11/15/2011 8:28 PM ET|
Are you better off than 5 years ago?
Plenty has happened since 2006. MSN Money took to Facebook to ask readers if things are better or worse for them now, and to find out how they're managing in these tough times. Here are some of their comments.
Heather D.: Five years ago: Had a job and an income. Today: No job, no income.
Christina S.: Well, 5 years ago we were still working on paying down debt. We had school loans, car payments, and a nasty credit card bill (or two, or three). But we had a plan. Today, we're debt free but the house. And we had a kid in there!
Kimberly K.: 5 years ago we were living like things would continue to get better. Today, we are taking care of the debt and living like things will stay the same or get worse. Feels better this way.
Bridgette G.: My husband bought a house just before the crash of the housing market and before we met. Now we can't sell because we are upside down and my husband has lost 2 jobs in the last 5 years due to downsizing. He is now in school to hopefully get a more stable job.
Mary Lynn D.: 5 yrs ago, had savings and working on paying things off- now, lucky I have a job, but savings all gone trying to keep up and hoping I can keep paying mortgage, 2nd job- costs me more than I earn from it ... sinking with no real hope of things getting better.
Jason B.: 5yrs ago: large debts, no savings, just started a new job after being unemployed 6 months. Now: no debts, 1 yr of emergency savings, have funded my 401k & IRA heavily and hoping to take a real vacation in 2012.
Ann M.: I keep getting my hours cut each month. Last month I worked only 24 hours for the whole month of October this month Nov. I got 36. I am hanging on by a thread. I've been working almost 6 years at this place for almost 6 years. Recession has hit me hard. I am still living recession every day. Living pay check to pay check. Taking from Paul to feed Peter is a hell of a life to live I don't wish anyone to live like I do. I see no hope I the near future. Not w/ this recession going strong. God help us all.
Kurt W.: Five years ago, my wife had a company car; got a bonus that amounted to 30% of her salary (because the Portland Cement industry was booming); and had two people working under her; while I was making $56k. Today, company car was revoked (so she took an effective pay cut to buy a new one); her two people were laid off (one RIGHT after he'd been promoted to semi-independent status); her company is switching to "Consumer-Based Healthcare" this winter (so another effective pay cut of about $6k) and I make $28k (if I'm lucky). The one thing that IS better is that our mortgage rate is lower as we refinanced two years ago and may, again, real soon...
Lisa D.: i make twice the money after going to college and being in the army, but ihe prices on everything from food to housing to gas have all gone up so i am still in the same position as 5 years ago. still can't afford an apartment, still can't afford health insurance, still can't afford a new car. still living with relatives.
Nancy W.: Ive always been a stay at home mom. Husband retired from police department at 48 because we always lived within our means. We lived modestly and put all the kids thru private school. We are now quite comfortable at 55/56 yrs. old. slow and steady, knowing who we are and not feeling a need to keep up with nor impress anyone. just purchased an island home at the beach. Good things come to those who work hard, save and have some patience.
Glenda M.: 5 years ago I had 20k in debt, couldnt save a much but still spent on travel, dining, etc. now I have paid off all my debt, 2yrs of emergency funds available, quit my 7 yr old job and got a new job, get paid 35% more than I did 5 yrs ago. So financially I am better off, only real change is my spending..I spend with the " I don't know if I will be the next one laid off tomorrow and have no job" mentality. A mentality I didn't have 5 yrs ago and didn't need to consider when booking a flight, going out to dinner, or purchasing an item.
Tino O.: Spending way less, saving way more. And keeping better track of where it's all going.
Annette W.: Currently in transition, relocated for husband's job change after job loss. We are one income right now - chose to downsize house and sold new car. Love the decreased stress.
Cole B.: Funnily enough. I actually have more now than I did 5 years ago. I, like many, lost my job, repo'd a car, defaulted on loans 5 yrs ago. It was a wake up call for me. I was living beyond my means, and I wasn't saving a dime. I became very reactive. Over the years, I have rebuilt. Am buying my first home. Have worked my way up thru a new company. Funded my 401k. And have money in the bank. Only recently have I returned to making the income I had 5 yrs ago. It took a downturn for me to realize that nothing feels better than security and financial safty. I drive a Honda instead of a Cadillac. But I'm happy.
Sharon B.: Got a masters degree, had to move for my husbands job, renting the house we owned in Vegas at a $600 a month loss, I had to close my small business of managing non profits because of the move, and I am making $25k less. Expenses are up so we are just surviving. Can't find a job utilizing my MBA.
