom dropped stocks/properties?

EdTheLad

My advice is keep working at least until the recession is over, start buying when the stock/property hits bottom.

msteinhilber

My wife and I already own a home, fortunately our area hasn't been hit as bad as other areas so we haven't lost a huge amount of value in our house, but we did lose enough that we owe more than our home could currently be sold for. We have a fairly good fixed rate but unfortunately because of the value now are unable to refinance to take advantage of the even lower rates but things could be worse... definitely a great time to purchase if one qualifies for it these days though.

My current plan of attack to deal with the economy has been to bring in as much extra income as possible and pay down some debt, we fortunately do not have an insane amount but I'm nearly graduation and may or may not be continuing on for my Master's degree so repayment for my loans may be kicking in soon. I currently work in IT for a real estate company, things are slow and hours have been cut so I am working at getting into another job. My goals for this year are to earn some various certifications and work at making myself more marketable to help retain a job and/or move up in my career as well.

Devin McCloud

What I think is shady is when a recession/depression hits, why don't city auditors re-evaluate your property value to reflect the current market. For instance, home values have dropped close to 30%, you should be saving that on your yearly taxes. They sure do rush to re-evaluate your property when it goes up in value but never when it goes down!

:P