Financial Crisis & Spending Behavior - Ferrari Life
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post #1 of 22 Old 11-15-2008, 09:14 PM Thread Starter
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Financial Crisis & Spending Behavior

Has the financial crisis effected your spending behavior?

Personally, despite no real monthly cash flow impact (paper losses are another ugly issue ) I know I am being much more selective and careful about what I buy.
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post #2 of 22 Old 11-16-2008, 04:48 AM
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Cash flow down by approx 70%, although some of that is due to my wife stopping work after our daughter was born.

Investments - pensions, stocks, property have taken a huge hit. The poor state of sterling against the euro has also hit me hard as I have euro mortgages on my overseas property portfolio, and have to convert sterling to euro's every quarter.

Not bankrupt yet, can just about manage the day to day bills, but luxuries are off the shopping list for the moment.

Archie
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post #3 of 22 Old 11-16-2008, 05:56 AM
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I'm in the oil industry so I'm pretty much immune to the global financial crisis. I actually make more money now then I did a year ago. My retirement plan has gone down a third and that would bother most people but I don't care. With the divorce and my future ex-wife sueing me for everything I own, I have no incentive to save and I'm spending money like there is no tomorrow. If it is shiney I buy it. Of course I don't buy anything of real value because that becomes marital property. I would say that my current best friend is the ATM machine. I've been buying memories.

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post #4 of 22 Old 11-16-2008, 08:46 AM
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Yeap, my girl lost her job and my bonus is gone this year and the next so no christmas shopping in Londen or NewYork for us this year.
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post #5 of 22 Old 11-16-2008, 12:47 PM
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Does anyone else work in the banking, finance, mortgage or property market?

I run a UK based mortgage brokerage, the lack of availabilty of finance has really hit business and my income/bonus this year (and probably next too). Demand for mortgage finance is still high among the public, but the lenders either don't have the funds or don't want the risk.

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post #6 of 22 Old 11-16-2008, 01:54 PM
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Funny you should start this thread. I've been feeling very guilty recently and thinkn alot about it. For some yet unexplained reason my "desire list" has been growing lately. Mostly small stuff but definitely stuff I want but don't need. Compressor and air tools for the garage, nose paint and 3m on the 348, a decent car for the kids (just getting licenses) rather that a good enough one, stuff like that.

I'm lucky in the sense that I forsaw some market issues about 2 years ago and converted most holdings to cash. I never saw anything like this coming but the result is the same. I'm only down about 10%. I was not "killed" by the slide. The smart money should be looking for a bottom and buying great things on the cheap, not wasting money on wants. I hope I can hold on and beat back my demons.

Lane

Previous owner of 348ts SS #64, Now Ferrariless
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post #7 of 22 Old 11-16-2008, 04:24 PM
 
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I just can't buy anything. Car payment, gas, and school. Thats about all I was doing before the Financial Crisis. McDonalds is by no means being affected negatively by the crisis, so I am getting the same hours, and about the same pay.

Chris

To accomplish great things, we must not only act, but also dream; not only plan, but also believe.-Anatole France
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post #8 of 22 Old 11-16-2008, 10:56 PM
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For once in my life I am at the right place at the right time. Here in my province of Saskatchewan things are exploding jobs to be had every where in fact we don't have the personnel to fill positions, the economy is the strongest and fastest growing in North America out performing even the mighty Alberta.
We have one of the largest oil deposits still waiting to be processed and that is the lower one of the big three we also have huge Potash and Uranium mining.

So even though I don't have any expertise in any of those fields I do share one thing with the people who do that is that they love to spend their money buying alcohol in my establishment...

So my spending has and will increase expediently.

Night life........ain't a good life........but it's my life -- Willy Nelson
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post #9 of 22 Old 11-16-2008, 11:31 PM
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Originally Posted by Night Life View Post
So even though I don't have any expertise in any of those fields I do share one thing with the people who do that is that they love to spend their money buying alcohol in my establishment...
Yeah, oil field hands and miners love to drink. When you work as hard as those guys do, you play hard also. So keep the drinks coming Roberto! Those guys will be happy to buy you your 2nd Ferrari.

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post #10 of 22 Old 11-17-2008, 09:45 AM Thread Starter
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Night Life, Sounds like you are in the right place at the right time.

It is good to see Pete very focussed on the task at hand.

Last edited by Boxer; 11-17-2008 at 10:04 AM.
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post #11 of 22 Old 11-17-2008, 10:43 AM
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Now that oil prices have fallen through the floor, will that effect the short term investment in exploration and man power required on site?

Archie
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post #12 of 22 Old 11-17-2008, 10:54 AM
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Night Life, Sounds like you are in the right place at the right time.

It is good to see Pete very focussed on the task at hand.
Cheers Boxer! My wife can take away my house but she can never take away that horse ride on the beach in the Philippines with a beautiful Filipina sitting behind me. That one is mine forever.

I once told a friend of mine, "when your time is up you will not think about the things you had, you will think about the things you did." Now I'm living up to it.

When my time is up I will not think about having owned a Ferrari or a fancy house. I will think about being on that horse on the beach in the Philippines with a beautiful girl hugging me as we rode through the surf.

That memory is something that nobody can ever take away from me.

