Golden handshake
noun
A lucrative severance agreement offered to an employee typically as an inducement to resign or retire.
While sitting having a coffee and saying goodbye to a small group of colleagues today, the conversation came up about my severance, which is colloquially called a golden handshake. This is not to be confused with a golden shower, which is something entirely different. However, while the term is relatively common, I think "golden" is not a very good indicator of what I received, and I joked that it was more like a bronze, or perhaps even aluminium.
I remember a case from the CEO of a bank in Australia who after a little over a year in the role, screwed it up so badly that he was asked to leave with a golden parachute of around 150M dollars. Now, that is lucrative. For me, it is not like that at all and while I don't have to find work immediately, I am still going to have to find work.
I don't know where the limit would be on what is considered "lucrative" but perhaps if it covered a year of salary, it might be close. Though, it really is relative and context based, isn't it? For instance, I am 45 years old, don't speak the local language and the economy is struggling. Is a year enough? If I was close to retirement, it might be fine, but in this middle stage, it might not be. However, if I was much younger and inexperienced, I might be happy with a couple extra months only, because my near-term job prospects are better.
Unfortunately, I don't see this as free money, though it potentially could be if I was able to find work to replace quickly, or build my book of business for my company fast enough. If for instance I was able to replace my work with a similar kind of income next week, me losing my role would be lucrative. However, I am not expecting that to be the case and I think it is going to take time, which means that care needs to be taken.
Today, I was doing some Christmas shopping for Smallsteps' advent calendar, which is a tradition we might end after this year due to her getting older, and knickknack not really cutting it. Even the costs for simple things are ludicrous. But, I want to do it this year still anyway- However, even though I am still on a payroll for the notice period and a bit after, I have found myself immediately more sensitive to pricing. It is not that I wasn't before, because I was, but I had that feeling of be careful, save money.
I hate that feeling.
Not because it isn't smart to consider expenses, but because I have spent so much of my life worrying about making ends meet, living in scarcity, that I was hoping I wouldn't have to feel it again. But as they say, old habits die hard and that poor kid who has worked all his life but hasn't built very much, is still there, waiting in the wings, ready to pounce at the earliest sign of scarcity.
The mindset is very hard to shake.
Perhaps if I had more gold. Well, I don't have any gold to my name at all. But I do have a little bit of crypto and some HIVE, so perhaps I am in a better position than many who might be in the same situation as me. Of course, I am not the only one leaving the company under these conditions, but I think that many of the others have tenure in the company far longer than me, and likely have more stake, making their handshake a little more precious metal than my own. But, lucrative, I am not so sure.
Lucrative seems more for people who already have a lot. For those who do not, not much is likely lucrative, because whatever is received just goes toward staving off the debt collectors a bit longer. If not in debt though, there is the chance that the amount is lucrative.
I am not in that position.
My original goal was to get into that position within the next decade from working, or earlier if crypto did something decent for me. Those plans have taken a bit of a hit in the current conditions, but there is still some hope for alt coins in 2025. It sure would be nice to lose a job and still not have to worry about expenses - but time will tell.
Ultimately, I have taken the assumption that even if I was debt-free, I wouldn't have enough to be work-free. My goal if that is the case is to be able to work for what I need in any crappy job, even if it is flipping burgers. I don't really see the need for that much fulfillment from the workplace, if I am able to work and return to a home that is mine, in an environment where I have enough time and energy to spend with the people I care about, without having to worry about financial hardship.
I feel a long way away from that point.
And, I guess many are in the same boat as me, or even further away. However, that comparison doesn't give me cause to celebrate, rather, cause to wonder why aren't most people concerned about it? Have people just accepted that financial difficulty is a given norm and they can't do anything about it? I think that I used to think like that, and often I might still slip into that mode, but I know that I have the ability to influence outcomes. This might make it harder to deal with perhaps, because then it all becomes my fault.
Fault.
It is my fault in many ways that I am in this position, because I wasn't overly willing just to keep my mouth shut and do what I was told. I tried at times, but my curious and argumentative nature, would rear its head and I would stand out as the one questioning the direction and the status quo. Perhaps I was too impatient, or perhaps I pushed conversations into uncomfortable areas too often, but I am pretty sure if I had just done everything that I was told to do willingly, I would still be in a job. Even if that meant worse results for the company. However, doing that would eventually lead to the same position anyway, right? Except, there might not have been a handshake of any metallic color at that point at all, just an email saying that my services are no longer needed.
It is good to remember;
Very little is lucrative as an employee.
Taraz
[ Gen1: Hive ]
Posted Using InLeo Alpha
I hate that feeling too.
All my working live (i.e 20 years) I've struggled make ends meet, struggled to earn more than the bare minimum. It includes nearly 3 years unemployed, and although I was living with parents and thus had shelter and food, it was still a miserable existence. The feelings of inadequacy and lack of purpose contributed to the low self worth I have now. In the following 12 years I've bounced from crap retail job to crap retail job, slowly and painfully improving my circumstances.
I started a new job 3 years ago (generic 9-5 office job), and its been an absolute blessing, not just because of the wage increase, but to able to have every weekend off, and no longer have to work evenings, or deal shifts at unsociable hours. But circumstances always change, and my partner has decided to go to university in a bid to get out of her retail career and into a job that is more fulfilling. She has given up a full time job to do this, and so I now pay for everything. This of course means I'm currently living paycheck to paycheck once again.
