There is nothing as surreal as walking through Downtown Las Vegas an seeing so few people that you think you are on a movie set. The Malls are dead, restaurants always have empty tables and they have short or no lines and amazingly even McCarran Airport is often empty and it seems to have fewer and fewer people arriving. Now the multi-billion dollar CitiCenter project, the jewel of the Las Vegas Strip, is in financial trouble with MGM and Dubai World squabbling. Its a new world out there, one that I have never seen, and never wanted to see. As the unemployment rate climbs above 10% and the vacancy rates begin to climb in offices and retail buildings the reality of this mess is beginning to sink in.
To make the slow down worse, there is nothing on the horizon that would lead me to believe that this craziness is going to turn around in the next few years. Even if we were to see a turnaround now, it would take years for any real improvement to take hold. The “experts” are saying we should look for an end to the downturn in 2010, 2011 or maybe 2012. In other words, its not happening for a while, so its time to accept the reality of minimalism.
Since I’m a baby-boomer with many years of bad spending habits under my belt it’s hard for me to say the words, but yes, its time to become frugal. There is less money to go around, and the good times can’t keep rolling without cash. So it’s time to dump the expensive credit cards, time to sell-off the closet full of useless items and time to save any extra dollars that find their way home.
Its downright wrong that the lifestyle of average Americans has to be downgraded because Wall Street fat cats and government regulators continue to find ways to bend the financial system to their will. I am always amazed that the biggest crooks just smile for the TV and retreat to their private islands or expensive London homes when they are found guilty or discovered to be guilty of ripping off investors and taxpayers for Billions. The message is clear, the more deceptive you are the less likely it is that you will suffer any real consequences for your actions.
For me the economic downturn means fewer trips to the Mall, fewer restaurant visits and more time spent reading and watching rented videos. It’s not that bleak, but for others this nightmare will mean a lost home, a lost job, a lost retirement and possibly a depression that will be difficult to overcome.
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I know what you mean. We’ll be consciously spending less. As for entertainment, we have a considerable collection of DVDs we’ve bought that were mostly previously-viewed – Some for just a little more than the cost of a rental.
I think this is a great time to hit the used book stores.
Yeah well. I appreciate you pointing out about those crooks who are guilty of ripping off investors and taxpayers for billions, which we all know has a detrimental act on the economy and financial stability.
People needs to realize that we really should be frugal and start spending wisely.
Minimalism huh? Point well taken. Being frugal indeed is the best way to live our lifestyles right now. Besides blog, I think there should be even massive awareness about this though. I mean, whenever someone has financial crisis, its also a crisis being shared by everyone now since the whole economy of the country will be at stake. Troublesome indeed but now quite so for everyone when it should be.
It’s a good time to be tight with your community. Some people exchange services with one another, saving cash. As for entertainment, you could throw a potluck party where everybody brings some food, and watch some older DVDs. There are lots of great movies that stand up to several viewings.
In times like this I think we must consider what is our prioritties what I mean is to minimze spending or spend money only in food, education, mortgages(house)in other words things that are really needed and we cant live without it
I’m always pondering what is going to happen when the money flood gates open and the long discussed inflation arrives. When the government finally gets money on the streets, and its free flowing, everyone will probably laugh at articles about being frugal.
They may be laughing at articles about being frugal when that time comes but it doesn’t mean writers of those articles wasted their time doing so. As of now people do need to consider being frugal and those writers saying and spreading the word are the ones who should be thanked.
Yeah actually. I agree to what Jayson said. For me, what matters really is today. Being frugal is what we need to do right now and thanks to those writers bringing up articles about it, some people realized this and is now doing okay, just like me. That’s right. Just like me.
Thanks for posting this. I’ve also heard what has become of Las Vegas or perhaps I should say, what is happening there. Its so saddening actually. I just really hope this all ends soon.
If people would change their thinking to frugal.. That’s good… But I think it’ll also affect some business and other people since those businesses main income are from people.
It’s a shame that we can’t spend money on things that will make our lives more enjoyable but times are very hard. Wall Street ran into problems and their problems effect everyone. Jobs are lost, people can’t spend money and then other jobs are lost. I believe that the government has to do something for us to get things back on track. Maybe send some bailout out money to the people or do away with us paying taxes for a while. There is no way the average person can get away from their monetary problems when the government keeps taking our money to pay to help Wall Street.
Some people cannot adjust to that change. But some can easily adjust to simplify their way of living just to cope up with the present status of the economy we are facing. People really need to be cautious for their expenditures.
It basically boils down on ones priorities. As they say, everything is relative. One’s perception of white may be another persons perception of black.
Markee, what are you referring to when you mention Las Vegas?
I assume there may be less tourists showing up there now. I’ve heard that Broadway in New York is staging considerably fewer shows in the last few months.
Well, I think that Frugal way of Thinking is really what’s best to do for now, especially now that Global Economy is struggling. Some of us should actually be thankful for meeting our daily needs. Spending days are really over until we get through all of this Global Crisis.
Actually some less fortunate people are losing jobs and homes. Some don’t have enough money to eat a three times a day meal. Some children are out of school because of financial reasons.
It’s really sad to see this happening now. So we must all be courageous and patient to be steady.
And of course, we must keep our faith in our creator.
It is so sad to hear that there is a Global crisis. I am saving right now since i don’t have a work for a long time. I just stay at home watch movies DVDs.
Too much spending of money is not bad if you have lot of it. But to be practical and frugal is also the best way to live life. There are lot of poor people in the world. You can make a charity work for them, than spending much of your money for nothing. If we will not make changes, when are we going to do this?
In my case i am not so affected by it since i have a stable job..but what im worried about is that the cost of prime commodities are constantly rising..on which unemployed people would be more affected..
Even those individuals with “good jobs” should be thinking about increased savings and making what money they have last. If prices begin to rise significantly things could get difficult for many more people who are living at the edge.
Admin is absolutely right, lyka. Having a good or stable job is not enough for us to stop thinking in saving money. Stocks and goods in the market is constantly increasing. Well, for me, we have to be more practical in buying anything, and asking ourselves if it is our “needs or want?” Maybe this could help us to live our life simple and practical. Do you agree?
I don’t have problems thinking of simpler things during this recession times. I know i will just going to buy basically basic needs. Though its too hard to saved because of the increase prices also with lots of things to pay to avoid stuck on debts. I myself live alone but still finds hard to budget what i need.
To discipline ourselves is the best solution. The idea of minimizing our spending is helpful. We should buy what are needed and limit ourselves from buying what we just want. Instead of buying what you want, just pay your debts and bills instead. How about that?
That is right Krisskross, to discipline ourselves is the best solution. Of course, these must be seen through actions also. I mean, there are some who would tell themselves they would stop spending but you would see them in stores, right? When you change the way you think, you have to act on it as well. Besides, you don’t have to go to a restaurant to eat or in theaters to watch. You can do all this things at home with your family.
I absolutely agree with you, guys. It’s better to buy only what we needed and set aside our wants. Do you think, in that way we could help our government increase its economy?