job market is grim, particularly if u r 50+

[the1]

Another alternative is to reinvent yourself. Go back to school, learn a new skill. Just do something besides sending out resumes and certifying for bennies.

Quote from hippie:

You are assuming that there is the capital and the living expense to try again. Very few are so fortunate to have a 2nd chance.

 

[hippie]

Quote from the1:

Another alternative is to reinvent yourself. Go back to school, learn a new skill. Just do something besides sending out resumes and certifying for bennies.

It takes money to go back to school. I am learning a new skill on my own - if u read my posting. What bennies? Are u kidding?

A friend near my age went back to school - for nursing, believing there is one job that cannot be exported. She graduated a year ago. No nursing job for her yet. Hospitals in her county (Seattle) imported 500 foreign nurses instead of hiring the new local graduates.

 

[dtan1e]

Quote from nooby_mcnoob:

This is a very good point. Recently, I've got two minds about it. One mind says: why not live like the bernankee? Spend, spend, spend, go bankrupt, start again. Spend, spend, spend, go bankrupt, start again? Lots of highs, lots of lows, lots of fun in between. Problem is that for most people, the spending only starts once. If we removed credit checks and history from the system, this could be quite viable.

The alternative is live below your means, slowly, but surely developing a solid financial foundation.

Which sounds more fun?

Bernankeeeeeee!!!!!!

that is a very interesting way you put it, if connect the dots, crazy spending get the country into the financial mess it is, so why is bernankee allowed to continue to do it?

 

[nooby_mcnoob]

Quote from hippie:

Exactly. Thanks for pointing this out. I am a trader with very small capital - not enough to daytrade stocks due to the 25k Reg T requirement. So I am trading fx and micro futures. I am profitable but not making a living yet. I am extra cautious with money management knowing that I cannot make it back in a job if I blow my tiny account.

I freelanced in IT for many years. There is no unemployment benefits for jobless contract workers. Now those jobs are gone for folks my age. I would go to Alaska or Iraq if there is good paying work there for me. I would love a temp/contract job to earn the capital I need to make a living trading.

I will get social security in a few years. My trading skills will bring in the extra income to supplement Social Security.

How is it that you ended up in a situation where you can't bring in $25K for day trading especially given that you worked in an incredibly lucrative field for many years, perhaps during its first incredible boom?

I would like to understand how you got here from there.

My sincere apologies if I offended you earlier, regardless of how you got there, it's a fucking tough situation. I wish you the best. At the time, it was something like 12am and I thought you were a snotty kid like me. I hate snotty kids who complain.

At the same time, wanting to go to Iraq and contribute to the mass destruction of a country for your own benefit puts you in a special place, but hey, that's capitalism.

Also, since you worked in IT, is there absolutely no software products you could create? I sell my own software and it has a ROI between $200-400/hour depending on the month.

 

[nooby_mcnoob]

Quote from hippie:

It takes money to go back to school. I am learning a new skill on my own - if u read my posting. What bennies? Are u kidding?

A friend near my age went back to school - for nursing, believing there is one job that cannot be exported. She graduated a year ago. No nursing job for her yet. Hospitals in her county (Seattle) imported 500 foreign nurses instead of hiring the new local graduates.

Oh, nurses are being attacked everywhere. Where we live, the government has the nerve to fund nurse positions for graduates for 6 months. Absolutely no cost to hospitals.

Can you guess what happens when the 6 months are up? Yep, you guessed it! Rotation!

 

[hippie]

Quote from nooby_mcnoob:

How is it that you ended up in a situation where you can't bring in $25K for day trading especially given that you worked in an incredibly lucrative field for many years, perhaps during its first incredible boom?

I would like to understand how you got here from there.

My sincere apologies if I offended you earlier, regardless of how you got there, it's a fucking tough situation. I wish you the best. At the time, it was something like 12am and I thought you were a snotty kid like me. I hate snotty kids who complain.

At the same time, wanting to go to Iraq and contribute to the mass destruction of a country for your own benefit puts you in a special place, but hey, that's capitalism.

Also, since you worked in IT, is there absolutely no software products you could create? I sell my own software and it has a ROI between $200-400/hour depending on the month.

I was a foolish "long-term investor" in the tech crash. Lost most of my assets then. I also spent too much time playing hippie hanging out in different countries instead of working year round in the good times. I don't regret that.

What is an ROI? I am not a marketer. I can get some work if I need to, but not work that pay well enough to build up capital. In any case, I need to focus on my trading if am going to stay profitable. In any case, I don't have too long to wait to get Social Security. My trading skills would be great for supplementary income come that time.

 

[nooby_mcnoob]

Quote from hippie:

I was a foolish "long-term investor" in the tech crash. Lost most of my assets then. I also spent too much time playing hippie hanging out in different countries instead of working year round in the good times. I don't regret that.

