Life after the collapse…

Life after Lehman Brothers

What would you do if you suddenly lost a high-paying job and no one else was hiring in your field? When Lehman Brothers collapsed that’s exactly the situation many finance professionals faced during the worst of the recession. Some of them took up entirely new ways to make money, that had nothing to do with finance, and others found ways to leverage their finance experience into alternative careers. Learn how they managed to survive a job loss and even enjoy the potential for a totally new direction in life.Traders jump into new ventures

Traders like Mark Cudmore were not too thrilled to lose their high-flying jobs at Lehman, but they weren’t going to waste time crying about it either. He and his brother took off to go try their luck in Vegas where they quickly learned the art of counting cards. The practice can get you banned from casinos, so eventually that ended. He went back to finance with a different bank: Germany’s Commerzbank. Trading skills are valuable at other financial institutions, and when one country’s jobs dries up it doesn’t mean another won’t hire you. Mark also attempted to trade on his own and left once again to explore another career avenue: creative writing.

Banking networks yielded more opportunities

For others, their professions didn’t leave them high and dry without any options. Associates and networks who were also out of a job could come together to create new ventures with people they already knew and respected. Others went into business with spouses or relatives. Instead of working 16 hour days for a bank, they found their job working for themselves or in partnership with others. Some of these enterprises were finance related, like “Trading Thalesians” a research and teaching think tank for people interested in the world of finance and economics.

Adding meaning where there was none

One of the biggest benefits of finding a new path was the ability to create meaning in life and do some giving back. Those that take this path can build a different type of capital – social capital. They can invest in their communities and create projects and jobs that will be sustainable in the long run. It can be as simple as creating a non-profit or opting to help others learn how to manage their finances better.

English: Lehman Brothers headquarters in New Y...

English: Lehman Brothers headquarters in New York City (Photo credit: Wikipedia)

Learning how to be good with money, whether it’s trading, investing, or saving, will never go out style. As long as a professional keeps one foot in the doorway, they’re likely to be able to take those skills and either find a new job with a new bank or use the skills to create new avenues in life. It may even make you happier than you every thought you could be when different paths beckon you to a new life. What new opportunities did you get when life threw you a curveball?

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s