Tuesday, September 30, 2008
Wall Street vs Main Street 2008
I'm no economic expert. Yes, I do read news everyday. There are tons of articles and followup studies of the economic tsunami that happens in these days that can be found in the net. I can't empathize how others are living through these days. I only can tell how it is affecting and going to affect my life.
Personally, my investments tank! Stocks, funds are go down to tube....at least on paper. I wish I should do better to do stop loss sales of my holdings. Now, like many other folks, I stuck with the paper losses. Thank God that I'm not going to retire next year, but it is a lesson that I've to remember in future. Do I still invest? Yes, just doing the monthly saving thing. Hopefully, dollar cost averaging will work out in the long run.
For my job wise, touch wood, it is still there as of I'm blogging now. I spoke to my ex-colleagues today at lunch. My ex-employer just layoff 100 folks in this region, but they told me that there are actually more, including a higher-up guy that I know. What is worrying is not the number of layoff, but the timing of it. With the downturn in job market has just begun locally, a reputable and sizable company like my ex-employer has already take the lead to start firing people in such a high-fashion way. It is not a good sign for the market, cos others will for sure to follow without second thought. I've not heard anything about my current employer, but I should be more 'nosy' to sniff around if there is any similar initiative here. Cos, for folks like us is helpless. Whether we will still have a job tomorrow is sometimes out of our control, regardless how well we do or not. So, I thank God everyday I still get paid and cross my fingers for tomorrow.
Assume things can work out and I still have a job, then actually it is not a bad time to start considering buying a property. As I'm still renting, finally getting a 'nest' for my own is absolutely normal. The housing market locally is getting soft. I'm not looking for those luxury apartments, but a decent 3 bedroom with dinning/living rooms are what I would want. I think next year would be a good time to really look. Cos, dropping an accumulated amount of 30% means a lot of money for the apartments here. That could mean few years of rent! So, I'm hoping.
Before this economic tsunami hit globally, I've never thought about my retirement. Now, under such situation, it really strengthen my thought about my retirement. I.e. I will not retire voluntarily, I will work as long as I can. It may be sad for others, but for me, it is just being practical. What really matter is to stay healthy. Also, picking up skills and accumulating experience along the way are important as well. Who know how long I will live, but just doing things one step of a time is only practical thing we can do.