Career & Employment

Every few years or chasing the highest bidder, it can reflect poorly on your reputation. Staying with a company for a significant amount of time can demonstrate commitment and reliability, which can make you more attractive to future employers.

Stronger relationships and network. Building long-term relationships within a company or industry can lead to a more robust network, providing support and opportunities throughout your career.

Personal values and satisfaction. Some individuals derive great satisfaction from remaining loyal to an organization or cause, particularly if it aligns with their personal values or ethical beliefs. This alignment can contribute to a more fulfilling career.

Emotional investment in success. When you’ve spent considerable time and effort in one place, the organization’s success feels more personal. This emotional investment can lead to greater job satisfaction and personal growth.

Now, let’s look at the golf story from a different perspective.

Golf enthusiasts were caught off guard when the PGA Tour declared it would unite with the LIV Golf League, a move that surprised many given the PGA Tour’s previous open opposition to the Saudi Arabia-backed league. To many, this merger seemed improbable.

LIV Golf League had been making extraordinary monetary offers to PGA Tour players, leading them to switch sides. Those who stayed with the PGA Tour considered the defectors as opportunistic and ungrateful, criticizing not only their apparent greed but also bringing attention to the human rights concerns in Saudi Arabia.

It was easier for wealthy and successful golfers like Rory McIlroy and Tiger Woods to stay committed to the PGA Tour and condemn the offers on ethical grounds.

So, how much did LIV Golf Tour actually put on the table to tempt the players?

• Phil Mickelson was promised $200 million, with Forbes reporting that he might have received half upfront, making him the highest-paid athlete in 2022.
• Dustin Johnson’s deal was around $125 million for a four-year commitment with LIV Golf.
• Brooks Koepka, a four-time Major winner, was offered $100 million to join LIV Golf in 2022.
• Sergio Garcia got an estimated $40 million, which likely included his signing-on fee with LIV Golf.
• Ian Poulter, known for his unique fashion sense, was offered between $20 to $30 million.
• Bryson DeChambeau was handed $100 million, recognized for his distinctive playing style and achievements in the PGA Tour.

It’s not hard to see why many players accepted these offers. For those at the pinnacle of their careers or struggling to maintain their form, it was a golden chance to cash in.

With the merger, these players find themselves back where they began, but substantially wealthier. One can only guess how the ones who turned down such large sums must feel.

In my own financial career, I faced a similar crossroad.

In 2010, a Chinese investment bank, China International Capital Corporation (CICC), courted me with a tempting offer to expand their presence in America. I flew to New York City for a six-hour discussion with the company’s leader, Levin Zhu Yunlai. Despite the dreary office location, the opportunity sounded promising.

They offered me a two-year pay package of $800,000 per year, which was especially appealing amidst the aftermath of the global financial crisis.

But after considering the pressures of relocating to New York City and the demanding work culture, I turned down the offer. There was also the moral aspect, as my mother disapproved of my joining due to potential human rights concerns.

Instead, I negotiated with my existing employer, Credit Suisse, and received a guaranteed bonus of $500,000 to stay. However, this decision was not without its consequences.

The following year, despite performing well, I was awarded no bonus, leading me to negotiate a severance package and leave the firm. I later reflected on how the CICC offer might have changed my life, providing financial security for my children’s education or even leading to a top position in the firm.

But I found new joy in writing and building an online community through Financial Samurai, giving me a sense of fulfillment I hadn’t anticipated.

Though the lure of money can be strong, loyalty has its value too. Whether in golf or in a corporate career, the decisions we make must balance financial incentives with personal values, relationships, and long-term satisfaction. No path is without risk or reward, and each choice can lead to a unique journey and destination.

Section 1: Eligibility for WARN Act Pay and What It Means

If your job has been terminated at a company that employs 100 or more full-time workers, you qualify for payment under the Federal WARN Act. This act requires your employer to give a written notice 60 days before closing a plant or conducting a large-scale layoff. Essentially, the WARN Act pay is equivalent to two months’ salary.

The WARN Act is an acronym for the Worker Adjustment and Retraining Notification Act. This 60-day notice gives you and your family the chance to prepare and seek new employment if needed.

In the book “How To Engineer Your Layoff,” it’s explained that WARN Act pay is not the same as a severance package. The former is legally required, while the latter is optional and additional to the WARN Act pay.

