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How a Former Currency Strategist Went from $150K/Year to Serving Lattes at Starbucks

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posted on Apr, 30 2012 @ 07:08 PM
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A few years ago, Kevin Cronan had it all. At 38, he was bankrolling $100,000/year (plus a $50K bonus) as a currency strategist for a major Boston investment firm and was this close to dropping $35,000 to rub elbows at an ultra-exclusive country club. Then the recession hit with all the force of a wrecking ball, and he joined 8 million other Americans on the unemployment line. Photo: Kevin CronanBut with a college diploma, 22 months of severance to rely on and 15 years worth of experience under his belt, he figured he had nothing to worry about. Right? Wrong. "I thought, 'I can't believe I'm not gonna find a job before this money runs out','" Cronan told Business Insider. "I started traveling a lot afterward." But time ticked on, his funds dwindled and the job market showed no signs of improvement.


finance.yahoo.com...




Cronan was used to blowing $200 on swanky steak dinners each week, but the further he sank into unemployment, the more he turned down invites. "It's hard to maintain contacts because a lot of the social contacts were over meals, cocktails, playing squash and golf," he said. "Money is always a factor." Instead, he waits around for a good Groupon deal or the occasions when his old haunts offer mid-week specials – and dines solo.


That poor bastard






He came across an online pawn site called Pawntique, where he took out a loan against a multi-thousand-dollar Corum watch. Going the online route was quick and efficient, but the real perk was anonymity: "I didn't want anyone to see me," he said.


That poor misguided son of a B. This man deserves everything he got and I am happy that someone saw the coin on the other side
edit on 30-4-2012 by Jordan River because: (no reason given)




posted on Apr, 30 2012 @ 07:15 PM
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How a Former Currency Strategist Went from $150K/Year to Serving Lattes at Starbucks


That guy is clearly not trying if the only job he can find is at Starbucks. And where did all his money and assets go after 15 years? Was he living pay check to pay check earning 150k a year?


Nevermind, no wonder he works for minimum wage now.



posted on Apr, 30 2012 @ 07:18 PM
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If you don't save you'll go poor to your grave



posted on Apr, 30 2012 @ 07:30 PM
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I lost my job over 20 years ago due to health reasons, I now tend the gardens here and cut the grass and I still miss the job as they say.

What we did here immediately was to cut the gotta haves out and went just with the needs.
My wife was and still is working but I can never work again (Heart)
Long story short right on the day I got sick we cut the fun stuff out.
From that day on I wear only used clothes from a used clothing store, heck where am I going to go?
My wages were about 50k a year before I got sick then my insurance payments were about 23k a year before tax which eats up another 4k a year.

Major reduction in income and what do we have now?
After 20 years of only one person working we have savings of over 100k and a bit tucked into the mattress just incase.
We lived without squash and steaks at the club, we still have steaks but they better be on sale and I am cooking them myself.
The wife works full time making about 50k per year and we both own used vehicles and have never bought new.

Last point is when I got sick we just and I mean just bought our home and that was a tough one to add to the mix.

Great thread and I hope this clown is reading it, then again maybe he is playing squash tonight?
Regards, Iwinder
edit on 30-4-2012 by Iwinder because: (no reason given)



posted on Apr, 30 2012 @ 07:38 PM
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reply to post by Jordan River
 


WTF is your problem? The guy tried to make something of himself, got screwed by the economy and now has to work at Starbucks?

Seriously.. I want to know .. WTF is wrong with you?

$100k puts you smack in the middle of middle class in many large urban areas.. 80-120k where I live is considered "normal", but our cost of living is 30% higher than the national average. Even in Boston where this guys from 100-150k a year is NOT that big. He was an average person making average money spending it on activities that WOULD have furthered his career (networking is the golden rule of finance).

And all you can do is insult him because he apparently makes more money than you? WTF. You have some serious problems, and you come off as an ignorant degrading child.



posted on Apr, 30 2012 @ 07:44 PM
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apparently it didn't hit hard for his former buddies. he said he just can't afford to maintain contacts.

it's seems everybody else is living it up.

he made a $150,000 a year. but he probably made it doing other peoples dirty work. his bosses must have made millions.

there's a word for that type of position - it's called insulation.



posted on Apr, 30 2012 @ 08:06 PM
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Originally posted by Rockpuck
reply to post by Jordan River
 


WTF is your problem? The guy tried to make something of himself, got screwed by the economy and now has to work at Starbucks?


Story of my life, except I cannot even start a family. i dont need to explain myself



posted on May, 1 2012 @ 08:24 PM
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Originally posted by Rockpuck
reply to post by Jordan River
 


WTF is your problem? The guy tried to make something of himself, got screwed by the economy and now has to work at Starbucks?

Seriously.. I want to know .. WTF is wrong with you?

$100k puts you smack in the middle of middle class in many large urban areas.. 80-120k where I live is considered "normal", but our cost of living is 30% higher than the national average. Even in Boston where this guys from 100-150k a year is NOT that big. He was an average person making average money spending it on activities that WOULD have furthered his career (networking is the golden rule of finance).

And all you can do is insult him because he apparently makes more money than you? WTF. You have some serious problems, and you come off as an ignorant degrading child.


I don't really think that's the issue. The issue is how he spent it carelessly and now he has next to nothing. I can live on less than $15,000 a year if I need to. One meal for him would buy 3 weeks of clean, organic food for me. So who really gives a damn that he blew all his money on recreation and luxury? I'm not insulting him; just saying he should have saved more, and a little thoughtful foresight into the future of economics would not have hurt, either. When I had $100,000 in the bank, I started a sustainable business that is based on basic human needs.

He bought things to impress people. Not too smart if you ask me.
edit on 1-5-2012 by OrchusGhule because: (no reason given)



posted on May, 2 2012 @ 11:13 AM
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150k a year is not much for a leveraged derivatives trader to make in a month, let alone a year. A successful one anyway. This guy was obviously not one of the market makers. Anyone that makes any money in this market that is not a robot is the best at what they do, working really hard, and earning every penny. It's not his fault the financial system does not reward being a productive member of society.



posted on May, 2 2012 @ 11:20 AM
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reply to post by faryjay
 


Who cares? I've never seen an armored truck follow a Hearst anyway.



posted on May, 2 2012 @ 11:21 AM
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reply to post by Rockpuck
 




$100k puts you smack in the middle of middle class in many large urban areas.. 80-120k where I live is considered "normal", but our cost of living is 30% higher than the national average.


Well if you're a fan of relativity then you'll love the disparity between 150k a year and ...200$ a year in some other place.


Even in Boston where this guys from 100-150k a year is NOT that big. He was an average person making average money spending it on activities that WOULD have furthered his career (networking is the golden rule of finance).


Something is seriously wrong with the people who do this. "Networking is the golden rule of finance"...yes, it clearly shows how corrupt their trade and their ilk is.



posted on May, 2 2012 @ 02:11 PM
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What sort of "currency strategist" doesn't invest in himself? How can you have a 150k job for 15 years and have no money and no connections?

lol what a tard.
edit on 2-5-2012 by Therealtrayvonmartin because: (no reason given)



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