Working on a Plan B
Posted in: UncategorizedWorking in the financial industry these days isn’t a lot of fun. The anger of the public against anything remotely linked to finance is running high – understandably so. A relatively small group of derivative and bond bankers have ruined the party for everyone and now we all suffer the consequences.
While I don’t want to complain – bankers are still very handsomely paid – but without the prospect of the bonuses like they once where paid it’s losing its happy glow faster than an 18 year old porn star. That is the unfair thing about all this. Even those that have always produced a profit for their firms are taking pay cuts of 70-99%.
As the banking crisis drags on I meet more and more bankers that are starting to realize that they have never learned to do anything useful. Besides moving stock from one guy to the next they posses no skills whatsoever and are now scratching their heads at what else could be in their future.
In that respect I count myself lucky – i have always been an entrepreneurial kind of guy. Back in college I jumped on the internet bubble and started a consulting firm that created websites for Realtors and real estate developers. While the technological advancements have passed me by many years ago I still have the skills needed to run my own business and more importantly how to grow it without going broke.
So it’s definitely not the ideas or the skills that are holding me back from taking the plunge to become self employed. It’s more a psychological issue. At 31 years of age with a family to support – after all, the tiny one will be on my payroll for at least another 20 years – there is a lot of uncertainty without a regular paycheck to rely on for such a long time.
One thing that has to be said for working for a bank, they sure set the barriers of exit quite high during the good years. The long hours and time spent traveling are numbed by nice paychecks. When you are young that is a lot of fun and the saying “spending money like drunk stockbrokers” definitely holds true. But the years go by and I see a lot of guys in their early 40’s that just can’t deal with the workload anymore but have never invested enough to actually retire.
The Mrs. has realized several years ago that the brokerage business is nothing but a rat race and has made the decision that she would work on our Plan B. She has been doing a fantastic job and hopefully in the near future the future without a regular paycheck might be less scary. Hopefully by the day I no longer find the financial world fun.


