New Year, New Challenges

Happy New Year! Many were glad to see 2008 go and hoping 2009 brings more prosperous times. I think we all hope for the best each new year. We hear about the banks an awful lot and those who are affected by the times - I live in Charlotte - home to Bank of America and formally Wachovia - Wells Fargo completed its purchase of Wachovia on Dec. 31. But there is definitely a trickle down effect. I have friends who are in a variety of industries who are laid off and looking for new employment - from senior executives to the recently graduated.

While some are just getting walking papers, some jobs are beginning to come around too. But many are forced to accept jobs paying significantly less than their previous jobs. Check out this CNN article on the topic - Life after a six figure salary. Even without living paycheck to paycheck, we all grow accustomed to our lifestyle, whatever it may be. It's difficult to imagine being able to take a significant pay cut - 30, 50 or even 80%. But in these times, even as we look forward to hopefully better times, I hope we'll all take notes and prepare for the unknown, because we really just don't know what will happen. Yes, enjoy yourself and what you are able to do. But be cautious of extravagance.