Thread regarding State Street Corp. layoffs

If you are over 50 and have been looking for work, stay as healthy and fit as possible. If you are overweight, lose the weight because being overweight is just one more thing you can get passed over for in a job interview, plus it makes you look older than you are.

Hope this helps, if you've been laid off, you have the time to walk every day for at least a half hour be and hit the gym. It can only help with your confidence and any depression you may be feeling. Good luck!

As a former STT over 50 worker , I have spent the last 4 1/2 year working temp jobs just to survive.

I know I will never make $57,000 again I done the network thing for over 100 jobs.

And I am still not able to find anything due to my age and how companies look at people over 50 as

expensive former workers.

I know people who were making $57,000 and are grateful they found jobs even though they are making only $43,000

I agree. I know quite a few people, male and female that were senior executives in mid fifties who got laid off last year. I actually know more females over fifty looking than males, though. They are all still “looking”. None of them has been able to land an interview, let alone a job offer for something, anything. While they each got severance packages, a year has come and gone for a few and I know two of them have their primary residences up for sale, which will take a while to sell, since they are multi million dollar properties. Networking isn’t has useful as it used to be in landing a job and despite their levels and connections, none of them are having any luck and and are only getting older. I might add, they are all looking nationwide to finds roles equivalent to the ones they had and still no luck. Desperation is becoming apparent and I hope their health doesn’t get worse, as a few of them were going through the grief and depression of the loss of the jobs pretty bad.

Advice from a fifty something....

I am telling you all right now, if you have debt, get rid of it. NOW. Anyone who is living paycheck to paycheck and in debt because of mortgage, cars, student loans, credit cards, you need to sell that home you can’t afford and downsize. NOW. If you have two cars, get rid of one. You need to make sacrifices now and learn how to say no to debt or you will never acquire any savings. And you will end up laid off in your fifties. It’s the sad future for white men.

Your kids can share a room. Your wives can spend less.

If you are male and you don’t do this now, you are going to regret it.

I got rid of my big home and luxury car at age 43 and I never looked back. I have no debt now and even though I was laid off at age 49 and found another job making much less, so I was glad I downsized everything back in my early 40s.

It’s bad out there and it will be worse for the ones who make the most. I’m still looking to get back to making what I was, but it is not looking good as I am over qualified for most jobs and I made too much to be considered for others. It’s a horrible situation to be in a job you are not suited for but have to take to keep benefits and food on the table. The good times are over.

you can ignore the advice and be one of those 50 year olds who worked his whole life and lost everything when they lay you off, I really don’t care, but the writing is all over the wall, if you’re white, male and over 50, you’re done, so understand this now so you can save even more and spend less in your 30s and 40s.

I have 4 friends that were laid off recently, not just state street. All of them are in mid 50’s. They can’t find jobs making the Same money due to age discrimination. They are even too old for lesser paying jobs. Are now forced to take temp work and all will NEVER be able to retire! They are devastated. Worked their whole lives for stuff they don’t need. Praying they stay healthy so they can still work.. it’s so sad. To realize you will never be able to retire is devastating. Do whatever you need to do now, so this won’t happen to you all! Good luck to all!

When you are controlled by debt, you will make unwise descions throughout your life.

When you have no debt, your thoughts, decisions and motives are clean.

Choose your path wisely.

Everyone has a different story. Some people come from money and some don’t. Some people have family circumstances beyond their control that have put them in debt. And yes, some people just dont know how to manage money. No matter what level you are at, debt is your enemy. It controls your entire life, especially if you have a family that depends on you. I’m near retirement age and my advice to young people would be get rid of as much debt as you can, save as much as you can, dont buy your kids things you can’t afford. Teach them to not live above their means, they will thank you for that! Make a plan to get out of debt and then execute it! It might be a little painful now, but your future will be happier! You will all be fine.. Good luck to you all!

