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Life on Severance Pay

Life on Severance Pay


There’s an interesting article in the Wall Street Journal today about high-flying executives who have been laid off. Seems many of them have kept up their lavish (by an admin’s standards) lifestyle on their severance pay:

“Paul Joegriner hasn’t worked since March 2008, when he was laid off from his $200,000-a-year job as chief executive officer of a small bank. But you wouldn’t know it by appearances.

His wife, Marzena, shuttles their two young children to private school every morning. The family recently vacationed in Virginia Beach, Va., and likes to dine on Porterhouse steaks. Since losing his job, Mr. Joegriner, 44 years old, has had several offers. He’s turned each down in hopes of landing a position comparable to what he held before."

Sounds like the sweet life, right?

Well, think again. Even a huge severance deal has to run out sometime.

“The family’s lifestyle over the past year and a half has been propped up by a $200,000 severance package and another $100,000 in savings — funds the family has burned through rapidly. By Mr. Joegriner’s own calculations, the family will be out of money in six months if he doesn’t find work.”

Wow, you’d think that a CEO would be smart enough to know to buckle down and cut expenses after a layoff, but I guess you’d be wrong. I be an admin would have been smarter with a budget!

Have you ever received a great severance package? If you did, how would you spend it?
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