Pay Cutts

[oilyriser]

Originally Posted By: Patman

Now you might say that is greed if some of us have cut back on our spending, since we're now not supporting others, but I disagree. In this economy it's simply all about survival!


By cutting your own spending you are helping others, since you are not consuming as much, so there is more left over for those with less ability to compete.

 

[Gary Allan]

Quote:
I just wish I had cut back on my spending many years ago. If I was better with my money when I was in my 20s and early 30s, I could've had my house paid off by now. I am still confident that I'll have my house paid off in 14 years, so I'll be 53 years old by then.


Don't flog yourself too hard. We've all acquired 20/20 hindsight. A few of us saw this coming and still couldn't get out from under it. I'm under 3 years for the mortgage, but I have a feeling that costs of everything else is going to eat up the difference. There's no way to avoid living to the fullest extent of your capabilities. I mean you could ..but typically not with mates and offspring. Way too many vacuums sucking at your wallet. Add a few personal self indulgences ..and where are you at

We're (most of us) all 90 days away from bankruptcy.

 

[crinkles]

i'd say 30 to 60 days for me without pay...

 

[firemachine69]

Originally Posted By: LT4 Vette
looking for a new job will be your fulltime job.



Should always be that way, good times, or bad. I haven't been unemployed since I was eighteen... And that only lasted three weeks!

 

[AcuraTech]

At this point I'm really envying my parents decisions. They're both in their early 50's now. They live in a reasonable house that's paid off, both cars are paid off, no credit cards or other debt. They pulled out $100k of their retirement savings and bought a nice 100 acre chunk of land last year. Part of the land is rented by a local farmer which pays for the property taxes every year.

They've always lived within their means, only buying used cars, no flat screen TV's, no granite countertops, no flashy toys. They have a huge vegetable garden, raise chickens, very self sustainable if isht ever hit the fan. That's a good place to be right now.

Hopefully their health holds out, one major surgery and a week in the hospital is enough to wipe out even the most prudent savers. But that's another topic.....

 

[IndyIan]

I have to say that we pretty much live like your parents, except we are in our early 30's... And we still have about 5 years to pay of our line of credit on our land and house. Sometimes its very tempting to get the new toys and once in a while I will if it makes sense financially, but mostly we get used stuff which is fine.
No cell phones, basic satellite and internet for $30/month, $80 hydro bills, no heating bills, not much eating out, no gym memberships, we have older cars that are good on gas, cheapish hobbies that usually put some food on the table, etc...
Its not a particularly glamourous way to live, but I guess in times like this it pays off, there is no big adjustment to make.

I guess if both of us got laid off, we could last maybe 2-4 years, grinding through our savings slowly. We could put our food bill to nearly 0$ if we wanted too starting in the spring. Alot depends on the interest rate on our line of credit, if it stayed the same making the minimum payments isn't a big deal, hyperinflation would be hard to deal with, with no incomes. Same with property tax.
Ian

 

[Mr Nice]

Quote:
I haven't been unemployed since I was eighteen


Same here, I started working when I was 14 at a supermarket and earning a paycheck at that early age thought me the 'value' of a dollar. And its a good thing that I had many low paying jobs when I was much younger cause it taught me to budget my money and always save for the future.

I feel bad for any person laid off, but as long as you stay positive and spend a few hours each week looking for a new job, you WILL find employment. I also helps to network with friends, family and acquaintances such as fellow BITOG members.

 

[Cutehumor]

Originally Posted By: AcuraTech
At this point I'm really envying my parents decisions. They're both in their early 50's now. They live in a reasonable house that's paid off, both cars are paid off, no credit cards or other debt. They pulled out $100k of their retirement savings and bought a nice 100 acre chunk of land last year. Part of the land is rented by a local farmer which pays for the property taxes every year.

They've always lived within their means, only buying used cars, no flat screen TV's, no granite countertops, no flashy toys. They have a huge vegetable garden, raise chickens, very self sustainable if isht ever hit the fan. That's a good place to be right now.