Employers must offer two months of severance pay to those laid off; it’s not an act of kindness but a legal obligation.

There have been complaints from laid-off employees at companies like Twitter and Health IQ who claim they haven’t received their WARN Act pay.

Section 2: Understanding Unemployment Benefits

One advantage of being laid off from a sizable company is eligibility for WARN Act pay, severance, and unemployment benefits. If you resign, you won’t receive any of these. During severe economic strains, the Federal government may provide extended unemployment benefits, like during the global financial crisis, where up to 99 weeks were offered.

Severance packages become more precious during economic downfalls, while quitting without any compensation becomes riskier.

Some individuals are too proud to seek a layoff with severance. However, knowing that part of their income goes to unemployment insurance may change their perspective.

Section 3: When and Why to Apply for Unemployment Benefits

Upon being laid off with WARN Act pay, you typically can’t return to your workplace and will likely lose access to company systems. Despite this, you will continue receiving your regular pay for the following 60 days.

Many laid-off workers hesitate to file for unemployment benefits during this period, questioning the legality. However, it’s essential to apply immediately after layoff and not to wait until the WARN Act pay runs out.

Applying for unemployment benefits despite receiving WARN Act pay is vital because you’re officially unemployed. These benefits take time to process, and it’s wise to minimize any potential income gaps, especially if financially constrained.

Section 4: Your Rights and Best Case Scenarios

You are entitled to unemployment benefits, so don’t hesitate to file for them. Neither the government nor your former employer will penalize you.

The best-case scenario is to plan ahead and negotiate a severance package, get WARN Act pay, and receive maximum unemployment benefits. Even finding a new job right after a layoff doesn’t mean you have to give back your severance or WARN Act pay, though you must stop claiming unemployment benefits.

Section 5: Embracing the Opportunity of Layoff

Being prepared for a layoff can lead to financial and mental security. It may be a catalyst for positive change in your life.

It’s never advisable to quit your job without planning, as you’ll get no financial support. Being strategic and planning ahead is essential.

The author shares personal experience of negotiating a severance package in 2012, which allowed for pursuing entrepreneurial interests and starting a family.

The overall message is to understand your rights, seize opportunities, and strategically plan your career, keeping in mind that getting laid off might sometimes be a positive turning point.

The Concept of Feeling Entitled to More

I can’t recall disagreeing more with something you’ve penned than with this article, where you criticize the 1,100 unionized workers at The New York Times for wanting a justifiable pay increase. This is within their legal rights as part of a collective bargaining agreement, and it seems like you’re encouraging people to forsake their legally-obliged employer benefits.

You highlighted that The New York Times’ stock price (NYT) is at its lowest in three years, but that doesn’t relate to the obligation to compensate workers properly for their labor.

The Times spent $150 million on stock buybacks on February 2, 2022. Why do they claim to be short of funds now when it’s time to pay the employees? Plus, they paid about $57 million in dividends this year. They can splurge over $200 million annually on stock buybacks and dividends, but cry poor when it’s time to pay the people who do the work?

That sum could have handed every one of the 1,100 unionized New York Times workers $181,818. How about trimming the stock buyback to $100 million and using the remaining $50 million for raises over the next five-year contract? That would mean $45,454 per unionized employee.

It’s also worth mentioning that as the NYT’s value and subscriptions were soaring, workers’ wages weren’t. They aren’t demanding an extravagant raise; they merely want to catch up to where they should have been if their wages had kept pace with inflation.

Turning Down Tuition Reimbursement Is Unwise

You admitted that you didn’t request your MBA tuition reimbursement after layoffs in 2004. You feared for your job, but willingly surrendering a legally-promised benefit seems absurd to me.

You were with a global investment bank, which likely desired you to have that MBA to enhance your value. They had budgeted for that benefit, and I doubt that the decision to lay off would have been based on the tuition cost difference between employees.

You essentially allowed your employer to withhold a promised benefit. Claim what is rightfully yours, especially when your employer is likely to spend it elsewhere. Companies must balance shareholder interests with fair payment to their workforce.

The Struggle Between Management and Workers

I can sense your passion. However, I must clarify that I’m not attacking The Times employees. My concern is that striking during an industry-wide layoff phase can be risky.

