Surviving the Financial Crisis

[pandorea]

Perhaps you still have your job and perhaps the crisis doesn?t affect you much but you never know what will happen tomorrow. Therefore it isn?t a bad idea to be aware of financial crisis, right?

Even the big airline like SAS (Scandinavian Airways) has to cut down their budget. They've cancelled many long routes, they starts firing their staffs. SAS?s crisis also affects the international status of Copenhagen Airport, and threaten the existence of thousands of jobs here.

Most people I know start to be very careful with their money. They eliminate some unnecessary things in life, book keeping what they had spent on and etc.

If you?re unemployed by tomorrow, do you have enough saving money in the bank to spend until you get a new job? Have you spent too much on unnecessary stuffs? Do you care about financial crisis?

[yamahacrasher]

If you?re unemployed by tomorrow, do you have enough saving money in the bank to spend until you get a new job? Have you spent too much on unnecessary stuffs? Do you care about financial crisis?

Yesss.

Yesss.

Nope.

[eagle]

The company I have been subcontracting with for 14 years has told me no more work so essentially I was laid off. Thats was my steady money maker for years. Building is still very slow but I am finding steady work doing odd construction work and remodeling. Also playing music is relatively unaffected. If people aren't working they are still going to bars and listening to music so my musician friends are still working. I'm playing Saturday night. Here in the US the financial crisis has caused many to lose work, their homes. Most people I know have cut back somehow. If they didn't lose their job they lost half their 401K or huge percentages of their stocks Losing hundreds of thousands of dollars make most tighten up their budgets even if the banks still well stocked.....

I've never had money in the bank and live without a net. I have my health and ability to make money doing a variety of things including playing music. I'm looking forward to playing more as its fun and they pay you for it. For those without so many talents it is a time of great stress but the great Bank Rip Off of 2008 is over and done. No looking back cause its a new day.

[pandorea]

My husband and I have friends, a couple : husband and wife, both are engineers. They had 2 companies, one was something about computer and the other was about electrical stuffs. About 3-4 years ago both companies got 2-3 big projects, and they were stone rich.

Early this year, they have closed their companies down. They laid off all of their employees. They are putting their summer house in Sweden on sale. The husband is now working for a car-charging-station company. I don?t really know how ?car-charging-station? ´can be popular. An electric car costs approx 1 million Danish Kroner. (approx USD 160,000.-). I have seen very few electric cars on streets.

Sometime the problem isn?t about the crisis I think. It?s about some people can?t change their life styles.

[Enchanted]

If you?re unemployed by tomorrow, do you have enough saving money in the bank to spend until you get a new job?

Yes, positively. However, it depends on how long does it take to get a new job :wink:

Have you spent too much on unnecessary stuffs?

Yes, definitely. This week alone, I bought a pair of shoes, 1 jeans, 3 shorts and 4 blouses. And in the end try to make myself feel better by buying "What Next? Surviving the Twenty-First Century" by Christopher Francis Patten which I haven't started reading yet.

Do you care about financial crisis?

Yes, absolutely. My income is shrinking while my expenses are rising.

[PeeMarc]

the great paradox in all this is that, while its sensible (personally) to spend less and hold on to your money, it is precisely THIS that is killing businesses everywhere, from the top all the way down to the street stalls.

If everyone in bkk spends and average of TB5,000 LESS per month, that is about TB20,000,000,000 (20 BILLION) less in the economy EVERY MONTH. This in turn makes running a business more expensive as income is less. This puts a burden on the society.

My business, like ALL business is seriously suffering partly because everyone is NOT spending.

[Enchanted]

the great paradox in all this is that, while its sensible (personally) to spend less and hold on to your money, it is precisely THIS that is killing businesses everywhere, from the top all the way down to the street stalls.

If everyone in bkk spends and average of TB5,000 LESS per month, that is about TB20,000,000,000 (20 BILLION) less in the economy EVERY MONTH. This in turn makes running a business more expensive as income is less. This puts a burden on the society.

My business, like ALL business is seriously suffering partly because everyone is NOT spending.

We need another economic stimulus scheme...thoughts? :wink:

[eagle]

My husband and I have friends, a couple : husband and wife, both are engineers. They had 2 companies, one was something about computer and the other was about electrical stuffs. About 3-4 years ago both companies got 2-3 big projects, and they were stone rich.

Early this year, they have closed their companies down. They laid off all of their employees. They are putting their summer house in Sweden on sale. The husband is now working for a car-charging-station company. I don?t really know how ?car-charging-station? ´can be popular. An electric car costs approx 1 million Danish Kroner. (approx USD 160,000.-). I have seen very few electric cars on streets.

