One unemployed 20-something shares his survival story
By Bob Phillos
The future was looking bright for 25-year-old James Davies of Peabody in the spring of 2006. He graduated from UMASS Amherst with a degree in accounting. The stock market was booming. The job offers were rolling in. He promptly accepted a position as a mutual fund accountant at Fidelity Investments, but not before he planned a two week romp through Spain with his best friends. It seemed like the good times would keep on rolling.By the end of the year, James had rented an apartment with two friends and bought an almost brand new Audi A4. He worked out regularly at the closest Boston Sports Club. He also ate, drank and reveled at one hot spot after the other throughout Boston. His savings account barely budged, while his checking account was emptied by debit card charges week after week. "I really didn't ever think of saving money. I was having way too much fun," James said.
Then in late 2008, James' party bus hit a brick wall. Layoffs were announced at Fidelity. "You know how you feel in school, when the teacher asks a question, and you don't know the answer, so you kinda duck and hope she doesn't call your name? That's how I felt that week," James said.
James was called into his manager's office, handed a two week severance package, was asked to clean out his desk and was escorted out of the building with a group of co-workers. His paycheck to paycheck party had been blown up in a matter of minutes. And just like so many Americans, James was forced into downsizing mode. "I wrote down all my expenses and looked at what I really needed," said James.
His apartment and roommates were the first to go. James is now back home with mom and dad. Next up, his frequent visits to restaurants and bars, the weekly shopping sprees at the mall, and the fancy gym membership. He also downgraded the monthly plan for his Iphone. "The only things I felt I really needed were my car and health insurance. Unemployment covers alot of that, but it doesn't leave me alot of spending money," said James.
He now spends a few hours every day looking for work on job search sites. He's also reaching out and sending out resumes to contacts whom might be hiring.
James also eats at home most of the time now. He says it's just too expensive for him to eat out. "With drinks, appetizers and dinner, you can spend $100 easily at a restaurant."
To keep physically fit without a gym fee, James has brought his workout routine into the home and onto the streets. He has created a workout that doesn't require any kind of equipment. He's vowed to stay active and healthy through running, pushups, sit-ups, squats and a few other exercises.
As for keeping the Audi, James said he did one thing correctly. He paid off much of his car loan. "At least I still have a nice ride," James added on and upbeat note.
THX that's a great asnwer!