Hopefully their health holds out, one major surgery and a week in the hospital is enough to wipe out even the most prudent savers. But that's another topic.....


I'm the same way. I want to retire when I'm 55!

 

[Tempest]

Quote:
Now you might say that is greed if some of us have cut back on our spending,

Nope, I just don't want businesses to be considered evil for doing the same things that individuals do, and for the same reasons.

 

[Patman]

Originally Posted By: Tempest

Nope, I just don't want businesses to be considered evil for doing the same things that individuals do, and for the same reasons.


I consider them evil when they cut jobs while they are still making profits. I think that's the worst thing they can do when the economy is this bad. There are very few companies out there right now that have shown an increase in profits, so if every single company that is making less profit decides to cut their work force, then it's going to cause a major depression that'll take ten years or more to come out of.

The company I worked for has no debt at all, and was still showing a profit, so I think it's very heartless of them to ruin the lives of 1500 families with the job cuts they just did. It stinks of greed. Am I bitter? Sure! I put almost 8 years of hard work into that company, and suddenly and without warning I get blindsided with a job cut. And just one month after they are telling us that everything is fine and everyone is getting a 2% raise! I had a great job, great benefits, had 5 weeks holidays, underground parking, and now I've got to start all over again somewhere else, and might get stuck working afternoon or midnight shift. I was working 9-5, and on salary too, so that gave me more leeway if I needed a sick day, now I'll probably be back at an hourly job which means when I'm sick, I'm still going into work because I won't be able to afford to lose a day's pay.

 

[Patman]

Originally Posted By: IndyIan

No cell phones, basic satellite and internet for $30/month, $80 hydro bills, no heating bills,



How can you have no heating bills living in Ontario?? I could see if you lived in Florida, but up here I don't understand how you could do it?

 

[firemachine69]

Wood fireplace with a very large tree'd backyard?

 

[dhise]

Originally Posted By: Patman

I consider them evil when they cut jobs while they are still making profits. I think that's the worst thing they can do when the economy is this bad. There are very few companies out there right now that have shown an increase in profits, so if every single company that is making less profit decides to cut their work force, then it's going to cause a major depression that'll take ten years or more to come out of.

The company I worked for has no debt at all, and was still showing a profit, so I think it's very heartless of them to ruin the lives of 1500 families with the job cuts they just did. It stinks of greed. Am I bitter? Sure! I put almost 8 years of hard work into that company, and suddenly and without warning I get blindsided with a job cut. And just one month after they are telling us that everything is fine and everyone is getting a 2% raise! I had a great job, great benefits, had 5 weeks holidays, underground parking, and now I've got to start all over again somewhere else, and might get stuck working afternoon or midnight shift. I was working 9-5, and on salary too, so that gave me more leeway if I needed a sick day, now I'll probably be back at an hourly job which means when I'm sick, I'm still going into work because I won't be able to afford to lose a day's pay.



My place was shut down during the best year they ever had. My job was shipped to Czech republic. They had eliminated our profit sharing plan a couple of years before, but management still got the bonuses. My boss received a $5000 profit sharing check right before they laid him off.

The motive was greed on their part as we were a successful and profitable plant. However, the czech plant could throw away 2/3 of there product and still beat us in costs, so greed won out.

 

[crinkles]

i agree with patman.

it is because the shareholders are all that matters, and many times, a large percentage of shareholders are outsiders. they don't give two hoots about the company. if the profit drops, they sell on a whim and with a click of a button. this is the information age and look at what we got for it.

 

[Shannow]

crinkles, I believe that the laws in Oz are that the executive must put the needs of the shareholders above every other requirement (except that of law).

 

[Tempest]

Originally Posted By: dhise
Originally Posted By: Patman

I consider them evil when they cut jobs while they are still making profits. I think that's the worst thing they can do when the economy is this bad. There are very few companies out there right now that have shown an increase in profits, so if every single company that is making less profit decides to cut their work force, then it's going to cause a major depression that'll take ten years or more to come out of.

