Due to the recent mortgage/credit crisis, will you cut your spending?

 

Oh $!@!#&!!! I just heard on the radio that it looks like the bailout bill is not going to pass. Now I'm really scared. We could have an economic collapse soon. My sales might dry up. I've watched other people be in disasters like Katrina before, but this isn't supposed to happen to me! I wish things would just get back to normal. I never thought there would ever be another depression.

 

The no vote will have a tremendous negative impact not only on our nation but the entire global economy. Button down the hatches we're in for a rough ride.

 

I think the other countries should come rescue the US for a change by buying up our bad mortgages. We've rescued their butts countless times with our money and our lives. It's time for Europe, Kuwait, and others to come help us out.

 

I've been cutting back since gas hit $3.00. Tried to fix up the homestead so we can be comfortable. Good thing my 3yr old doesn;t require a lot at this time. Of course a lot of the savings was for a new Challenger also[:@]

 

Here's the irony.

I've always been inclined to live frugally, work hard, look for value and meaning in life rather than just buying stuff.

In fact, with the classic cars, I always bought junk and figured I could put in enough elbow gease to resurect it.

So in light of high gas prices, and the economic worry, this year, I did these spending things

1. 6 1/2 week 11,000 mile road trip of America
2. half dozen major repairs of my aging dental equipment at office
3. bought SRT 8
4. making commitments to finish items needed for 57 Thunderbird and 1970 Challenger (carbs (2) vinyl top and trim hardware, plus installation on Challenger and purchase of some stainless trim and fitted weatherstrip and headliner for Thunderbird).
5. Traveled to see my daughter in college in Washington DC
6. Send both my college kids money each month
7. support the U of Detroit Dental school campaign to fund new dental school
8. trip to San Antonio for Dental association scientific session
9. SRT experience in Las Vegas, plus Grand Canyon tour

now some is not so expensive...flight to Vegas was off credit card miles, part of SRT purchase was offset by selling 06 Charger

I saw my portfolio nosedive too. I believe it is a rocky road, and the value of the portfolio only matters when you take the money out, and you don't have to take it all at once.

My business stays pretty stable, but my production numbers before the trip were higher than the numbers for September. I have noticed erosion in the appointment schedule as many patients are forced into a closed panel managed care program.

Dentistry is an unusual business model. If people don't do preventive service, they get problems. If they don't address small problems, they get big problems, ultimately they go to a dentist. I am small scale, low overhead, high personal service, longstanding (my Dad before me) reputation in community kind of office. Offices with big staffs and lots of advertising have high overhead and need lots of volume up front. I have weathered downturns in the past, but they were unique Michigan automotive downturns.

This is different

I believe I will see slow down in elective and postponement of routine care. I will also see increase in "get it done while I have insurance, money etc" mindset.

After these things are done on the cars and the SRT experience is done, It will seem like I am probably cutting back as the economy grinds down. I will still focus on providing good compassionate care, at modest fees, take care of my kids and try visit Shelby in Washington.

I think I will just be holding my own, comfortable, not elaborate, and much the way I think I usually live.

Steve

 

I cut my spending by filling up the Challenger all he way to full... that way I wont have to put gas in it every time I drive it.

Wait a minute... on second thought... didnt I see somewhere that gas prices are on the decline...

Oh well... you lose some... and then you lose some...

 

I am not nor pretend to be an economic whiz. I don't know enough to go one way or the other on the bail out. I don't like giving money away for bad business practices, but I don't want to hurt the nation as a whole either. There is a solution, but the finger pointing and back biting has to stop. Roll up your sleeves and get to work and this time know for a fact it will pass or not. And the speaker of the house should shut her mouth and move forward with the plan . Not a big moral boost to put the other side on the defensive just before you want to pass a bill. We are in this together wether we like it or not. Fact is fact and we need to move on.