iRecession

Unless you've been living in a dark confine off the coast of the United States with no access to a newspaper or television, you should be well aware that we are in the severest of economic crisis witnessed by our generation (excluding 2001). Financial institutions are buckling left and right, the Federal Government is intervening to keep markets from further plummeting, our parents homes have witnessed substantial decreases in value, unemployment is at its highest, the once thriving automobile industry (the life and blood of ad-based business and thus most of my clients) is fast following its financial bretheren and a looming cloud of job (in)security grays the skies of every young professional.....including this one.

Lets be real about the current state of our economy for a moment and acknowledge that things appear to only get worse as the days get shorter. The Dow plunges at every news briefing, Presidential address and Wall Street downgrade. Having been 16 during the 2001 recession, I hardly comprehended the severity of the situation until I've been bitch slapped by the reality that I am now a working professional with rent and utility bills in my name.

So as these major corporations continue to reduce their costs to offset weak revenue figures and slash headcounts, it is only natural for the younger wrung employees to contemplate their ROI (return-on-investment) for their employers. Could they really do without me? Would I be the first to get cut should the economy continue its deep-sea dive? Your survival instincts begin to kick-in as you evaluate your worth versus those equivalent to you...you're far more detail oriented, you've been with the firm much longer, you're reliable, trustworthy and you're an Account Executive. All seem positive, but when push comes to shove can someone else do my job for less money? ... I won't answer that.

Financial advisors and money gurus suggest I save three to six months of expenses in a high-yield savings account for emergency purposes. Well, saving anything in New York is about as easy as finding a descent sized apartment in lower Manhattan at a reasonable price -- It's. Just. Not. Possible. Granted there are certainly some cost cutting initiatives that could be made on my part, but that would mean sacrificing personal gratification and I am all about instant gratification. Plus I need to go out to eat on occassion, happy hours and impulse purchases to counterbalance the stress imposed by particularly busy work weeks and demanding bosses.

The current climate is freightening. You can't help but hear about how there is "no bottom in sight" with every news brief and the uncertainty that remains as we enter a new year and new administration (Come on Obama!). So, I remain grateful for my steady paychecks and keep my fingers crossed that my spending habits will subside so as to not tap into my 401(k). As for saving three to six months of expenses, its comical to even suggest that, that is plausible at the moment...

As I say in happier times with my friends Jack, Jose and Johnny...bottoms up!