How Americans Are Coping in 2008
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Trying to Stay Afloat?
Ridiculous gas prices, soaring food costs, tumbling house values, rising credit card debt -- what's an average American to do? We round up real-life stories from CNNMoney.com to show how everyday people are coping. Some are just trying to survive, while others have found ways to thrive.
Click through our gallery to see their stories and then get tips on how you can stay afloat during these tough economic times.
First Up: In Search of a Simpler Life -
Lisa Desai, CNNMoney
In Search of a Simpler Life
Kathy Gunn (shown seated) was an executive at a consumer electronics company and Josh Gunn was a crop systems specialist. Despite their combined salary of nearly $200,000 a year, they longed for a simpler life and decided to trade it all for country living.
The Gunn family left their hip neighborhood in downtown Atlanta and moved to a cattle farm 45 miles north of Nashville with their daughters Morgan, 5, Anna, 2 and Katie, 1. Only problem: The simple life they envisioned isn't turning out quite as they planned.
Next: More of the Gunn's Story -
Lisa Desai, CNN Money
The Trials of 'Simple Living'
Between the demands of the farm and a gourmet beef business they've launched as a sideline, the Gunns are working seven days a week from morning till dusk, close to the 24/7 description associated with high-pressure city jobs. Notes Kathy, wryly: "It's not exactly a relaxed life." But the greatest challenges they face are financial. Commodity prices may be soaring, but farming is still a tough way to make a living. Most family farms rely on other sources of income to survive, and the Gunns are no exception. Kathy puts in 30 hours a week as a consultant.
Next: What Their Finances Are Like -
Lisa Desai, CNN Money
The Financial Tightrope
Even with Kathy's job and their sideline business, the couple make only about a third of what they earned in Atlanta; they can pay their basic bills but not much else. An emergency like the furnace breaking down means a scramble for cash. The farmhouse needs repair -- a new air-conditioning system, for starters -- but the Gunns can't afford it. They haven't taken a vacation in five years. And they've stopped saving for college and retirement entirely.
· Full Story: See What They Did Right
Next Profile: The Gas Crunch -
The Gas Crunch Hits Home
Michael James, 37 is a manufacturing operator in Poughkeepsie, N.Y. High gas prices are hitting him where it hurts -- keeping him away from his daughters, Kayla and Ashley. He says, "I stay at my mom's house when I work. I won't come home. It's a sad thing as I can't get back home so I can see my kids during a work week. The money I'm saving is going to them for food and other living costs."
· See More Gas Crunch Stories
Next Profile: Food Costs Sting -
Jennifer Yueill photo
Food Costs Sting
Jennifer Yueill is a a single, working mom of two kids under the age of 8. She makes $13 an hour as a phlebotomist and pays $500 per month in daycare alone. Making ends meet has gone from difficult to nearly impossible. She has had to cut down or even eliminate some groceries. She used to buy a lot of fresh produce such as apples and oranges. Her kids love cheese sticks and shredded cheese, but the cost has nearly doubled over the last year. She is planting a garden and buying generic.
· See More Money Struggles
Next Profile: Employment Woes -
Dale Booth photo
Bad Time for Older Workers
Too young to retire, too old to get a new job. That's how many older workers are feeling these days. While it's not easy to land a job in this weak economy, older workers are in a particularly tough spot. Corporate downsizings are hitting this group hard, with many companies looking to shed the higher-paid positions these employees often occupy. Even worse, many employers shy away from hiring those closer to retirement. Dale Booth, 54, shown here with his wife Nancy, has had only one interview after sending out hundreds of resumes. More on This Trend
Next: It's Not All Bad News -
It's Not All Bad News
Take a deep breath. Don't lose hope. Just as there are families out there barely surviving, there are those that have found a way to keep thriving. Be inspired by their stories.
Next Profile: No Credit Card Debt -
Suzi Tollivers photo
No Credit Card Debt
At one time Suzi and Terry Tolliver charged everything: gas, dinners, wedding expenses. And they had a $70,000 credit-card bill to show for it. With an income of $150,000, they could handle the minimum payments of nearly $2,000 a month. But the debt was weighing them down. We were still paying interest on gas we charged three years ago," says Suzi. So they closed their accounts, drew up their first budget and spent the next four years erasing their debt with great success.
· 10 Families That Cut the Cards
Next Profile: Getting Rich -
Wisneski photo
Millionaires in the Making
The Wisneskis and their 6-month-old daughter Ashlyn live in Oneida Wis., home to the Oneida Indian Nation. Nate, 27, is a member of the tribe and works for its newspaper. Nicki, 27, is a claims specialist at Ameriprise Auto & Home Insurance. Together they earn about $90,000 a year and -- except for a $200,000 mortgage -- have little in the way of liabilities. The couple, who started dating in the 7th grade, kept a log of all their spending before they were married.
· More on the Wisneskis
Next: Tips for Tough Times -
Tips for Tough Times
Now that you've seen a sampling of how Americans are coping in today's dicey economy. How will you cope? What will you do to make ends meet, to cut costs and to better survive your financial situation? CNNMoney.com has some ideas to help.
