A Bad Economy is A Terrible Thing to Waste

[Grizz]

Just thought that I'd add that if anyone is having a tough time finding decent paying jobs, there are help wanted signs everywhere in Alberta, Canada in the oilfield sector, as well as retail, law enforcement etc etc but the bulk are directly tied to oilfield. Welders start @$34-$37/hr + benefits and basic laborer is about $20/hr. I've no idea what it takes to move here from the states, and believe me it's not all roses. An average house is still $350k and rent and food are pricier than in the states, but if you have a talent for living frugal and can handle occasional -40 weather, c'mon up! I'm happy to advise on the various areas of the province.

 

[Grainiac]

I'm on the far other end of the spectrum. I've been unemployed for the last 9 months. Dozens of interviews with no offers. It looks like I may get an offer finally. The job pays a whopping $10.20/hr and i'll be lucky to get it. If I don't get this job my portfolio will drop back down to 5 figures. On the bright side i'm 33 and have over $100K in my portfolio. A lot of people would love to have that...none are on this forum

I am 48, FI with 7-figure port and have what currently seems like a secure upper mgmt job in a megacorp. I would trade places with you in a second. I hate getting old.

 

[flyfishnevada]

Remember, 8% unemployment means 92% are working and 2.2% growth means someone is making money and lots of it.

When I took my pension, almost two years a ago, I was on furloughs and things were looking to get worse. Now they are furloughed 6 days a year and took a big pay cut. Makes retirement more and more attractive.

Now I hear the state is going to fast track filling the 2500 jobs that have been left unfilled. Good news! More people paying into the pension fund that is already growing well with out them.

 

[Aiming_4_55]

Hang in there Aaron879. Good luck on your interviews.

I'm on the far other end of the spectrum. I've been unemployed for the last 9 months. Dozens of interviews with no offers. It looks like I may get an offer finally. The job pays a whopping $10.20/hr and i'll be lucky to get it. If I don't get this job my portfolio will drop back down to 5 figures. On the bright side i'm 33 and have over $100K in my portfolio. A lot of people would love to have that...none are on this forum

 

[Aiming_4_55]

43, almost FI with 7-figure port, mid-management job... sometimes I wish I was older, sometimes I wish I wealthier, sometimes I just don't know

I am 48, FI with 7-figure port and have what currently seems like a secure upper mgmt job in a megacorp. I would trade places with you in a second. I hate getting old.

 

[Aiming_4_55]

Congrats CorporateSoldier on your good fortune.

Job has been flat on salary/bonus the last few years, but adding to my rental property holdings has helped. The rentals will help in the long run, but that's just a part time job in a sense.

 

[CorporateSoldier]

The "crash" paid off huge for my business partner and I. We rent industrial equipment mostly to oil companies. All of the big publicly traded rental companies were selling off assets at auction and there was such a glut of equipment that machines that currently sell for $35k were routinely $4k-$6K. We bought about 30 of these with cash and crossed our fingers. We're now in a literal boom again. Good times!

Well done! Perfect example of someone with cash and a willingness to take on some risk who will benefit from this mess.

Whenever there is change in the market place, there is opportunity for someone.

 

[Steel Rain]

I did get swept up in a massive lay off in 2009 (with a huge grin on my face).

I took the opportunity to start rehabbing cheap foreclosures. Fortunately, I had plenty socked away to pay cash for a few places. But yeah, I try to keep mum about profiting off of other people losing their homes.

We have done very well doing the same thing. When I first started doing this, viewing distressed homes that still had occupants was the hardest thing for me. I remember we toured one home back in 2009 that had a little old couple in it that had lovingly maintained the home and worked to improve it for years. The hopeful look on their faces when we walked in was heartbreaking. It almost soured me on the whole deal until my father pointed out that we were the agents that would utilmatly turn the market around while provideing more affordable housing along the way. That helped me ton.

Steel

 

[obgyn65]

I am doing quite well also. However, I always remember to give 10% + of my income to charities or to medical missions here or abroad. Sometimes, I feel happier helping others' medical needs abroad free of charge than doing the same for money here.

Feel free to give some of your hard earned money to those who are less prosperous.

Curious if anyone else out there is finding themselves doing really well in this mess of an economy.

(...)
I apologize if this sounds like I am bragging but where else can you talk about this stuff?

 

[YoungSaver]

Around 2009 I thought I was going to be let go. I thought I was going to be laid off so I started cutting back on everything I could. Our department went from 12 to 6, but I made it. It probably helped that I am the youngest and lowest paid. We didn't really get much of a raise over the next few years (a percent or two annual increase) and my side business failed. This year I have switched my car insurance, refinanced my mortgage and received a promotion at work which netted me 7%.

I am most thankful for saving as much as possible from my side business and second that I started cutting back on expenses a few years ago. That definitely rounded the edge off of a sharp decline and made it more tolerable.

At my current income level and mortgage payment I am able to live comfortably, but I keep in mind everyday of how much I am spending. Ramen and store brand cereal

 

[EvrClrx311]

This year is the first negative the down economy has played on my salary... 0% raise for 2012

 

[Mill]

I got a 1.9% raise in 2012. Better than nothing I guess?

 

[Calgary_Girl]

DH has been at his current employer for 3.5 years and only once received a 2% raise to cover inflation. Annual bonus' made up for the lack of salary increases however - he received a 20% bonus this year which made up for last year when he only received 5%.

Finally, after a few months of looking, things are looking way up and DH received a job offer from another company with a better title and a 36% bump in base salary and the same bonus potential.

