How is your personal economy?

[Minz]

Wow..an interesting thread! I'm basically self-employeed (realtor) so the income is sporadic. However I'm pretty good and enjoy being frugal (most of the time) so my spending is under control. However I am far from being debt-free and I look to this forum for inspiration!
I have a couple of ideas for earning extra money:
1) I live in a very touristy town and am thinking of converting part of my house into a vacation rental. If I rent it out 15 days of the month I can bring in about $800. My house is too big for me so it would not be a problem for me to live in just half of it.
2) Being a realtor and seeing all the foreclosures, I see homes left behind with a lot of "stuff"- some worth something, some worth nothing. Usually this stuff ends up in the landfield...My business idea is to get some of this stuff out and sell it to consignment shops/craigslist etc. It would save the stuff from going to the landfield and people would get a good deal on stuff...but is this ethical? Would I be profitting on others' misfortunes?! Hmmmm.

[ToomuchStuff]

2) Being a realtor and seeing all the foreclosures, I see homes left behind with a lot of "stuff"- some worth something, some worth nothing. Usually this stuff ends up in the landfield...My business idea is to get some of this stuff out and sell it to consignment shops/craigslist etc. It would save the stuff from going to the landfield and people would get a good deal on stuff...but is this ethical? Would I be profitting on others' misfortunes?! Hmmmm.

Careful now, I know this Realtor :
http://www.kctv5.com/story/19115495/...pectors-scheme

[Minz]

[QUOTE=ToomuchStuff;97211]Careful now, I know this Realtor :
http://www.kctv5.com/story/19115495/...pectors-scheme[/QU

Oh...IF I did it, I would do it totally legitimately...but you've made me think about this more...I don't think I will do it because I wouldn't want any suspicion of being improper and risk losing my license! ...plus it's probably a lot of trouble. Thanks for your input...this is exactly why I posted my thoughts..to get feedback. I think it could be a great business for a non-realtor person and someone not really related to the business. I think someone should take my idea and run with it!! Thanks TOOmuchstuff!

[SteveinMN]

My business idea is to get some of this stuff out and sell it to consignment shops/craigslist etc. It would save the stuff from going to the landfield and people would get a good deal on stuff...but is this ethical? Would I be profitting on others' misfortunes?! Hmmmm.

Interesting idea ... and an interesting question. I know there are companies in the Twin Cities, hired by the lenders, that go in and clean up foreclosure- and short-sale homes and part of the deal is that they can take/resell things of value as part of their income.

But I'm more intrigued by the question of profiting on the misfortune of others. I understand the ethical component of it, but don't we (the collective 'we') do this all the time? "Motivated seller!" "Moving -- will accept best offer." Liquidation sales/bankruptcy auctions for closed businesses. When does saving money under these conditions become unethical? I'm not saying the answer is "never" -- just that we readily accept certain positions of disadvantage in commerce. I'm interested in where the line is drawn -- or at least where some of us draw it.

[ToomuchStuff]

But I'm more intrigued by the question of profiting on the misfortune of others. I understand the ethical component of it, but don't we (the collective 'we') do this all the time? "Motivated seller!" "Moving -- will accept best offer." Liquidation sales/bankruptcy auctions for closed businesses. When does saving money under these conditions become unethical? I'm not saying the answer is "never" -- just that we readily accept certain positions of disadvantage in commerce. I'm interested in where the line is drawn -- or at least where some of us draw it.

The whole economy is parasitic in nature. Each person has to decide where the line is drawn, for themselves. I think generally we all would say there is a line where you create the opportunity for a parasitic result for yourself. (drive someone into bankruptcy to buy their stuff, as an example)

[cjones]

This is a fascinating thread. I am in good shape, but more scared than ever. being close to sixty, I have a lifetime of savings and no debt...BUT am close to unemployable (age discrimination) should I lose my job..and my job is VERY insecure. I am so grateful for everything I have, but the next five years will make a very big difference in the kind of health care I'll be able to afford when I retire. So...I'm fine for now but more Scared than ever. Anyone else feel this way?

[cattledog]

This is a fascinating thread. I am in good shape, but more scared than ever. being close to sixty, I have a lifetime of savings and no debt...BUT am close to unemployable (age discrimination) should I lose my job..and my job is VERY insecure. I am so grateful for everything I have, but the next five years will make a very big difference in the kind of health care I'll be able to afford when I retire. So...I'm fine for now but more Scared than ever. Anyone else feel this way?

Yes, sometimes. DH and I planned for early retirement and while I feel good about our savings, health insurance worries me. I'm in my 40's and stay home with my kid, but I worked in tech, so I can kiss going back into that field if I need to start working again. Age discrimination is very real. DH's field is less sensitive to it, but he figures he only has about three years left before he faces it if he has to look for work.

[militaryman]

By all appearances I am in good shape -- Almost debtfree ( $4k left on HELOC ) and both DW and I are employed fulltime with benefits and saving a good amount into 401k's , however.... I have a cloud over my existence knowing that to maintain the "decent economy illusion" the Fed Gov. is spending +$1.1 trillion more than it takes in each year, year after year ... So eventually the s*it will hit the fan and the reality of how much we have saved is really worth and how many taxes we will be paying to dig out of the mess will be revealed. At least I should be ahead of most other folks I guess

[pinkytoe]

On a scale of 1 to 10, probably a 7.5. I have managed to maintain a 35 hr a week job at a decent salary with pension and health insurance for life. (Currently working on a scheme to make more but will be getting a 3% raise-amazing for a state govt). Dh has a steady job, paid health insurance and a company car provided with all maintenance and fuel paid for. My car was paid for years ago so our only expense is gas, licensing and maintenance for mine. Our house has appreciated in value - $130K when purchased 12 yrs ago to $340 if sold today. We have decent savings, vacation and emergency funds and I have been able to save at least $2000k a month the past few years so that has helped. I say only 7.5 on the scale though because having been around five decades, I know how quickly economies and situations can change. A health situation and ensuing job loss could change everything. It also worries me that we are looking at a lot of replacement costs on things that were purchased years ago and nearing their lifespan - roof, AC, car, appliances, etc. Oh and the ever present property tax that gets bigger every year...We have the money but at this age one begins to prioritize spending even more. And if the market collapses again as it surely well at some point soon, then there goes our retirement funds. We were not able to save enough early on to feel financially secure in all situations but things could be a lot worse.

[pony mom]

Right now I'm in a slightly better situation than in the past few years. Although the spa is slow and work is sporadic (will pick up in the fall/holiday time), my other job in a small business is filling the gap. It's close to the spa so I can pop over there if I get a client, they pay cash (shhhh, don't tell!), and I like it. At the moment it isn't "extra" money, since it's filling the gap left by the slow spa, but it's definitely helping a lot.