State Street is laying of 7000 people by 2020

https://www.google.com/amp/s/www.bostonglobe.com/business/2016/03/29/state-street-official-pegs-staff-reduction-workers/89HmTzw98F6AvUCVyA9A4I/amp.html

Jeez, I thought a $225k mortgage was a lot, lol. How do people afford so much debt?? My wife and I bring in $324k combined and we put $550k down on our home with a 15 year $225k mortgage that will be paid off in another 10 years. We drive used cars and no kids, yet.

I just talked to a realtor. If I get laid off, I’m selling my home. No way I’m risking losing it and the equity I have in it if the housing market crashes again and my realtor said it’s a hot buyers market, so us sellers are not calling the shots anymore. I’ll take the first offer I get. I don’t want this $865k mortgage hanging over my head, I still have 27 years to go....I changed my mind, I don’t want the American dream this bad to have all this stress 24/7, 365. My wife is going to be sad, but oh well, I got to think logically here and this debt is way too high.

I spend all my paycheck on mortgage, daycare, student loan, car payments, credit card debt and food.

Nothing left to save.

Yes, I have way too much debt for what I earn.

Learned too late I guess. I’ll be working until I’m 70, possibly 80.

State street is notorious for paying their employees sh--ty pay and bonus.

Lotta over extended laid off broke peeps in here lol

Clearly many at state street don’t have financial discipline or intelligence or they wouldn’t be freaking out over a layoff. These people DO NOT have a year’s worth of salary/ expenses in the bank as liquid cash, if they did, they would be fine being laid off and have plenty of time to find another job.

Get real. Society is leveraged to the hilt. 95

Speak for yourself. I'm sorry it took you getting laid off or fired to learn what fiscal responsibility but a lot of people working at the bank definitely do know what it is.

I took the middle road: Automated my savings, both regular and retirement. Spent money on vacations, but nothing extravagant. Only debt I have is my mortgage, and got it refied down to 3.5%, never had PMI. Bought my car brand new, but paid in cash and below invoice. Married a guy with similar values who also doesn't spend money on stupid stuff. And even though we're doing well financially we're still tweaking the budget in case I get laid off (I'm the breadwinner). Planning on a modest yet comfortable retirement by saving as much as possible and paying off the mortgage before then. So far I'm still employed but refreshing my resume and skills to stay that way.

Tl;Dr: you don't need to love like a pauper, but you do need send wisely and keep more than you earn.

To the dude with a $779k mortgage???? Wtf? Why??? No one made you take on that amount of debt! That is just poor financial decision imho.

The parallel:

Companies do layoffs to reduce debts and costs.

Use that same logic to your own personal financial lives. If it costs too much, get rid of it. If you can’t afford it without acquiring huge debt, have the self discipline to say no - to YOURSELF. Simple.

You’re welcome,

Former senior executive financial guy

I'm a female. Fiance and I just decided to elope and save the money we would spend on a wedding for a down payment on a condo in town close to work so we can have short commute and not need two cars.

Thank you for all these tips. No way we are starting out our life in debt. We also paid off our student loans with previous bonuses.

Yup. I'm in debt up to my eyeballs. A 30 year mortgage at 779k, two car loans each over 60k left to pay, my wife and have combined student loans of 325k to pay back and we have 3 kids.

Wife is complaining she wants new furniture and to plan a vacation with kids.

FML, I'll never be out of debt. I'm miserable, too.

Folk saving all their lives but when they retire they're too fat, old and bitter to really enjoy life having spent the best days of their lives working for the Man. They sit at their keyboard trying to tell people how they got it so right and bask in the misery of others.

In reality... There are only two types of people; the haves and the have nots.

Sadly anyone who has to work for money is a have not. And most of you are just debt slaves on the hamster wheel.

