<p>The economy is so bad that the company I have been working for for more than 2 years, had to reduce its staff by 100 (there had been 287 employed). The company (architecture and design) has been vibrant for 49 years and until now has never dealt with such a major layoff. There were layoffs in every department, from the the top down.</p>
<p>I am taking this opportunity to regroup, rethink, refresh.</p>
<p>I have a daughter in college (3000 miles away) who is shaken by my job loss, and what that might mean to her and her goals. I try to let her know that I will not let anything happen to her or her goals.</p>
<p>I have been through this before, and have protected myself as best I could (financially) by having several safety nets in place. Used to be “they” (the experts) would say to have 3 to 4 months of liquid funds available. This has recently changed to 8-9 months (anyone else listen to Suze Orman?). I am no fool. I have 24 months, and no outstanding debts. But that does remind me, I can, and should, file for a deferment of my own student loans (which I suppose does count as an outstanding debt, (although Ms. Orman calls it “good” debt). </p>
<p>This is my 3rd (that’s right, 3rd) major layoff since 9/11. From my standpoint, nothing in our country has been the same since 9/11. </p>
<p>Keep your chin up and that positive attitude! Have to agree that things really don’t seem the same since 9/11… Yes, here’s hoping to better times; they’re bound to get better, don’t know how much worse it could get. When you are at the bottom, you have no where to go but up. I always think about it that way!</p>
<p>I just want to say I am sorry. I know that does not pay bills, but I want wish you luck in finding a job that you like. You were very fortunate to be able to provide yourself with a 24 month cushion. </p>
<p>I have a relative who works for a company and because of his middle age, and this economy, he is getting very nervous. His goal is to have 6 mos. of salary put away as soon as possible. He is in a good place bc there is no sign of lay offs at the company he works for, he has no children, he no longer has a mortgage on his home, and has a nice start already towards new financial his goal. Oh, and he also has no debt.</p>
<p>I am sorry to hear about your job loss and I too hope and believe that there will be better times ahead.</p>
<p>I think that you should contact the FA office at your D’s school because this is a change in circumstance as they may adjust your FA package for the spring term (I gather that since you have only been employed with them for 2 years that there is no big windfall of a severance package coming).</p>
<p>If you don’t want to defer your loans, I would recommend contacting your lender about perhaps making income sensitive loan payments due to your change of status.</p>
<p>Ah yes, “middle age” - I didn’t forget that I’m 50, and that many (MANY) people younger and talented will be vying for the same jobs I’ll be looking at. I have many talents, and skills, so I certainly won’t be “pigeonholed” or typecast. </p>
<p>I wonder what comes…something creative, close to home, and paying well. Those are my shortlist goals.</p>
<p>*I think that you should contact the FA office at your D’s school because this is a change in circumstance as they may adjust your FA package for the spring term *</p>
<p>good idea & do it quick because there may be a line.</p>
<p>sybbie719: D is already on a 95% scholarship which covers tuition. What’s only partially covered is her (nearly $1000 a month) rent, food, supplies. But she works PT, and kicks in nearly 1/2 of that. FAFSA should be interesting in January. </p>
<p>There was severance, and that covers me through to February. I applied for unemployment immediately (again, I’m no fool), which will at least pay my medical insurance premiums and a bit more. I don’t mind deferring the student loan payment. I’d been double paying my payments for the last 2+ years anyway. Anything I can do to reduce the outflow…</p>
<p>My mom, who’s a lawyer, was telling me about this woman the other day. My mom was called by a client who had a renter who owed her a lot of money. My mom got in touch with the renter, and it turns out she has a 1 year old and a 6 year old, and both she and her husband have lost their jobs. Her husband’s depressed. Both of them went back to previous places of work to beg for hours, but they can’t afford childcare, so even if they get hours someone always needs to be home. They can’t afford to pay their bills, and the utility companies had been threatening to stop service. When my mom talked to her, they were trying to scrounge up enough money to pay for heat for November because the heating companies aren’t allowed to turn off the heat to a home during the winter, even if no one’s paying. Water stays on if there’s a child under one in the house, but since her baby is already one, they’re at risk for losing their water. It was a desperate situation. The rent situation was worked out (I think they erased previous payments and reduced rent by 70% or something–fortunately the couple who owned the property could afford this). I think they’re a prime example of this economic crisis. Two adults who want to work with two kids are suddenly at risk of losing their heat, water, and their home.</p>
