Thread regarding State Street Corp. layoffs

Does it depress you that everything you’ve worked for…..

Will be eaten away by inflation, higher taxes across the board on everything. Basically, you will have worked you entire life and pretty much have nothing to show for it. Even that 2.3 million dollar straight front colonial in the “it” town won’t be worth what you borrowed.

How do some of you get up and come to work each day knowing what’s coming is not a life of prosperity or comfort? How will you continue on knowing most of your life has been a lie? Some of you can’t even afford the gas for your Lexus. And to think, this is just the beginning…

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Post ID: @OP+1eGG1W6x

31 replies (most recent on top)

Well this was sad! :( I would say that people could start taking little steps and taking charge of their lives a little bit at a time to build a better foundation for their own futures so they aren't reliant on a job etc. cut expenses, save money, invest money, buy investment properties, start a business, start a side hustle, look at passive income/online freelance work options. There is an entire GLOBAL world out there of magnificent money-happiness-making opportunities. There are even opportunities that will be created that we can't even fathom yet. Open your minds past the traditional one job for life mentality because that is limiting. Money is not everything, one job is not everything. I believe you can make a beautiful life for yourself no matter what happens :)

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Post ID: @dmfc+1eGG1W6x

@3vry+1eGG1W6x - Nothing wrong with moving to another country. I lived in another country for a short-time. If you move to Europe you really need to be fluent in a few foreign languages. If I didn't I never would have moved and lived in another country for any length of time. Of course, it all depends on the job opportunities and adapting to living in another country.

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Post ID: @5yav+1eGG1W6x

If you move to Indian, you will get a manager position and doing pretty much nothing. The living cost is very low there and your actual living standard will be increased. You can also afford a house keeper and enjoy life after work.

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Post ID: @3rfe+1eGG1W6x

Working abroad is not going to be easy, because most countries outside US and Canada have labor laws that protect their citizens from H1 and F1 abuse.

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Post ID: @3kjm+1eGG1W6x

I’m looking for a job in another country. I don’t see much future for middle class America anymore.

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Post ID: @3vry+1eGG1W6x

@2tqc+1eGG1W6x

I’m late 50s and after all the lies for the past 2 years, I’m done with doctors. I don’t trust any of them. Will never go to doctors office again.

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Post ID: @3glr+1eGG1W6x

Average life span for male is now 76 years old. Social security will be run out between 2030 to 2034 depend on the economy, the percent of people who delay claiming social security ... You still need to pay high medical premium after 65 years old. Those data can help you to plan your life if you are 55+.

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Post ID: @2tqc+1eGG1W6x

Yes, it is depressing. I worked at SST, got laid off in my 50s, was unemployed for a year, took another job, which s#cks even worse than SST and now here we are in 2022. Inflation, low job satisfaction, no new job prospects unless you want to commit to getting jabbed every time they tell you to. It’s very depressing. Right now I’m getting ready to sell everything and downsize to the smallest home feasible for my family in a cheaper part of the country. If I had known all those years of getting into the office for early morning meetings and working late would have taken me to this point in time, I’d of not worked as hard because it basically did not pay off and I don’t look forward to anything these days.

I truly hope the stock market crashes.

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Post ID: @2vbs+1eGG1W6x

Me too, it wasn't better after I leave SST.

It feels like a structural problem facing only a small percentage of American, for
(1) my being older than 30 yr old, and
(2) the rest of the world is waiting for my job on H1 visa and green card.

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Post ID: @2jbn+1eGG1W6x

If your are not happy with your life due to the hostile working environment in STT, that is understandable. Otherwise, you are just the same as all other miserable middle class, this country has the toughest living environment in all developed and even many developing countries. High tax, low social benefit, high crime rate, high inflation, constant out flow of jobs to other countries ..... Being in the middle class, your life belong to the rich people and people live by social assistant.

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Post ID: @2vth+1eGG1W6x

I got laid off from this sh---y company that I worked for for over 10 years and my income went south after that because I had to accept a job that paid less in another part of the country. I could never earn what I did while at State Street. Now, years later I’m struggling. I sold my house and got a used car. I hate my current job and w there I live and I live to watch the financial collapse, hoping my former boss at state street will find out what it’s like to be laid off after age 50 and to lose everything you worked for. It’s coming…..the financial collapse is coming.

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Post ID: @1wog+1eGG1W6x

@Post ID: @1djz+1eGG1W6x

Great post agee with 99% of it.

My point was if people want over their spending habits especially on the little items.
They would be amazed how these daily small purchases quickly add up.

And yes too many people have the silly need to impresss people .

The silly need to constantly lease the newiest car, or trade in and buy a new one ever 4 years.
The silly need to upgrade their cell phone ever 3 years.

Well the people who budget their money and do not show up as you said .
Are the ones who are going to survive financial turnmoil storm brewing

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Post ID: @1jqw+1eGG1W6x

Post ID: @1hgo+1eGG1W6x - I agree with you to a point. The top-executives in my network have the luxury to retrain and transition to a position in sales or start their own business. So many who are in a lower paying position don't have the same opportunities unless they have a spouse or significant other who is very successful or at least employed in a field that is expanding and not being replaced by advances in technology.

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Post ID: @1fie+1eGG1W6x

@1wky+1eGG1W6x

That’s all fine and well….but for most people, happiness is a cup of coffee before their 9am meeting. And the noonday break to get a yummy lunch makes the day go by faster. These are necessary indulgences to keep from going insane from a job you might not really like.

