Have you seen the market today?
By SaintAnne
@SaintAnne (5453)
United States
October 10, 2008 12:56pm CST
Boyfriend got woken up by some bad news. Boyfriend has been in the process of buying a house and decided to hold off (for a few days) on signing some paperwork and I guess such decision will cost him a lot of money now if he decides to still get the house. I asked him what was going on as I could tell he is really unhappy. I seldom see Boyfriend this way. I think in the 5+ years that we've been together, I could count the times in one hand when he got upset and frustrated.
So he started spouting off these numbers to me, trying to explain why he's annoyed. The interest rates, the points, percentages and numbers with quarters, etc... and he's figuring all these out at the top of his head for the coming years. Now, I did well in Math and other math-related subjects in school but I can barely understand what he's talking about and can barely catch up with his equations. For me, I have to see everything that he's saying in writing for me to hopefully understand. He asked if I've seen the stock market the last few days and I have but I don't know the specifics, all I know is that it's bad. And I told him that. So now he's pacing along the corridor and then going online to check some more information and then ranting some more.
I don't know why I'm writing this here. I have a lot of questions to ask regarding this but I can't come up with one right now. I guess it's because I really do not know what else to say to Boyfriend to make him feel better besides giving him a hug.
5 people like this
15 responses
@Ilyes1971 (42)
• Tunisia
10 Oct 08
these are really bad times. if your BF didn't yet got the house it is may be safer to wait and see what is going on.
2 people like this
@SaintAnne (5453)
• United States
10 Oct 08
Hello Ilyes. Thank you for your advice. I think it ultimately has be to up to Boyfriend. I told him whatever he decides, I still would be there and will help out. Thanks!
1 person likes this
@checapricorn (16061)
• United States
10 Oct 08
H[i]i Anne,
HUbby and I also checked last night and saw how the market crashed this time..Maybe your bf has a big investment in a particular company and he is sad about it!
ANyway, just be with him for I know everyone is affected by [/i]this!
2 people like this
@SaintAnne (5453)
• United States
10 Oct 08
Thanks che. That's what I intend to do although he's left for work now and I don't get to see him until dinner at his mom's tonight.
@mimpi1911 (25464)
• India
13 Oct 08
This is a financial crisis that we are into and it’s affecting the stock markets all over the world. I feel the stock markets’ touching the rock bottom is largely due to panic and vulnerability of the investors. It’s but obvious in such situations. But we must know that what goes up must come down and vice versa. Things can hardly go more wrong from here and we have learned a lesson as always. We have been increasingly adventurous in investing in stocks that in some cases went over board. I can understand your situation, it’s upsetting. But I am sure your BF will overcome and so will all of us. The slump is likely to improve, I am an optimist. Till then hold him tight, make him more secure and much loved. Trust me, that helps.
1 person likes this
@mimpi1911 (25464)
• India
16 Oct 08
I know that's understandable. We tend to let go specially to our loved ones. That makes things easier, isn't it? The slump was a huge one and leading to a great financial crisis all over the world. But we fall and we learn. That's but life.
Keep smiling no matter what.
@SaintAnne (5453)
• United States
16 Oct 08
Thanks again, mimpi. I really do hope we learn from this. I hope a lot of us would realize that everything we do affects not only those close to us but as far as a thousand miles away in another country. Boyfriend decided to push through with his plan. He'll be signing closing papers this Friday.
@SaintAnne (5453)
• United States
13 Oct 08
Your message helps too, mimpi. Boyfriend chose to be optimistic on this one. He just needed to rant right there and then. I hope that we do learn a lesson from this slump. But a lot of people tend to forgot the lessons in their past especially in moments of progress and prosperity. Thanks mou...
@drannhh (15219)
• United States
10 Oct 08
He just needs to know that you believe in him and that whatever decision he makes you will support, as these are confusing times and even very savvy people don't really know which way to jump. I would just tell him, "I know we have some lemons, but if anyone can make lemonade out of them it would be you!"
Good luck! Oh, and you know it is ok for a guy like that to show frustration once in a while. It is much healtheir than keeping it in, and will probably help him make a better decision. Let him rant!
