Tuesday, January 13, 2009

The Financial Crisis: Losing Your Job and Money May Not Be The Only Casualty

Your Job, Your Income, Your Lifestyle and Maybe Your Spouse

"One mother in TriBeCa, who is married, at least for now, to a Wall Street executive, put it rather bluntly: “My job was to run the household and the children’s lives,” she said. “His job is to provide us with a nice lifestyle.” But his bonus has disappeared, and his annual pay has dropped to $150,000 from $800,000 a year. “Let me just say this,” she said, “I’m still doing my job.” (NY Times.com)

How Do You Value Yourself, Or How Does Your Partner Value You?

Life is a funny thing. You are flying high at the top of your game, doing everything you are supposed to be doing, owning what you should be owning, driving what you are supposed to be driving and belonging to the clubs you are supposed to be belonging to. This according to the unwritten rules of the life you have chosen. Your days are structured knowing where you will be, what you will be doing, what you will be making and who you are supposed to be.

Then boom, out of nowhere, through no fault of your own, your job, your company, your bank account and your lifestyle changes. Hopefully only for the near term. But who really knows. Over the course of a weekend firms are crushed or taken over by other firms. Lives are changed in a flash.

Is Your Partner Really Your Partner?

It is during these times that people will discover who it is that they have climbed into the foxhole with. Is it their life partner and soul mate? Is it the person that vowed for better or worse, richer or poorer?

In the good times there are no tests. It is only during these times when you find out if you are with your true rock or a business partner. If it is the situation where the job responsibilities are documented and if one fails to live up to theirs, then the "corporation" will be dissolved. It is in towns such as Greenwich and Manhattan and any number of other places in between, where these situations will play themselves out.

I am one of the lucky ones that found out early and often in my marriage that I am in the foxhole with my rock.


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