An emotional roller coaster for Baby Boomers
October 8, 2008 by Jean Murray
I don’t know about you, but I have been on an emotional roller coaster since all the “credit crunch” stuff and the financial crisis. I can’t sleep, and I can’t concentrate at work. I made the mistake of looking at my portfolio last weekend – bad idea. And the roller coaster continues. What a ride! Here is what I have been feeling:
- I am terrified that my husband and I will lose all the savings we worked so hard to build up over the years.
- I am mad as hell at all the companies that decided they didn’t want to deal with defined benefit pension plans and who dumped all the pension decisions in the hands of the public, few of whom are able to figure out what to do with them. I’m pretty sophisticated about this stuff and I know the essentials, but what about all the people who are relying on their investment “advisor” at Merrill-Lynch to get them through this? Yuck!
- I am disgusted with the people like the execs at Lehman Brothers who whine because they won’t get huge bonuses. I feel about them like I felt about Ken Lay of Enron infamy, that they deserve what they get.
- I feel sorry for the people who worked hard at these companies and who were caught unaware that they “house of cards” was going to come crashing down.
- I am worried that the economy will go down the tubes, just as I start my retirement next month. What a time to quit your full-time job!
- What I am most upset about is the stupidity and greed of all the people who let this happen. And I’m including myself in this. I have been studying and teaching economics for years – I should have seen it coming.
What about you, baby boomers? What worries you? What are you mad about? What do you wish you had done? What will you do now?
You named the question that’s eating at me and our business – what to do?
I really think the only thing that can be done is to put your nose forward and work harder than ever. Create multiple streams of income so that you have options. Being Generation X, I have a bit more time, but it’s never too late to start. The reality is that all that other stuff none of us have control of! Find what you can control and focus there.
I guess all we can do is hang on for the ride. Thanks for commenting, Mere.
As Red Green says, “I’m pulling for you. We’re all in this together.”