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- Nov 12, 2015
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The change is really quite remarkable.The collapse of Lehman brothers just happened as I entered the workforce permently and I've never known it to be good. Its also readily apparent to me just how much advantage those 5+ years older than have had in workplace with greater opportunity earlier in their careers to advance (due to expanding economy and therefore jobs) most businesses I've worked at have been stagnant and grow through acquisition rather than work either through more orders or developing new products. This makes opportunities to advance your career through that growth less as your acquiring the new workforce through buying them rather needing to employ them.
I'm 48, but due to mental health issues, I graduated in 2003 rather than 2000 - and that difference already makes a HUGE difference.
I had 3 "good" years - on rookie wages.
In late 2006 I branched out on my own, and opened my own business (putting every penny I had into it, and plenty of pennies I didn't have). Business plan had the loans paid off in approximately 3 years.
7 months later, Tewkesbury disappeared under water and essentially hit recession a year before the rest of the world.
It took about 5 years before earnings returned to what they had been after 6 months; whilst my debt had increased substantially (negative equity is a hell of a thing).
I'm due to pay off the last of those start-up loans (well, the last of the loans used to pay off the loans) this Autumn - which will be nice.
I will never be able to retire.