Monday, March 23, 2009

AIG Bonuses Returned

If you're barely getting by right now paying for health insurance, your mortgage, and other bills with your weekly unemployment insurance, the prospect of AIG execs pocketing $165 million of our money in bonuses probably doesn't sit so well. And it shouldn't. If you're like many, you've probably selected to have 10% of your unemployment insurance withheld for federal taxes, taxes that will help pay for the economic bailout of companies like AIG.

In a time when individuals and multinational corporations alike must scale back expenses, reconsider their bottom lines, and reassess spending habits, bonuses of this nature seem beyond indulgent or excessive, they seem almost criminal. Of course, AIG is contractually bound to fulfill certain obligations to its employees, but in a time where they received an almost unprecedented government bailout, AIG could have done much more to massage its public relations by requesting employees to forego bonuses in light of the current economic conditions. So far, AIG employees have given back at least $50 million. It's a start, but I'm still wondering why AIG didn't address this issue before bonuses were paid and had to be returned.

On the other hand, AIG employees who were entitled to these bonuses have been let down by their company and could have had legal action against AIG had the bonuses not been paid. Instead, AIG paid the bonuses and forced their employees into the awkward position of voluntarily returning them or looking like prize idiots. Highly unfair and also potentially depriving their employees of any legal action against the company.

All in all, the situation has been handled rather poorly, demonstrating AIG's use in quite poor taste of public funds and inability to come through on its obligations to its employees.

More information available at:

http://www.nytimes.com/2009/03/24/business/24bonus.html?_r=1&hp

Tuesday, March 17, 2009

Pursuing Employment in These Tough Times: Instinct vs. Fear

Many sentences these days are preceded by "in these tough times," making each situation and seem that much more dramatic, that much more pressing. In reality, there are people who've been having tough financial times throughout the course of history, though those experiencing troubles are usually categorized as "lower class," which some have used to explain away the financial challenges of the lower class.

Now, foreclosure and bankruptcy are becoming common household words in homes of all income levels. Families in traditionally upper class homes are being forced to sell their homes out of necessity, not choice. All of a sudden, more individuals in each class are subject to the troubles previously only experienced on a widespread scale by those in the lower economic class.

Follow your bliss? Financial ruin and fear seem to be everywhere; they're spilling over into small, daily decisions, such as what brand of milk to buy, whether or not to have that latte, and which employment to pursue. Formerly, we were encouraged to "follow our bliss," but with the economic collapse surrounding us, following our bliss all of a sudden feels rather stressful. Following a passion does not often seem practical when bringing home money will save us from financial insecurity, we hope.

The job that doesn't feel right. Almost everyone has had a job situation in which they were not entirely certain, they had a bad feeling about a job opening, or they just plain didn't want to do it for some strange reason that they couldn't quite pinpoint. Before the economic collapse, some may have pursued these opportunities regardless. But many looked past them to new opportunities that made their hearts leap with excitement. Now, the fear that seeps into our common culture through media has ignited an almost fury of fear in which people are accepting a job, any job, just to have a job. Overriding your instincts on the basis of fear is not a new behavior; as children, we're taught to socialize and adapt to our surroundings, which often involves ignoring our feelings and instincts to fit in. However, instinct is a powerful force and one that, if ignored, can land us in a variety of precarious situations that do not fit us. In some cases, as I found myself in not so long ago, I found myself knee-deep in the quest for someone else's greatness. I tried it, it doesn't work.

Fear-based decision-making. So you've accepted a job that you know doesn't suit you, but you know will pay the bills for as long as it lasts. When acting out of fear, the world of possibilities shrinks away. Instead of expanding our individual and collective options, they decrease quickly. Decisions made out of fear hold us captive for as long as we let them. Until we decide to be through with this pattern and way of thinking, it will dominate our future decisions and transactions.

Changing the pattern. If, as individuals, we take responsibility for making informed decisions from an instinctive place, rather than one that is fear-filled, the direction of our society will change immeasurably. If we honor that feeling inside that this opportunity doesn't look quite right and trust that another one will unveil itself as we forge ahead on our own paths, it will appear. It sounds preposterous, but living with the trust that the next indicated step will reveal itself alleviates some of the pressure that we put on ourselves about getting a job, any job, just something that pays me some money so I can continue living. This type of thinking is pretty strongly ingrained in many of us, so overriding it can be quite challenging. First and foremost, the important thing is to stop, assess what you're feeling about a situation, and listen to the cues that you're kicking up about going forward. It may not be pretty and it may not seem rational, but listening to yourself is essential to re-focusing your life and reconnecting with your instintive nature. Above all, learning to trust yourself will serve you well in the long-run.

Do what you love! This is the best way to get in touch with your instincts. Go spend a morning doing what you love to do, whether its running, writing, reading, gardening. Do somethign purely for fun and look at the value of that activitiy. Observe how you feel when you do it. What kernels of wisdom can you pull out of this experience? See if any of this might translate into an occupation or activity that you can get paid for. It just might. Even if it doesn't, you'll have a better sense of how to tap those instincts. Doing this over time helps you tap in when you're in an emergency and really need to rely on them.

Monday, March 16, 2009

Follow Your Dreams (if only for an hour a day)

If you're unemployed, you may have a good deal of "free" time now. Unfortunately, if you're anything like me, you may have managed to fill this time with periodic episodes of panic and anxiety about the future. But, this fear doesn't have to paralyze you indefinitely.

Going back to the list of everything I'd ever wanted to do but hadn't yet, I realized that many of things I'd longed to do for ages had been left untouched. Shockingly, it was everything from learning how to make really good fudge to running the marathon on the Great Wall of China to writing a novel. There was nothing too small to be included on this list, which was the reason that I decided to show it to no one.