Sometime the problem isn?t about the crisis I think. It?s about some people can?t change their life styles.

Change is hard especially if people are set in and comfortable. Or if Not so able some have a hard time finding any employment. GM is coming out with an Electric hybrid that gets 230 mpg in the city and over a hundred on the highway. Supposed to be out in 2011 and cost 30,000. Sounds like a dream. Now about those Coal Plants ?? burning CARBON baaaaaaaad for us!!!

[PJack]

the great paradox in all this is that, while its sensible (personally) to spend less and hold on to your money, it is precisely THIS that is killing businesses everywhere, from the top all the way down to the street stalls.

If everyone in bkk spends and average of TB5,000 LESS per month, that is about TB20,000,000,000 (20 BILLION) less in the economy EVERY MONTH. This in turn makes running a business more expensive as income is less. This puts a burden on the society.

My business, like ALL business is seriously suffering partly because everyone is NOT spending.

We need another economic stimulus scheme...thoughts? :wink:

how about some fire trucks and boats or new buses for Bangkok? Or how about another rail line for the city? Or taxi stands that have GPS link to call a taxi?

[PeeMarc]

the great paradox in all this is that, while its sensible (personally) to spend less and hold on to your money, it is precisely THIS that is killing businesses everywhere, from the top all the way down to the street stalls.

If everyone in bkk spends and average of TB5,000 LESS per month, that is about TB20,000,000,000 (20 BILLION) less in the economy EVERY MONTH. This in turn makes running a business more expensive as income is less. This puts a burden on the society.

My business, like ALL business is seriously suffering partly because everyone is NOT spending.

We need another economic stimulus scheme...thoughts? :wink:

heres a thought...

Many people look at the economy and business as nothing to do with them, like it is some machine or whatever they have no control or influence over.

But...people, you, me and every single person (even the beggar) IS THE ECONOMY.

By simply not spending (especially if u have safe job and same income each month) IS ACTUALLY SCREWING OURSELVES in the end.

Go and do your part, if u have a job. Go and buy that dress, get that latte, catch a taxi, paint ya room, eat in a restaurant, buy another beer etc.

If even 1 out of 5 people did this and more, businesses wouldnt be dying so much and all would benefit.

[GoodKarma]

great forum topic pandorea...

Sometime the problem isn?t about the crisis I think. It?s about some people can?t change their life styles.

so very true it's times like these challenge you to do this. for some this is the hardest part. statistics show that modern day family's has had this problem for quit sometime living beyond their means etc. not so true of old timers war babies our grandparents etc. I cannot really pinpoint what the solution is to make people wake up either.

even when you are confident that you have enough money stashed away outside forces can also have an impact on your savings. always knock on wood if you are healthy and a able bodied person. sometimes even those that are well positioned financially... an illness, unplanned operation, new baby can change or impact your financial standing situation in less than 6 months...

Do I care about the financial crisis..if I didn't I think I would be a flat liner no pulse. beeeeeeeeep... I cannot be ignorant to the cause and effects that it has on the simplest thing such as groceries that I buy in the store amongst other things.. etc. etc. I don't too much care about the people that created it because it would be like trying to catch a war criminal to hard to prove and many of them are probably untouchable anyway.

I however am very concerned about if in particular, world governments are making strides to overhaul an existing 19 th century system that is still being used in a changing 21st centry and also using corrective measures so that financial markets don't collapse so deeply in the future. economies naturally go in cycles you will always have booming prosperity and recessed times. the key however is to have as short as possible recessed times and longer periods of booms. the longer the booms the more encompassing the larger the group of people that prosper from these times. meaning everyone you and I.

[Enchanted]

the great paradox in all this is that, while its sensible (personally) to spend less and hold on to your money, it is precisely THIS that is killing businesses everywhere, from the top all the way down to the street stalls.

If everyone in bkk spends and average of TB5,000 LESS per month, that is about TB20,000,000,000 (20 BILLION) less in the economy EVERY MONTH. This in turn makes running a business more expensive as income is less. This puts a burden on the society.

My business, like ALL business is seriously suffering partly because everyone is NOT spending.

We need another economic stimulus scheme...thoughts? :wink:

heres a thought...

Many people look at the economy and business as nothing to do with them, like it is some machine or whatever they have no control or influence over.

But...people, you, me and every single person (even the beggar) IS THE ECONOMY.

By simply not spending (especially if u have safe job and same income each month) IS ACTUALLY SCREWING OURSELVES in the end.