<p>Good Luck, justamom. I was laid off from an architecture firm at the end of 2007 and luckily only spent about 7 weeks on unemployment before landing an even better position. I too am 50-ish and that did not seem to be a big hurdle during my job search. In fact, the firm I work for today hires more 50+ than 35- folks by a huge margin. Experience and maturity really count.</p>
<p>The entire A+E industry is reeling right now, but everyone we’ve talked to at our structural engineering firm is actually surprisingly optimistic that people will start building again soon. Hang in there! Thinking good thoughts for a positive change for you.</p>
<p>(Meanwhile, if anybody is in the market for a new hospital, stadium, or skyscraper, please PM me.)</p>
<p>I am very sorry, JustaMom. Losing a job shakes your world, no matter how well-prepared you are. I am glad that you have enough of a cushion to take the time you need to regroup. In case it helps you or others, I will point you to what I think is a good resource. There is a diary on the recommended list at dailykos.com right now, titled “Jobless? Broke? Ideas for survival” by goldenbird. It, and the 600+ comments under it, are full of practical suggestions. The recommended diary list is on the right of the front page. It will probably go off soon, but you can search for it.</p>
<p>Best of luck to you. These are awful times. I have a ray of hope, though. Over a month ago my husband and I transferred some money from our retirement accounts to a very conservative portfolio manager. He told us at the time that it might be as long as a year before he fully invested the money. He has been parking it in a money market fund since then. He called yesterday and said that he thought the time had come to start investing in the stock market again, and he started buying for us.</p>
<p>Cross-posted with aibarr - two rays of hope!</p>
<p>Justamom,
Your financial good sense is about to pay off good time. This is a sobering and timely reminder of the need to squirrel away acorns while one can.</p>
<p>Justamom,
Sorry to hear your news but glad you have prepared so well and are taking reasonable steps. Sounds like your D should be OK–great that she’s already getting so much aid.</p>
<p>Hubby came home shaken last night because his boss quit, wthout much notice (at least to H). He’s concerned because no one is in line to replace him & hubby REALLY doesn’t want to do boss’ job but may have to if no one steps up.</p>
<p>So sorry about your job loss. Everyone is so focussed on the auto industry, but think of how many jobs are impacted by the real estate crisis!</p>
<p>I’m a commercial real estate lawyer and things have been very slow this year. It can really mess with one’s self esteem. However, in the past few days, things have been picking up…unfortunately for the clients, it’s with negative issues rather than positive - threatened foreclosures, tenants trying to get out of leases, etc. The bankruptcy guys are saying the same thing - they’ve been slow but things are picking up. (When those guys are swamped, the world is in really bad shape!)</p>
<p>Yea, our newspaper splashed headlines about the increase in bankruptcies in our state. Things are really grim. Our main landline phone company joined the line of bankruptcy filings.</p>
<p>justamom, you have my sympathy. I’ve been unemployed twice since 9/11. In my field and in the area where I live, job openings are very rare, and pretty much in both cases I “created” a permanent position out of a temporary gig. My suggestion is to take some time off, celebrate the holidays, then regroup and attack the job ads. I’m sure some opportunities will open up. The job ads sites might look weak and bare this time of the year since everyone is digesting their turkey and looking forward to the holiday treats, but things usually pick up speed in January. Best of luck to you!</p>
<p>So sorry justamom, but it’s great you had the good sense to be so prepared. Here in NYC so many are unemployed and not so prepared as the bubble seemed like it would go forever. </p>
<p>There will be lots of building going on in the SB area, are you anywhere near there?</p>
<p>hmom5, I’m in Orange County, so about 600 miles from the SB. My D is in school in NYC, and I told her to let her boss know I was laid off (she works PT, and it couldn’t hurt to get a sympathy vote on her behalf…and they like her…a lot!).</p>
<p>I’m thinking about setting up a psychic phone line, or a “creative” role play phone line (;))… or perhaps I can combine them…“I see great things in your future as you spank me you bad boy!”</p>