During challenging times, friction between executives and workers often intensifies. Executives aim to raise share prices for shareholders, as that’s where their compensation lies. Employees seek the best possible compensation and benefits, although stock options might comprise only a small part of that.

Advocating for employees when you’re not responsible for their salaries might be easier. It’s akin to supporting tax increases for the greater good as long as it doesn’t affect you directly.

Defining a “fair wage” can be subjective. But to add context to the reader’s comment, it’s pertinent to examine the cost-benefit analysis topic.

In short, my choice not to claim $12,500 in tuition reimbursement ultimately led to earning at least $1 million more.

Navigating Tuition Reimbursement and Career Decisions

I joined Credit Suisse in 2001 with a pay bump and promotion after two years at Goldman Sachs. I overheard a conversation that I wouldn’t be offered a third-year analyst position, so I made a timely move.

Within a couple of years, 80% of my GS analyst peers were laid off. I was lucky to escape that fate.

The 2000 dotcom collapse led to a tough decade for stocks. I shifted my money to real estate in 2003, but this also meant taking on mortgage debt.

In the volatile finance industry, job security is fleeting. Consequently, I applied to UC Berkeley’s part-time MBA program as a safeguard and made use of Credit Suisse’s tuition reimbursement program.

The Reality Was Different Than Expected

The decision to attend business school part-time made sense on paper, but dealing with the reality was more challenging.

My manager’s expectations clashed with the time required for my MBA, and he was unsupportive of my studies. With the company’s stock price plummeting, I was in a tight spot.

Fear and Decision Making

In finance, there’s a belief called LIFO (Last In, First Out). As a recent hire, I felt vulnerable.

I submitted three semesters of tuition reimbursements before hints of more layoffs surfaced. At that point, I made a conscious choice not to ask for another semester’s reimbursement.

The Payoff

Ultimately, I made it through the rough patch, earning promotions and pay raises that far exceeded the unclaimed tuition money.

In 2012, I was laid off with a generous severance package after 11 years of service. I had the right to the $12,500 tuition reimbursement, but a calculated decision was made to avoid risking my job. This choice enabled me to build a solid financial base.

Emotions, Intelligence, and the Bigger Picture

With high emotional intelligence, I may have still secured the tuition reimbursement without jeopardizing my job. However, I made the best decision I could at that time.

I eventually started Financial Samurai in 2009 after recognizing the opportunity to make a mark for myself. Emotional intelligence can lead to happiness, financial security, and freedom.

Conclusion

It’s vital to understand the risks and make wise decisions based on the current situation. Emotions play a key role in our choices. Sometimes, thinking long-term and understanding the bigger picture can help you make decisions that are beneficial in the long run.

It’s about finding a balance between immediate gains and long-term security. Emotions must be guided by intelligence to navigate the complexities of professional life.

We must remember that every decision has its trade-offs, and it’s essential to weigh them against each other and the broader context. Whether it’s deciding about tuition reimbursement or standing up for what you believe in, a calculated approach is often the best path forward.

The Reality of Mass Layoffs and Legalities Involved

The Futility of Suing Employers During Mass Layoffs

Initiating legal action against your employer following a group termination isn’t likely to yield positive results. More often than not, it leads to wasted time, resources, and potential harm to your reputation and future career opportunities.

Even though more than a decade has passed since I was unemployed, news of mass layoffs still rattles me. It resurfaces buried memories of the 2008-2009 financial crisis. In the year 2009 alone, I witnessed seven rounds of job cuts at my company.

Once, I attempted to employ a close friend, recently a father, who had been laid off by Lehman Brothers with approximately $25,000 in unreimbursed corporate expenses. Unfortunately, he failed to impress my Australian colleague, and the opportunity slipped away, leading to a rift between us, largely due to his ego.

Ultimately, I managed to dodge those layoffs, but in 2012, I volunteered for the next round to claim a severance package. Looking back, being laid off turned out to be a blessing in disguise, although it didn’t seem that way at the time.

Tips for Business Success (Sponsored Content)

4 Insights for Business Prosperity, Offered by a Business Professional. By First Horizon Bank

The Outcry Over Twitter’s Mass Layoffs

When Elon Musk chose to terminate over 3,500 Twitter employees post-acquisition, the internet erupted. The prevailing sentiment was that Elon had unlawfully dismissed thousands without proper notice.

