I'm old enough that I went through both, but I've been lucky in both instances.
2000: Moved to San Jose that summer (my first job) to "make it big" at a friend's email startup. The crash hit a few months later. I was lucky enough that the company stuck around for a few years, and I moved to the midwest in 2003 where it was cheaper.
2009: Savings cut in half, I looked a long time for a new job, and ended up moving back to San Jose to get one. I put most of my remaining savings into the only house I could afford (which was barely livable), but it seemed like the only chance I'd get to own real estate in California. I ended up not liking my new job, but I couldn't afford to quit. After a long search, I was able to switch into a much better job, and I lived pretty well for about 4 years in San Jose before once again moving back to the midwest.
Everyone else has covered the basics of handling these difficult circumstances, but to reiterate:
1. Try to have some savings.
If things have looked good for a long time, get conservative with your money. I neglected to do this before the 2008 crisis, and lost much more of my savings than I should have. On the other hand, coming out of a crash can be a great time to invest.
2. Be frugal and flexible.
Be willing to cut back your life style, and be realistic about how stable your job is, and how long you can live without it. Be willing to move to take opportunities, or take up a different line of work if needed.
3. Keep up with and help out the people you know. Band together with your friends and family.
4. This too shall pass.
I'm worried this current crisis will be the worst I've seen, but even if that's true we'll eventually get through it.
2000: Moved to San Jose that summer (my first job) to "make it big" at a friend's email startup. The crash hit a few months later. I was lucky enough that the company stuck around for a few years, and I moved to the midwest in 2003 where it was cheaper.
2009: Savings cut in half, I looked a long time for a new job, and ended up moving back to San Jose to get one. I put most of my remaining savings into the only house I could afford (which was barely livable), but it seemed like the only chance I'd get to own real estate in California. I ended up not liking my new job, but I couldn't afford to quit. After a long search, I was able to switch into a much better job, and I lived pretty well for about 4 years in San Jose before once again moving back to the midwest.
Everyone else has covered the basics of handling these difficult circumstances, but to reiterate:
1. Try to have some savings. If things have looked good for a long time, get conservative with your money. I neglected to do this before the 2008 crisis, and lost much more of my savings than I should have. On the other hand, coming out of a crash can be a great time to invest.
2. Be frugal and flexible. Be willing to cut back your life style, and be realistic about how stable your job is, and how long you can live without it. Be willing to move to take opportunities, or take up a different line of work if needed.
3. Keep up with and help out the people you know. Band together with your friends and family.
4. This too shall pass. I'm worried this current crisis will be the worst I've seen, but even if that's true we'll eventually get through it.
Best of luck to everyone out there.