The next few years?

[YoDoug]

My wife and I have been discussing the ramifications of a Biden presidency/Dem house and senate. It appears he is wanting to take us back to Obama like policies that were not great for US manufacturing and good paying jobs. I think initially the spending they want to do will keep the markets and economy propped up for a little while, maybe 6mo to a year. Maybe a little longer. Then the decline will start. If they get a fraction of the wish list ($15 minimum, medicare for all, Green deal, etc) we will see reduced jobs and a jump in inflation. I am not very optimistic about where we are heading.

In 2008 when the economy tanked the housing market crashed and jobs disappeared. In 2009 I lost my job. Looking back on it we came out alright. It was mainly because of two things, the first was a six month severance from my employer when I got laid off. The second was we were not upside down in our house. So that being said, we made a new budget this weekend. Our only debt is our house. We have between 40%-50% equity in our house depending on property value estimates so we should be able to take a hit there. We probably have 2 months of living costs in savings. We want to take that up to at least 6 months of living expenses. As much as I would like a new truck, I think we need to prepare for the worst. Hopefully the R's can win back either the house or senate in 2022 and bring a little balance back.

Are you making/changing any plans based on the change in leadership in the US?

[Incogneeto]

Plus you got that $600 to live on.

[YoDoug]

Plus you got that $600 to live on.

Married filing jointly and one qualifying dependent = $1800. May be able to retire early with this Bonu$SSS.  

[Surface]

Plan on spending more for energy.

Aides said, Biden plans to revoke Keystone XL permits on day #1. Looking to save the $8 billion project, the developers are currently jumping through hoops to keep the project alive by promising to spend $1.7 billion on solar, wind, and battery power to run the pipeline system. They have also reached a deal to give priority to union workers for the project.

[YoDoug]

Plan on spending more for energy.

Aides said, Biden plans to revoke Keystone XL permits on day #1. Looking to save the $8 billion project, the developers are currently jumping through hoops to keep the project alive by promising to spend $1.7 billion on solar, wind, and battery power to run the pipeline system. They have also reached a deal to give priority to union workers for the project.

I remember back in the Obama days when gas was over $4/gal in MN. I was driving a suburban with a 42 gal tank. I think one time I actually filled $160 at one time. Glad I live 13 miles from work now.

[gcode]

Plus you got that $600 to live on.

no cv-19 payments at gcode's house

[Jon@NOWHERE]

I am scrambling to pay off as much debt as possible so hopefully we will survive ifwhen things go in the shitter...

[Del.]

I just refinanced my house and cut payments almost $200/ month and save $63000.

[Leehound]

I had no debt until a week ago. I bought a new tractor and now I have payments again. Could have paid cash, but I really like having a big buffer just in case manufacturing goes in the crapper.

I had no debt for 3 years, but yet my credit score has gone down?

[Matthew Hajicek]

I had no debt for 3 years, but yet my credit score has gone down?

To raise or maintain a credit score you have to have debt that you're making payments on.  A typical solution is to use a credit card and pay it off every month.

[Leehound]

[quote="Matthew Hajicek" post_id=3822 time=1610993804 user_id=57]

I had no debt for 3 years, but yet my credit score has gone down?

To raise or maintain a credit score you have to have debt that you're making payments on.  A typical solution is to use a credit card and pay it off every month.
[/quote]

I do exactly that with my credit card, but yet it still went down.

[rdshear]

I'm not sure of the truth in it, but I always heard you had to keep a small balance on the card to build credit.

[Del.]

[quote="Matthew Hajicek" post_id=3822 time=1610993804 user_id=57]

I had no debt for 3 years, but yet my credit score has gone down?

To raise or maintain a credit score you have to have debt that you're making payments on.  A typical solution is to use a credit card and pay it off every month.

I do exactly that with my credit card, but yet it still went down.
[/quote]

Mine did too. Credit scores are a crock of shit. Now it's back up to 806.  Rocket Mortgage baby. Fuck the banks.

[YoDoug]

Dave Ramsey calls your credit score the "I love to be in debt" score. Your score is not based on being financially prudent and paying off balances early. It is based how much and how well you keep and maintain debt.

Last year we paid of two car loans and a student loan, all several years early. The student loan was the oldest debt I had. After paying those off my credit dropped from 820-830ish down to 775ish. I guess they want lenders to know I may pay off debt early and cut into their profits.

[huskermcdoogle]

I'm in the early stages of it... No formal offer in hand yet, but it's happening.  I'll be uprooting out of Texas and headed back to New England here in the next few months.  Same company, similar position, slightly different responsibilities, in theory possibly better variable pay, but no change in base.

Biggest thing is I will be closer to family and old family friends.  This is happening at a somewhat inopportune time as I'm not really ready to leave Texas, but at the same time this opportunity could be a long time to come around again, and likely it wouldn't be for the area I'm looking for exactly...  So, I'm gonna take it.

Selling my house here shouldn't be an issue and it will be good to arrive wherever I go with a pocket full of cash that I likely won't need to spend for a year or two.  I think I have the housing situation figured out, and likely won't need to spend much for a while.  Worst case I end up getting an apartment.  That will mostly be dependent on if I can or can't get internet or cell phone service at the family home I plan to reside in for a bit.  I haven't been there in at least a few years, and haven't stayed the night there in at least a decade.  Nobody has lived there full time in 20-25 years, but my dad has been minimally taking care of it all along, mostly visiting on an occasional weekend.  Honestly I think I can make it work for a year or two for about a grand a month total expenses, so I'll be able to stack up some cash and maybe either buy or build a suitable long term home with cash.  Basically living costs, short term for that place will be 3-4 full cord of firewood(for a full season), light bill (minimal), and just as a courtesy to my old man, pay the tax bill, might even take out an insurance policy on the place which I don't think it has had for years now.

Anyway long story short, if I had to tighten up the belt and be unemployed for a while, that's where I would rather do it.  Having no debt, a stack of cash and a roof over my head.  What more could someone want.  Oh and quick access to a good "outdoor playground" to go have fun in.

Can you tell I'm homesick.

Yeah some things I have been doing the last few year will be taking a backseat.  But I think the quality of life I will have will be better being close to family, by the time I get there there will possibly be a fresh niece to meet, not to mention the 7mo old nephew I haven't met yet...

I think the next few years are going to be a roller coaster.  Looking at what is out there and being talked about I don't know if it looks quite as bad as the Obummer era, but we all know they will try to pull the wool over our eyes.