Go and do your part, if u have a job. Go and buy that dress, get that latte, catch a taxi, paint ya room, eat in a restaurant, buy another beer etc.

If even 1 out of 5 people did this and more, businesses wouldnt be dying so much and all would benefit.

It's just a normal reaction. People are not spending knowing unpromising future though we can't expect everyone to know why they shouldn't stop spending and how that eventually compromises the economy from a speedy recovery. They're more concerned about money in their pocket and will they still get their income. Today you may have a job and the next day you might get laid off while your chair is still warm. Most of people go into saving for a rainy mode. I personally haven't spent less.

If we are the economy when other parts fail to function properly we're all effected. That's why I agreed with the Government on 2,000 bt economic stimulus scheme because this will inject money and increase liquidity right to the grass-root. Undeniably there are shortfalls too.

[SweetieBabie]

the new government approved a 115 billion baht stimulus package, with one measure in the limelight being a cash handout of 2,000 baht per worker whose salary is less than 14,999 baht per month.

[GoodKarma]

That's why I agreed with the Government on 2,000 bt economic stimulus scheme because this will inject money and increase liquidity right to the grass-root.

Enchanted I agree with stimulus packages to a certain extent. what is the cause and affect of them though? temporary fix spurts of energy etc.

If you look at it from this perspective. when a person ingests stimulants into their body such as coffee sugar etc the effect on the body it gives it a short burst of energy and then its a crash. If you continue to use stimulants its a constant energy boost and crash. Your body only has substantial energy if you be healthy eat right exercise etc.

same with economies and their structure if jobs, production, lending confidence, consumer confidence etc. these 4 things tie into each other as well.when they exist you see a pretty healthy economy. so if your economic structure isn't healthy you will be giving it quick fixes, coffee and sugar (stimulus) cash forever..not until it is healthy will times change. this is why I say 19th century world economic systems needs an drastic overhaul to meet the needs of a 21st century worldwide global economy. to become fit and healthy again.

[Bruce551]

The Thai Gov. is loaning, granting big money to the tourism industry, IMHO the tourism bubble is over, accept it, move on. Seventy percent of Thai economy is export related, that's over too, not sustainable and causes a hugh amount damage to the environment.

If Thailand is have a future it lies in increasing energy efficiency, renewable energy and using the land in sustainable ways.

Thailand need to be self-sufficient in energy and food to meet the future in a competitive way.

The changeover to a sustainable economy would create millions of good paying jobs.

[pandorea]

If you?re unemployed by tomorrow, do you have enough saving money in the bank to spend until you get a new job?

Yes, positively. However, it depends on how long does it take to get a new job :wink:

Have you spent too much on unnecessary stuffs?

Yes, definitely. This week alone, I bought a pair of shoes, 1 jeans, 3 shorts and 4 blouses. And in the end try to make myself feel better by buying "What Next? Surviving the Twenty-First Century" by Christopher Francis Patten which I haven't started reading yet.

Do you care about financial crisis?

Yes, absolutely. My income is shrinking while my expenses are rising.

I have that book also. "What next?" It's very good book, and It's easy to understand. When you finished reading that book, maybe we can talk about it.

[Stramash]

When you finished reading that book, maybe we can talk about it.

what happens in book club stays in book club...

:twisted:

[pandorea]

This summer the Danish government injected some money. Everybody here has some percents of their salary save as "pension". The government allows people to take our pension money out and those "experts" suggested that people should take the money and run. I believe the "experts" , it wasn't big money tho'. Some of my friends spent it on vacation in Thailand, that's good for us, Thai. but I'm investing that small money on some small things and if I breake even, I'm happy.

[eagle]

The Thai Gov. is loaning, granting big money to the tourism industry, IMHO the tourism bubble is over, accept it, move on. Seventy percent of Thai economy is export related, that's over too, not sustainable and causes a hugh amount damage to the environment.

If Thailand is have a future it lies in increasing energy efficiency, renewable energy and using the land in sustainable ways.

Thailand need to be self-sufficient in energy and food to meet the future in a competitive way.

The changeover to a sustainable economy would create millions of good paying jobs.

Not being dependent on tourists would be a good thing for sure.

[yamahacrasher]

]

We need another economic stimulus scheme...thoughts? heres a thought...

Many people look at the economy and business as nothing to do with them, like it is some machine or whatever they have no control or influence over.

But...people, you, me and every single person (even the beggar) IS THE ECONOMY.

By simply not spending (especially if u have safe job and same income each month) IS ACTUALLY SCREWING OURSELVES in the end.

Go and do your part, if u have a job. Go and buy that dress, get that latte, catch a taxi, paint ya room, eat in a restaurant, buy another beer etc.

