On the subject of Facebook and starting your business, it is possible to start your business competing with Facebook. See the story of Diaspora at http://www.readwriteweb.com/start/2010/05/the-diaspora-project-and-kicks.php, started by four computer science students. They posted their idea on Kickstarter and got funded for $200K plus and they were only asking for $10K. Their project is at http://www.kickstarter.com/projects/196017994/diaspora-the-personally-controlled-do-it-all-distr Another team had an idea for mounting Ipod Nanos on watches and wanted $15K for their project on Kickstarter. They got $942K. See the story at http://www.pcmag.com/article2/0,2817,2373817,00.asp Their project is at http://www.kickstarter.com/projects/1104350651/tiktok-lunatik-multi-touch-watch-kits If you're going to start a business, that's the way to go, with money from other people at risk, not your own.
Are u kidding? Sad to inform u that the American century is over. Get small? How small? Live under a bridge picking cans? Until turn around? I am afraid there is little chance of turning around for many over 50 now in poverty w/o jobs. A few may get lucky, like getting an inheritance when the parents pass on. For others, there is almost no turning around.
Completely on target post. I've mentioned that it's the absurd cost of living in this country that prevents us from bottoming out and becoming reasonably competitive again. The fact that the broad based ponzi that was benefitting much of the middle class (i.e. home equity extraction plus a massive bubble real estate industry) has been decimated also kills demand for many services WHILE AT THE SAME TIME, the public sector, local municipalities, banks, insurance companies etc...do everything in their power to try to make back the losses they've experienced in the markets with "fee inflation". The attempts to just "paper over" all of these fundamental problems is really laughable, if it weren't so tragic.
Why is $10/hr "insanely low"? Cleaning doesn't require any skill. Whenever I go to the movies, I see "Help Wanted" for ticket takers or popcorn servers @ $8-$8.50/hr. "Expecting [to pay] $100/hr FOR RUNNING A MOP"? Are you NUTS? A couple of years ago, I ran an ad in Craigslist seeking house cleaning @ $15/hr. Got about 20 responses the first day. So then, you give one of them a shot. If it doesn't pan out, you try another.
I feel for the people my age with nothing to fall back on, especially those in the situation due to unfortunate circumstances. But it is not thru luck that I have options. I don't have a huge home, fancy cars, phones, or even a big screen TV, but I also have savings and no debt. I was fortunate to learn at a younger age the importance of living within ones means. It's a tougher lesson when learned later in life.
This is a very good point. Recently, I've got two minds about it. One mind says: why not live like the bernankee? Spend, spend, spend, go bankrupt, start again. Spend, spend, spend, go bankrupt, start again? Lots of highs, lots of lows, lots of fun in between. Problem is that for most people, the spending only starts once. If we removed credit checks and history from the system, this could be quite viable. The alternative is live below your means, slowly, but surely developing a solid financial foundation. Which sounds more fun? Bernankeeeeeee!!!!!!
LOL. Well I expect to do my part and buy the big screen TV this year. But not sure that will help many folks here, most are made overseas these days.
Exactly. Thanks for pointing this out. I am a trader with very small capital - not enough to daytrade stocks due to the 25k Reg T requirement. So I am trading fx and micro futures. I am profitable but not making a living yet. I am extra cautious with money management knowing that I cannot make it back in a job if I blow my tiny account. I freelanced in IT for many years. There is no unemployment benefits for jobless contract workers. Now those jobs are gone for folks my age. I would go to Alaska or Iraq if there is good paying work there for me. I would love a temp/contract job to earn the capital I need to make a living trading. I will get social security in a few years. My trading skills will bring in the extra income to supplement Social Security.