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Unless, in an act of desperation, you’ve locked yourself in a room without TV and internet to force yourself to finish your thesis or dissertation, you’re probably aware that we’re in the middle of a global financial crisis. Banks have failed, companies have been forced to make layoffs, and interest rates have plummeted. In short, the global economy is not good right now.
Like everyone else, I’m constantly bombarded by news coverage of the latest catastrophes in the financial world, and while it’s great to know what’s going on, a lot of times it’s hard to relate to the stories. Unless, of course, you’re a multi-million dollar investor who fell victim to Madoff’s Ponzi scheme, but if you’re a multi-millionaire, why are you even reading this blog?
Anyway, what I’m interested in exploring is how the global economic crisis has affected our everyday lives? You know, the lives of regular people like you and me, not the CEOs and other top executives.
For me, the impact of the global financial crisis has been surprisingly small. I consider myself extremely fortunate to have landed a full time job last year before the economy really started falling apart. Also, it’s a lucky coincidence that what I enjoy doing (my job) is in a “recession proof” industry (knock on wood). The most painful experience has been watching the balances of my Roth 401(k) and Roth IRA take a nosedive, but even though it hurts now, it’ll be fine in the long run because I still have a few decades before I even touch that money.
On the other hand, I know that not everyone has made it through this financial crisis unscathed. One of my cousins was just laid off from his job last week, so he’s now unemployed. The global financial crisis has definitely left a big impact on his life.
How has the global financial crisis affected you?
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Hey - it's a great question. My heart goes out to people in really bad situations - house in foreclosure, lost their job, working as a janitor to get by instead of pulling a six-figure salary.
The reason I like your post so much is because it acknowledges that ALL of us are probably feeling pressure and some amount of stress or unease because of the financial crisis, even if we aren't in the hardest hit group. For example, I feel more inclined to ignore how I'm really feeling about work - I just brush it off with, "well I'm thankful to have a job." But that's never been my mode of operating before - usually I am much more proactive about fixing situations.
In general the people I know feel more stressed, like they are being asked to do more with less, and generally like every day is a fight to keep your job with the anxiety that there are no guarantees.
The best perspective I heard on this recently was that working through a contraction in the economy (and making it) is a badge of honor - that it will build maturity and give us a more holistic view of the boom and bust cycles of the economy and of companies. I think it's particularly important advice for all the Gen Y folks, many of whom haven't ever had to deal with anything like this (present company included, of course).
Okay - I'm done with my essay. :D Great post!
Great post. I personally feel like it's 2003 again when I graduated from a college in the midst of a "slowdown." I remember many of us spent that year taking temp jobs just to work and try to make a dent on the student loans.
Now, I've worked for a couple of years both office jobs as a temp and in the legal field as a paralegal and I've graduated from law school in what is considered the worst market unseen in years.
Now, as I wait anxiously for the Bar results, I'm job searching and competing against laid-off licensed attorneys for positions that don't even require the license. It's scary. I'm trying to capitalize on my prior legal experience but I'm guessing employers see the "JD" on my resume and assume I'm going to flee once I can find an attorney position. Um, not likely at all in this market. I'd rather take a job that provides stability than leave just to work "on my level."
I'm thankful that I've been through a "slowdown" before but it's harder now that I have more student loan debt and am older. I feel like my life is going backwards instead of forward in that I'm willingly applying for jobs that pay $30k, which is what I got paid out of undergrad. That does not even cover the loan payment.
It's sad to see stores closing, going out of business, family members losing jobs or always stressed about the possibility and working long hours to fill the time formerly occupied by laid-off people or workers whose hours have been reduced.
@Jenny, I agree that it is a badge of honor to work through an economic contraction...I'm just hoping that I won't have too many more of these. I've been through it once already and I'm a young Gen X or an "old" Gen Y depending on whether birth in 1981 is Gen X or Gen Y.
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