Feb 4, 2009

Looking Up.

Thank you so much for all of your kind words yesterday. I really appreciate them.

I posted yesterday right after I found out from Casey, and before we had sat and talked everything through. Things are certainly still scary, but it's looking up. We have a lot more in savings than I had remembered (at least 6 months if we don't change our lifestyle at all and probably more like 9). Casey's company is paying him 6 weeks’ severance. We qualify for health insurance through my school since I'm a full time grad student. Our only big expense is our mortgage (luckily we didn't buy that new car in the fall -- good choice to hold off!) We're going to be okay.

A little background:
In Casey's industry, over half of most people’s salary comes from performance based bonuses. Now, these are called bonuses but in reality it is "if the funds beat the benchmark by x%, then we will pay you $y." They aren't an arbitrary bonus paid just because - you have to earn it. But, because bonuses can OVER DOUBLE salary, they are also something you count on for income each quarter. A few months ago, his company stopped paying quarterly bonuses as a cost saving measure. So, we have already cut expenses. Casey didn't start looking for a different job because the PM assured him the entire investment team was safe and any layoffs would be in ops. We trusted him.

That was also when I started looking for a job (something I could do while still going to school). Because my skill set is in finance and my PhD is looking at the effects of public policy and regulation on business, I wanted to find a job that would be relevant. I got awesome feedback from every company I talked to, but they are all delaying hiring decisions for a bit. As much as I would love to go back to work, there aren't any jobs right now. I could get a job working at a nursery again - but that doesn't pay enough to cover our mortgage!

The thing that is making this better is the incredible outpouring of support Casey has received. Before he left the office yesterday, he sent a good-bye e-mail to many of his contacts in the industry. Already, he has received numerous requests for his resume. We are hopeful that out of this very scary situation will come an incredible job. One he looks forward to going to everyday and loves even more than the one he lost. We are putting all of our faith in God and know that he has a plan - and it will all work out.

9 comments:

  1. So glad to hear you have some savings built up & good perspective on this. Keeping you in my thoughts.

    Selfishly, this is a good reminder to me; my husband and I also work in a profession heavily hit by this economy, so we're really trying to up our savings and keep our spending reasonable.

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  2. So glad you have so much savings to help you out the next 9 months. And it sounds like Casey is a great worker and won't have any trouble getting a new job! Still praying for you friend!

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  3. I am so sorry to hear about Casey's job, but it sounds like it's the best "bad" situation you can be in! Good for you for saving, saving, saving!! I'll be praying that he finds the PERFECT job!

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  4. Keeping you and Casey in our prayers. I'm sure this is a scary time, but I am also sure things will work out!

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  5. So glad things are looking up. Hopefully something will come from his networking! So glad you guys have savings, that is fantastic.I'm still praying for you guys--it's a scary time right now for everyone.

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  6. Sooo sorry to hear this. I know how it feels to have your only means of income ripped from you. It's wonderful that you guys have money in savings though. That's what got us through. Hang in there...something will come. You're in our prayers!

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