1 person likes this
@SaintAnne (5453)
• United States
10 Oct 08
Thanks, drannhh. The last thing I said to him before he left for work was that whatever he decided, we'll still be happy together. It sounds cheesy but that's what I said and that came from the heart. Boyfriend is a very calm, laid-back but responsible person, that's why he doesn't really get frustrated that much. He's always the one calming me down. I guess now it's my turn. I will let him rant even though I don't really understand the numbers he's giving off. Thank you!
@SaintAnne (5453)
• United States
11 Oct 08
drannhh!!! I panicked a little when I didn't see your familiar avatar with the soothing red color on here. Whew! I guess this is another self-portrait, huh?
1 person likes this
@SaintAnne (5453)
• United States
10 Oct 08
I tried to tell him that, dawnald, but I thought better of it especially when he's still a bit frustrated. I figured it would be better to have him rant and just let it out of his system. But now he's left for work and I know he will dwell on this the whole day. Thank you and I will tell him that it will go up though it's hard for me to say that not really knowing much about the whole process.
1 person likes this
@jonesy123 (3948)
• United States
10 Oct 08
Mmmh, right now it's difficult to get a mortgage but it looks like his problem has to do with the stock market. If he was counting on selling some stock in order to finance the house or the downpayment... well, then he can pretty much forget about it for now. The stock market is at its lowest since 2002, maybe even worse by now, I haven't checked the latest. Let's say you bought $1000 worth of shares in a company in 2002, well, last week those shares may have been worth $1500 to $2000, today it's back to $1000 or less. This is simplified but if your boyfriend is heavily invested in stocks he just lost a ton of networth.
2 people like this
@SaintAnne (5453)
• United States
10 Oct 08
The stock market has something to do with it but it's more about financing for the house, I think. He's been approved at all levels, they're just waiting for his decision and now with the news he got, he's having doubts. He said the idea of buying the house would be tainted because he knows himself and he knows he will be dwelling on this on what could have been and what will be in the future. Thank you for your explanation though. It makes sense.
1 person likes this
@kykidd (6812)
• United States
11 Oct 08
I see that the interest rate went up on my savings account. That must mean that the interest rate for the mortgage loan went up too.
Either way, this is definitely a buyer's market. So I think he will realize a quarter of a percent more in mortgage interest, won't be so bad. Especially since in a few years, the property will more than likely double in value.
Property values are really down right now and I know a lot of people should be taking advantage of that. I hope to be in a position to do so by Spring.
Good luck to you and your boyfriend. I am sure in the long run you will be in a much better position by going ahead with the purchase at this time.
1 person likes this
@SaintAnne (5453)
• United States
11 Oct 08
Hello kykidd... I think this is what Boyfriend is talking about. But he's worried that the property may not likely double that, in the end, like a lot of house owners right now, the house would be worth less than he's putting money in there. But it seems like he might be going ahead with his plan after all. Thank you and I hope you achieve your dream to buy one yourself by Spring!
@SaintAnne (5453)
• United States
11 Oct 08
Hello dingo. It would be nice to learn how to read, write and talk Italian. But I can't understand it right now. Thank you for responding.
@zigzagbuddha (4601)
• United States
11 Oct 08
Well, not only am I not a member of the welcoming committee, but I am no financial adviser either! I do know that it is possible to thrive under any circumstances so I just ignore anything I don't want to hear and look for alternative methods, if necessary, to accomplish whatever my desire is. You can't look to the bad news for inspiration, you have to look for a solution rather than dwelling on the problem... focus on the positive aspects of the situation... maybe his delay saved him from unforeseen unpleasantness. It's just more of that 'look for the silver lining' stuff. Sometimes people aren't ready to hear that kind of advise though, they get so fixated on the negative. But there could easily come the day that he looks back and goes 'What a lucky break that was that I didn't do that because I would have not found this... you just can't always see the whole picture from where you stand.
1 person likes this
@SaintAnne (5453)
• United States
11 Oct 08
Amen, zig! It's easy to tell someone to look for the silver lining stuff but it's much harder to tell your own self that. But Boyfriend is feeling much better now and he's still going to push through with his plans. He just needed to rant, I guess. Plus, the phone call woke him up for the day. I think it also had something to do with that. I think his coping ability was still not there just yet.
