Bad news but still very grateful!!!

[nodmicks]

Dh is employed by one of the biggest 50 US companies. However they like everyone else are feeling it in our current economy. No shock right ?

Dh came home with a few changes yesterday.

~401 match still suspended

~overtime after 45 instead of 40 (this got him mad!)

~salary freeze for up to two years

~ new incentive program with a bonus of $150 monthly




Companies need to do what they need to to stay going. No if and or butts about it!


Instead of being mad over this info Dh and I decided to look at the positive.

~ he is lucky to be employed with a good company

~ even if the wage is frozen it is still a very fair wage, more than fair for our area

~ benefits are still good

~ pension still in place


Since Dh had been counting on the normal raises every 6 months instead of a big jump after 2 years (guaranteed amount in contract) we will need to be a bit more conscious of our $. Need to make those $'s work harder.

Honestly this was kind of bad news but it really is a blessing that he has a job with a solid very experienced company who has weather many storms in the over 100 years they have been going!. We have seen much worse and we are both grateful!!!


Now with knowing dh won't get any more raises and OT is cut I am thinking of more work for myself . Dh never likes these ideas and says figure out how to save more.

I'm thinking with the way prices are climbing that might be hard to save more! We also need to seriously start saving for cars! Decisions, decisions!

I guess the whole point of this is even with bad or discouaging news we should always count our blessing and be thankful

[Persimmon Lace]

I think that overtime over 45 hours would be in violation of federal law.

But good for you guys to come up with the positive!

[Greebo]

I think that overtime over 45 hours would be in violation of federal law.

http://www.dol.gov/dol/topic/wages/overtimepay.htm

Looks like, yeah.

But don't let HIM be the one to point that out...

Meanwhile, may I recommend "Rich Dad, Poor Dad"?

Being an employee - even being Self-employed - makes it very hard to ensure economic security. The Rich Dad books can be very eye opening to how money works in the other world of money - that of the financially free.

[nodmicks]

Dh says they can get away with the overtime thing because of something to do with "interstate commerce"

Here is the confusing info!

U.S. Department of Labor
Employment Standards Administration Wage and Hour Division
Fact Sheet #19: The Motor Carrier Exemption Under the Fair Labor Standards Act (FLSA)
Section 13(b)(1) of the FLSA is an exemption from overtime. The provisions of Section 7 (overtime) do not apply with respect to any employee to whom the Secretary of Transportation has power to establish qualifications and maximum hours of service pursuant to the provisions of Section 204 of The Motor Carrier Act of 1935.
Section 13(b)(1) of the FLSA provides an exemption from the overtime pay provisions, but not from the minimum wage (Section 6) requirements. This exemption has been interpreted as applying to any driver, driver's helper, loader or mechanic employed by a carrier and whose duties affect the safety of operation of motor vehicles in the transportation on public highways of passengers or property in interstate or foreign commerce.
Requirements
The Section 13(b)(1) overtime exemption applies to those employees for whom the Department of Transportation claims jurisdiction and if the employer is:
1) a private carrier and hauls property or;
2) a common or contract carrier and hauls property or passengers and additionally if;
a) the employee's duties (consisting wholly or in part) affect the safety of operation of a motor vehicle and;
b) the employee's travel is in interstate commerce (across State lines) or the employee handles trips which connect with an intrastate terminal (rail, air, water, or land) to continue an interstate journey of goods that have not come to rest at a final destination.
The exemption will apply to those employees called upon in the ordinary course of work to perform, either regularly or from time to time, safety-affecting activities. The employee comes within the exemption in all workweeks when he\she is employed in such work. This general rule assumes that the activities involved in the continuing duties of the job in all workweeks will include activities that affect safety of operation of motor vehicles. Where this is the case, the exemption will be applicable regardless of the proportion of "safety affecting activities" performed in a particular workweek.
On the other hand, where continuing duties of the employee's job have no substantial direct effect on such "safety of operation", or where such safety affecting activities are so trivial, casual, and insignificant as to be de minimis, the exemption will not apply in any workweek so long as there is no change in the duties.
Where safety affecting employees have not made an actual interstate trip, they may still be subject to DOT's jurisdiction if:
1) the employer is shown to have an involvement in interstate commerce and;
2) it can be established that the employee could have, in the regular course of employment, been reasonably expected to make an interstate journey or could have worked on the motor vehicle in such a way to be safety affecting.
The overtime pay exemption does not apply to employees of non-carriers such as commercial garages, firms engaged in the business of maintaining and repairing motor vehicles owned and operated by carriers, or firms engaged in the leasing and renting of motor vehicles to carriers.

