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Have you learned anything from this recession?

I've been thinking about it and the main thing I have learned is we need to pay off all bills and have savings in case my dh were to lose his job. It was tough for a year when he lost his OT.
I think it's something everyone should be prepared for. I hear people say you have to have money to relocate if you lose your job. Well, yeah you do though I could do it with very little if I really tried. I'd sell everything except 1 car and mattresses and clothing to do it if thats what it took. I see where it would be hardest on the already poor but doesn't that make you want to get out of your "poor" situation even more?


Asked by itsmesteph11 at 9:32 AM on Jul. 20, 2010 in Politics & Current Events

Level 39 (113,405 Credits)
This question is closed.
Answers (20)
  • I have learned that many in our govt knows less than my 9 year old about recessions...because no one can spend their way out of debt.


    Answer by momjoy1027 at 9:42 AM on Jul. 20, 2010

  • I've learned that I'm pretty darn amazing. I've managed to make whole, filling, nutritious meals for next to nothing. Because we had savings (even on a working poor budget) we made it as a family of four, on less than six hundred dollars a month for six months when gas was almost four bucks a gallon.


    Answer by lovinangels at 9:43 AM on Jul. 20, 2010

  • That people have incredibly short memories. After each recession, despite everyone saying "this time I'll save and avoid debt" they turn around and spend spend spend as soon as things get a little better. And the next time a recession comes around they caught unawares again.    High debt and no savings.


    Answer by Bezu at 11:25 AM on Jul. 20, 2010

  • We're in the "poor" category now, down from middle class. We learned that we CAN live on a lot less than we thought we could. We learned that we CAN live under poverty level and still manage to save money (VERY important), pay bills, and eat well, all without gov't help. We learned to take nothing for granted, and to accept any chance for extra work that comes our way. We learned to live without cell phones (gasp!) and quite a few other trinkets. We learned that material gifts do not equal love (think Christmas). We learned that being financially poor doesn't mean we have to be poor in other areas of our life. We are rich in family values, a loving family, fun, the fact that we are healthy, and our faith.

    Answer by michiganmom116 at 11:39 AM on Jul. 20, 2010

  • Honestly, as a poor person, it doesn't effect me much. My husband and I have jobs, though he was out of work for six months and I was out of work for 6 weeks (at the same time) but we did what we always do and pulled through. We still don't make enough to survive even though he works full time and I make very good money working part time. It's our situation and I'm ok with that. I've learned that you do what you need to do to create a good home for your family. Just because times are tough doesn't mean we have to be miserable. I guess if I had had money prior to teh recession it would have hit me harder, but we were poor then, we're poor now, we're used to it. Yes we do everything we can to not be like this, but it's a slow process. I'm graduating from school in 3 months, hoping that will help. :)

    Answer by Cassarah at 9:45 AM on Jul. 20, 2010

  • Some people mind being poor very little.

    Name some

    My loser brother, for one.  We grew up in a frugal household, and my parents taught us about saving and investing, but he chose the opposite.  He blows every dime, has never had a savings account, and is always looking for ways to scam the welfare system.  Even when he came into large amounts of money, he wastes it all on junk, never saving or investing.  His credit is crap and he doesn't care.   He works as little as possible as infrequently as possible. 


    Answer by mancosmomma at 10:11 AM on Jul. 20, 2010

  • Steph, I've learned I wasn't as prepared as I thought I was. I've also learned that we are willing to do what is needed to pay the bills. I've also learned some people who made much more than us were completely unprepared, and think that is really sad.

    Answer by mancosmomma at 10:14 AM on Jul. 20, 2010

  • Name some that are NOT LOSERS



    Answer by mancosmomma at 11:46 AM on Jul. 20, 2010

  • That I DO NOT need to get anymore credit cards and I should not have gotten any in the first place. My ex offered to pay for any cards I got in my name (he couldn't get any bc of his poor credit), and now I don't have all his steady income because we split up. Lesson learned.

    Answer by mommymela87 at 9:37 AM on Jul. 20, 2010

  • Us too lovin...I couldn't believe we made it...with NO late payments...and now a somewhat sigh of relief!


    Answer by sweet-a-kins at 9:45 AM on Jul. 20, 2010