Carlo T.: I live even more within my means..... and fear losing my job more!!
VIDEO ON MSN MONEY
I'm a single brood mare with a dozen baby daddies and I collect every form of government subsidy know to man, so I'm WAY better off than I was before obama got elected, and if he gets reelected I may even become a 1%er.
Kidding aside, I thought this headline was some kind of a joke/trick question until I read the story and realized the author was serious....
My husband and I are a lot better off today than we were 5 years ago. Both of us are retired Military. He retired in 2006 and I retired at the end of September 2011. We own a house in Washington State. We live well with in our means. My husband has a great job. I am currently unemployed but not worried about a thing. We have done everything ourselves with a total of 40 years of hard work in the military. We have created what our life is today. It's a great life with no worries!
Obamas HOPE & CHANGE!!!!!!!! His socialist ideas about sharing the wealth....those of us get taxed more so those that do not work get paid. I do not see Obama sharing his wealth, but I see queenie michelle spending the tax payer money to gain 40#, vacation, buy expensive clothes and complain about being in the White House.
Lets make sure she leaves the White House in 2012, along with Pelosi, and the free spending Democrats in the Senate and House.
To decrease the debt all congressional saleries are rolled back to 2000. no raises for congress higher than SS raises.All Federal employees , judges, congress must be included in SS and Medicare. No pvt insurance for any federal employee. All the Czars are terminated. All queenie michelles 25 staff members are terminated. 85% of congressional jobs are terminated. No insidertrading for congress. No bonus salaries for any one in congress.
Pelosie has to fly public transportation, no pvy jet. Foreign aid to countries not supporting the USA is stopped.
All medicaid, SS, payments to illegals stops now. Stop breaking our laws by entering the illegally.
Secure our North and South borders. with troops to help Border Control agents.
Reduce rules and regulations so free enterprise can create jobs for US citizens.
Every one pays minimal $10.00 a quarter in Taxes to the state and federal govt. No exceptions. Welfare persons must work 6 hurs a day 5 days a week for a check.
Take care of the wounded soldiers, provide superior care to our soldiers. Obama care dies.........No funding from congress.
All union members participate in SS and Medicare, no pvt insurance or retirement..
Life Politicans cannot collect double retirement from state to federal, because they will be included in SS and Medicare. Retired Presidents like Carter and Clinton provide their own secret Service after leaving office. No need for the Taxpayers to pay for secret service, they can afford to hire their own protection.
That is a start to reduce the debt.....Obama not re-elected to the office of President, has to happen in 20102.
It's a tricky thing to say things were better 40 years ago.
Back then, the middle class lived in small houses. They might have 2 bathrooms. No fancy kitchen. Few electronics, and only the telephone had recurring monthly costs. And 1 car, maybe 2.
So we can whine about companies such as WalMart, but look at what the middle class has now. Big houses. Multiple cars. Hundreds of dollars a month in entertainment like cable, cell phones, internet. So many items that we have to rent storage building for all our stuff.
In fact, I saw a study that people on welfare now have access to about as much as the middle class had in the 1950's.
A family of 4 can get $800 a month in food stamps (is it a surprise that the "poor" are obese?). Plus free education, free healthcare, free housing, and even spending money!
It's time we look at all the stuff around us and ask if it is a luxury or a necessity.
It's time to ask if we are handing out too much. I don't want starving kids, but there are lots of able bodied people getting handouts. That money comes right out of our economy. It costs us all more in taxes. It makes us less competitive with the world. When we support 1/3 of Americans, not only do that 1/3 contribute nothing, the other 2/3 is out what the support costs.
There really should not be one person in a grand scale to be better off.
In one way or another, every US Citizen has taken a substantial hit from the corporate manipulation.
- If you own a home or have a mortgage on a home, you are effected.
- If you have a 401K, retirement savings, etc you have been effected financially
- If you rely and pay energy bills, you have been effected by manipulated cost increases
- If you drive a vehicle, you have been effected by manipulated increases.
- If you eat, you have been effected big time.
- If you buy general merchandise, you have seen inflation 5 times that of salary increases, lack thereof, or even pay decreases which is significant for many.
- If you had debt on variable credit, you have been adversly effected by legistlation which was to prevent the changes, but instead gave time for these creditors to raise rates beyond acceptable limits just prior to the effective law.
- If you have a savings account, you have been effected as the return is disgusting.
Shall I continue? I think you can see the logic in my post, and if you are not one then you are one who is involved in someway regarding profiteering from this manipulation.
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