Friday, February 13, 2009

Ornament finish and economy update/opinion

Originally uploaded by Stitching scientist.

Hey there loyal followers. (I say loyal cause well at least you are checking on me once in a while). I finished up a 2 sided ornament last week and wanted to show it off. Here is Jeanette Douglas' purple Christmas ball ornament for the 2008 JCS ornament issue, on the back is the one from the preview issue that was put out in november. I kinda like the blue one better it seems better defined.

Originally uploaded by Stitching scientist.

Currently I am working on Pumpkin Patches and Miss Mary Mack... On patches I have the Border almost done and have the 2nd pumpkin and backstitching yet to do. On Miss I have finished the wording and have to do the need to check the pattern type of border that goes on forever!

In other news...I don't usually get very personal on this blog and I do not speak about politics... But the economy has finally hit us. Back in October when all the fiancial institutions were crashing, I listened but noted that we were not involved in any of them so we were ok. We have some retirement funds but they were not affected....until the stock market started to plumet..then we listened to the stock market experts and did not pull our money..we kept our contributions the same and are still contributing today even into our daughters high risk/high yield (supposedly) 529 account. We have just stopped opening the statements that arrive by mail or email...we would just get depressed at the negative numbers. But I still trust that what Money magazine has to say...that it will turn around, and that our money is currently purchasing cheap stocks that will someday rise.

Ian and I are young and we have no debt other than our house, which we bought well within our means and refinanced a year ago for a fixed rate. And we know we have some time to make up for those neg numbers that arrive in our mailbox. But I think we continued on as usual spending as we would until About 1 month ago. Ian started to come home from work early...or told not to come in at all...some week he gets in a full 40 hours, others barely 10. So we slowed our spending, we cut back our grocery budget, and stopped talking about new furniture for the living room. Yesterday he comes home saying they are officially fuloughing the entire hanger half time..What? It works like this: Ian works 1 week then is off 1 week....they are trying this for 1 month...but i think it will be for much longer. So he is unemployed every other week. We think he can file for unemployment...but it seems kinda wierd to do so.

And since it took us 5 months to feel the effect of the recession I think it will take at least 10 months for us to feel the recovery (whenever that might be) .

I listen to the debates over what caused all of this and how to fix it and I have no idea ...BUT I do know how to keep it from happening agian: Fiscal responsibility is not taught and it needs to be. Seriously. My generation (X) was not engaged about how to save, or spend wisely, or not to use credit cards, and encouraged to purchase houses beyond our means (mainly cause we don't understand credit) Ian and I qualified for a home loan that was out of our reach...and we only bought a home that we could afford. People are yelling we shouldn't help those who bought houses that were too big...but I find more fault with the educational system that did not teach them to say no to the offer and fault with the offers in the first place. THIS will fix the system. NJ is on the right track...this is the stimulus the country needs. is it immediate, no, but seriously I do not think anything in the actual stimulus package now is or could be anyway. So until my generation trains the younger about how to properly use and respect money ....this will happen again.


Michelle. said...

I am sorry to hear about your situation.

I came from the Philippines which is economically so much poorer and have been in crisis for as long as I can remember. And I personally am used to manual labor and belts tightened like one could not imagine. Maybe that is why my only scare about recession is if people go crazy and rob or anything that could harm us or others.

It is sad that this is happening. What I have noticed though are some who totally depend on welfare even when they are able enough to earn a living. In a way, they make themselves a burden to those who are working. And what is ugly is that to some, it looks like it has become some sort of a tradition, passed from one generation to the next.

Margaret said...

I'm sorry that you're being affected in this way. And I agree. When I was in high school in the 70s (in Oregon), we were required to take a "Personal Finance" class in order to graduate. It was kind of a joke class because it was easy, but it did teach us some fiscal responsibility. My teenager has no such class required in his high school. It is Jason's and my responsibility to teach him that living within his means is important not only for his OWN future, but for the future of our country. Thinking about you all.

And what a gorgeous ornament!

Megan said...

Oh, I'm so sorry to hear this!

Barb said...

I just read your post today. You make an excellent point about teaching kids how to manage their money. Unfortunately, the bankers who lent money to people who should not have borrowed it are hugely to blame. They knew better but were gambling with our money. My husband and I are in our 50's with 1 child in college and another one soon to go. We are fortunate that we had saved enough money to put them about 1/2 way through, but those savings lost a very big part of their value this year. It makes me sick. I too, listened to the experts and instead of cashing in we waited and watched while our investments took a dive.

I talk about finances a lot with them and I think they are learning some good lessons. I am hoping that they choose careers that will make them employable for the rest of their lives, but life takes so many different paths, that's who's to say what they'll end up doing.

The other day my daughter went shopping for a prom dress. She is looking for the bargains and not the $300 or $400 dress...and she doesn't want texting on her phone because it costs more! I think it's working!

Thanks for the info on NJ. Most of my family is there. I think I will write a letter to my state representatives about this.