I think he's actually looking forward to going to work on Monday to give his 2 weeks notice and tell his old company where to stick it!

 

[pb4uski]

....and tell his old company where to stick it!

Not a good idea IMO. Tell him to take the high road. Also see thread on burning bridges.

 

[kz]

DH has a part-time job that should average approx. 54 hrs per month. Due to the economy his employer has not filled full-time positions due to attrition so DH has been averaging 78-82 hrs per month for the last few years. He loves the job so this hasn't been a problem for him. Since it hasn't messed with our vacations I don't have a problem with it either....for now.

 

[YoungSaver]

I got a 1.9% raise in 2012. Better than nothing I guess?

When I got a 1.5% raise I just told my boss that it's not a raise at all since our health insurance went up over 1.5%

Of course, I complain about everything

 

[ziggy29]

My Medicare base wages are 8% less than they were in 2005 -- since then I've received one 2% raise in base salary,bonuses are trending downward and health insurance deductions are much higher. And that's *before* inflation makes it even worse.

My employer is doing pretty well but our CEO has been honest about it -- there have been no raises because, well, the market doesn't require it. He emphasized (correctly as I recall) we did get significant raises in 2001 and 2002 despite a lousy economy because the market required it (I got about a 20% raise from 2000 to 2002, for example). So we're seeing the flip side here now.

I don't mind the stagnant wages as much as I mind the fact that there is more and more work as folks who are laid off, resign and retire are not replaced even if there was plenty of work for them to do. Everyone is so much more stressed and overworked now because we all have like 50% more work to do. The work never goes away, just the people to do it all.

 

[Calgary_Girl]

Not a good idea IMO. Tell him to take the high road. Also see thread on burning bridges.

DH did take the high road afterall. We'll see what happens during the "exit interview" . He gave his resignation this morning and since he is privy to some confidential information, his employer made him turn in his keys and cell phone and leave the building. In addition to having the next 2 weeks off until his new job starts, DH will also get paid his remaining pro-rated vacation time which is another two weeks.

 

[ShortInSeattle]

DH did take the high road afterall. We'll see what happens during the "exit interview" . He gave his resignation this morning and since he is privy to some confidential information, his employer made him turn in his keys and cell phone and leave the building. In addition to having the next 2 weeks off until his new job starts, DH will also get paid his remaining pro-rated vacation time which is another two weeks.

Good for him for being classy. As a former HR lady I can't help but mention I hate the whole "taking the badge and walking you out" garbage. If you've trusted someone for years why do you need to go all CIA and treat someone like a criminal when they give notice? That kind of thing really burns my cheese...

Onward and upward for you both!

 

[sanfanciscotreat]

Remember, 8% unemployment means 92% are working and 2.2% growth means someone is making money and lots of it.

When I took my pension, almost two years a ago, I was on furloughs and things were looking to get worse. Now they are furloughed 6 days a year and took a big pay cut. Makes retirement more and more attractive.

Now I hear the state is going to fast track filling the 2500 jobs that have been left unfilled. Good news! More people paying into the pension fund that is already growing well with out them.

The way I understand it, 8% unemployment means 8% of those looking for a job are not employed. It does not count the umemployed that have dropped out of the looking phase. The last I heard, there are actually about 16% of people who are not employed.

 

[harley]

Good for him for being classy. As a former HR lady I can't help but mention I hate the whole "taking the badge and walking you out" garbage. If you've trusted someone for years why do you need to go all CIA and treat someone like a criminal when they give notice? That kind of thing really burns my cheese...

Onward and upward for you both!

Having spent a large portion of my career in security (IT), I'm on the absolute other end of the spectrum. If someone is leaving it's absolutely necessary to shut down any potential vulnerabilities, whether the person was trusted or not. It's not a reflection on the person, it's best practices for the corporation. If, under whatever circumstances, there was a exploitation of access by someone who was leaving and proper procedures hadn't been taken there would be a huge liability to the corporation, and insurance might not cover whatever damages were incurred. Obviously it's more important to shut down access for someone who is being involuntarily seperated (RIFed, fired, whatever) than a trusted employee who is retiring or changing jobs, but it's still something you have to do. I've never understood why locks aren't automatically changed when a house is sold. I always do it when I buy a new one. Common sense.

 

[ShortInSeattle]

Having spent a large portion of my career in security (IT), I'm on the absolute other end of the spectrum. If someone is leaving it's absolutely necessary to shut down any potential vulnerabilities, whether the person was trusted or not. It's not a reflection on the person, it's best practices for the corporation. If, under whatever circumstances, there was a exploitation of access by someone who was leaving and proper procedures hadn't been taken there would be a huge liability to the corporation, and insurance might not cover whatever damages were incurred. Obviously it's more important to shut down access for someone who is being involuntarily seperated (RIFed, fired, whatever) than a trusted employee who is retiring or changing jobs, but it's still something you have to do. I've never understood why locks aren't automatically changed when a house is sold. I always do it when I buy a new one. Common sense.

Thanks for the other side.

 

[pb4uski]

......As a former HR lady I can't help but mention I hate the whole "taking the badge and walking you out" garbage. If you've trusted someone for years why do you need to go all CIA and treat someone like a criminal when they give notice? That kind of thing really burns my cheese... .....

+1 It always seemed silly to me even though it never happened to me. Both of my last jobs it was known by my bosses that I was leaving for months and I was privy to all sorts of confidential information in both cases. If someone is going to do something stupid like that don't they realize that they would gather the same information before they submitted their resignation?