[nodmicks]

Greebo ~ I am usually 100% with you. However I read one of the rich dad books and was horrified beyond belief!!!!!

[Greebo]

Greebo ~ I am usually 100% with you. However I read one of the rich dad books and was horrified beyond belief!!!!!

Really? Which one? Did you finish it?

I'm genuinely curious what you found horrifying about it.

Now granted, R.K. believes differently from D.R. about Debt. D.R. believes there is no such thing at all as good debt, and R.K. believes that debt which makes money for you can be good debt.

But beyond that difference, I don't know what there is to be horrified about... heck even Dave Ramsey calls R.K. a friend of his. Just last month on the radio Dave was saying how he and Robert get along fine - they just disagree on the idea of good debt, and I understand why - Dave did some really RISKY things with Debt that bit him, after all.

[nodmicks]

Greebo I 100% admit that I only made it about 1/2 way through it. I was horrified because it had a lot of success stories that all dealt with property. Property bought on "other peoples $" and piles of debt.

In my eyes if all goes well that is great. But if it falls it falls big. I personally saw that happen to a cousin of mine. He was great for a long time and in the last 18 months the pile of cards has went "boom" Those risky things with debt that bite you are whats horrifies me.

I am all for having "some " risky investments and do have a % of our nest egg in them but lets just call me conservative.


Maybe I should try another of his books. I am always up for learning and there is a lot to learn. Which one would you recommend?

I don't agree with DR 100% either. We never stopped the investments years ago when digging out of our hole and I use my cc on a reg basis to get my rewards points and pay it off right away. Just so It doesn't seem I grabbed DR's opinion

[Greebo]

Definitely start with "Rich Dad, Poor Dad", and follow that with "Cashflow Quadrant".

If you were reading "Rich Dad : Success Stories" - I AGREE - a lot of those guys were REALLY scary. BUT - later on there were some really inspiring stories too - a welfare mom becoming financially free, a 17 year old who had his first rental property - even an 8 year old running her own business.

[nodmicks]

Definitely start with "Rich Dad, Poor Dad", and follow that with "Cashflow Quadrant".

If you were reading "Rich Dad : Success Stories" - I AGREE - a lot of those guys were REALLY scary. BUT - later on there were some really inspiring stories too - a welfare mom becoming financially free, a 17 year old who had his first rental property - even an 8 year old running her own business.

I'll check and see online if our library has those after my workout!
I do think that is the book I read btw

[JanieD]

Nodmicks, I think you're right about finding the positive. Our jobs are a little unstable right now. So, I'm looking for ways to handle whatever happens. I'm working on stock up my pantry. Can't really say stockpiling since I'm only working toward 2 months of basics, but its a good start. We are also continuing to save even though costs are up. We managed to keep our electric use down this summer & lower bills even w/higher rates. We'll need that extra for the winter. I know these seem like little things, but feels like we're moving in the right direction. I feel we are much more prepared for whatever happens & can manage. I think staying positive really helps!

[nodmicks]

Janie those little things add up!

[Brat]

One of the biggest companys here will be shutting down in March and going to Mexico after over 50 years here...No company is safe anymore..Got to be able to bring back jobs and get health care for all...

[nodmicks]

That is awful Brat!!!!!!

[frugalfranny]

And not only are you counting your blessings but you know what the 'reality' of the future is and are planning for it.....that is a plus too.

[wanna_homestead]

Nodmicks, I just wanted to say you've got the right attitude.

My DH is in the same boat since last fall - freeze on salary, no raises for a while, and they're all having to do quite a bit of hard work right now since a few people got let go in a "restructuring" attempt. However, he gets paid a lot for our area, and he works for mostly nice people, doing something he enjoys.

But the main point: He's EMPLOYED. What a blessing, in this economy!

Keep your positive outlook!