Change of Circumstance

Introduction  -  I've been writing this post since Wednesday, when I was laid-off from my firm.  I wasn't sure when I'd be ready to post, but it turns out to be today.  The original thoughts are below.  Sorry, I know this is not about the kids, which is the topic I usually restrict myself to addressing, but this is a big change.

11/12/08, 3 pm 

So at 11 am this morning I was laid off at work.  The firm I've been working for is moving out of health care, and let go of about 60 people.  Some folks cried, others got really mad, I went to the gym.

I don't know, but it really doesn't feel like the worst thing ever.  I lost a job once when I didn't want to, that really rocked me.  I don't like the thought of being unemployed. I worry about those that depend on me, the boys, my family.  However, I also don't like about 49% of my job and I've been thinking for a while that Wall Street is broken.  So, what's next?  A good book, more gym time, and some serious soul searching. 

I'm 40, a bit too young to retire. But, finally old enough to be considered experienced, as in over 12 years on the Street.  I like to think so I really need something to do.  I'm not going to do anything rash yet.  In fact, I'm not even sure I'm going to let friends and family know yet. I guess that means I'll keep writing but publish this next week.  

11/12/08 - 9:30 pm 

So it occurs to me that I have been wanting to leave the Street for a few years.  I've been concerned about how I replace the income.  This is tantamount, as I am the family income.  But tonight I started wondering, how much of the income do I really need to replace?  I don't want to go back to my childhood of being aware of parental money stress, revolving bills, and strategic coupon clipping. But it wasn't that bad.  But its also not like our net wealth went to zero.  Just the income went to zero.  How long could we last on what we have?  We have a vacation planned in two weeks, which is already paid for, should I cancel it?  

The severance pay is in question, the number quoted to me today was not the contracted amount.  I'm not sweating it yet, I'll wait for the paper work to arrive.  

A couple months after I returned to work after giving birth to DS1, I received a "big" promotion to research department head.  This turned out to be a roll I really didn't want. I learned a lot, enjoyed it for awhile.   But I recognized it didn't hold my future. To get out of it, I had to switch firms.  Now just two months after returning post adding DS2 to our lives, I get the boot.  Somehow I just believe this change is going to work out better.

11/13/08  10:48 pm

Today I started telling people.  Some casual acquaintances, my best friends, my family (not DH, he heard from me within 5 minutes of the news).  Lots of people are rather worried for me, for my family.  Some even cried when I told them.  I think some of the emotion is due to more the general pent-up of emotions that surrounds everyone involved with the Street.  Some are amazingly empathetic.  

Today I had two appointments that were made weeks ago.  The first was frivolous, I enjoyed it.  The other with a health care company that didn't know my change of circumstance.  They were really supportive, and so has been everyone else in the health care industry with whom I've chatted.  Doors are opening, but I really need to think about the opportunity I've been given to leave the Street.  To redefine how I live my daily life.  Tonight, I'm rather excited about my non-Wall Street opportunities.  

The more I think about the Street, the more I realize I really don't want to go back.  I could give you a dissertation, but mutual funds haven't sent out their year end statements yet.  When people see that their funds, even if the fund is out performing the market, most are still losing money, investors will want their money out of the funds, the redemptions will come in.  As the funds pull money from the market, the market will get hit; small cap more than large cap, but all of it.  Then there will be a lack of confidence by new investors.  I really think we are continuing on a down cycle through Feb 2009, but I also don't currently see the catalyst for improvement in 2009.  Basically, I think 2010 looks better.  So if I only liked 49% of the job and I believe the environment is bad, there is little motivation to look for a near term future on the Street.

I'm sure it will take time to get my strategic health care consulting up and running, I'm sure it will take more time to get this little toy company I've started up and running.  I'm sure there will be other opportunities to consider over time.  I'm sure there will be delays and disappointments along the way,  but I've never been so excited about giving these new venture a go.  

Goodbye suits, or associated guilt for not wearing the suit daily (yeah, I sweated that as I moved into coordinates).  Goodbye 9 to 5, or in my old world the 6:30 am to 9 pm, or more recent times 7:30 am to 5 pm.  Hello to the craziness I shall now try to embrace by seeking entrepreneurial, flexible, but cash generating work.  And,  I'm not afraid of the hours if the drive is there, but I want to see the boys; that wasn't a consideration 5 years ago when I made the first big shift from massively large Wall Street firm to smaller firm.  

Hello to breakfast with the boys, and occasional lunch dates with friends.  Welcome back to passion for the task at hand.  Tonight I go to be excited about tomorrow.  And I'm concerned about trying not to set my future in stone.  And even trying not to set too many balls in motion during the holidays.  Starting to think, Hey 2009, I'm ready for you when you get here!

11/14/08 - 12:15 pm

This morning I played with DS2, as he was the first to wake, and then walked DS1 to preschool.  I went to they gym, went to Barnes & Nobles to buy a calendar book, and then came home to make a cup of tea.  Ouch, I could get used to this!  Again today the brain and spirit are running.  I've come up with a few concepts for my little toy company and have decided I'm probably going forward with a children's book as well.   I've come up with a group of people I would like to touch base with in the Health care industry.  I've embraced the concept of wearing jeans regularly!  I am happy.