There was a time in my life when I thought I possessed the Midas Touch, that anything I touched would turn to gold. I had had some financial successes earlier in my life and had deluded myself into thinking it would always be that way. Since that time, experience has taught me differently. Nothing stays the same forever, and these days it can be weeks, days, or even hours between radical changes. What works today can fail tomorrow.
I’m facing retirement in about five years and I’m not so sure that I will be as financially prepared for it as I always thought I would be. Actually, I’m not sure I even know what retirement is. No one in my family has ever tried it.
In today’s market my house is probably worth less than I’ve put into it and my 401K has tumbled into the pooper along with everybody else’s. My two major investments, ownership in a printing company and a hunt club, are looking less like a sure thing with each passing day.
I’m not really complaining because there are so many others that are truly struggling to make ends meet. Those I am particularly concerned for are people that are already retired or about to, and have to live on investments that have faltered so badly this last year.
Because my home is close, in proximity to Chrysler HQ, a lot of my neighbors are nervously watching the developing absorption of their employer into the General Motors fold. There are only about a dozen families that live on my street and the incomes of every one of them are directly tied to the auto industry. More than half of these derive their livelihood from Chrysler.
This morning I spoke with someone that is close to the situation at CHQ and if the merger is completed they expect an immediate wholesale slaughter to occur among the white-collar employees. Because GM will probably scratch many or most of the Chrysler and Dodge vehicles, many blue-collar workers will also be cut loose.
My next-door neighbor is manager of a large Chrysler-Dodge-Jeep dealer here in the Metro area. I haven’t spoken to him yet about how this pending merger will affect his company, but I’m sure he has some major concerns. The neighbor directly across the street from me is an executive at Chrysler and his employment is also at risk.
In the long run, the merger between GM and Chrysler may be necessary for the survival of both, but in the short run a lot of people will be hurt. And I may loose some really great neighbors.
I’m facing retirement in about five years and I’m not so sure that I will be as financially prepared for it as I always thought I would be. Actually, I’m not sure I even know what retirement is. No one in my family has ever tried it.
In today’s market my house is probably worth less than I’ve put into it and my 401K has tumbled into the pooper along with everybody else’s. My two major investments, ownership in a printing company and a hunt club, are looking less like a sure thing with each passing day.
I’m not really complaining because there are so many others that are truly struggling to make ends meet. Those I am particularly concerned for are people that are already retired or about to, and have to live on investments that have faltered so badly this last year.
Because my home is close, in proximity to Chrysler HQ, a lot of my neighbors are nervously watching the developing absorption of their employer into the General Motors fold. There are only about a dozen families that live on my street and the incomes of every one of them are directly tied to the auto industry. More than half of these derive their livelihood from Chrysler.
This morning I spoke with someone that is close to the situation at CHQ and if the merger is completed they expect an immediate wholesale slaughter to occur among the white-collar employees. Because GM will probably scratch many or most of the Chrysler and Dodge vehicles, many blue-collar workers will also be cut loose.
My next-door neighbor is manager of a large Chrysler-Dodge-Jeep dealer here in the Metro area. I haven’t spoken to him yet about how this pending merger will affect his company, but I’m sure he has some major concerns. The neighbor directly across the street from me is an executive at Chrysler and his employment is also at risk.
In the long run, the merger between GM and Chrysler may be necessary for the survival of both, but in the short run a lot of people will be hurt. And I may loose some really great neighbors.
1 comment:
I never thought I would see the day when GM and Chrysler would be in negotiations/discussions to combine...acquire, merge, absorb...whatever. Amazing! To see their stock prices where they are at (Ford was around $2 the other day). Hard to fathom. Trying to be confident and optimistic is difficult but I know in the end it will be prudent. We've modified our purchasing behavior and we have scaled back many purchase plans but we probably should have done it before :)
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