When the well runs dry

I read a good article in Wall Street Journal about unemployed professionals that received an ameniable severance but didn't realize that the economy is worse off than they have thought. The job market has become a cruel place where jobs are scarce and the pay is little, at least than you are used to.

The article mentioned a former CEO of a small bank (let's call him PJ) from Maryland was laid off and got a sizable severance. Even when he is not working, he still managed to live the same lifestyle from the time he is employed. Now that the nest egg has dwindled, he realized he needs to cut down his budget. He has turned down a couple of job offers for reasons that he has to uproot his family, he didn't like the job description or it pay less than his original job.

One job offer was to move to Wyoming, he turned it down on grounds that the job does not have a guaranteed severance package and he has to move his family. Up until now, he is still on the job market, still unemployed.

I somehow thought that this guy is stupid for not taking up on the job offer. It would not be the dream deal of a lifetime but beats than working flipping burgers or stocking groceries at night. I read at the comments section to see how folks react to his story, this one of my favorites:

From Dave Heller:

"I have no idea at all why Joe turned down three jobs..........particularly the last one in Wyoming where there is a full employment economy, in a no-income tax state, at a beginning salary of $140,000 @year, and one of the best public school systems in the United States. No state income tax has got to be worth $25,000 a year compared to Maryland, and good public schools will save at least $13-15,000 a year in education costs. No severance package???? There are no guarantees in life............. and if you think you require insurance to guard against your own failure, your gonna lose."


Maybe PJ should have talked to Dave before he dropped the Wyoming job offer. Let's hope there were no regrets. We chose our path and now we should live with our decisions, whatever the outcome. Amen.

Read the article at wsj.com titled: Life on Severance: Comfort, Then Crisis