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How has the "recession" affected you?
I know there's a lot of talk surrounding the recession, and I've boycotted watching the coverage on the nightly news. But I was wondering how it was affecting members of the Hustle community.
Views: 29
Replies to This Discussion
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Permalink Reply by Devon on -
Working as a Mortgage Consultant, the recession has affected real estate to a point of a stand still. The housing market has had a huge impact on the economy; mainly due to sub-prime lending: “extending credit to borrowers who exhibit characteristics indicating a significantly higher risk of default than traditional bank lending customers (FDIC, 2003).” Sub-prime lending provides a source of credit to borrowers with credit history or repayment ability concerns which added to a high level of defaults of loans and an increase in home foreclosures.
The current recession has created a decline in sales of real estate, sub-prime lending has created foreclosures and the combination has caused a reduction in home values across the nation. With decreased home values, home equity loans are minimized and consumer spending decreases, therefore, limited mortgage business. That is how the recession has affected me.
Devon Jones
aka “Friend of Mancini”
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Permalink Reply by Layla on -
The recession affected my life negatively from a financial standpoint. It gave me more time to think and regroup from a humanistic standpoint. I shifted my business to selling affordable homes and I started working with many first time homebuyers. I don't complain. I am grateful. I am not as nervous as I thought I would be. I just reached out to Phyllis Holiday here on this site so I can learn how to help my clients get out of foreclosure and make some money from that. The recession has changed my lifestyle, but It hasn't changed me.
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Permalink Reply by 21st Century Hustle, Inc on -
There it is...The thing about is you are thinking about new ways to work your business. You are seeking new knowledge. That will bring you information that will open up new ways to earn. Just the step of reaching out for new knowledge is huge. A lot of people stop actively seeking advice and new information when the stop going to school. Because in school it laid out how to get the necessary information. In the world you have to find out on your own with no grades, teachers or curriculum. Just you and the world. It is so much education going on in this recession you have to get you some.
Thanks for sharing, we all learn from each other!
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Permalink Reply by Charles Sweet on -
The recession has affected me via my clients. Before the "recession" (which reminds me of when wars stopped being called "wars" and became "operations") they were more eager to spend the extra income because they saw it as beneficially exhaustible. Now, my clients have tough choices and harder decisions as to how they will best utilize their advertising dollars. Get great tips about running a small business. 360 Degrees of Game. YORE Foundation.com
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Permalink Reply by Shem on -
The recession has me concentrating on emerging markets in my field. Bettering myself in my skills. I'm doing work in other places aside from the US. I come from Africa where when things shutdown they shut down. Take a look at Zimbabwe, now that's a situation! In the US we still have people going out and money is still being spent, not as much but its out there. This also gets rid of the waste. A friend of mine was with a modeling agency and said they called in 50 girls and fired them right away. Those girls where not the cream of the crop and became excess for the agency. This is happening everywhere, in every field, the best will rise out of this in my opinion.
www.gasuzaphotography.com
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Permalink Reply by Kianta Key on -
Definitely made me more focused. 6 months ago I didn't know what I was doing after graduation, but when the job offers became notifications of hiring freezes, I knew that I had to have a plan. I think this recession will give a lot of people the opportunity to reassess their lives and get their plans together. I believe everyone has been running on caviar dreams and PB&J plans.
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Permalink Reply by Breaka on -
I was blessed to be taught early that money is good but it isn't everything.....with my business I've had the upper hand by having resources that most people don't have not cash.....to my clients partners and network my word is cash.......I can't lie the recession did hurt me financially but at the same time in my field of wok(entertainment) it made the playing fields even and put my talent and my network on blast......giving my company the opportunity to deliver at a time when not everybody can. In an industry where the flash and the cash over shadows talent and quality the recession kinda separated the real from the fake. Everybody left standing found a way to make it happen even when the money wasn't circulating like it shoulda been.
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Permalink Reply by Mr.Muhammad on -
Good stuff. Yeah the underdogs really have the opportunity to Usurp some the powerbase. Let's get it!!
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Permalink Reply by i. n. kazar on -
1. I cannot lose my home because the only home I keep is inside my heart.
2. I cannot lose my wealth because my wealth is not comprised of the things that "I can't take with me" when my time comes.
3. Organic oatmeal costs $1.29 per pound when bought bulk at the health food store. :-) A great way to start the day.
4. When a contract job is suddenly terminated, I discover regained mental space, and regained time, for imagining and inventing the next thing.
As Bob sang, Only the fittest of the fittest shall survive. I define "the fittest" as meaning Able to Adapt. Transcending circumstances by means of gratitude for every breath we suck in. Being able to see the beauty shimmering all around us. Living in unending Awe.
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Permalink Reply by Deuce Carter on -
Its motivated me to hustle harder. Because I know that this period of time will separate the weak from the strong. The weak will not survive because they are too stupid or lazy to succeed. Meanwhile hustlers mount up and make money.
Bottom line.
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Permalink Reply by Dijana Ilieva on -
I was fortunate enough to land a great job in the liquor industry when the recession started, therefore banking on people drinking more due to their depressed states during these tough times. Sad but true. The recession has, however, affected the amount of times go back home to Macedonia to visit family. 3 years ago, 1 US dollar was worth 70+ Macedonian denars, making my time there worth while. Today, 1 US dollar is worth only 44 Macedonian denars, which means I would have to bring almost double the money to enjoy my time and also pay my bills and taxes on my condo there.
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