If even 1 out of 5 people did this and more, businesses wouldnt be dying so much and all would benefit.

Well said, i have lived like this all the time, not really 'breaking' at all. But then again, i'm lucky to be in a position/company where i won't loose my job, ever.

Gonna go look at that new big LCD tv next week...

[duanja]

- I don't have big capital. No worries. In Sweden, you get paid to study. If I don't work, I will study full-time instead. Just crossing my fingers that Sweden won't end up like Iceland.

- I have nothing to lose. I live my life on a minimum level as usual: cooking at home, shoping second hand, borrowing books. (Mostly soapy love affair, chick flick.)

- I buy rice and vegetables at Thai shop here every week. Hoping that it helps Thailand's export to some extent.

- I understand that our tourism is so bad. Foreigner don't have money, so they can't afford a fligt to Thailand, together with storming negative news about Thailand. I also canceled my trip to Thailand coz I don't wanna risk the new influenza.

[LakeGeneve]

The Thai Gov. is loaning, granting big money to the tourism industry, IMHO the tourism bubble is over, accept it, move on. Seventy percent of Thai economy is export related, that's over too, not sustainable and causes a hugh amount damage to the environment.

If Thailand is have a future it lies in increasing energy efficiency, renewable energy and using the land in sustainable ways.

Thailand need to be self-sufficient in energy and food to meet the future in a competitive way.

The changeover to a sustainable economy would create millions of good paying jobs.

Not being dependent on tourists would be a good thing for sure.

I don't think that Thailand is that dependent on Tourism which always gets a bigger focus than it should due to the image factor. According to published figures in the Post and Nation from early this year, tourism accounts for only 7% of Thailands GDP. According to TAT figures published yesterday the number of international tourists is down only 15% from last year. TAT still projects an upwards trend leading to nearly 20 m visitors a year by 2015.

It is a particular part of the tourism market that is suffering, ie. the top end. Airfares and prices are cheap and there are lots of bargains so many people are still travelling. But they are staying shorter and spending less hence the knock on affect of tourism related shops and businesses especially in tourist areas.

Clearing out a bit of the flotsam and jetsom in the industry is not such a bad thing and it may mean that the industry actually looks at a more sustainable future rather than flogging off the country without long term regard to environmental and social impacts. That would be a good thing if it ever happens.

[pandorea]

just came back from a supermarket, lots of sale items there.

Anyway, the funny thing was, I bought a cola (DKK 12) and I wanted to pay with some small coins 25 orer but they don't accept it. :roll: :evil: !!!! Then I went to their sevice centre and told them that, if they don't accept 25 orer from me, they should give 25 orer change to me either.

Not really understand what's going on, ,but 25 orer isn't money any longer!!!

[robbie36]

just came back from a supermarket, lots of sale items there.

Anyway, the funny thing was, I bought a cola (DKK 12) and I wanted to pay with some small coins 25 orer but they don't accept it. :roll: :evil: !!!! Then I went to their sevice centre and told them that, if they don't accept 25 orer from me, they should give 25 orer change to me either.

Not really understand what's going on, ,but 25 orer isn't money any longer!!!

I am not sure there is much logic in your argument. I would refuse a selection of empty beer cans as payment for your groceries. If you were stupid enough to accept empty beer cans as change for your payment, it would not show that I was wrong, merely that you had a deep appreciation for the value of empty beer cans (which may well be misplaced).

P.S. Are you really telling me you buy your groceries in 'orer'?

[pandorea]

just came back from a supermarket, lots of sale items there.

Anyway, the funny thing was, I bought a cola (DKK 12) and I wanted to pay with some small coins 25 orer but they don't accept it. :roll: :evil: !!!! Then I went to their sevice centre and told them that, if they don't accept 25 orer from me, they should give 25 orer change to me either.

Not really understand what's going on, ,but 25 orer isn't money any longer!!!

I am not sure there is much logic in your argument. I would refuse a selection of empty beer cans as payment for your groceries. If you were stupid enough to accept empty beer cans as change for your payment, it would not show that I was wrong, merely that you had a deep appreciation for the value of empty beer cans (which may well be misplaced).

P.S. Are you really telling me you buy your groceries in 'orer'?

Is this a pick on me comment?

I don't often carry cash with me, use cards most of the time. I have some "orer" in my wallet, I got them from the same suppermarket.

But why would you want to know how I buy my groceries? (want to know my household incomes also? )

Anyway, no matter "orer" or "kroner", "Bth" or "satang", they are money, aren't they?

And I don't see logic in your agrument, either.