Print

Career Tips >> Browse Articles >> Laid Off- The Survival Guide

Rate

Life on Severance Pay

Life on Severance Pay

AdminSecret

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?
Join the discussion!


AdminSecret School Finder

Save time in your search for a degree program. Use AdminSecret's School Finder to locate schools online and in your area.


* In the event that we cannot find a program from one of our partner schools that matches your specific area of interest, we may show schools with similar or unrelated programs.

Recent Activity

Photo_user_blank_big
romanico received the quiz result of "21-50% correct: Good effort", almost 2 years ago.
Photo_user_blank_big
tmiller received the quiz result of "Satisfactory", almost 2 years ago.
003_max30
new2admin gave a thumbs down to The Article "6 Ways Finding a Dream Job Is Like Finding Your Soul Mate", almost 2 years ago.
Photo_user_blank_big
kinsh1987 received the quiz result of "Legal Secretary ", almost 2 years ago.
Contactphoto-img_20141211_175940_max30
LoraJ commented on: "Lora Coats", about 2 years ago.