Here's the "Bad" and the "Economy" part:
For 8 months in 2008, the Handy Husband was asked to participate in a voluntary salary deferral. The company had high expenses due to an ongoing lawsuit. They promised to repay the deferred salary at some future date, and offered $1 in stock options for every $1 of salary deferred. We looked at it as a forced savings plan, and he deferred 10% the first month and 20% for the months after. Happily for everyone, the lawsuit was settled to everyone's satisfaction and the deferral was stopped in October. However, by that time the economy was in the toilet so he has only had one month's deferral repaid so far. Now, because of the economic situation, they are asking for another voluntary deferral. Following the example of their board of directors, they are asking for 40% for two months from those who are able. Ouch. That's almost half. We can manage, by paying only the minimum on credit cards and the home equity line, but I hope it doesn't go on longer than two months!
In addition to that, I learned yesterday I am definitely being laid off as the school plans their worst-case scenario.
Here's the "Good" part:
At least he has a job! There's a lot of interest in the company's new product from parties that will be getting stimulus money. So their sales should take an upturn within a couple months.
As for me, I will also be the first aide rehired if the school scrapes up any additional funds.
But wait, there's a silver lining, and it's truly Excellent:
We are getting a big tax refund!!! W00T!!! The first thing I thought was: I can get the rest of my windows!
P.S. I'm not blogging this to get sympathy. We'll be fine. I just wanted to talk about what is really happening. The Bad and the Economy are happening everywhere. There are so many folks in a worse situation. One of my co-workers -- I just heard through the grapevine today her husband was laid off a few days ago. I assure you all, the Handy Husband and I are focused on the Good and the Excellent.
10 comments:
Times are tough. It's happening all over.
I hope things go your way, or new (even better) opportunities arise for you!
I'm sorry to hear about this. Hopefully, HH's pay cut will be short-lived.
((hugs)) - hope things add up ok for the 40% deferral time
I'll be keeping my fingers crossed for you. It's good to be an optimist in this day and age, isn't it? Your attitude is inspiring.
That just bites. So many of my friends are having the same problems, and for me, it's been horribly difficult making a living in the craft business because no one NEEDS jewelry, but they NEED to pay the mortgage.
It's got to go back up -- it just has to.
Good for you for having such a great outlook and you're right, it could be worse.
I am employed (very) fulltime but my "not so handy" hubby has been out of work for more than a year. He has just been hired part time although he hasn't started officially yet.
The worse thing for me (other than lack of funds - we live pretty modestly) is his sense of self worth. Thank GOODness he got something. I was getting very worried about his emotional stability.
Good luck! Hope the deferral doesn't last long.
I admire your optimism, and hope the economic woes are short lived for you and yours. It's everywhere, that's for sure.
Healthy outlook on the situation. I'm sure a small part of you will miss the kiddies, as they will miss you as well.
We went through a similar things at the end of last year. It was tough, but very illuminating. It really made us assess out expenses and prioritize.
The good, bad and economy are happening to everyone. Even though you will have to be more careful, glad to know he still has a job and you will weather the storm just fine.
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