The Economy and personal finance

I read this article in the NY times this morning. "Uncomfortable Answers to Questions on the Economy" By PETER S. GOODMAN It was very interesting and he covered the changes in the economy in a big picture kind of view. As I read There were a few things that gave me pause si I felt the need to write about it. After all what else is a blog for???

I graduated High School in 1985. The career counselors all said get a job in accounting there is always a need for an accountant. And I have held many bookkeeping positions. I am glad I had the skills. I have used them to get a job that paid the bills. When I graduated college the economy was so tight I didn't pursue getting a job. I was pregnant and We moved overseas. The economy was terrible and I was happy to be away from home.

In 1992 My then husband (now ex) and I returned from over seas. The economy was terrible. We questioned leaving the military life and finding jobs. Neither one of us had a lot of experience and we both floundered around for a year. Then our marriage fell apart and we went our separate ways. The economy had nothing to do with the marriage falling apart but I do think if it had been easier to find jobs when we returned to the US it would have shortened the suffering.

In 1999 I moved South to NC. I wanted a position more suited to my skill set. I had been working in purchasing. I enjoyed it a little, but I felt there had to be something more for me. So I went south to have family support while I returned to school in programming. My daughter and I arrived just as the technology bubble burst. I was in NC for 6 years and never found a job in Technology. Some of that was skill set. Some of that was I needed time flexibility to be a single parent. Some of that was the crash of the technology sector made positions harder to get.

I feel like I have seen a lot of downs. In the booms I was never in the right pace at the right time. I never benefited directly from a growing sector in the economy. I benefited generally by the economy being good enough I was able to find work. The grass has always been greener for a friend. Different friends who were able to make money based on the economy. I have never been able to ride the wave. So I find it ironic now that I am caught up in the momentum of the pay off your debts wave. I started realizing my debt was to high about 1 year ago. I didn't quite have a solid plan I just knew things needed to change. I knew when my debt started approaching my salary I was in deep trouble. It took me about six months to read enough blogs and to find Dave Ramsey to get the steps into place. Even now I still prefer a moderated approach then the extreme rice & beans every day. Still it was shocking to me to read that "Average household debt has swelled to 120 percent of annual income, up from 60 percent in 1984, according to the Federal Reserve." How can you do that? The madness must stop.

I was never able to buy a house when every one was rushing to do so. I was not in a financial position to do it. This year I have started allowing myself the hope that prices will fall enough and I will have my debt under control in such a way that I will be able to take advantage of the timing of the economy. I feel like its about time its my turn! It has to be my turn to be able to take advantage of the economy and to personally be financially balanced. To live within my means.

Actually I find it funny that we need the economy to be bad to do what we should have always done. Live within our means. To say "Long term, Americans may have no choice but to spend less, save more and reduce debts — in short, to live within their means." is so silly. It has always been true. Learning how to do it is hard. Doing it is hard. Living within your means during a down economy is even harder. Increase the income.

Now the economy will be slow because we are not spending. "it’s an adjustment we’re going to have to make.” I am comfortable with it because it was my own decision. How comfortable are you?