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| Saturday, February 06, 2010 |
| “We've got financial impact we're going to deal with forever.” |
 The New York Times article: After Escaping Jobless Rolls, Trauma May Linger reports that finding a job and earning a paycheck again does not heal all of the harm inflicted during a period of unemployment. Mrs. Newby and her husband were forced to walk away from their home in suburban Detroit and are now living here in a rented house with their three children. They are bracing for a huge tax bill in the spring because of early withdrawals they made on her 401(k) and taxes they still owe on unemployment benefits. Their credit is in tatters, and their 16-year marriage showed cracks they are still trying to repair.
“We’re not done living through the fallout of all of that,” Mrs. Newby said, four months into her new job as an account director of an advertising agency here.
The wound of unemployment, as her family has learned, is not cauterized so quickly, and lives do not simply go back to the way they were.
[...]
Even with the long shadow of her job loss, Mrs. Newby’s attitude toward work has shifted, driven in part by her Christian faith. In an all-consuming advertising career, she is now less inclined to throw herself completely into it.
“I gave so much of my life, so much of my energy and time to serving this company and clients and for what?” she said. “Where did it get me?” |
| posted by Boston Gal @ 9:06 AM *
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| 5 Comments: |
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" They had initially set a budget of $1,300 a month for their rental home, the same as their mortgage back in Michigan, but they wound up inching up to $1,600, because they fell in love with the house they are living in now."
"The fate of their house in Michigan, on which they have not made payments in months, is still looming, and with it, the full impact on their credit. With no savings and little chance of securing a loan, they worry about how they will be able to get a new car in June when the lease on their old one expires."
How did they get a lease on the house they're renting now? I want to feel sorry for the Newby's, but it does not feel like they're applying the lessons learned in their period of unemployment.
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It's simple, Amy K. They rented the house in Raleigh BEFORE they stopped paying on their home in Michigan. It is what all the cool kids are doing these days ... you get approved for the new place before you strategically default on the old place ... hence the "strategic" in strategic default.
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That makes some sense, but if they didn't move until they were both unemployed I'd think the new landlord wouldn't rent if they have no income.
Oh wait, the offer letter from her new job was probably enough... got it. I was thinking a kind (and perhaps foolish) family member co-signed on the new place to help them get on their feet.
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Mrs. Newby learned a lesson we all need to learn....you aren't "married" to a company or industry. We are all "freelancers" who job out our skills and, in return, collect money. Mrs. Newby now knows she works for herself and not "the company." The only thing work is good for is to get paid. Period. If you want to build lasting relationships, you don't get that at work. You get connected to groups and causes you believe in. If you want to find God, you don't find it at work, you go to church. Learn to think like a professional athlete. Do the best you can do but jump at the chance to play for for money. Learn this lesson early in your work-life and you'll discover things like office politics and climbing the corporate ladder don't matter anymore and that will allow you to lead a life with less stress.
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What people need to understand is you are a like a commidity to your company. As long as your doing well or fine and the economy is cranking along OK you'll probably be fine. The minute the economy turns "south" they will dump you like a bad stock!
Companys want loyalty but do not return it to you, laying you off or firing you at the first chance to save a buck or raise the stick price.
Companys want 2 weeks notice if you leave, but fire you no notice to save a few bucks and security escorts you from the building with a box they examine.
I like her attitude, marrying yourself to your job is dumb. First chance you get for a better job move on, no notice if you have to. If companies give you a bad reference if you left no notice, then sue the heck out of them if you have a good record. Companies are scared to death of lawsuits, so go after them!
I used to be a big supporter and loyal to employers, but now I treat them like a good or bad stock and man it feels great!
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" They had initially set a budget of $1,300 a month for their rental home, the same as their mortgage back in Michigan, but they wound up inching up to $1,600, because they fell in love with the house they are living in now."
"The fate of their house in Michigan, on which they have not made payments in months, is still looming, and with it, the full impact on their credit. With no savings and little chance of securing a loan, they worry about how they will be able to get a new car in June when the lease on their old one expires."
How did they get a lease on the house they're renting now? I want to feel sorry for the Newby's, but it does not feel like they're applying the lessons learned in their period of unemployment.