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Recession 2.0: Readers Report Benefits, Too
Tweet Share on Facebook November 7, 2008 Comment (2)More readers respond to the question: How is the financial crisis affecting you?
- Aryn at SoundMoneyMatters.com writes:
So far, the recession hasn't hit us too hard or changed our current spending and plans. My husband works in a field that receives more business when employers start reducing their workforces, so he's in a good position financially. I feel more nervous about my industry, but not to the point that I fear for my job daily.
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Recession 2.0: Reader Laments Losses
Tweet Share on Facebook November 6, 2008 Comment (3)After my call for essays on how "Recession 2.0" is affecting readers, Laura of the Green Panda Treehouse blog sent in her story:
I checked my retirement the other day, just to see what shape it is in. I knew it was going to be down, but I didn't know the exact number. I check my portfolio in detail about once a quarter. So far this year, my portfolio is down 21.07 percent. I'm not happy about it, but I'm not panicking. My husband and I are trying to keep perspective with the stock market.
We've been paying down my car loan, which is around $1,100. We figure that paying down debts will help reduce our monthly expenses. Pretty much, we've been the same, as we try to be conscious about spending. We're joining Costco because its gas station is 15 cents cheaper than other stations. We usually do a big shopping trip once a month, which fits the store's bulk size products.
Send in your thoughts—either a brief description or essay up to 600 words—to alphaconsumer@usnews.com. Please include your name and location.
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Recession 2.0: Readers Respond
Tweet Share on Facebook November 6, 2008 Comment (7)After my call for essays on how "Recession 2.0" is affecting readers, Adrian J. Cartwood (or AJC as he is known to readers of his blog) sent in his story:
I am not expecting a lot of sympathy from the people who read this, but I thought that it would be useful to share how Recession 2.0 affects even those that some would consider rich.
In 1998, I was $30,000 in debt, but just seven years later I had managed to turn that into $7 million in cash, through some smart financial planning and sensible investing that I write about on my blog. It didn’t hurt that my businesses finally started to generate some cash.
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Recession 2.0: Do You Feel It?
Tweet Share on Facebook November 6, 2008 Comment (5)What does the financial crisis mean to you? Today, Alpha Consumer is launching a series on what the year's financial crisis—the stock market crash, the credit crunch, and rising unemployment rate—means to consumers. I'm kicking things off with the blog entry below, but I'd like to hear from you. How have you been affected? Has it caused you to alter your plans or lifestyle? E-mail me your thoughts at alphaconsumer@usnews.com and I'll post them in regular installments.
Re-watching Far and Away—the 1992 movie about Irish immigrants starring Nicole Kidman and Tom Cruise—over the weekend made me realize just how materially rich our lives have become. In the movie, the main characters share a room in a tenement as they struggle to make ends meet. They wash their own clothes, barely eat, and work all day in a chicken factory. And for a period, at least, Tom Cruise's character, a former farmer in Ireland, feels proud of being able to afford such a life.
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Obama Boosts Nonprofits
Tweet Share on Facebook November 5, 2008 Comment (2)In addition to spurring Americans to spend more money, Obama's win may also provide a windfall to nonprofits. This morning, Tom Pollak, program director for the Urban Institute's National Center for Charitable Statistics, told me, "I think in an Obama administration, rhetoric about service and sacrifice truly will lead to more people thinking about working in and volunteering in the nonprofit sector -- if not tomorrow, then over the next couple years."
During his speech last night, Obama said, "[Change] can't happen without you, without a new spirit of service, a new spirit of sacrifice." It recalled President John F. Kennedy's 1961 inaugural address when he said, "Ask not what your country can do for you; ask what you can do for your country" -- a sentiment that spurred thousands of young Americans to join the Peace Corps and volunteer in other ways.
The challenge, Pollak says, will be for nonprofits to organize themselves to absorb new volunteers and maintain the public's trust by avoiding scandals. Also, he said, sacrifice means different things to different people, and people need to feel that the sacrifices they are making are fair.
