Think this one will ever be FIREd?

[tangomonster]

Just heard that Press Secretary Tony Snow has resigned. I felt really sorry for him, thinking it was because of the cancer he's fighting. But no---it's because, as a father of three, he needs to earn more money! Apparently $168,000 isn't enough. He even had to take out loans. He'll make much more on the lecture circuit.

Okay, granted, I was always a low earner, so I don't know what it's like to earn a six figure salary. And I don't have kids. And I know that the DC area is expensive. But unable to live on $168,000? I guess he can double or triple that through speeches, but I wonder how much he'll save, even on the higher salary. I may be wrong, but I don't think this guy is going to be FIREd any time soon...

[73ss454]

I would guess he's feeling that if he doesn't make it he would want to leave as much money as possible for his family.

I would think also that 168K is not big money in the circles he travels.

[TromboneAl]

Don't expect someone from the Bush administration to understand LBYM.

[TexasGal]

Wonder if he has 100% coverage for medical. Any serious illness can put a big dent in someone's savings. Since this is his 2nd round with cancer, he is realistic to know that his days might be numbered. I would assume that he wants to get his sack full while he can and that is is why he is looking for more money. Or, maybe it is all smoke and mirrors, and this is a convenient excuse to get out of DC.

[Eyerishgold]

With half of the nation earning less than the median salary - lol- Tony Snow is doing well to earn six figures plus.

It may not be big money in the circles he travels but it is good money.

I have no problem with somebody leaving his/her current job for more money but to cry poor while making $168k makes me cringe.

[tangomonster]

Yup, I know his medical costs may be high. And maybe his days are numbered. Possibly it's just an excuse to get out now while the going's good (like how they say it's easier to find a job when you're employed---he may be marketable now than when the administration is gone).

But what really seems strange is that, as the Press Secretary/Spin Doctor, he couldn't have articulated his reason for leaving a little better than "I need more money." It seems like there could have been a classier way to state this....

[Nords]

Quote:

Originally Posted by tangomonster Yup, I know his medical costs may be high. And maybe his days are numbered. Possibly it's just an excuse to get out now while the going's good (like how they say it's easier to find a job when you're employed---he may be marketable now than when the administration is gone).

I can't find the link, but I remember reading that all Bush administration execs were asked to either resign by Sept or to stick around to see things through the 2009 inauguration. Their choice, although one or two may have received a little nudge in one direction or another.

Quote:

Originally Posted by tangomonster But what really seems strange is that, as the Press Secretary/Spin Doctor, he couldn't have articulated his reason for leaving a little better than "I need more money." It seems like there could have been a classier way to state this....

Considering that he's been writing Bush's speeches, maybe this is articulate as he gets.

Good thing he's not looking for a job in the newkyewler power industry...

[REWahoo]

Quote:

Originally Posted by Nords Good thing he's not looking for a job in the newkyewler power industry...

C'mon, cut George a break. I think he enunciates rather well considering where he hails from the words "oil" and "all" sound exactly the same.

[samclem]

He's got kids to put through college and not much time to scrape together the dough before the grim reaper comes. Even more important, he'll probably have more time at home each week with his family if he leaves the White House--hours his kids may remember forever. He's in a tough spot and I think he's doing the right thing for the right reasons, and the way he explained it was honest.

Jeez. On one hand, folks are always complaining about "spin." But let a guy tell the unvarnished truth and people begin sniping that maybe the truth shoulda been dressed up a little nicer.

I wouldn't trade places with Tony Snow. I hope he makes a lot of money and makes the most of the time he's got left--just like all of us.

[Sue J]

I saw him talking about this today and I appreciate his honesty. I was surprised that he said that when he took the job he also took a loan on his house to cover the income difference and now that money is gone, he just needs to earn more.

[Texas Proud]

Remember guys, he was on TV for a long time and I bet he was making many times his $168K before...

And I am sure he will be back past the $1 mill per year salary...

BUT, I was surprised how OLD he looks now from when he was on FOX...

[REWahoo]

Quote:

Originally Posted by Texas Proud BUT, I was surprised how OLD he looks now from when he was on FOX...

Having the grim reaper camp out on your doorstep does tend to age you.

[saluki9]

Quote:

Originally Posted by TromboneAl Don't expect someone from the Bush administration to understand LBYM.

Hey, our VP took a 95% pay cut to take that job.

Also, Tony Snow had a syndicated national radio show in addition to the Fox job, his earning were well into 7 figures. Hopefully if his health returns he will get back there.

[Nords]

Quote:

Originally Posted by saluki9 Hey, our VP took a 95% pay cut to take that job.

Yeah, but it's more than compensated for by the fringe benefits and the stay-out-of-jail free cards...

[Payin-the-Toll]

So the real question is: "Why in the heII did he take the job in the first place?"

[ziggy29]

Between the medical costs he's likely incurring and the desire to make sure his family is well-positioned if he doesn't make it, I can understand this.

Still, I'm sure he had good health insurance working for the White House, so I can only assume he didn't carry enough life insurance? That's the only thing that would make sense.

[tricky88]

Slate had an interesting article about this topic yesterday:

Why is Tony Snow's 401(k) empty? - By Daniel Gross - Slate Magazine

From article:

Snow conceded: "As a matter of fact, I was even too dopey to get in on a 401(k). So there is actually no Fox pension. The only media pension I have is through AFTRA [a union]." Even though his employer provided a 401(k) and would have matched contributions, and even though he was earning hundreds of thousands of dollars, Snow had not shown either the interest or financial capability to manage his own retirement benefits.

[samclem]

Quote:

Originally Posted by Payin-the-Toll So the real question is: "Why in the heII did he take the job in the first place?"

He was diagnosed with a recurrence of cancer after he took the WH job. Before then, he probably made a (logical) calculation that he could earn enough after his White House gig to get his finances straight. With an unfavorable diagnosis and the prospect of a much more limited time to provide squirrel away $$ to provide for his family after he dies, he needed to scoot early.

It's amazing that he didn't have a 401(k). What did his accountant say to him when he did the taxes every year?

[bpp3]

Quote:

Originally Posted by REWahoo C'mon, cut George a break. I think he enunciates rather well considering where he hails from the words "oil" and "all" sound exactly the same.

Connecticut? Andover? Yale?

Some of those New England dialects are rather hard to understand...

[FinanceDude]

Quote:

Originally Posted by TromboneAl Don't expect someone from the Bush administration to understand LBYM.

Al, I think I would amend your statement above to say CONGRESS doesn't understand LBYM.........