Here’s a tweet from Lisa Bloom, a litigation attorney, that gathered significant traction:

Important information for Twitter employees being laid off tomorrow: California’s WARN law mandates a 60-day notice for large layoffs. If you’re one of 50+ employees laid off within a month, you should’ve received this notice. I know you didn’t.

This law, applicable to California employers with 75+ employees, including Twitter, aims to provide sufficient time for laid-off workers to manage the disruption. Elon’s disregard for it has caused a stir.

Violators of the WARN Act may incur a $500/day fine for each breach. Though potentially substantial, it may not significantly impact someone like Elon.

Benefits denied due to WARN Act violations may include back pay, medical expenses under the employee benefit plan, civil penalties, lost compensation, and legal costs for the 60-day failure to provide notice. The blatant breach of workers’ rights is shocking and has incited calls for collective legal action.

Guidance for Cross-Industry Businesses (Sponsored Content)

Key Lessons for Businesses Across Various Sectors, by First Horizon Bank

The Counterargument

Lisa’s arguments regarding WARN Act and the penalties for non-compliance are valid. However, let’s consider why joining a class action against Twitter for “illegal” termination might be counterproductive.

The Nature of At-Will Employment in California

Most California employees fall under “at-will” employment, allowing both employees and employers to sever the relationship anytime, without specific cause. Even peculiar reasons like disagreeing over preferences in dog breeds can lead to layoffs.

While there are exceptions, the at-will employment rule applies in all states except Montana. It is essential to understand the legal landscape of employment within your jurisdiction.

International Trade Challenges (Sponsored Content)

Ways to Overcome Difficulties in International Trade, by First Horizon Bank

Exceptions to At-Will Employment

Exceptions to at-will employment include certain public-sector workers, union members, employees with explicit contracts, and cases where employer actions override the presumption of at-will employment.

WARN Act Notification and Options for the Employee

The abrupt Twitter layoffs have ignited calls for retribution. Here’s what one might consider if faced with such a situation:

1. Sue the employer, albeit with minimal chance of success.
2. Request an extension to complete pending projects.
3. Cease working, collect the severance, and pursue other opportunities.

Rational individuals would likely choose the second or third option.

Additional Scenarios:

• Option #2: Prolong Employment: Sometimes, it’s possible to negotiate an extended stay to ensure smooth transitions.
• Option #3: Embrace New Beginnings: Accept the reality and use the time and resources to start afresh.
• Option #1: The Legal Pathway: Consider this only if the reward is worth the potential risks to your reputation and employability.

Moving Forward Through Mutual Agreement

Rather than pursuing legal action, it’s more constructive to work toward a mutually beneficial agreement. Proactive planning and collaboration can lead to favorable outcomes for both parties.

Elon Musk’s acquisition of Twitter unfolded over several months, providing ample time for employees to prepare. While you might feel wronged by a layoff, legal action in an at-will state is rarely a viable solution. Moving on and focusing on new opportunities is often the best course of action.

For the affluent, it might be wise to think about creating what’s known as a trust fund job. This strategy can enhance your status and keep you relevant, shielding against any potential judgments that you might be a non-contributor to society.

With age, I’ve come to understand that a number of people use trust fund jobs to simply fill their time. Initially, I looked down on these individuals. But I’ve shifted my perspective, recognizing this approach as a clever way for the wealthy to deflect unwanted attention, especially in a time where rapid fortunes are more common than ever.

Below, you’ll find my definition and examples of trust fund jobs, showing that these positions can indeed be meaningful.

What Is A Trust Fund Job?

I believe I’m the first to coin the term “trust fund job.” Here’s what it means:

A trust fund job is a role taken on that isn’t vital for survival. Its main goals are to deliver status, fulfillment, and a sense of purpose. It’s only considered negative if the individual has not earned their fortune or does nothing to aid others.

Among those with strong self-confidence, a trust fund job can be a tactic to seem more ordinary. A well-planned trust fund job helps the individual blend into society, a positive factor in an era of growing wealth disparity.