@wilsongoddard (7291)
• United States
11 Oct 08
Hopefully things will work out for him.
In many areas, it is a buyer's market. However, given the tenuous state of the economy right now, the financing is what will make things difficult.
1 person likes this
@SaintAnne (5453)
• United States
11 Oct 08
Hello wilsongoddard. It seems like he's going to go ahead with his plan. He seemed in a much, much better mood last night. Thank you.
@glords (2614)
• United States
12 Oct 08
The economic crisis is a lot more serious than people are giving it credit. You can't be sure that things are going to go back up. I think I'd tell your boyfriend how great he is for being informed and aware. Tell him that if more people were so prudent with their money the country wouldn't be in such an awful state. Also tell him that perhaps when Bush gets out of office our country will be able to recover. There are parts of this bailout bill that would allow the country to make good investments and not just buy up "toxic stocks." If we can get some new blood into political power we have some hope that they will turn this crisis around. I really hope the economy improves, but in the meantime I say you pat your BF on the back for being an aware and intelligent consumer. What a great, smart, wonderful BF you have.
@deeesfamilyvalues (318)
• United States
10 Oct 08
It is terrible right now. My husband is a mortgage broker and he called me out of frustration and anger. He was contacted by out financial planner and found out we lost over 50% of his 401k. That is major!!!! We are in trouble. I know the market will be back up eventually, but that is not to say that those stocks will hold and prove worthwhile investments. I am about to say take all the moiney we have left outand stuff it in the mattress. I seems like my grandpa may have had it right. He didn't believe in or trust banks. He lived through "great depression". Which is worse? Now or then...My husband is convinced that there is still money available, and he still finds it for his clients. Good luck, I feel your pain. REALLY!
1 person likes this
@SaintAnne (5453)
• United States
10 Oct 08
Hello deees, I am sorry to hear about these news from your front. 50% is a lot. I think you are in more pain than I am which is really unfortunate. Good luck to you and your husband and your future endeavors. I hope you don't have to take out the remaining money and stuff it in the mattress.
@deeesfamilyvalues (318)
• United States
11 Oct 08
Thank you
I think we will be ok. It is just dificult to watch the stocks on the tv and know that your financial future is in trouble, or going down the tubes. Oh well, atleast I have a place to vent here. Thanks for listening.
I hope you boyfriends money woes get better too. Good luck and I truely mean that!!!
@lchawqword (58)
• China
11 Oct 08
Don't worry about it.The situation of market looks not good.But we must believe we can overcome the difficulty,as long as we are together.So just be with your boyfriend.That is ok.
1 person likes this
@SaintAnne (5453)
• United States
11 Oct 08
Thank you, Ichawqword. I intend to be with my boyfriend, whatever the difficulty may be. And he's in a much better mood now. Take care!
@chason (22)
• United States
11 Oct 08
Times are tough right now. If the numbers don't add up, it might be wise postponing purchasing a house at this time. Another idea is get a smaller house or in a different area. Your boyfriend is worried along with the rest of us. I think if we all tighten our belts and work together. we should be alright
1 person likes this
@SaintAnne (5453)
• United States
12 Oct 08
Hello chason. I'm sorry I unintentionally skipped your post. Thank you for sharing your thoughts on this matter. Boyfriend is feeling and doing much better now. Actually, he was happier the next time I saw him after all that ranting. And I think he's pushing through with his plan. Take care.
@Hatley (163781)
• Garden Grove, California
10 Oct 08
hi SaintAnne oh my the market is bad, we aregoing into a
depression for sure, and jobs will be even more scarce than
before. I dont know much about the market except that
it is going up and down right now like yo yo. Just be
'compassionate with your boy friend and give him that
hug, it will help him feel better for sure.
1 person likes this
@SaintAnne (5453)
• United States
10 Oct 08
Thank you, Hatley. I figured that's all I can do for now, give him a hug and just make sure he knows I'm there for him. Thank you again.
1 person likes this
