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Old 01-26-2009, 07:03 PM   #1
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Back to work

I can't even believe what's happened - after 6 years of RE, my bank stocks have cut their dividends to .01 and I have no way to make that money up - no cost-cutting can replace that. I have to go back to work - I'm contacting former employers to get letters of recommendation. I guess I should have thought of that earlier.

I've been frozen with fear these last few months watching these bank stocks, and my fears have ben realized.

I'm trying to approach this with good cheer, but this is bad.
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Old 01-26-2009, 07:05 PM   #2
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I can't even believe what's happened - after 6 years of RE, my bank stocks have cut their dividends to .01 and I have no way to make that money up - no cost-cutting can replace that. I have to go back to work - I'm contacting former employers to get letters of recommendation. I guess I should have thought of that earlier.

I've been frozen with fear these last few months watching these bank stocks, and my fears have ben realized.

I'm trying to approach this with good cheer, but this is bad.
I am sorry for your poor fortune. At least you have good skills.

Good luck!

Ha
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Old 01-26-2009, 07:09 PM   #3
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Sparky,
So many of us have been damaged beyond belief by this economy. My husband and I are also changing our plans by the minute in light of what's happened. I admire your desire to approach this with good cheer and wish you the best of luck in your job search.
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Old 01-26-2009, 07:15 PM   #4
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So sorry to hear this has happened. Life has a habit of throwing us a curve ball now and then, but this is one of the worst.

Life goes on. Good luck in finding work, and don't forget to stop and smell the roses every now and then, as they say.
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Old 01-26-2009, 07:18 PM   #5
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Very sorry. Good luck with your job search.
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Old 01-26-2009, 07:23 PM   #6
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All the best, Sparky. Keep us posted.
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Old 01-26-2009, 07:28 PM   #7
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I've been frozen with fear these last few months watching these bank stocks, and my fears have ben realized.
Fear can turn us inside-out. You are moving in a positive direction....

Good thoughts being sent your way...keep us posted.
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Old 01-26-2009, 07:43 PM   #8
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Man, that's a bummer - sorry to hear it.

The "official" unemployment numbers are a joke because they don't include the likes of you or others who were not laid off but are now looking to find work. Add those back in and it's probably 12% or more.
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Old 01-26-2009, 07:46 PM   #9
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Sparky, sorry to hear that you are having to go back into the workforce. Hopefully this will be a temporary measure.

Once we relocate in the coming months, I am going to start looking for a job as well. It's been 7 enjoyable months since I quit and in that time I have been consulting, however I am going to look for full time work for perhaps another couple of years to bolster the bank balance.
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Old 01-26-2009, 07:57 PM   #10
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Thanks, everybody, for your kind words. I'm really at a loss about all this.

I was so sure that we could continue our lifestyle indefinitely. We learned tennis and went swimming in the summer, did weight-training, learned French (sort of) and slept till 10 a.m. every day. I think the blame of this comes down to Phil Gramm and Bill Clinton in 1998 with the overturning of the Glass-Stegall Act.

But I guess it's really my fault for owning so much bank stock. I thought the dividends would see us through... and I could ride out fluctuations in their NAV. I saw these bank stocks support generations of my family.
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Old 01-26-2009, 08:26 PM   #11
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Sparky,
Sorry to hear about the way things have turned out so far--but it's only "so far." You've got lots of chapters left to write. Banking stocks have been reliable for decades, you're part of the vast majority that didn't see this coming--not in this way. Good luck in the job search, and let us know how things are going.
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Old 01-26-2009, 08:33 PM   #12
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We have all been blindsided by this economy . Good Luck in your job search !
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Old 01-26-2009, 08:48 PM   #13
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We are all hurt by this economy. It's a world-wide problem.

Good luck to you and best wishes. Keep us posted.
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Old 01-26-2009, 08:49 PM   #14
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Good luck, Sparky.

What kind of work did/do you do?
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Old 01-27-2009, 11:56 AM   #15
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I am sorry to hear about this Sparky.....but you are definitely moving in a positive direction. Good luck with everything and remember that it will all work out.
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Old 01-27-2009, 12:36 PM   #16
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I am so sorry to hear about this also. I hope that everything works out for you. Keep up the good cheer.
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Old 01-27-2009, 02:43 PM   #17
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What was your miskate? Lack of diversification?

Good luck in the journey ahead!
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Old 01-27-2009, 06:05 PM   #18
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What was your miskate? Lack of diversification?

Good luck in the journey ahead!
Sounds like he was deriving a substantial amount of his income from dividends resulting from stocks in the financial sector. As you know, that sector took a hit, stock prices dropped, and dividends were cut.

OP, Look at on the bright side. At least this happened when you are still able bodied and capable of working. Who knows, the stocks may rebound and you may be able to retire again soon.
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Old 01-27-2009, 06:13 PM   #19
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Good luck, Sparky--one door closes, another opens for you, I hope. Keep us posted.
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Old 01-27-2009, 06:18 PM   #20
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Ouch. Triple ouch.
But I am hearing someone who is already lining up the lemons and sharpening the knife to cut them and is ready to make the lemonade.
Your good attitude will carry you through. Go get 'em, tiger.
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