Examples of Trust Fund Jobs

Here are several examples to illustrate the concept:

1. Boutique Clothing Store Owner: A story of a wealthy couple where the wife used a trust fund job to open a boutique store. It didn’t turn a profit but gave her joy and a sense of purpose.
2. CEO of a Private Tech Company: An example of a person claiming to be the CEO of various tech firms, but without any real proof of success. His trust fund job provided status and a cover for his affluent lifestyle.
3. Venture Capitalist: A position that can be a trust fund job if one gets into it after a successful exit from a company or by calling oneself an angel investor. The status can last for years before any real success or failure is visible.
4. Author/Writer: Even being an author can be a trust fund job if one already has enough income. It provides prestige and an extended time to prove oneself.
5. Consultant: Starting a consultancy can sometimes be a trust fund job, providing a sense of legitimacy even if the actual work remains unclear.
6. Grade School Coach: This role offers respect and satisfaction from helping children, making it an honorable trust fund job.
7. Real Estate Investor: Being an investor in real estate can be considered a trust fund job, as it can include various hands-on tasks or even entirely hands-off investments. It’s a way to stay relevant in social situations.

The Role of Trust Fund Jobs in Society

The idea of trust fund jobs goes beyond mere employment; it’s about finding a purpose. Many who achieve wealth find themselves lacking relevance. Trust fund jobs can fill that void, providing happiness and a sense of contribution.

As one’s wealth and age grow, encountering others with trust fund jobs becomes more common. Instead of judgment, these individuals should be appreciated for their efforts to stay engaged in a world that could otherwise overlook them.

Writing a book on negotiating severance packages, I always find joy in observing public examples. Recently, the spotlight shone on the “golden parachutes” granted to three former Twitter executives.

The term “golden parachute” refers to significant benefits awarded to top executives if the company merges or is acquired by another, resulting in their termination. These perks often encompass stock options, cash bonuses, and substantial severance payments.

Receiving a golden parachute is akin to winning a jackpot, allowing you to metaphorically leap off a cliff or escape a burning plane and still land safely on your feet.

The Golden Parachutes for Twitter’s Executives

In Twitter’s merger with Musk’s X Holdings, three key executives – CEO Parag Agrawal, CFO Ned Segal, and Head of Legal Policy Vijaya Gadde – were entitled to a “golden parachute” clause. After the $44 billion acquisition on October 27, 2022, Musk dismissed all three. However, the “Golden Parachute Compensation” section in Twitter’s SEC filing indicates they would automatically receive stock worth $119.6 million if terminated.

Here’s the breakdown of the golden parachute packages:

• CEO Agrawal: Approximately $74 million
• CFO Segal: Around $65 million
• Head Of Legal Policy Gadde: $60 million

Considering Twitter’s fluctuating share prices since its initial public offering in November 2013, these packages are significant.

Your Right to a Severance Package

A common doubt many have about severance negotiations is why management would ever agree to one. But the golden parachutes of these executives demonstrate that it’s possible, particularly if you’ve contributed value to the company.

Companies generally prefer parting with employees on amicable terms. Negative publicity from a disgruntled ex-employee can damage a company’s reputation, hindering future business and attracting top talent.

I can personally relate to the importance of proper severance, having successfully coached my wife in negotiating a package worth over $100,000. This negotiation not only went smoothly but led to a part-time consulting role with a 60% pay increase.

Fired vs. Laid Off: The Golden Parachute Difference

It’s important to note that golden parachutes are not guaranteed. Musk reportedly fired the Twitter executives for cause, meaning due to inappropriate behavior. This eliminates the ability to receive a severance package, saving Musk $119.6 million in unvested Twitter stock payments.

Firing for cause usually arises from severe misconduct, while being laid off is a more neutral separation, often due to economic or organizational reasons. The difference matters in terms of receiving severance, eligibility for unemployment benefits, and maintaining a clean employment record.

The Reason Behind Twitter Executives’ Firing

Musk may face challenges in justifying the firing of the Twitter executives, but his reasons are clear. Their stance during the acquisition negotiations and perceived inadequacies may have led him to the decision.

Some might argue that they were dismissed unjustly, given Twitter’s shareholders’ satisfaction with the acquisition price. Musk’s long-term vision for Twitter might significantly increase its value, and a lawsuit for the golden parachutes by the ex-executives is a possibility.

Navigating Your Golden Parachute Severance Package

If you are currently employed, it’s worth inquiring about your potential golden parachute. Investigate the protocols in case of a merger or acquisition, and negotiate if necessary.

