The Rich Get Hit Hardest
My aunt and uncle are in the upper class. They have a really nice house in a really nice town in a really nice part of the Bay Area. They have two kids. They have lost hundreds of thousands of dollars in the stock market. My uncle, who is self-employed with a once-thriving web marketing business, is struggling to retain clients. My aunt, who is in charge of a profitable department at an otherwise struggling company, just got a 10% paycut. With an expensive mortgage, even six figure and then some income isn't enough to pay for their lifestyle. So they're watching their spending. They are worried about just how bad this all is going to get.
While I've "lost" over $9000 so far in stocks, I feel lucky. I have a job. I make $60k a year, plus any freelance income I can bring in here and there. While I'm still not the best at managing my money (I just spent $100 at Sephora on a few eyeshadows and lipstick... I like to think of it as "stimulating the economy") my cost of living is not that high. I don't have any kids, my rent is cheap (well, at least compared to what I was spending living on my own before I moved in with two roommates, and I don't buy much other than the occasional overpriced pair of jeans or high-pigmented and pricey eyeshadow. So my life is pretty cheap. And I like it that way.
For everyone who has a family to take care of... a mortgage to pay... this recession is really, really bad. It makes me want to never have kids or up my desire to purchase a house. Sure my room is tiny, I have to put up with my roommates for better or worse, and I don't get to cook naked (which is seriously the biggest downfall of living with roommates), but... my life is affordable. Even as I lose thousands in the stock market. If I had kids... a house... I'd be screwed right now.
2 comments:
My life is pretty cheap as well. So when I spent money here and there, it's because I know I can do it comfortably without freaking out (like you @ Sephora).
I hate to say it, but your aunt and uncle sound like my brother & his wife. It doesn't seem like they can afford their lifestyles comfortably on anything less than $250k a year (which is the case with my brother).
But my bro knows that and he basically has 4 streams of income, works 24/7 (literally, I saw him up at 2 a.m. then again at 6 a.m. for calls), and pushes himself too hard.
It's all fine and good (to me), but then if they, like your aunt or uncle have a cut in income, they could not afford their fancy mortgage with their fancy cars etc.
*shrug*
I'd rather have a middle-class lifestyle, upper-class income and not have to worry about trying to maximize my luxuries in life.
I'm sorry to hear about anyone losing money, and I agree that now is good time not to have many obligations like kids or a mortgage.
However, I question the title "The Rich Get Hit The Hardest". While they may have more money to lose, those hardest hit right now are those that were already living paycheck to paycheck and are now wondering how they're going to find money just to eat and how they're going to (hopefully!) keep a roof over their head.
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