Work Update

by FI Fighter on August 28, 2012

in Work Update

It’s been busy at work lately, and last week was one of the more stressful weeks I’ve had to deal with. To start, the new company I joined just recently announced layoffs for 10% of the workforce worldwide. Even though other co-workers and management reassured me that I was safe (afterall, I was just hired!), I still felt uneasy throughout last week.

The more I thought about the possibility of being unemployed, the more uneasy I became. At this stage of my career, I don’t expect to be close to early retirement. Still, just the thought of potentially being unemployed and not having a steady income stream coming in every two weeks had me a bit worried. I have enough in savings (emergency fund) to help me get through for awhile, so that wasn’t my main concern.

What really got to me was the thought of halting my progress of achieving early financial independence. The inability to save, invest on a regular basis, and the need to dip into the emergency fund overwhelmed me. With the way the economy is at the moment, who knows how long it would take to get re-hired? Also, who knows if I could command the same salary elsewhere?

Luckily, I survived the rounds of cuts, and am still employed. For that I am grateful. These next 3-5 years will probably be the prime earning years of my short career in high-tech, so I need to make the most of it. I need to maximize my savings!

Unfortunately, a few of my co-workers, in the same group, were terminated. Some were a bit older, with mortgages to pay, families to support, etc. I can only imagine how difficult things must be for them at the moment. Having gone through this experience makes me realize how much more I want to achieve early financial independence. I simply don’t want to have to depend on an employer… I don’t want to work in fear knowing that they can cut me at any given moment. No one should have so much power and control over my destiny. I want to control my life.

 

 

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{ 4 comments… read them below or add one }

1 The Keichi OneNo Gravatar August 29, 2012 at 12:25 am

This. This right here is probably the main reason I want to reach FI. I don’t like that some guy (or gal) above me in the food chain at my company can have control over my life course. I also don’t like that my well being is tied to the companies well being. If the CEO and upper management makes poor decisions I (as will everybody else of course) suffer as well. Nope no more for me thanks.

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2 FI FighterNo Gravatar September 5, 2012 at 9:29 am

This is what I believe happened at the company, actually. Upper management miscalculated, made promises it couldn’t keep and ultimately angered the shareholders when earnings missed. As a result, a few good buddies of mine were let go. It’s a cruel world out there, when it comes to business and money. “No thanks” indeed! Better to rely on yourself than to be strung along to the tune of empty words and broken promises.

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3 Dividend MantraNo Gravatar August 29, 2012 at 6:16 pm

Good stuff. This succinctly summarizes one of the main motivation factors driving me toward financial independence. The safety of having 40 or so companies paying me income vs. 1 (my job) is reassuring. Control over one’s destiny is the ultimate achievement, I believe.

Best wishes!

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4 FI FighterNo Gravatar September 5, 2012 at 9:38 am

DM,

Couldn’t agree more. It’s never a good idea to put all of ones eggs into a single basket. It’s about time the masses caught on to this. Investing in stocks is a great introduction to this very important concept. Sadly, I think too many people feel a lot more secure in their job (in many cases, single source of income stream) than they ought to. It only takes a single event like this for one to realize how replaceable they really are. The sooner you realize this, the better off you will be in the end.

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