We are frugal, and sensible, and we rarely indulge on takeaways other unnecessary items, but just once I'd like to do something fun on a whim, and not need to double check my bank balance first, and work out how to make it work.
On the positive side (gotta try and find one somewhere!), your upbringing has at least prepared you in some way, so you already have an idea of how to manage it. Many other people who are used to a lavish, spend-free lifestyle will have a steep learning curve on working out how to live on a much tighter budget.
I wish you the best of luck in the coming months, and from what I can tell in what you write, you appear to be in a better place than many in terms of overcoming this setback.
Also don't forget to look after yourself (mental health wise), as I know its very easy to let negative thoughts overwhelm us and feel like things are spiraling out of control
Absolutely! Survival isn't enough.
It sucks, but hopefully the investment pays off for you both.
I have seen this happen many times first hand over the years. Friends and acquaintances who wait until there is nothing left, before looking to adjust.
Yeah, this is what I worry about a bit at the moment. I may "survive" but at what cost to my mind? Maybe I will be stronger for it though :)
Thanks for taking the time to comment and share!
LOL.., what websites have you been browsing lately? 😀
With all the extra time I will have, I will end up going down a few rabbit holes :D
Oh, you beat me to it!
For sure I prefer to have something to work on and I am not nearly disciplined enough to work for myself. Teaching is just the right amount of balance to both, which keeps me excited and invested for each new day! I just with the schedule was a bit more relenting.. 4 days, shorter hours, oh well.. maybe off to tutoring only after the next BTC pump. This is one way I could teach on my own schedule, but healthcare and insurance is such a hassle without a company providing for you. America!
I've felt that quite a few times in my employment journey, ranging from TV to legal weed to trading collectibles to teaching/tutoring.
I wasn't much to play by the rules or listen to authority either, despite enjoying my time earning university degrees. Corporate life has never cut it for me and I was barely hanging on with the wild nightlife while working the 6p - 2a night shift as a TV editor/producer for NBA-TV. Something about working in a classroom just feels so right, I enjoy passing skills onto eager students.
I am confident you will land on your feet, but for now just enjoy the holidays without worrying about those price tags so much. You can do that next year!
This would be pretty good gig work I think. I am hoping that my business will build to make ends meet enough, and then keep providing no matter what happens in crypto. I like the consulting work!
We often make decisions on career about what we think we will like to do, or for the money - not really what we are better suited to and fulfilled by.
Exactly! I am okay for a time just chilling and enjoying.
Funemployment!
I think in USA it is easier to become debt free. It really is a land of opportunity, I am 48 and while I don't make much because I work for local government I was still able to fully pay off a house in the past. I came to USA at 20.
That is a decent effort! I had a slow start here, and it is far harder in some respects, but there is more social support and healthcare etc here. At the rate we were going, I think I could have managed debt free by mid-fifties, which would have been a major achievement considering. Still, there is hope, I have a little crypto :)
I hate that feeling too. I occasionally have to tell my wife we are on a "spending freeze", and I always feel like it is more a reflection on my ability to manage our budget than it is just one of those things that happens occasionally. I hope that you find your footing after this transition time is over and your business is very sucessful!
Some cultures have a yearly fasting period. Perhaps we should also have a yearly spending fast, just to realign.
I wouldn't be opposed to that. I think that ship has sailed this year though. Especially since it is Christmas time. I don't think I could stop my wife if I tried!
I wonder what would be a good month. I would think perhaps June before summer holidays start? Spend time working hard to finish things, then have a bit extra to enjoy later?
Either that or January. Starting off the year on a new page and maybe setting the tone for the rest of the year.
In Portugal, when we become unemployed the social security provides a subsidy that is paid accordingly with your discounts during the maximum period of 18 months, I think. I've never been unemployed, but that is probably related with my "quiet" nature, that doesn't finds the best opportunities to myself. I might say that I struggle with the fear of being away from a monthly regular good payment...
As I told you before, I'm pretty sure that you are going to manage to find a better exit from that transitory situation. Fingers crossed!
By the way, I laugh so much at this :)
There is social security here, but I don't actually qualify for a while and my part-time business means it is reduced by that amount anyway. Essentially, I will be working for free to be unemployed - great incentive :D
However, it doesn't replace what I earn and I was earning a fair bit more than my wife, plus bonuses on top, so it is definitely a change in income level.
Hive could help to you and your family.
I remember when you said what happens if I will Lost my job, well is time to see, what we happens.
Until this time remember just Hold on, time to recalibrate the time, enjoy small steep time you say the time spending with kids is the best investment, well is time to do this .
Yeah, it is going to be a test of what I would do and perhaps Hive will end up filling some gaps. It isn't required quite yet, but maybe 2025 will be the year!
Soothe that poor kid as you would smallsteps x
Yeah, I have thought about what life might have been like if I had been a little more forgiving.
🙂
It could always be worse- at least it was not Metallic slap. that would really hurt...
Well, they were wearing steelcapped boots...
"Very little is lucrative as an employee" that more funny for me 😁
Funny is often funny, because it is true :)
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Isn't there any unemployment insurance in Finland with an unemployment allowance, subsidy or something to which you can apply provisionally, buy some time and mitigate the current situation a little? What about Kela and others?