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Will Obama’s Win Make You Spend More?
Tweet Share on Facebook November 5, 2008 Comment (7)Last night, as thousands of people celebrated Obama’s victory and the president-elect emphasized his campaign themes of hope and unity, supporters also may have also gotten a dose of something that’s been scarce lately: Consumer confidence.
In October, at least one consumer confidence index fell to an all-time low as shoppers reigned in spending and worried about their financial futures. Analysts have widely predicted that holiday spending will be its weakest in decades.
But all of those numbers came before Obama’s win. Because people tend to spend more money when they are filled with hope, optimism, and confidence, the election outcome may suggest that consumers will soon start pulling out their credit cards like its 1999.
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Election Day Freebies
Tweet Share on Facebook November 4, 2008 Comment (8)If you waited in line to vote this morning, or plan to later today, you deserve to be rewarded for your efforts -- or at least that's how retailers are framing it. Starbucks, Ben & Jerry's, and Krispy Kreme are just a few of the companies offering to feed you for free.
Here's where to go for the free sustenance (you may need it given those polling booth lines):
- Starbucks will give you a free 12-ounce coffee. In fact, you don't even need to prove you voted, because in order to ensure compliance with election laws, Starbucks says it will give the coffee to anyone who asks for it.
- Visit Ben & Jerry's between 5pm and 8pm, and you'll get a free scoop of ice cream. (You may want to consider arriving early; past promotions have resulted in long lines.)
- Krispy Kreme is giving away star-shaped doughnuts decorated with red and blue sprinkles.
- California Tortilla -- the company that came up with the McCain Chilada-Burrito and O-Chili-Bama Burrito -- is offering up free tacos.
- For more deals, check out the list at dealnews.com.
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Last Minute Election Help
Tweet Share on Facebook November 3, 2008 Comment (1)For the five people who haven't yet decided how they're voting tomorrow, the Washington Post offers a useful overview of where the candidates stand on key issues that will affect people's wallets.
When it comes to jobs, Obama wants to expand the Family Medical Leave Act and invest in disadvantaged communities. McCain wants to lower corporate taxes to increase international competitiveness and create new jobs by building more nuclear power plants. When it comes to home ownership, Obama would put a 90-day moratorium on foreclosures. McCain wants to give homeowners the chance to modify their loans (as long as they meet certain criteria). And as for taxes, the candidates' plans are too complicated for quick soundbites.
How important is the economy to your vote tomorrow?
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Update: Painful Packaging Gets Easier
Tweet Share on Facebook November 3, 2008 Comment (1)Last month, an Alpha Consumer reader wrote in to complain about how difficult it is to open plastic packages. Toothbrushes, flash drives, toys -- they all come encapsulated in material that seems designed to prevent the buyer from accessing the goods.
Well, here's some good news: Amazon has taken notice. Today, it announced a campaign against so-called "wrap rage." Through partnerships with manufacturers, it is working to make its products easier to access. For those in the mood to complain, Amazon is also collecting stories and videos about just how frustrating that plastic can be.
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Holiday Shopping 2008: What's In and Out
Tweet Share on Facebook November 3, 2008 Comment (8)Looking for a way to distract yourself from all the election coverage? Instead of counting votes, why not think ahead to the holidays. Thanksgiving is just a few weeks away, and with a mood of frugality taking over the gift-giving process, we can't rely on old favorites like cashmere sweaters and the latest camera-phone to fill out our Christmas lists.
As I've mentioned before, my picks for "out" gifts include diamond necklaces, big-screen televisions, and anything the purchaser has to buy on credit. "In" gifts include cookbooks and time, such as the promise of a trip to a favorite museum.
So, vote a day early: What are your picks for best "in" gifts and "out" gifts? The most creative commenter will receive a copy of I.O.U.S.A.: One Nation. Under Stress. In Debt.
