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Economic Downfall


Submitted By Dominic849826
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Economic Downfall

The Economic downfall in Georgia has affected me and my family in many ways. First, it affected us with the work going down hill, like in the construction market. Second, the housing market was shot and is still really bad. Finally, the market for automobiles seemed like it went up even though no one could afford them.

First, the building market went completely under, my father has been a general contractor for 30 years and built over 450 homes half of them well over a million dollars. We moved to Georgia when I was in High School and I took drafting classes all through school to learn more in the field, upon graduating I went and took the general contractors license test and past. Things were great for a few years building allot of homes here in Georgia and then it was almost like one day it all folded. We went from doing great to doing horrible and having money tied up in spec homes and no market to sell them in. I was totally confused at the time being very young and actually the youngest general contractor in my county. We weren't able at the time to make a full recovery so I joined the military so I could support my family. Things are now a bit better, I am now out if the military and renewed my license and we are pretty busy its just still not quite what it used to be.

Secondly, the housing market this affected me in two ways. One way was all of the spec homes that we had built, some of them had sold before they were completely finished but we had 3 in total that we had on the market and the last one didn’t sell till two years after I had joined the military. The other way this affected me was selling my own home when I left for the military, though I didn’t want to sell my home it was a need to do thing. I actually had to end up renting it out the entire time I was in the service which worked out fine, with my dad being here to keep an eye on things and I didn’t have to go house hunting when I got out of the Army. All in all this dilemma took a very big toll on me and my family.

Finally, was the vehicle market everything was down except for the prices of automobiles. This did not affect me for I already had a brand new truck and my wife had a new SUV, however it did affect a few of my close friends. One of my friends was actually a welder who owned his own shop and made a good living but most of his profit was of the books mainly cause he didn’t keep good records. when he went to get a new work truck they gave him a really hard time about his credit which wasn’t fantastic but not bad either. He made enough to by the truck twice in one year cash but they wouldn’t recognize that. Long story short he ended up having to go to a buy here pay here and getting a truck through them.

In conclusion, my advice to other people would be put back money and save every dime you can. You never know when the crap will hit the fan and you could end up losing everything you have. If you can afford to do so, you should really put back a certain percentage of whatever you and your spouse make if your married. It may not always be easy but it will be worth it in the long run if you ever were to come into hard times and need it. Me and my wife try to put back all we can which is tuff with three kids and two of which are in school, but I don’t ever want to be back in the hole we experienced then.

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