Are Those With Less Better Prepared to Weather a Poor Economy?

on February 26, 2009 at 1:00 PM

economy newspaper

My husband and I are definitely feeling the sorry state of the economy, but not as much as some. When you don't have a lot to lose, you can't lose a lot.

I just read this Boston Globe article So maybe the slackers had it right after all, and now I wonder if we're able to hold on tight and sustain right now because it's familiar territory—because we're "slackers" at heart.

I don't really consider myself a slacker—even though I feel that terminology for intelligent underachievers, at least in the traditional sense of achievement is, a little harsher than the reality—because I have gone after the traditional American dream—the career, the house, the car, the kids, the pets. We just did it minimally.

We live in a house that fits us just right and drive cars just the same. With our jobs that feed the heart sometimes better than the family—my husband's in coffee and mine as a writer—we haven't lost any real estate or any money on the stock market. Other people's staples were already our luxury items, and I already like to buy things used.

Sure, we're just two jobs in a horrific job market away from being in a real financial mess. And I feel, in our small realm, we do have a lot to lose. But if it happened (knocking wood really hard) and with the knowledge we have from of living on less, we hope we could recover our mimimal life in time.

+++ What about you? If you've been living on less, do you feel you're better prepared to weather a poor economy?

(via Adriana)

About the author Sheri Reed

is a writer and the Entertainment, News & Sports editor for The Stir. She loves a good film, watches lots of good TV and follows Ryan Gosling's every move because she has to -- for work.

Filed Under: home finances, recession guide

Comments (20)

TempestRayne

on Feb 26, 2009 at 1:38 PM

I was born poor, so to speak. not as "poor" as I am now, but i leanred alot more. I also learned alot from my mom who was also born in a lower income level. She knew enough that we never really felt the crunch of not having much money. Now, my dad, on the other hand, came from an upper middle class family and he had some real probelms adjusting his spending habits when things started getting nasty in their financial sector. It did eventually happen, but they went through a lot of debt and a bankruptcy to do so. So, yeah, I absolutely think that people with less are better suited to coming out of a global financial strain less harmed than others.

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chickaboom73

folks i hate to say it but we have been living this way for 14 years!!!

if you cant take it with you then why stive for it?

i am still scratching my head over why I graduated college five years ago?

Amanda_Jeanne

on Feb 26, 2009 at 1:43 PM

I think so... I'm used to living pretty frugally so I'm not "used to" going out and getting luxuries that others may feel are just normal parts of their regular lives. I go to a hair salon maybe once a year to get my hair cut or colored. I never get manis/pedis... I don't drive a fancy car (I'm still driving the same car I got for my high school graduation gift 6 years ago) and I rarely go shopping for clothes. We're used to budgeting and watching every doller so to me, the change in economy right now isn't hurting us as badly as it might hurt others.

LauraMi261

on Feb 26, 2009 at 2:00 PM

Slackers? I don't know what you mean. Anyway, when I grew up I learned to save my money. I didn't know what for, just that my dad insisted. I had an IRA when I was a teenager! Who does that? I think many people, regardless of career choice or income, had to spend money when they had it. Those are the people who are suffering and complaining the loudest. I watched part of Oprah yesterday and had to shut it off. The family was whining because they moved from an overpriced new house - a young family with four kids, right? to an overpriced condo. We were supposed to feel sorry for them? Why? Believe me, my husband wasn't happy when I insisted we save part of his paycheck, either. He wanted to blow it. But then again, we aren't asking anyone for assistance now. He's too proud and I'd be too humiliated.

jjibin

on Feb 26, 2009 at 2:25 PM

Oh! Certainly it is a lot easier for a person who is already liviing minimally, to continue that pattern. I was born rich and raised rich. I'm not boasting, but stating a fact. However, I did not follow the chosen path of my family medicine to be specific ,and followed the path of writing. My husband is a med school working in sales. We live in a very cheap 2 bedroom apartment, don't own a car, only have cell phones, don't own a home phone, high speed internet or cable. We have 2 children and are now looking into buying a car as we want another child!

So yes the economy is terrible! I have felt the impact when my husband got laid off, but it is easier to deal with it when you are living in a minimal manner. In my case, I had everything growing up so it does not bother me too much not to have every single thing out there! But if i do get more money, i will not say no to it either:)

lizzeh

on Feb 26, 2009 at 2:27 PM

We are hit bad. (Well, other than the job market)

We don't have cable, we don't pay for our internet. We did eat out a lot(sadly) but we didn't cook at home as much(So it almost evens out) .

We don't own our own home. We don't buy a lot of clothes. (Once a year)

I grew super, super, super poor. (Like, thrift store clothes three times too big poor). So, I'm actually better off now than I was as a child.

I vowed I'd never get on foodstamps, becaus I never wanted my child to be poor.

Well, two college educations later, unemployment and a retail job we had to. (I was almost in tears filling out the application and my husband wouldn't even talk to me for about an hour after our appointment).

Hopefully, we'll both have jobs(or more than one) soon.

outdoorzyones

on Feb 26, 2009 at 2:41 PM

Slackers? umm...I grew up a farmer, graduated college (4times!) why I'll never know a degree is worth toilet paper these days and all of my debt is college tuition loans. I own my 3 br 40k house, not a mansion but I can afford it, I live in a city I don't like but I can afford it...(why rent somewhere to add up to nothing) and I still grow my own vegetables and plants on my 1/4 acre lot...my kids sell some for their trip money, I drive a used car '01, and go where I want to go do what I want to do and raise my kids on prayers, honest work and about 12k a year....what crunch? o.k. so I know alot of people to "visit" aand I spend alot of time researching free places to go and things to do. My life/ our lives are pretty much the same...except we had to rebudget for gasoline. anyone need any tips on how to shrink your budget? just ask...SIMPLIFY jigsaw ribbon

wheresthewayout

on Feb 26, 2009 at 2:50 PM

I have never had money to begin with. I know how to live cheap and do without. I also know how to live smart. I pay cash for my cars. They have always been 10 yrs old but I don't have a car payment and I buy everything with cash, not credit.

Trixiebelle2

on Feb 26, 2009 at 3:41 PM

i do not think they are better off. Some folks were barely making it, and now they don't even have a job to put a few meager bags of rice in the cupboard. I think having to do without a latte would be much easier than giving up... food.

lilmizmoore1127

on Feb 26, 2009 at 4:00 PM

I hate to say, yes, it is the poor that is going to weather this storm. Im in this group, and we're already doing with nothing in many cases, so I figure one cannot have less than nothing. But, the poor who are on food stamps and creating meals that can stretch already have that advantage of not living high on the hog so to speak. So like my family, nothing will really change, not for better or worse. We dont go to the movies, or out to eat, etc so I cant miss what I dont do now.