The company I worked for has no debt at all, and was still showing a profit, so I think it's very heartless of them to ruin the lives of 1500 families with the job cuts they just did. It stinks of greed. Am I bitter? Sure! I put almost 8 years of hard work into that company, and suddenly and without warning I get blindsided with a job cut. And just one month after they are telling us that everything is fine and everyone is getting a 2% raise! I had a great job, great benefits, had 5 weeks holidays, underground parking, and now I've got to start all over again somewhere else, and might get stuck working afternoon or midnight shift. I was working 9-5, and on salary too, so that gave me more leeway if I needed a sick day, now I'll probably be back at an hourly job which means when I'm sick, I'm still going into work because I won't be able to afford to lose a day's pay.



My place was shut down during the best year they ever had. My job was shipped to Czech republic. They had eliminated our profit sharing plan a couple of years before, but management still got the bonuses. My boss received a $5000 profit sharing check right before they laid him off.

The motive was greed on their part as we were a successful and profitable plant. However, the czech plant could throw away 2/3 of there product and still beat us in costs, so greed won out.

Do you buy any products from China or overseas?

 

[crinkles]

Originally Posted By: Shannow
crinkles, I believe that the laws in Oz are that the executive must put the needs of the shareholders above every other requirement (except that of law).



well i am close to the point of never working in private industry again.

 

[Patman]

Originally Posted By: Tempest


Do you buy any products from China or overseas?


I'm sure that I probably do, since just about everything is made in China. I honestly don't look at where things are made when I buy them, I buy mostly based on price. Does that make me evil? I don't think so.

 

[IndyIan]

Originally Posted By: Patman
Originally Posted By: IndyIan

No cell phones, basic satellite and internet for $30/month, $80 hydro bills, no heating bills,



How can you have no heating bills living in Ontario?? I could see if you lived in Florida, but up here I don't understand how you could do it?


Firemachine got it right, we bought 100 acres with 40 acres of woods, a nice chainsaw, six pound splitting maul, a decent woodstove, and my old atv and trailer. All for less than a fancy pickup truck in 2001...

Its a bit of work cutting and splitting and a little bit more keeping a fire going but it saves us a bit of money. We have a pretty regular schedule so its not a big deal.

I feel for people who are getting cut even with the company still making money... I can see from a financial standpoint how this makes sense but from a human resources standpoint its got to be a bit costly. I guess some companies have different ways to do business, I think keeping your human capital makes more sense.
Ian

 

[Cutehumor]

Originally Posted By: Patman
Originally Posted By: Tempest

Nope, I just don't want businesses to be considered evil for doing the same things that individuals do, and for the same reasons.


I consider them evil when they cut jobs while they are still making profits. I think that's the worst thing they can do when the economy is this bad. There are very few companies out there right now that have shown an increase in profits, so if every single company that is making less profit decides to cut their work force, then it's going to cause a major depression that'll take ten years or more to come out of.

The company I worked for has no debt at all, and was still showing a profit, so I think it's very heartless of them to ruin the lives of 1500 families with the job cuts they just did. It stinks of greed. Am I bitter? Sure! I put almost 8 years of hard work into that company, and suddenly and without warning I get blindsided with a job cut. And just one month after they are telling us that everything is fine and everyone is getting a 2% raise! I had a great job, great benefits, had 5 weeks holidays, underground parking, and now I've got to start all over again somewhere else, and might get stuck working afternoon or midnight shift. I was working 9-5, and on salary too, so that gave me more leeway if I needed a sick day, now I'll probably be back at an hourly job which means when I'm sick, I'm still going into work because I won't be able to afford to lose a day's pay.


hey Patman,

I'm sorry you got laid off. I'm curious, what company did you used to work for? PM me if you like