Back to work

[Sparky]

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.

 

[haha]

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

 

[Purron]

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.

 

[W2R]

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.

 

[Dawg52]

Very sorry. Good luck with your job search.

 

[CuppaJoe]

All the best, Sparky. Keep us posted.

 

[bbbamI]

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.

 

[ziggy29]

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.

 

[DangerMouse]

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.

 

[Sparky]

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.

 

[samclem]

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.

 

[Moemg]

We have all been blindsided by this economy . Good Luck in your job search !

 

[NW-Bound]

We are all hurt by this economy. It's a world-wide problem.

Good luck to you and best wishes. Keep us posted.

 

[Maurice]

Good luck, Sparky.

What kind of work did/do you do?

 

[citrine]

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.

 

[Dreamer]

I am so sorry to hear about this also. I hope that everything works out for you. Keep up the good cheer.

 

[Leonardo]

What was your miskate? Lack of diversification?

Good luck in the journey ahead!

 

[landonew]

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.

 

[Bestwifeever]

Good luck, Sparky--one door closes, another opens for you, I hope. Keep us posted.

 

[freebird5825]

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.

 

[Sparky]

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.

Yeah, that was my problem. My job search is actually taking my mind off my losses in the banking sector. My contacts with former employers have turned out to be warm and positive. It's been a few years and they are trying to help me. I actually am beginning to think we may be able to do this/work on a part-time basis (to replace the dividends that have been lost).

 

[Free To Canoe]

Sparky,

A year or two ago I cannot think of anything so conservative as bank stocks.
It was a good, safe plan. Life has been changing the rules on us in a most unkind way. Not many have escaped this financial downdraft.
You are not alone in this. I just applyed for my first job today.
Good luck to you in your search.

Free to Canoe

 

[Sparky]

Sparky,

I just applyed for my first job today.
Good luck to you in your search.

Free to Canoe

Thank you. I guess you can call me Free to Kayak or maybe NOT Free to Kayak - this has created unprecedented losses in my portfolio. Everybody I talk to is talking about how much they have lost. My brother is a Chrysler dealer who has laid off many employees (this has been my family's business for about 100 years), my neighbors have lost untold amounts.

 

[Moemg]

Yeah, that was my problem. My job search is actually taking my mind off my losses in the banking sector. .

Do not beat yourself up ! Very few on this board have escaped without huge losses so you are not alone . Some of us may have to find jobs and the rest of us will tighten our belts and throw away those travel brochures and some of us may have to PM Uncle Mick for the rules of cheap B.

 

[haha]

Sparky,

A year or two ago I cannot think of anything so conservative as bank stocks.
It was a good, safe plan. Life has been changing the rules on us in a most unkind way. Not many have escaped this financial downdraft.
You are not alone in this. I just applyed for my first job today.
Good luck to you in your search.

Free to Canoe

True. About 3 years ago I set up a Yahoo watch portfolio which I called Dividend Growers.

Today I culled 20 stocks from that list. Stocks which had either gone bk, been closed by the government, drastically cut or eliminated dividends, or become penny stocks. I may be forgetting one, but of my own portfolio of 40 or so stocks, 2 timber companies and Pfizer have cut their dividend. To be exact, Pfizer hasn't yet, but it has announced plans to do so. Also, I hold GE which is at least a candidate for a cut.

I read today that during the past year there have been more cuts than in any year of the previous 50. (I didn't check this assertion.)

Ha