The Biggest Losers – Financial Edition

June 19, 2009 by JS · 1 Comment 

Even Billionaires Are Going Bust in this Recession

Even Billionaires Are Going Bust in this Recession

With today’s economy, it’s easy to think that you’re the only one that’s being directly affected by the losses on the stock market or by the rise in prices on food at your local supermarket. It’s also easy to feel like the only people being affected by the recession or the middle and lower class people, blue collar workers.

Unfortunately, this is not the case. Even the world’s most wealthy people are bleeding money. Now, don’t get me wrong, I do not feel sorry for these people. In my opinion, if you can lose over 5 billion dollars and still have a net worth of 13 billion dollars, you’re doing pretty good. If you’re on a “billionaire” list, you really don’t have as many worries as the rest of us. Yes, you may have to sell one of your fifteen homes, but you still have electricity, food, a home, and clothes on your back.

It absolutely sickens me to think that these people, still making billions of dollars after huge losses in the market, think they have it bad. They don’t know what bad is. Until you can’t pay your power bill or you wonder how you will feed your family this week, you don’t have it as bad as most of the people in the U.S. right now. I have been there, and struggle every day to keep from falling that far again.

On the other hand, I think it’s important to realize that we are not the only ones losing money from the recession. It’s very easy to think that you and your neighbors are all struggling, but it’s not easy to think that a billionaire even knows what the word “struggle” means when it comes to money. But according to some numbers, these billionaires may be learning to associate money with the word struggle.

Forbes agrees. They recently noted that “They’re reeling as much as everyone else,” in regards to billionaires. Effects have been seen globally. I had no idea until today that a former Icelandic billionaire (Bjorgolfur Gudmundsson) sold the soccer team that he owned in order to pay off his debts. I also learned that a German billionaire Adolf Merckle took his own life after his business suffered losses that he undoubtedly thought he was unable to come back from.

While these stories don’t make me feel sorry for the “billionaire community” as a whole, it does help to know that I’m not the only one suffering. I’m not saying that I want everyone to feel what I feel and to go through what I’ve had to go through. It’s just that for once, it looks like the people who seem to always be ahead, actually may begin to know what it’s like to really feel the economic downturns that our world has faced before.

I hope that since these billionaires have suffered losses and suffered from the recession that maybe they won’t take it for granted again. I can only hope that if they recover their money, they realize how precious it is and give more of it away to charitable organizations. Maybe for once, they’ll realize that they own over 50 percent of the world’s wealth and it should be taken care of rather than being spent on frivolous things.

Maybe everything really does happen for a reason, and maybe we’re all really not alone.

[this article was featured in the 210th edition of the Carnival of Personal Finance at Urban Dollar]

Find Happiness by Working After Retirement

May 31, 2008 by JS · 2 Comments 

It is a fact that the workforce is aging out. That means that more and more people will be heading out of the work force in the next ten years.

Will there be enough good qualified workers to replace them? It doesn’t look like it.

Many baby boomers are returning to the workplace after they retire. Are they crazy? Maybe. Are they wanted? Definitely.

The average person still works at least until they are fifty-five. That is still a good ten years earlier than the recognized retirement age. Those baby boomers that wait until sixty-five and retire often look forward to years of relaxation once they get the gold watch. Often retired people take up hobbies to fill the time void left by having no job to show up at. At least that’s what we are told we should do when we retire.

If we look at the cliche: the men fish and the women learn to paint or tend to their garden.


Boring! And you know what? It sounds too boring to many retired people these days. Instead of living the next twenty or thirty years in the stream with a fly reel, they return to the world of work. But it is not like it was before. Work actually provides many benefits besides the paycheck; social interaction, a sense of accomplishment, goals and rewards.

Surprise – Work Can Be Enjoyable

It is probably shocking to some people to realize, but it is the concept that we actually do enjoy working is becoming more popular. It’s just having to work, being trapped in a job, and struggling to pay the bills that we don’t like.

  • Baby boomers have planned for their retirement.
  • They have saved in the conventional and unconventional ways and have money to live on after they finish working.
  • Now, work can take on a new role in their lives.
  • They can have the job of their dreams.

Most people worked the jobs that were available to them. Depending on the geographical location, they worked in sawmills and other factories, or service industry positions. It was a job of convenience because they had families to feed and kids to put through college.

When the family obligation is said and done, they can decide what they want to do instead of what they have to do. Many seniors find working after retirement to be less stressful and more enjoyable. The second half of life can be a time for a second career – the one you dreamed of.

How About Getting Rich Selling Your Knowledge

The job you choose may not make you rich, but it certainly could. As someone with a lot of life experience you are actually perfectly positioned as an information marketer. Currently, the information selling business is booming and all manner of products, from e-books to instructional video training are in huge demand as more and more consumers solve problems online.

Working after retirement is a fun proposition because the pressure is off. The possibilities are endless as companies mount campaigns to draw in seniors with the knowledge and experience they need. It used to be just the young who could write their own ticket; now the seniors are gaining on them. And remember, with your experience and knowledge there is never a better time to be entrepreneur.

Update: This story was featured on Moolamony in the week’s Carnival of Personal Finance.