Being part of a company acquisition might be an opportunity. You could receive an attractive severance package or be retained with a better package, providing choices to either “rest-and-vest” or work harder for further growth.

Since 2009, I have emphasized that everything related to money is negotiable. The secret to a favorable severance lies in understanding your employer’s needs and helping with the transition. This realization has guided me, my wife, and thousands of readers of my ebook, “How To Engineer Your Layoff: Make A Small Fortune By Saying Goodbye,” now in its 5th edition, to successfully negotiate severance packages like experts.

ver Taken a Trip to the City of Self-Pity?

You know, that place where you wallow in your sorrows and personal troubles? Chances are, we’ve all found ourselves there at some point.

At Financial Samurai, our approach is different. We recognize our circumstances and take proactive steps to improve. Whining about the unfairness of life just isn’t part of our philosophy!

We all have unique strengths and weaknesses, and some face tremendous challenges, such as disabilities. But it’s how we leverage our differences and continue to battle that really counts.

Interestingly, I’ve never had someone who’s raking in millions explicitly tell me to visit that city of self-pity and then toughen up. Well, perhaps I have, but never in the manner that the CEO of MillerKnoll spoke to her staff on a video conference.

Warning to Employees: Avoid Dwelling in Self-Pity!

Just listen to her response to an inquiry about staying motivated without bonuses:

“Don’t fuss over what to do if a bonus isn’t received; go after that $26 million! Focus your energies on that sum, not the absence of a bonus. Can I get a commitment on this?” Andi Owen demanded.

She added, “I once had a boss tell me, ‘You can take a trip to Pity City, but don’t move in.’ So, everyone, leave your woes behind and let’s get to work! Have a wonderful day.”

Ouch! Insulting downtrodden employees is hardly the best motivational tactic.

Millionaires Can Easily Abandon Self-Pity

I get where Owen’s coming from, pushing for hustle and sealing deals, especially in tough times. Leading people or an entire organization isn’t easy.

However, her irritation over lower-paid employees’ concerns about compensation is alarming. She must have received some harsh anonymous comments to speak that way.

Ever wonder why asking for a raise feels so tough? Reactions like this don’t help. It becomes even more challenging to ask face-to-face, although it’s best done during your formal review.

In 2022, Andi Owen’s bonuses totaled $1.29 million, and $1.12 million in 2021. Her overall pay in 2022 exceeded $5 million. If she scores another seven-figure bonus in 2023, I bet most employees will search for new opportunities.

Had she forfeited her bonus and reduced her salary, her rallying cry might have resonated better. But Owen’s earnings place her among the top 0.1% of earners.

Surprisingly, I discovered she’s an alumnus of William & Mary. Apologies! Most graduates I know from there are typically modest.

Employers Aren’t as Invested in You as You Might Think

Highly paid public-company CEOs must perform well, and that means employees must be highly productive. Asking for raises can impact short-term profits and management’s pay.

Sure, there’ll be motivational events and team-building activities, but don’t be misled by their true purpose – to make you work harder for less.

Most supervisors keep their negative opinions about their team to themselves. They’re likely discussing layoffs, efficiency strategies, and their contempt for underperforming workers behind closed doors.

Work Isn’t Your Entire Existence

In this era of fierce rivalry, consider your job mainly as a means to earn money, providing options to pursue what you desire.

Making friends and finding purpose in your work is a bonus but not a guarantee. Your employer’s primary goal is to maximize your productivity to increase profits.

Executives who mismanage their companies won’t volunteer to relinquish their large bonuses. They’ll strive to retain their compensation, regardless of the financial strain it may cause for the workforce.

Employees Should Emulate Management’s Thinking

Working for a profit-driven company means everyone’s core objective is maximizing earnings.

Getting paid and promoted for quality work isn’t a given. In a world where meritocracy is waning and office politics rising, constant self-promotion is essential to earn what you’re worth.

Post-review, it’s vital to highlight your achievements, devise an agreed-upon route to a specific pay level, and hold your managers accountable with a written plan.

If an employee’s value slips below their compensation, they risk being let go.

Negotiating a Severance Package Is Wise

With the average person changing jobs every three-to-five years, each shift offers a chance to negotiate severance.