For too long, I'd run my dreams and passions past my social circles and society in general to get an approval that seemed rather hollow. If anything was too out of line, I felt guilty and as though I was wasting my time. If it wasn't achievement-oriented, what was the point?

Well, now we as a society are witnessing what happens when a collective of people push for more, more, more external gratification without much regard for what's happening internally. But, the turn of events in the global economy have forced many of us to look inward for gratification without spending a cent.

So, if you have free time right now, even only a few hours, spend some time day dreaming. Make a list of all of things that come to mind. Figure out what you love most, or maybe even several things that you simply would love to try, and do them!

You don't have to run the marathon tomorrow, but you can strap on the shoes and put in a few miles. Making a concerted effort to put a bit of time every day towards your goal. Taking action will help keep the fear-based thoughts at bay.

And perhaps, if we all started doing more of what we loved or had always dreamed of doing, we can help turn around the collective consciousness. Even if we don't, you'll have used some of your precious time towards one of your passions.

Wednesday, March 11, 2009

Volunteer for an hour...or a lifetime.

Suddenly being laid off can result in all sorts of unpleasant feelings, resentment chief among them. With much more time to search for a new job and life direction, I also found more time to dwell on the furor going on around me with the economic markets and individuals who were ensconced in the drama of our economic collapse. Don't get me wrong, I felt like panicking about our demise on the best of days. Inaction made things worse. So, I decided to give back and spend some of my newly found free time doing it.

Develop community. In President Obama's campaign, inauguration, and time in office thus far, I heard a call to community service that inspired me to do more than just search for new employment. While searching, I decided to volunteer, sometimes many hours per week and sometimes fewer, depending upon what my job search could accomodate. The important thing was to give something back, to help build community within smaller organizations in hopes that it would spread out to the community at large. While there are record numbers of people who are unemployed, there are also record numbers of people who can direct some of their time to community service. When you decide where to volunteer, enlist a friend or family member to help out as well!

Volunteer organizations. If you are already engaged in volunteering, that's excellent! See if you can put in an extra hour or two. For those of you who need some suggestions as to where to volunteer, consult http://www.usafreedomcorps.gov/. This site provides an interactive feature in which you can enter your location and interests, and the site generates a list of volunteer opportunities. Read up on the organization you choose to volunteer with. Be certain that your efforts are truly going to a cause that you can stand behind.

Select a volunteer site compatible with your career interests. This will assist you in not only giving back to the community, but also in possibly making some connections for your next job. You may also use this as an opportunity to try out a career field you've always considered, but have never had the time to try.

Discuss your experience. Share your volunteering experience with others and encourage them to do the same thing. Even if you're currently employed, now is a perfect time to show up and pitch in. We're not in this alone!

Fending Off Financial Fears

With unemployment comes a whole host of other fears, including extreme financial ones. While I was figuring out what was next, how would I pay the bills? Of course, my mind jumped immediately to the worst case scenario in the financial world: bankruptcy, losing my place to live, losing my car, and on and on. Once my mind hopped on this train, it was hard to stop it. Occasionally, I still hop back on it. It's never fun. You may be familiar with this feeling; I know that there are many American families struggling with it right now.

To combat my fear of financial insecurity, I jotted down a quick plan. My first numbers just wouldn't work, so I had to cut back more. With Obama's stimulus plan, things looked slightly less bleak, at least for awhile. Once I had a plan for several months, I started to future-trip. What about six months from now? What about next year? How would I pay for anything? Freak-out #573.

My spending habits changed drastically, along with millions of other Americans who are now similarly situated. I ate out less and cooked at home more. It made a small difference. I'd lived outside of my means before, and this habit could catch up with me quickly, if I didn't intentionally proceed with care.

The bottom line was this: I could remain as I was and freak out, or I could change. I opted for the latter and made a plan that would allow me to get through six or so months. I mapped out my prior spending habits and cut them in half, budgeting for necessities and cutting out the excess (of which there was not much, but certainly some). I made some small adjustments that ultimately added up, like cutting cable altogether and relying on the library for all of my books, rather than purchasing new, or even used ones. I paid one bill at a time.

I made a list of everything that I HAD, not a list of everything that I didn't (which I used to). In fact, I make a list every morning, which reminds me of how many wonderful aspects there are to life. When I was working, I often overlooked these, too busy to take the time to mark them down or remember, always aiming for more, more, more.

As I scaled back, I began to see a path through my financial fears. It started with becoming even more educated about my current financial status and the state of our economy (with the help of resources from the likes of Suze Orman). Continuing on this quest, taking action to become educated and put my financial plan into action have cut down on the fear that may crop up.

Part of the economic downturn seems to be a collective call to us all to reassess our relationships with money and spending. For me, I often don't pay attention and change until I am forced to. Despite the panic, this is an opportunity to reassess and reshape financial goals and patterns, alongside our government and corporations.

With a slightly different mindset, I was ready to take on different issues, such as what to do with my life next!

Saturday, March 7, 2009

Considering new directions

Before diving into my next career direction, the time I took to list all of the aspects of my prior job and career that I enjoyed and those that detracted from my overall well-being was well spent. It was easy to move away from my prior career; however, moving in a new positive direction was what I struggled with most. The entire world seemed to be in an upheaval, uncertain of what our collective direction would be.

At first, I made a list of characteristics that I wanted in my career (intellectual challenge, changing circumstances, entreprenurial development, to name a few). Keeping it general, I then listed everything that sounded fun and interesting that I'd ever wanted to do. It included things that I told no one about as they might deem them insignificant; however, to me, ignoring these small things was what led me to what I was doing before. Then, I began some informational interviews to glean information from professionals in the areas that looked interesting.

Being laid off was an opportunity to change my perspective and how that perspective manifested itself on a daily basis. It's taken shape slowly and is still expanding.