Who's prepared financially for this?

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Anonymous

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Being a white male, 45 years old, 14 years here, I'm pretty sure I'm on the chopping block come Feb/March. I'm just curious where I stand financially for this.

I have a 10 and 9 year old (college right around the corner), $380,000 in retirement, $35,000 in savings. $170,000 mortgage and no other debt.

It will be hard to get the same salary for this gig, however, I know I'm on the chopping block.

How does everybody else stand financially? Am I prepared? Middle of the road? Thoughts...
 






I wish I had your situation!

53, $120,000 retirement. $5,000 savings. $10,000 cc debt. $300,000 mortgage.

I am embarrassed to be in the financial situation I am in having to DEPEND on Novartis and my manager. Ugh.
 












Anonymous said:
Being a white male, 45 years old, 14 years here, I'm pretty sure I'm on the chopping block come Feb/March. I'm just curious where I stand financially for this.

I have a 10 and 9 year old (college right around the corner), $380,000 in retirement, $35,000 in savings. $170,000 mortgage and no other debt.

It will be hard to get the same salary for this gig, however, I know I'm on the chopping block.

How does everybody else stand financially? Am I prepared? Middle of the road? Thoughts...
Click to expand...

You are a dumb ass. There's a thought.
 






Fellas ,

Dont be embarrassed, its tough these days trying to raise a family. I am 40 white male, money earner in household, wife works 20 hours/week (cant find anything else) , 80K in 401K, with 10K cc debt, 2K in savings, 2 children (10 & 6) and $200K mortgage. I live paycheck to paycheck b/c children go to private school (total is 13K per year) due to poor education system in my area. College savings is being spent now for their current education! I get depressed at times because of making some poor decisions; however, its better than some people have it.

wife & I chose this, although it is a strain. Other friends who are reps, etc... have nicer cars, much nicer homes, able to go on vacations. However, we chose education, and bettering our children's lives rather than our own!

My counterpart is loaded ,their spouse has Executive job with large corporation, pulls in over 200K on that job alone! She gets paid more than I do and she still constantly bitches about possibility of being laid off! Her money is spent on lavish vacations, kids clothes, investing (which she brags about) etc....

Still, Im happy to have a job with a flexible schedule. Be thankful for what you have, not upset for what you dont.

I have 2 healthy children who make me very happy! Our job may suck at times, but its better than being a clock puncher. We do get a lot more than other people.
 












It is never too late to start a small business from home. Make $10k the first year, $20k the 2nd and so on.

I'm 39 with wife and no kids. I could get fired tomorrow and it would be fine. Just would have to change spending habits slightly. Small business brings home over $225k profit in 2011. Hard work and the only way I could run it is with a outside sales job. I realized the pharma sales job would be disappearing over 6 years ago. I took my savings and invested it in myself and my business. It worked out well but I work 12 hours a day 7 days a week. You could not do this with a family.

Don't hope you have a job next Summer, assume you won't have a job and prepare now for the worse. No talk - Take action.
 






I have been in two of these. You learn to be financially savvy because of these situations. I now have 960k(before todays market drop) in retirement, 126k in savings and 300k mortgage. Trying to get out of this house and correct size! I have final interviews with two companies and hope one comes through! Based on this how many working years should I shoot for?
 






got laid off three years ago...making a third of what i was in pharma..(in different industry)
pharma pay is unlike any other industry for what you are tasked to do...sure i am making a lot less than i was but i love this new job because i'm not worried about my future as i was in pharma...start looking now as march will be here before you know it..good luck..
 






Anonymous said:
Being a white male, 45 years old, 14 years here, I'm pretty sure I'm on the chopping block come Feb/March. I'm just curious where I stand financially for this.

I have a 10 and 9 year old (college right around the corner), $380,000 in retirement, $35,000 in savings. $170,000 mortgage and no other debt.

It will be hard to get the same salary for this gig, however, I know I'm on the chopping block.

How does everybody else stand financially? Am I prepared? Middle of the road? Thoughts...
Click to expand...

Seriously, you're ok. I'd try and put a little more cash into savings until you find anything out. I'd say you're in the top 20 percent in terms of overall readiness. Breathe.

You're a long way out from college time. Don't even think about touching retirement for tuition. Only 12 percent of all students today, graduate college without debt. At some point, you have to think of yourself and your spouse's needs first and that may have to be paying a lot of your kid's college costs.

Start now though preparing, not worrying, about the future. Polish the resume, start networking hard, work recruiters, etc. Have your plan ready so if the worst occurs, you take a week to gather yourself and hit the ground with a firm plan in place a week later.

