Some of you don’t believe me that it’s better to retire in a bear market, when all is in shambles, than in a bull market. I, for one, found it very hard to quit the money when times were good. I was always suffering from the “one more year syndrome.”
Seriously, as soon as my year-end bonus hit my bank account in mid-February, I would tell myself why not stick around for another 10 months to at least hear how much I would get. During the period when I was told (mid-December) and when I got paid, I had the option of just taking it easy if I wanted to do something else.
But after bonuses dried up during the financial crisis and main street really started hating anybody who worked in finance, I found it so much easier to walk away. When you had nothing to do with someone welching on their mortgage, yet still got blamed for the crisis while you continued to pay your own, working in finance started to get real old.
Then there was the issue of getting micromanaged by an insecure and uninspiring colleague out of NYC. Finally, a large part of my compensation was being paid in company stock that was also plunging. Why stick around? It’s not like I was doing something meaningful like helping disabled children with abusive parents find safe homes and loving caretakers.
The Exodus In Technology
The same conflict is going on now with many big tech workers, especially those who work at Facebook. I sat down with an old acquaintance who works as a Product Manager at