If you want to cut corners, get rid of the 4 bedroom house you really don’t need or the Lexus SUV that sits in a parking lot all day while you’re at work.

Ladies: stop buying clothes, handbags and shoes. You need 5 -7 outfits for work, rotate them. 2 pairs of shoes and one handbag. It’s a job, dress like a uniform, it’s not a Paris fashion show. No one is impressed when you wear Prada or that leather mini skirt that doesn’t really look that good on you.

Men: stop buying overpriced clothes for a job you don’t really like.

Cut out the big ticket items. If you have 2 kids, you only need a 3 bedroom home, anything more than 1800 sq ft is a waste of your money, costs more to operate, maintain and insure.

You need a car that works, not a leased car and not a brand new car every two years.

And no, you don’t need a vacation every year. Maybe every two years plan an awesome vacation and enjoy it.

Stop spending money trying to impress people you don’t even like.

Get rid of debt. If you can’t pay cash, you can’t afford it. Fact.

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Post ID: @1djz+1eGG1W6x

The most important thing you can do is make a strict budget to live on.
Make a list of everything you spend money on no matter how small you think it is.
You will find how much you can spend on little things which add up very quickly

  1. Do you spend at least $3.00 a day times 5 days on morning coffee ? $15.00
  1. Do you spend at least $9.00 a day buying lunch at work ? $45.00
  1. Do you spend at least $10 to $20.00 a week on Lottery tickets
  1. At least $20.00 every Friday or Saturday for takeout
  1. Maybe you can try cutting back on your Cable Tv and Internet bill

When going over your budget you will be amazed how you are spending
anywhere from $200.00 to $350.00 on non critical stuff

One thing to do is open up a Roth Ira which allows you to put in after tax money then withdraw it in the future tax free. Yes your investment grows and you do not have to pay any state or federal taxes.

I have both a 401K and a Roth Ira, the only thing is on an Ira your max amount is $6,000 a year.

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Post ID: @1wky+1eGG1W6x

@1vfe+1eGG1W6x

Your reading comprehension is lacking. He said he doesn’t spend money on cr-p and doesn’t understand how others with more mouths to feed and support manage.

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Post ID: @1dzw+1eGG1W6x

I feel bad for young people. They have no chance. At least I’m older and have had a good life. Inflation is going to do a lot of damage. And most people are add!cted to spending money they don’t have.

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Post ID: @1exo+1eGG1W6x

@Post ID: @1dtw+1eGG1W6x

Well things cann't be that bad for you, even without a decent raise in 5 years.

You said you spend a lot of money on CR-P, so if you can waste money you must be making dam good money.

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Post ID: @1vfe+1eGG1W6x

My wife spends most of my paycheck on designer yoga clothes. I’m so scr3w3d.

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Post ID: @1ftd+1eGG1W6x

Single guy here, no wife spending my paycheck on stupid stuff, no kids to feed, house paid off five years ago. Basically I have no debt. And I have no idea how people with families are doing it. Everything is so expensive. I haven’t gotten a decent raise in over 5 years. All I can say is that the future is not looking good, even for guys like me with no debt and no family to have to provide for. Good luck all, we’re going to need it.

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Post ID: @1dtw+1eGG1W6x

The irony is that even the well paid management at the top is in’s the same boat as the lower paying jobs because everyone spends up to their limit. The guy scraping along to afford the $500k fixer upper in an average town is just as strapped as the managing director or C suite level executive who has the 3million dollar home in a nice suburb or the primo city location, they are all in the same boat because they are all in debt up to their limits.

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Post ID: @1hgo+1eGG1W6x

Just enjoy your life while you still can. With the constant high inflation, increasing crime rate, diminishing social security, mounting debt everywhere ... The money you saved now can be over 70% discounted by 2031 (it was at least 50% discounted in the last few years due to the housing price more than doubled). Plus you may have been thrown out of STT before then as it is determined to get ride of US workers.

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Post ID: @1evd+1eGG1W6x

It’s getting harder and harder to deny what’s happening.

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Post ID: @1uhz+1eGG1W6x

All by design. If you’re not in the 1%, and no one at state street is a one percenter, you are on your way to poverty.

Enjoy the last few years, because 2030 is going to be a new world and you not like it, I promise.

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Post ID: @1eer+1eGG1W6x

There are many places in this world where properties have become cheaper and cheaper. The real living standard is actually higher. Take your money and live in those places rather than being slaved here before going to heaven.

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Post ID: @xcv+1eGG1W6x

I'd heard State Street is a kinda local zoo.
Didn't it get run downey.

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Post ID: @nbi+1eGG1W6x

"Basically, you will have worked you entire life and pretty much have nothing to show for it."
Hate to say, but that's how Jesus said it.
Pretty sad.

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Post ID: @qck+1eGG1W6x

Gone are the days of taking your bonus and buying new his and hers BMWs. Such a shame.

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Post ID: @leg+1eGG1W6x

Funny, my neighbor just put his 2.2 million dollar colonial house on the market. I thought it was strange timing given it’s dead of winter here. I think a lot of people are beginning to realize the party is over. Higher taxes will force many to sell. But where will they go?

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Post ID: @cml+1eGG1W6x

“It’s a big club and you ain’t in it”

  • George Carlin
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Post ID: @njy+1eGG1W6x

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