Im a financial advisor/planning and have come to learn this job has +/-'s. The worse the markets get, the more clients i get from firms that have been in the news, the more 401k rollovers from people being let go, etc...We had a meeting last week and were basically told that the next 12-18 months can define our careers.
2008 I had my best year ever, and this year has started even better. The longer the market goes/stays down, the more people i get a chance to help and try to prove myself to. You want it to go up for existing clients, but want it to stay low to meet clients you would never ordinarily meet. I mean, who would want to move their account if they were making 40% every year where they are? It is a weird job. I love my job, love helping people, and like anyone else, I would love to see the housing market come back.
Markets are still making a bottom, no great news on the horizon, heck even FDIC had to get access to $500Bln this weekend to prepare for a major bank failure. Imagine the run on banks if we heard FDIC was tapped out. Crazy times...By working in a brokerage attached to a bank, i have heard about a lot of clients having their mail stolen, and even personally someone tried to somehow charge something on one of my credit cards, and thank god they caught it. People are getting more desperate out there. In my world we have to stay optimistic that things will turn around someday and have a plan ready to not miss out.
I don’t think this topic was covered in this thread but is anyone worried about the potential crash of the commercial real estate market? I have been looking for a new office space for my business and I considered buying a condo space a year ago and quickly changed my mind anticipating the immanent drop in value in the future. Recently I started looking for spaces for rent instead and I was shocked today to see the signs on the empty retail spaces. One space at a prime location was for rent for 10$ per square foot which is half of what I am paying now at a location that is not as good. For some reason I found that to be scary although my logical reaction should have been this is great I should get this space while it is cheap. I am not an expert but I think the commercial real estate market is going to be much worse than houses, just look at all the empty retail space. Very sad.
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I don’t think this topic was covered in this thread but is anyone worried about the potential crash of the commercial real estate market? I have been looking for a new office space for my business and I considered buying a condo space a year ago and quickly changed my mind anticipating the immanent drop in value in the future. Recently I started looking for spaces for rent instead and I was shocked today to see the signs on the empty retail spaces. One space at a prime location was for rent for 10$ per square foot which is half of what I am paying now at a location that is not as good. For some reason I found that to be scary although my logical reaction should have been this is great I should get this space while it is cheap. I am not an expert but I think the commercial real estate market is going to be much worse than houses, just look at all the empty retail space. Very sad.
I don’t think this topic was covered in this thread but is anyone worried about the potential crash of the commercial real estate market? I have been looking for a new office space for my business and I considered buying a condo space a year ago and quickly changed my mind anticipating the immanent drop in value in the future. Recently I started looking for spaces for rent instead and I was shocked today to see the signs on the empty retail spaces. One space at a prime location was for rent for 10$ per square foot which is half of what I am paying now at a location that is not as good. For some reason I found that to be scary although my logical reaction should have been this is great I should get this space while it is cheap. I am not an expert but I think the commercial real estate market is going to be much worse than houses, just look at all the empty retail space. Very sad.
Just like residential real estate, in certain areas commercial properties have gotten way above their underlying intrinsic value.
While may be the time to acquire space, check into the landlord or owner's financial situation and spare resources before you sign on the dotted line. Recent WSJ articles say retail businesses are negotiating rent reductions in malls and business centers. A buyer's market.
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Military officer--since my pay is set by congress and doesn't fluctuate, my income is unchanged. The place we're really getting hit is in housing; having to move every 3-4 years means buying and selling houses as often. At this point I'd be thrilled if I could get out from my house losing only $40k. Regardless, I have to move this summer. Couple that with watching my retirement investments lose about 45% of their value, and my losses have been pretty significant. But I do have a steady pay check, and I'm grateful for that.
The obvious down side is that, while I'm not all that worried about losing my job, I have to spend more time away from home in unpleasant places than I actually spend at home. (keeps the milage on the beast low, though)
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But you also get a guaranteed pension come retirement. So while your investments may have gone down, your retirement package is still pretty much intact. So you may not be as well off as before, but if you really wanted, you could stop working after 20 years in. I'm just sayin.
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