Next: Gas-Wasters to Avoid -
Six Ways You're Wasting Gas
It's not easy to break bad driving habits, but if you don't, the money you lose on gas could wind up breaking your bank. From racing away from green lights to tailgating, here are six ways drivers typically waste gas on every trip.
· Don't Drive Like This
Next: 18 Ways to Beat Inflation -
18 Ways to Beat Inflation
Cut out some waste and take advantage of a few overlooked deals, and you can rein in your budget without feeling like a penny-pincher.
· Here's 18 Ways to Beat Inflation
Next: Cut Your Grocery Bill in Half -
Stephanie Joy
Cut Your Grocery Bill in Half
Nearly $5 for a box of cereal is outrageous -- and it's probably only going to get worse. But there's a crop of new online resources that can help take the sticker shock out of food shopping. The average U.S. household spent $3,240 on groceries last year and prices have risen substantially since then. Of course, clipping coupons can help, but it's time consuming and tedious. The good news is that now there are Web sites that can help make saving much easier.
· How to Slash Your Bill
Next: Trick to Prevent Foreclosure -
Prevent Foreclosure
Foreclosure prevention is a messy business -- more art than science. CNNMoney takes an inside look at why some people get a loan workout and others don't.
· The Trick to Getting a Mortgage Fixed
More on AOL: Pay Down Debt -
More on AOL:
How to Pay Down Debt
Sure, we all want to get out of debt. But once you've made that decision, and have unlocked a source of cash (big hurdles, to be sure), there is a question of just what is the best way to pay it off? That, depends on your goals.
Whether you are afraid of losing your home, are closing in on retirement or want to get a big loan in the near future, WalletPop shares 6 common reasons people want to reduce their debt load and the best strategy for each.
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Recent Comments
debdl1960 10:22:14 AM Aug 23 2008
Im shopping at walmart later......mind your own business.
Morticia44 02:55:53 PM Aug 21 2008
Instead of researching this why not spend the time researching how to lessen the effects of tornados, hurricanes and floods. Let people live and eat what they want, it's their body, as long as they are happy so be it.
CHADCLAY720 10:37:18 AM Aug 18 2008
Does this mean we don't have to listen to 20 something women tell us how unfair the job world is because of men? Does this also mean we won't have to work with women that have three last names?
Nqek1004 01:40:03 PM Aug 15 2008
R.R. admitted on tv that she is not a chef. It is her personality that sells. You donât have to be the best, but if you have the right attitude you can make happen. Is not her fault, is our fault for supporting her sillies shows. As long she can keep the ratings she will remain on tv. I donât really care, because I donât waste my time watching someone cooking. For me, my wife is my best chef ever. SEX SELL!!!! She is over rate it!!!!
JABCOOL 11:21:53 AM Aug 15 2008
if you have ever made one of her recipes, it is clear why people would be made she makes 18 million, her food sucks
McNab2000 10:44:22 AM Aug 15 2008
I like Rachel Ray a great deal, have since her days on the Food Network. These comments are so personal against her. If you don't like her show, don't watch. What this really comes across as, is a campaign against her by another shows marketing people. I like the fact she is brassy, I like that she is like everyone else. And just for some of you, there is not a cooking show on TV that does not have people helping to cut/chop/dice, set up and clear away. They'd never get these shows out within a 30 minute or hour broadcast if they didn't. Some of you are also great SNOBS. You think because someone didn't take 8 hours to make some dish that no one is satisfied with that only that is great cooking. A true chef cooks. Period. Can take anything in the kitchen and make it great. Rachel does that, with every day food and that is what makes her great. Too many sour grapes in this bunch, you are all jealous. Paula Dean is also a great cook. Those of you sitting here spilling out your vile wish
JEBAMONI4 10:11:37 AM Aug 15 2008
SHE IS AN ATTRACTIVE GOOD COOK. SHE DOES EVERY COOKING BY HERSELF. THE WORST LADY COOK IS PAULA DEEN. SHE WILL ALWAYSHAVE A SIDE KICK WHO WILL DO ALL THE COOKING. PAULA DEEN IS A VERY PHONEY PERSON. IF SHE CONTEST IN IRON CHEF, SHE WILL COME LAST. I DO NOT KNOW WHY SHE IS MADE A JUDGE IN COOKING CONTEST. HAS SHE GONE TO ANY COOKING SCHOOL? SHE IS LIVING IN GLORY ON SOMEBODY'S LABOR AND EFFORTS. I SWITCH OFF THE TV, WHEN I SEE PAULA DEEN'S FACE ON TV.
BBrawler67 11:45:01 AM Aug 01 2008
leave paris hilton alone. shes pretty and she doesnt deserve this shit
LadySiouxChef 12:57:26 PM Jul 26 2008
OOooooooo!!! Orange NEHI!! Boy, does that bring back memories of a great childhood for me, Shirley. If they every bring it back, I hope it's the exact formula.
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