A1 Cothern, Franchise Owner at FASTSIGNS spent 11 years working for a national subprime mortgage lender as a senior vice president and had visions of some day becoming an executive vice president before retiring from the world of finance. Unfortunately this week, Al Cothern watched as laid-off workers streamed out of Lehman Brothers’ headquarters in midtown Manhattan with boxes in hand. He was laid off from his job a year ago.
“I was worried when I lost my job, but I saw it as an opportunity to make a change and get away from the things that were bothering me throughout my career, mainly the ups and downs of the markets,” he explained.
Here’s Cothern’s advice to those of you who have just lost a job in the financial industry:
“Immediately cut back on expenses,” he advises, adding that he sold his boat and got rid of extras like satellite radio after he was handed a pink slip.
Cothern also suggests that people figure out fast if there really are other opportunities in finance, and if not, look for something new.
“I have associates who after a year are still trying to replace that $200,000 salary and a corner office,” he explained. “You just have to open and broaden your horizons.”
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