What is an ROI? I am not a marketer. I can get some work if I need to, but not work that pay well enough to build up capital. In any case, I need to focus on my trading if am going to stay profitable. In any case, I don't have too long to wait to get Social Security. My trading skills would be great for supplementary income come that time.

Ah, I know a few who went through similar things. That is probably the reason why I shy away from "long term" investing these days. As for playing hippie, I'm sure it is fun, but playing hippie with money is even more fun

ROI = Return on investment. Roughly, I get 200-400 dollars for every hour I spend on my software. Not to worry, I'm not a marketer either. The Internet means a few hundred/thousand customers are there, waiting for you to take their money.

Good luck with the trading. I agree it will be a good supplementary income. I hope you don't get caught again.

 

[piezoe]

Quote from QQQBALL:

Touching.

Been in same biz for over 25 years. This economy is very tough. Fees are literally below 1980's levels when expenses were much lower. Working twice as hard for less and deadlines are very short. It is going to be very hard to get ahead in this economy - particularly for people that are deep in debt and lived beyond their means. I am doing well now b/c I grew-up poor and have that deep fear from my childhood, and because I am frugal. If I make less, I spend less, if I make more, I do not up my lifestyle much, I just invest more. I sold my investment R.E. from 2004-2007 and own the casa F&C with some rental income from othyer units on the property. No debt, NO CC bills, - one child is finishing up college this quarter and the other is covered and doing very, very well, but having only one child in college for another 4-5 quarters is actually a relief even though I can afford it. Believe me, when things dumped in 2008, it was a bad time to have two kids living away at major universities, but I had prepared and had very low overhead and living expenses, and I got very competitive on my fee quotes and fortunately I picked up a great client in early 2008 and they now provide 75% of my (which is in a way scary too, but I can get by from other clients if need be).

This thread started out talking about people over 50, which includes me... If you told me my fees would be lower now with 25 years experience than they were in the 1980's, I'd have said you were nuts. Its not just me, its industry-wide. A lady that worked for me in the early 1990's and went out on her own successfully for like 15 years, just took a job at a larger company on fee-split arrangement. Let me tell you, there are loads of qualified people out there and the fee splits are LOW. Margin squeeze if you have your own biz. Tough times.

So hard work, persistence and drive are definite pluses, but right now there is not enough work to go round and a 55+ guy getting laid off in a depressed industry has my empathy... Compound interest really works in your favor if you start early. Someone who is 55 with limited savings, big mortgage, kids in college, etc., is in an ugly spot.

My advice to all, for what it is worth, is to live below your means, work hard and invest. I would avoid debt unless it provides really strong leverage/high yields w/o too much risk and is non-recourse.

One other thing - some of the jobs mentioned here are unskilled labor that can be eliminated. You can do your own pool, gardening and clean your own casa. I do not know of anyone in my area paying $50/ to $100/hora to have their house cleaned. Maybe $50 to $75 for the whole house, but not that much per hour. No way, not here anyway.

What a nice, intelligent post and a recipe for succeeding in tough times.

 

[nutmeg]

You know, even if you're over 50, have the energy and the know how along with some money. There's really nothing exciting in the way of starting your own business where you aren't basically a cash churner for the various gov't agencies, insurance cos, and expenses that go along with a start up. I just don't feel liike being a donkey. Work 60 -70 hours a week as well as investing money to buy a job and net $10 hour.

Everything out there is franchise. You don't see any independent business's popping up & down main street.

I've seen a few foreclosures that are in major need of repair that look exciting. Actually, two of them look like someone took out a home equity loan, started to remodel them, ran out of money and lost the place. Unfinished dreams, so to speak.

Other than that, in my book, business prospects look gloomy.

 

[darwin666]

Quote from nutmeg:

You know, even if you're over 50, have the energy and the know how along with some money. There's really nothing exciting in the way of starting your own business where you aren't basically a cash churner for the various gov't agencies, insurance cos, and expenses that go along with a start up. I just don't feel liike being a donkey. Work 60 -70 hours a week as well as investing money to buy a job and net $10 hour.

Everything out there is franchise. You don't see any independent business's popping up & down main street.

I've seen a few foreclosures that are in major need of repair that look exciting. Actually, two of them look like someone took out a home equity loan, started to remodel them, ran out of money and lost the place. Unfinished dreams, so to speak.

Other than that, in my book, business prospects look gloomy.

100% agree. plus the possibility of the business u start going belly up. as there is a statistic that 70-80% of all small business fail in the first 2 years of starting...in these times of high unemployment, many newbies are taking the plunge to get into a business. when infact they should not . It seems that getting a job , if you can is the best business. you get a guaranteed paycheck.. hehe.

I was on the lookout for a business. when i was unemployed and analysed many of them.. but none made financial sense.. I still wonder how many of the business i see around are surviving.!.