In a world of transactional work relationships, severance negotiations imply an outgoing employee offering value in exchange for severance, whether it’s cost-saving, training replacements, or not sharing company secrets.

Mass layoffs and lack of empathy in the process have shown that a cooperative employee may receive a better severance package. Don’t become overly attached to your job.

Those who feel they couldn’t negotiate a severance often fail to fight for pay and promotions and get overlooked.

The Rich and Powerful Often Struggle with Perspective

No matter the wealth, constant comparison with others can create never-ending anxiety. Even those earning six figures may feel it’s insufficient.

A 2022 survey revealed that respondents believed 19% of the U.S. population earned over $500,000, reflecting the nation’s real and perceived income gap.

Embrace the Reality of Work

I encourage all workers to strive for the best pay they can achieve. Doing so may hasten financial independence. Failing to might lead to bitterness and unnecessary years of labor.

No one cares more about your financial well-being than you. Loyalty is a two-way street. If your CEO earns millions while belittling you and paying you a pittance, it’s time to move on.

Don’t squander your prime working years on a company that doesn’t value you. Looking back with regret is a loss you cannot afford.

A Lifetime in Sports, But Where Are All the Athletes?

I’ve been part of the tennis community for over two decades. From newcomers to retired professionals, people of all financial backgrounds come together in a shared passion for the game. It’s been a vital part of my life.

But recently, I’ve stumbled upon a peculiar realization. Becoming a father and spending time with other parents of young children made me wonder: where are all the grown-up athletes?

Perhaps I’ve been immersed in the sports world for too long since most of my friends engage in sports like tennis and softball for entertainment, an alternative to spending nights at bars.

I was brought up believing that learning tennis or golf was essential since they’re often associated with professional networking. I feared that lacking skills in these sports might exclude me from career opportunities.

The Childhood Sports Dilemma

My six-year-old hasn’t shown interest in sports, preferring activities like number blocks, sign language, and playground fun. That seems typical for his age.

Yet, I’ve noticed other parents’ eagerness to enroll their young children in various sports activities, leading to incredibly busy schedules.

While I’m more inclined to spend quality time with my child relaxing or visiting the playground, I find myself pondering if I should be emphasizing sports more at his age. The widespread push for kids to participate in all sorts of extracurricular activities makes me wonder: am I taking it too easy?

The Adult Athlete Mystery

Observing my fellow parents’ enthusiasm for children’s sports led me to assume they must be athletes themselves. However, that’s not the case.

Whether inviting them to play softball, soccer, or Pickleball, I’ve found little interest among these parents. Even my offers to play tennis, despite having a surplus of tennis partners, fell on deaf ears.

This made me think: maybe parents push sports on their children because it’s something they missed out on themselves.

Sports and Professional Success

Among these parents, all with respectable careers, I found that none actively participate in sports.

In the finance world, I’ve seen examples where sports seem to correlate with career success. But it appears that athletes are not as prevalent in other professions, such as tech, medicine, or law.

The Value of Sports

I understand why parents encourage children to play sports, and I’ve witnessed many benefits.

One mom credited tennis for keeping her son away from negative influences, while also emphasizing his own dedication to the sport rather than parental pressure.

Sports instill discipline, mental resilience, and team collaboration skills. They can teach you how to handle loss gracefully and offer tremendous physical and mental health benefits.

Cost Considerations in Sports

The most expensive sports include ice hockey, skiing, tennis, and golf, among others, while track & field, basketball, and soccer are more affordable.

Intellectual Pursuits vs. Athletic Careers

Only a small percentage of athletes go professional, and even among those, the career span is often short.

Being academically inclined seems more profitable in the long run. Business is about innovation, marketing, and sustainability, not physical battles.

The focus on youth sports doesn’t seem to carry into adulthood, so parents might want to reconsider overemphasizing sports in their children’s lives.

There’s Time for Sports

If children enjoy sports, support them without pressure or overcommitment. Forcing sports on them may lead to burnout, and the chances of scholarships or professional success are slim.

Starting sports later in life is fine, too. I began tennis at 11 and continued playing at a high level for fun.

Sports have provided joy and companionship, and I hope my children find happiness in sports or other hobbies. For those obsessed with watching sports, consider playing instead. Engaging in a sport can bring joy and health benefits, much like taking action with personal finances.