A buddy of mine sent me a link yesterday to a USA today article published on December 3, 2010 titled “Executives slip down the corporate ladder – Economy has forced many into taking jobs a few rungs lower”
I could’ve predicted the rest of the story like I mostly do after reading headlines, but for some odd reason I went into reading the article in its entirety – something I RARELY do.
The article stated the basics as expected. More economic doom, job loss data piling higher and executives slipping down the corporate ladder working in lower positions that pay much less.
The particular exec highlighted in the article used to travel the world and close on $500M mortgage deals. Now he is closing $400K deals.
Because of what I have been through in my life, have experienced and have witnessed around me, I have a VERY soft spot for individuals and their families who are impacted by economic slowdowns, job losses and other unfortunate events.
In reading the article however, instead of being thankful for what they have (A JOB which many don’t), these executives appeared to be unreasonable about what they are having to go through. Wow…what morons.
Here is what absolutely KILLED me half-way into this article. The executive mentions that because of his situation, he is now having to skip lunches and order take out from the deli. So? What is wrong with that? Do you realize how many don’t have even that much going for them?
An executive first of all should never be in that situation to begin with. I don’t care if you are an executive of a fortune 500 company or the local car garage, getting to such a level requires consistent above average performance over the years that comes with an above average paycheck as well.
To me all this boils down to the basic fundamental lack of financial discipline, a void that our education system consistently leaves us with year after year. But even then, there are absolutely NO excuse here.
There are tons of financial blogs to fill the void! There are tons of finance guru celebrities like Dave Ramsey and Suze Orman preaching the same thing from episode to episode, book to book, to drive the same point into our heads.
It just comes down to our lack of desire to tune in, and take the initiative to learn what schools don’t teach us and implement the knowledge into our lives. There is no doubt that those that do come out on top.
If an executive can learn a complex business inside out to be leading it, he or she can learn basic personal finance as well. If not, they are simply ignorant, stupid or dumb.
The combination of savings and a cut down in lifestyle should compensate for unforeseen unfortunate events such as a job loss or demotion, especially for executives who SHOULD have a solid contingency plan in place. But no, they decide to buy a million dollar home, 3 cars, a boat and a couple vacation homes instead.
Lord save me . . . the behavior of some of the highest earning individuals confuses me. I just don’t understand sometimes.
Here is an idea – get off the couch and start a side business in your spare time. Not all of us are executives, and therefore the impact of economic slowdowns likely mean more to us compared to executives of larger firms.
One good contingency plan option is to establish a profitable side business in your spare time. This doesn’t mean you quit your full time job. Rather, you can run your business in parallel to your profession.
Economic slowdowns in the unpredictable world that we live in today make it that much important to have a solid back-up plan in place. Better yet, establishing multiple streams of income on the side can be the perfect safety net in the event fate decides to play games with you.
A safety net built on the side not only gives you more financial abundance, but also more comfort and peace of mind while you focus and grow in your profession without worrying “what if”.
What about you, do you have a safety net in place? Do you have a back-up plan?Previous: How to Get More Advertising Vendors for Your Blog or Website