Prepare a "bare-bones" budget. Pay as much as you can but don't ring up any new debt. Stick to the budget.

Talk to an attorney now about what to sign, what to look for, what to return and consult with them first, before you sign any severance agreement.

Breathe though, you're in pretty good shape.

Enjoy your holidays, you earned the right.
 






35 yo female- no kids- 3 homes- 2 paid one 80% paid (100k left)- a bit over 600k in retirement as of a month ago- 68k savings- 7k credit cards- been working on a new pt career as a back up. Thank goodness I don't have the stresses of kids etc- but I did well, saved and have 3-4 SD's at any time to help me. If someone is going to F me at least they should be just like novartis and pay me- but they pay much much better and it's more enjoyable.

In all seriousness- I don't know what I would do if I was the sole provider for a family. I am terrified to have a family these days.

good luck to us all
 






No 11, we're both SINKS (single income, no kids). I got rid of the old ball and chain (actually three of them), and I can enjoy my retirement riches all to myself after 30 years in this gig, which spanned the Dow going from 3K to 14K during my active investing years. Besides if I was married, I'd have to split time between her and my hot NYC girlfriend to whom I'm a sugar daddy. I keep her in an $865K condo I just bought for her on the upper east side, in which we spend time on the weekends. I used to have a similar arrangement when I was married, but my wife got suspicious, had me trailed by a PI and I got caught in flagrante delicto.
 






Anonymous said:
It is never too late to start a small business from home. Make $10k the first year, $20k the 2nd and so on.

I'm 39 with wife and no kids. I could get fired tomorrow and it would be fine. Just would have to change spending habits slightly. Small business brings home over $225k profit in 2011. Hard work and the only way I could run it is with a outside sales job. I realized the pharma sales job would be disappearing over 6 years ago. I took my savings and invested it in myself and my business. It worked out well but I work 12 hours a day 7 days a week. You could not do this with a family.

Don't hope you have a job next Summer, assume you won't have a job and prepare now for the worse. No talk - Take action.
Click to expand...

What is the nature of your home business, if I may respectfully ask? Thanks!
 






Anonymous said:
I have been in two of these. You learn to be financially savvy because of these situations. I now have 960k(before todays market drop) in retirement, 126k in savings and 300k mortgage. Trying to get out of this house and correct size! I have final interviews with two companies and hope one comes through! Based on this how many working years should I shoot for?
Click to expand...

It depends on your: age, family status, personal goals, etc.

I would make sure you have a good, private, disability policy in place as well because you never know what can occur. This is a disability policy separate from anything Novartis provides.
 






Not novartis that's for sure , they spend like drunken sailors on billion $ complexes
architectural wonders while losing patents , getting slapped by the FDA , killing patients & blowing trials .
Where are the board of directors to clean house ???? !!!!
 






Anonymous said:
No 11, we're both SINKS (single income, no kids). I got rid of the old ball and chain (actually three of them), and I can enjoy my retirement riches all to myself after 30 years in this gig, which spanned the Dow going from 3K to 14K during my active investing years. Besides if I was married, I'd have to split time between her and my hot NYC girlfriend to whom I'm a sugar daddy. I keep her in an $865K condo I just bought for her on the upper east side, in which we spend time on the weekends. I used to have a similar arrangement when I was married, but my wife got suspicious, had me trailed by a PI and I got caught in flagrante delicto.
Click to expand...

Yeah right. You sound like a real tool. Enjoy your fantasy life, loser!!
 






Anonymous said:
No 11, we're both SINKS (single income, no kids). I got rid of the old ball and chain (actually three of them), and I can enjoy my retirement riches all to myself after 30 years in this gig, which spanned the Dow going from 3K to 14K during my active investing years. Besides if I was married, I'd have to split time between her and my hot NYC girlfriend to whom I'm a sugar daddy. I keep her in an $865K condo I just bought for her on the upper east side, in which we spend time on the weekends. I used to have a similar arrangement when I was married, but my wife got suspicious, had me trailed by a PI and I got caught in flagrante delicto.
Click to expand...

How do you possibly afford an 865k in NYC in this buss? Come on dude- been in this game too long and a few of my buddies pull 8-90mill a year and that's not easy for them to separate. if you put 20% down- it's about 4200-4900 a month plus maint fees on that have to be at least 2k a month. Don't care if you're a 'SINK' you have to pull in over a mill to live alone and keep that place- and I am not talking about living it up in the finer places of the city. was in a 2000sq ft place this week with a friend and it's 7500 in UES. either way- good luck with keeping your job.
 






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