The Economy

[Crankin]

It's obvious that we don't represent an "average" just by virtue of our interest in cycling. Lots of people think I'm definitely nuts to spend what I spend on bikes...
To be serious, I realize I have it very easy compared to people who are really hurting. But, I think that if more people who were in my position made small changes in their habits, it would help make permanent changes. Like the thread on more people riding their bikes; do you think this phenomenon will last if gas suddenly gets a bit cheaper? Personally, I don't. We need to get a critical mass out there doing these things before they become "habits" that are part of our national personality.
And yes, vote...

[Dogmama]

Smilingcat, I hear ya'. The problem with "market timing" is it assumes that you are sitting on top of the market to execute your moves perfectly. This is far from reality for anyone but a floor trader.

...

I'm too lazy/uninterested to sit at my computer & try to time the market. I have my IRA in stocks 100% because I won't be able to access it anytime soon & the stock market seems to be the best investment for the long run. Plus, I'm re-investing my dividends, so when the market is down, I figure I'm buying stocks at a discounted price. My glass is always half full!

[Jolt]

But, I think that if more people who were in my position made small changes in their habits, it would help make permanent changes. Like the thread on more people riding their bikes; do you think this phenomenon will last if gas suddenly gets a bit cheaper? Personally, I don't. We need to get a critical mass out there doing these things before they become "habits" that are part of our national personality.
And yes, vote...

I agree! I have seen more people riding their bikes around town lately, which is great (although I do wish they'd follow the rules of the road better). As far as how the economic situation is affecting me, I wouldn't say I've made too many major changes since I have always tried to be fairly frugal (being a student will do that to a person). However, it is stressing me out that I am having so much trouble finding a nursing job around here. So much for the supposed shortage of nurses. We new grad nurses (I just got my RN license in February and have one more year of school to become an NP) here in MA are having a hard time because there just aren't as many positions available for us--most places are just looking for experienced nurses. And because I am still in school in MA, I do not have the option of looking in other states as some people have suggested to those of us having problems finding jobs. It's frustrating and I am hoping something comes through soon (I have all sorts of applications out at a bunch of places). I also would prefer, for obvious reasons, to end up working somewhere that is close enough to walk or bike to--a couple of the hospitals are about 20 miles away (one's even further, but it looks like the train would be an option on weekdays) so biking it would be pretty tough for a slow rider like me, but others are right in the same town as I am. We'll see what happens...

[Trek420]

I'm too lazy/uninterested to sit at my computer & try to time the market. I have my IRA in stocks 100% because I won't be able to access it anytime soon & the stock market seems to be the best investment for the long run. Plus, I'm re-investing my dividends, so when the market is down, I figure I'm buying stocks at a discounted price. My glass is always half full!

Agreed. If your employer has a 401k make sure you're in it. You really will not miss it each pay day. The money taken out is just being taken off of the table for the tax guy.

Every time I talk to someone living on social security alone I feel like clocking off and calling HR to increase the amount taken out of my paycheck pre-tax.

It's always been hard but now retirees are in a lot of pain.

I have a large amount being taken out each payday. It goes to a diverse group of funds. I do not request my employers stock because the company match (they match my first 8% so if I did not do at least that I'm a fool) is in our stock with dividends so I'm getting that anyway. Plus I don't want all my eggs in one basket.

You need that 3 legged stool, maybe 4 legs: 401k, pension, social security, your own investments. For one thing because we don't know which of those will be there by the time I retire.

[Dogmama]

Agreed. If your employer has a 401k make sure you're in it. You really will not miss it each pay day. The money taken out is just being taken off of the table for the tax guy.

Absolutely. They call it paying yourself first. If I had to actually move money, it would never happen.

[Trek420]

If you're not participating in your 401k try it. Take a paycheck right now, any paycheck, enroll in the 401k. Pick a number, any number, 2%, 3, 6 .... you can always change it later on and enroll.

Now look at your next paycheck.

Your take home pay may be the same or very little difference. The money going to your retirement was going to the tax man before. Even if you keep increasing the % out till it hurts you'll still be happy come tax time because you just reduced your taxable income.

[Melalvai]

The sampling of your poll is somewhat skewed. Cycling can be an expensive sport.

It might be skewed on both ends. Cycling is an expensive sport but an extremely cheap transportation. So people who cycle are either rich, poor and/or eccentric.

Though probably on the net it leans toward expensive sport over cheap transportation, with strong representation by eccentric.