Laid-off executives struggle to find any kind of job By John Zich, USA TODAY HILLSBOROUGH, N.J. — As chief financial officer of a top New York advertising agency, Jeff Boose boasted annual pay exceeding $400,000, a spacious office and a lifestyle to match. Boose and his family live in a sprawling house in this affluent suburb, belonged to a country club and took numerous lavish vacations each year. But since he was laid off in late summer 2008, they’ve made a head-spinning pivot. It’s no surprise the country club membership, the vacations and a Volvo sport-utility are history. Boose, who has a master’s in business administration, began his career as an analyst at Moody’s Investors Service with a goal of earning $100,000 a year by the time he was 30. He blew past that milestone at 28, rising to become CFO of Grey Healthcare, a unit of WPP Group, a British-based ad giant, at 35. The Booses’ lifestyle grew proportionately. They moved from a tiny apartment to a townhouse, then to their current 4,000-square-foot brick house here on a quiet, winding street lined with expensive homes, having four kids, now ages 7 to 14. Several years ago, they began splurging on vacations, taking seven a year to places such as Hawaii and Costa Rica, and spending $500 a night at the Four Seasons. They joined the country club in 2007. But as companies chopped advertising as the financial crisis deepened last year, Boose, a relative newcomer to the firm, was laid off. He wasn’t worried. “I thought I would be easily employable,” he says, noting that a day later, the family took its annual trip to Hilton Head. By January, he realized, “This isn’t going to be as easy as I thought.” Boose has sent out 300 résumés, mostly for CFO jobs, answered hundreds of online ads and enlisted top executive search firms. He’s come in third place for two spots, second place for four and was the lead candidate for a job that was put on hold. Gone are the couple’s $200,000 in retirement savings and Jeff’s six-month severance. “People say you should have three months in reserves,” Karen says. “We had that, and it didn’t do any good. No one says (have) 15 months.” Boose, meanwhile, struggles with the loss of professional stature. “I’ve been used to being in firms that make and spend a lot of money and meeting with very senior people. Now, I’m looking at the guy in Home Depot, thinking how lucky he is to have a job.” http://www.usatoday.com/money/economy/employment/2009-12-29-laid-off-executives_N.htm
Heartwarming?
tear drop…
“I’m looking at the guy in Home Depot, thinking how lucky he is to have a job.” - Scary line
Umm, I say good. I don’t wish anyone ill, but I’m sorry, with the kind of money the guy was making, he had saved all of $200,000? That’s utterly pathetic. It looks like he spent everything he made. I doubt this guy has given more than a few grand to charity in his entire life because people with that kind of me-first mindset rarely do. I feel zero sympathy for this guy. Maybe he shouldn’t have traveled his savings away, or maybe he should have purchased a house that is 3,000 sqft rather than 4, which would have been more than sufficient. How about teaching your children about modesty rather than going on 7 annual vacations? I hope he at least learned a lesson. I hope his kids learn a lesson.
As I said in another thread a while ago, if my income went up 5 fold, nobody around me (friends, family) would even notice. My goal at that level of income would be to save as much cash as possible in expectation of the eventuality that the gravy train will stop one day.
XSellSide Wrote: ------------------------------------------------------- > As I said in another thread a while ago, if my > income went up 5 fold, nobody around me (friends, > family) would even notice. My goal at that level > of income would be to save as much cash as > possible in expectation of the eventuality that > the gravy train will stop one day. +1. I feel the exact same way.
“…with a goal of earning $100,000 a year by the time he was 30. He blew past that milestone at 28” lame! I broke his barrier by couple years short. lol
kkent Wrote: ------------------------------------------------------- > I doubt this guy has given more than a few > grand to charity in his entire life because people > with that kind of me-first mindset rarely do. I assess a lot more value to those who actually spend the time and effort to do physical charity work as opposed to making a token donation every year and feeling like they’re all that.
i agree with most posters here- the fact thats he’s only managed to save 200k is hard to believe. 500$ a night rooms? those are nice when on the company dime- but my vaca’s still involve hostels. I always told myself I’d save minimum 20% while I’m young and have few responsibilities, but as my income has increased so had the percentage- maybe my marginal pleasure from spending curve is just unusually steeply falling.
kkent’s right on. as far as the charity comment, it makes zero sense for a high earner to spend their valuable time doing something that could easily done by someone who’s earnings potential maxes out at minimum wage. better off spending your time making money so you have more to give.
SMIRK Wrote: ------------------------------------------------------- > kkent Wrote: > -------------------------------------------------- > ----- > > I doubt this guy has given more than a few > > grand to charity in his entire life because > people > > with that kind of me-first mindset rarely do. > > I assess a lot more value to those who actually > spend the time and effort to do physical charity > work as opposed to making a token donation every > year and feeling like they’re all that. Well, that’s what I was talking about. Notice how I said he has likely not given more than a few grand (i.e. a token amount) to charity in his entire life. I know a lot of people who give 10-15% of their income each year–I would not characterize that as token.
agree with akanska. I don’t spend crazy money like 500/night for hotels. I am going to Bahamas in 2 weeks but chosen the hotel which is all inclusive (meals, drinks etc free) against 400/night at Atlantis. I would not live in a hostel though with my GF and on vacation. I believe that one should go to vacations only if they can afford it. I have seen people taking loans so they can spend couple of Gs in vacation. Xsellside - I agree with you. I will do the same thing but would also like to upgrade my lifestyle a bit if I am making 400K. We live only once
XSellSide Wrote: ------------------------------------------------------- > As I said in another thread a while ago, if my > income went up 5 fold, nobody around me (friends, > family) would even notice. My goal at that level > of income would be to save as much cash as > possible in expectation of the eventuality that > the gravy train will stop one day. Same attitude here. My spending pattern didn’t change starting in college and ending right now.
Seriously? You still live in student digs and eat pot noodles for lunch?
… now I just have to figure out a way to get my income up 5 fold!
The most laughable part is the three-month reserve recommendation. Stooooopid dude, poor kids.
Part-time Crook Wrote: ------------------------------------------------------- > The most laughable part is the three-month reserve > recommendation. Stooooopid dude, poor kids. In fairness, that’s a quote from Karen, presumably his wife. It does boggle the mind to see finance people blow up so spectacularly in their PAs though.
kkent Wrote: ------------------------------------------------------- > XSellSide Wrote: > -------------------------------------------------- > ----- > > As I said in another thread a while ago, if my > > income went up 5 fold, nobody around me > (friends, > > family) would even notice. My goal at that > level > > of income would be to save as much cash as > > possible in expectation of the eventuality that > > the gravy train will stop one day. > > > +1. I feel the exact same way. +2 yur both smart. Share the same view with most of you guys that this adman CFO *was a flippin’ idiot*.