Capt. Pete
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"Time is what prevents everything from happening all at once."
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post #13 of 22 Old 11-17-2008, 11:03 AM
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OMG! I just re-read that load of crap I posted. That shit was like the chain email with the flowers that every girl sends to everyone on her mailing list. What a load of bullshit! Riding horses through the surf on a beach? Bullshit!! I like the Ferrari's, I like the fancy houses! I lied!

I guess that's why chicks dig me.

Capt. Pete
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"Time is what prevents everything from happening all at once."
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post #14 of 22 Old 11-17-2008, 11:37 AM
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Originally Posted by archiegibbs View Post
Now that oil prices have fallen through the floor, will that effect the short term investment in exploration and man power required on site?
No. I can tell you from experience that there is not enough manpower to go around. I'm due to go on seatrails this month and I'm only at 75% crew strength. We can't find the people. Wages are increasing to entice the experienced folks. Short term I can't advise you, but long term I can assure you that we are going to look for oil until it is all gone. And then we will look harder. You have a new son, I would advise you to get him to pursue a petroleum engineering degree. He can work anywhere in the world.

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post #15 of 22 Old 11-17-2008, 01:17 PM
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Originally Posted by Boxer View Post
Has the financial crisis effected your spending behavior?
No real impact to income on a monthly basis. Although I am usually selective about what I buy anyway, tend not to be frivolous more long term.

The only thing that concerns me at the moment is the constant barrage of news of an economy in decline and whether this will have a significant impact on the business within the next year i.e will whatever consumer confidence is left be annihilated by egotistical politicians.

To date business has been relatively unaffected, and we are well placed to ride out any storm, my standing orders are that all unnecessary expenditure is on hold indefinately, but actually that is normal practice anyway although I do find myself articulating it more.

I have to say that the general uncertainty is a real pain!



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post #16 of 22 Old 11-18-2008, 11:33 AM
 
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Has the financial crisis effected your spending behavior?

Personally, despite no real monthly cash flow impact (paper losses are another ugly issue ) I know I am being much more selective and careful about what I buy.
Until a few months ago I was a student and made very little money. Now I'm working and I make really good money.

So I do spend now much more then I ever did in my life, specially traveling from cities I go to work to my home city, visit my girl and family.

One thing is for sure: Christmas this year will be expensive for me! Lots of presents for everyone that I love and took such good care of me for the past few years, now I can finally give them something back. Plus the plane ticket on December 24, hope I make it on time!

Quote:
Originally Posted by Pete04222
OMG! I just re-read that load of crap I posted. That shit was like the chain email with the flowers that every girl sends to everyone on her mailing list. What a load of bullshit! Riding horses through the surf on a beach? Bullshit!! I like the Ferrari's, I like the fancy houses! I lied!

I guess that's why chicks dig me.
LOL

Pete, you are a comediant! hehehehe I like the Ferraris and fancy houses too, because not only they are very very nice, but they also give you nice memories!

Quote:
Originally Posted by Pete04222
No. I can tell you from experience that there is not enough manpower to go around. I'm due to go on seatrails this month and I'm only at 75% crew strength. We can't find the people. Wages are increasing to entice the experienced folks. Short term I can't advise you, but long term I can assure you that we are going to look for oil until it is all gone. And then we will look harder. You have a new son, I would advise you to get him to pursue a petroleum engineering degree. He can work anywhere in the world.
Pete, here in Brazil it is the same. If you have the correct education/experience, people will give you a lot of money to do some work.

Salaries over 100k US$/month are not unusual. I'm not there yet, but maybe in the future? hehehehe

"When the going gets tough, the tough get going." - J. P. Kennedy
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post #17 of 22 Old 11-18-2008, 12:04 PM
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OMG! I just re-read that load of crap I posted. That shit was like the chain email with the flowers that every girl sends to everyone on her mailing list. What a load of bullshit! Riding horses through the surf on a beach? Bullshit!! I like the Ferrari's, I like the fancy houses! I lied!

I guess that's why chicks dig me.
Pete, I was starting to worry about you then. What was all that romantic crap? Get your priorities right - Money, beer, gambling, porn, fast cars and fast women (I'm referring to your ability to get through them)

Archie
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post #18 of 22 Old 11-18-2008, 05:28 PM
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Pete, I was starting to worry about you then. What was all that romantic crap? Get your priorities right - Money, beer, gambling, porn, fast cars and fast women (I'm referring to your ability to get through them)
Yeah Archie, I'm sorry. I'll save that romantic crap to use as a pick up line in the bar, airport, park, sidewalk, etc - "Why yes, I DO enjoy riding horses on the beach!" I don't know why I bothered posting that garbage on here. It's not like I'm trying to pick you up. I've already got you.


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post #19 of 22 Old 11-18-2008, 08:26 PM
 
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Yeah Archie, I'm sorry. I'll save that romantic crap to use as a pick up line in the bar, airport, park, sidewalk, etc - "Why yes, I DO enjoy riding horses on the beach!" I don't know why I bothered posting that garbage on here. It's not like I'm trying to pick you up. I've already got you.

Hahaha

Chris

To accomplish great things, we must not only act, but also dream; not only plan, but also believe.-Anatole France
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post #20 of 22 Old 11-18-2008, 09:11 PM Thread Starter
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- "Why yes, I DO enjoy riding horses on the beach!"
have you copywrited that yet?
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