Yeah and I bet that dude has 3 supermodel wives, unless they are too expensive and flies his own private jet to his private island. You should give him a call he probably has a beautiful bridge too that he would like to sell you. In reality he is typing from his moms basement

Um, having cash plus 15 million in investments and 3 homes paid in full sounds nicely diversified to me. I like that dudes style. He clearly understands how to build wealth. Just an FYI, many people have millions of cash on hand, I used to work with high net worth people at a private bank. Having liquidity is something 99% of you will never have, as most live paycheck to paycheck. You don’t sound very smart.

Put 500,000 in bank then at the end of 10 years you will have 500,007. Terrible financial advice over longer term. Please stop. I bet you are typing all of these from your moms basement

Former senior executive manager’s pro tips:

After college - Land great paying job at fancy financial institution - work hard

Live like you have no money until you have $500k cash in the bank, not tied up in investments - live in a studio apt if you have to - just say no to debt or impressing some ho.

Dress to impress no one - don’t waste money on expensive clothes

Drive a sh-- box

Eat well, always, that’s for health, which equates to wealth later on...

All of the above will also attract the “right” woman who loves you for you, not some gold digging hoar who will spend you into enormous debt while you prove how much you love her with the big house and two fancy luxury cars, but I digress, you will attract an honest woman who isn’t pretentious or greedy.

Once you’ve proved yourself to be an amazing employee and your personal financial discipline is spilled over into your work, companies will throw you offers, you’ll no doubt triple your income and your wife will be a good steward of all that you bring in, she won’t waste it on stooopid sh-- you don’t need.

Layoffs? Pfffft. By the time you may be laid off, you’ll be so used to living frugally that it won’t matter, you’ll have 15million in 401k money and various investments and 3 homes all paid for and yer wife will be driving that Land Rover she always wanted, paid in cash, of coarse.

Or do it your way and start your life out with huge debt, attracting all the wrong people and jobs into your life...

I like my way ;)

Trust no one is right.

Apparently you are the accountant for all state street employees and know their financial status. You and people like you are knucklehead trolls kicking people when they are down

I love the lectures. How can people not need to hear this? If everyone had less to no debts, a layoff would be no big deal. Everyone should have a years worth of cash on hand in the bank to pay whatever bills or mortgages they have, but the reality is everyone, even some senior management, lives paycheck to paycheck. State street is supposed to be a place where smart financial people work, yet so many are in debt up to their eyeballs. It’s insanity.

You’d have to be completely blind to not realize a recession and depression are coming. It’s not the time to spend on anything and yes, people need to be lectured or they will be homeless and destitute from poor financial planning decisions.

Stop spending money you don’t have. Simple.

Seems like if you try to give advice the people in debt get really cranky, lol. I’ve learned a lot from these posts. Decided to not buy a home until I have more for down payment(only had 15% to put down and decided to save more)q and I bought a used car instead of the Lexus I planned on leasing, I mean it sits in a parking lot 14 hours a day, why would I need a new car!!! As for the house, I realized we are going to see the prices fall soon, better to wait and get a better deal and save more cash to put down than have a $400k mortgage and worry about getting laid off. Hell, if I get laid off, I may move to a warmer place anyway. It’s all good!!! I’m saving tons of cash!!

Thanks for the advice I don’t want to live like my coworkers, they’re all miserable with kids and mortgages and layoff worries. No thanks. I can’t control if I get laid off but I vpcan control how much I spend and I’m choosing not to spend right now, the world is too crazy!!!

@XaBJc82-qvx

Actually, this person speaks the truth. You must be be one of those over leveraged douchecanoes who also over spends on his double espressos. Tough advice to follow, huh? Don’t worry, you’re one of the id--ts that will never have anything completely paid off. You’re a total fraud and I’m sure your friends and family see it. You can’t fake wealth or wise money decisions no matter how much you try, all loans are transparent, meaning, anyone can look up what you owe, including car loans, mortgages, student debt. You’re only fooling yourself with your fancy watch, pricy luxury car lease/loan and the house you over paid for with a sub prime loan. And your cologne is just as bad....overpriced and phony af.

Will you please stop lecturing everyone about spending habits. You are a condescending #%*^#