OUR PERSONAL FINANCIAL CRISIS

Tomorrow I am participating in a day in the life photo essay along with about 80 other readers of my favorite blog Derfwad Manor.



I'm not an above average self conscious person, but I was thinking about what kind of impression my average day may make. What does my life now tell you about me without knowing what has taken me to this place? Some background is in order.



I will only go back as far as our very own financial crisis. I had been a SAHM for about 12 years as my husband climbed the corporate ranks. He worked long hard hours, traveled and I managed the rest of our lives. We moved to Bellevue WA when he was recruited to a company there - had a big house with a lake view and great school system. All was going great when out of the blue the owner of the company, who had lured us there with promises that Tom would take over the company when he retired, asked Tom to return his stock options. Whaaa? That is what he had been taking in lieu of raises and bonuses. Turns out that the owner had decided to cash in on all the great value that Tom had added to his company, and he wanted to cut Tom out. When we decided not to take a chance that he would do the right thing during the sale of the company and refused to turn over the options, Tom was fired.



Bla -bla, attorneys, a settlement, a job in Silicon Valley, a move, another nice house three more years, dot com bubble bursts, move to a smaller house, get a new job. Employers make promises, Tom builds business, brings in clients, earns big commissions. New employer decided he doesn't want to pay. With no notice, stops paychecks, drops insurance, locks Tom out of his office. Have any idea what COBRA insurance costs??



Bla-Bla, attorneys, a settlement, a new job? How many times do we walk this road? My husband was a highly compensated individual. Obama would raise our taxes. We didn't live high. We live in the San Francisco bay area - we were house poor. When we took vacations, they were long weekends - usually driving distance, I shopped Mervyns and Target and sales at the mall. We drove our cars for 10+ years. We were preparing for our twins to go to college and putting money in our retirement accounts.


Tom worked really hard to get his law degree and to become a licensed attorney in California. And yet he had never practiced law, always working in the corporate environment. It wasn't the ideal time to make such a big change, but life is short and he was 49 years old - if not now? He set up an office in our very large garage, made up cards and letterhead and a website. Oh, and he switched sides - he would represent employees only - not corporations.



When you start from nothing, it takes time to get to something. We went through our savings and retirement money, we borrowed from my parents against our house. We had all kinds of stuff go wrong. I sold the ring I got for our 10th anniversary, we sold all kinds of stuff. We hung in there.



After 8 months I finally got a job. No one was sure what to do with a job candidate with a law degree, marketing and management experience who was now middle aged and last had a job before there were computers at every desk. Last time I worked, I had a secretary! I felt very lucky that I was hired by a woman with her own business who took a chance on me. The older kids could drive to get themselves around, the job and Tom's schedule were flexible enough to get the little one to and from, so the timing there was one of the few things we had on our side.



So now it is 5 years later. We had to declare bankruptcy, and some time later sell our nice house and move into a small rental. The downsizing came just months before the twins went to college. One to Penn, one closer by in Monterey. Tom has a nice little office a few blocks from home and now has the ability to pick and choose his clients. His income is rising. We have paid off the bankruptcy, we're building our credit and retirement accounts, and in 3 years our 3rd child will be going to college, and we may then move to another area and buy a house. It is all survivable. He talks about me coming to work for him, but I like my job.


I work for an artist. Cool, huh? Most of the business is web based. I started out processing orders and answering phones and e-mails and pitched in wherever I could as an employee of a small business. Now I have moved on to other duties and we have added one full time and a part time employee the office. One of my favorite new duties has taken me full circle, I am involved in the marketing of our business by writing about it. I blog and Squidoo and This Next and write articles to drive traffic to our website. I am a part of a growing business with a boss who lets me know she values me.


And tomorrow you will meet the gang at Kyle Design.