Hi Folks
Well yesterday I came across the first instance of someone I know losing their job because of the economic downturn.
Their company is closing down in NZ and reopening in Oz. This leaves my friend with a newish mortgage and a family of five (includes three teenagers) to support. They're hoping to sell their home and downsize to something closer to schools, so that the kids can walk to/from school (less petrol costs). Buying a home with a smaller mortgage isn't going to be the problem, selling their one in this market definitely will be.
He's lucky enough to be able to get contract work for a couple of months, but after that - who knows.
I don't think a lot of people realise how dire things are going to get out there. It's not going to be a short term problem either (IMHO), I think we're looking at a period of high(er) unemployment for longer.
Well yesterday I came across the first instance of someone I know losing their job because of the economic downturn.
Their company is closing down in NZ and reopening in Oz. This leaves my friend with a newish mortgage and a family of five (includes three teenagers) to support. They're hoping to sell their home and downsize to something closer to schools, so that the kids can walk to/from school (less petrol costs). Buying a home with a smaller mortgage isn't going to be the problem, selling their one in this market definitely will be.
He's lucky enough to be able to get contract work for a couple of months, but after that - who knows.
I don't think a lot of people realise how dire things are going to get out there. It's not going to be a short term problem either (IMHO), I think we're looking at a period of high(er) unemployment for longer.
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