Could You Get Along on a $12 Million Pay Cut?

JamieDimon

Ouch! Jamie Dimon’s pay gets cut

My deepest sympathy goes out to JPMorgan Chase CEO Jamie Dimon. according to a Wall Street Journal Article, in 2011 his pay was $23.1 million but for 2012 he was knocked down to a paltry $11.5 million.

Ouch!

The reason given for this huge and painful pay cut was some whale problem in London. But that’s secondary.

Beware of whales

Beware of whales

The reason I feel sorry for this guy is… Can you imagine the conversation he needed to have with his family?

Unlike the US Government when revenues drop us real people need to make adjustments to our budgets. We just can’t spend more than we make and hope Chinese bond buyers will make up the difference.

Nope… Cuts would need to be made in the Dimond household. Big cuts!

They would need to make up for almost $12 million in lost income. But how could they ever do it. This is a lot of money.

Let me make a few suggestions:

Bye, Bye DirecTV

Bye, Bye DirecTV

1. Turn off your DirecTV – I’m sure the Dimon’s had all the premium channels and other extras so making the call to turn off their DirecTV subscription will probably save them $22,000 a month.

2. Eat more meals at home – I’ve been to New York a few times so I know that by eating at home one or two more nights a week could save a family around $134,000 a month.

A quick $100,000+ savings

A Quick $100,000+ savings

3. Cut back on the household staff – Try doing your own laundry, actually spending evenings with your kids, or driving yourself around. Three staff members gone. That’s another $24,000 a month including benefits and those odd household items tjhat seem to go missing every week.

4. Use TurboTax instead of high priced accountants – Hopefully Mr. Dimon is good with numbers. But this computerized tax program is so easy he should be able to use it to figure out what he owes Uncle Sam. That’s another $100,000+ a year savings.

These four ideas should get the Dimon family on their way to living on closer to an $11.5 million annual budget. I hope they make it. Times are tough all around.

 

 

Could You Be Happier If You Just Bail On Those New Year’s Resolutions Yet?

new-years-resolution-letterpress-coaster-luckybeepress_122309It’s about that time of the month where 98% of the people have bailed on their New Year’s resolutions. Only about 10% even remember what those resolutions were anyway. And most of those resolutions were made while people were slightly hung over from a hard night of bring in the 2013. The first in a log time without Dick Clark.

The first week of January at my Health Club is always very crowded. All these new people fresh from setting New Year’s goals for themselves and writing a big membership check hit the equipment, pool, and exercise classes with the zeal of a Marine hitting Omaha beach. But today when I went to the health club they were all gone.

Health_club_G_1

Second week of January at the healthclub

I’m not sure where they all went but I’m afraid they bailed on their “Get More Fit” New Year’s resolution.

According to the US Government the top New Year’s resolutions include “Drink Less Alcohol”, “Eat Healthy Food”, and “Get A Better Job”. Are you surprised that drinking less is number one? I’m not.  That nice government site even includes handy links to help you get started on your way to achieving your resolution.

By now I’ll bet the hits on those web sites has slowed down.

IMG_1294It’s so easy to get dismayed, distracted, and demotivated when it comes to those traditional New Year’s resolutions. That’s why I would like to suggest a set of more easily achievable resolutions that might even be more fun.

1) Drink more wine – This is a good one now that drinkable wine is available for as little a $3 a bottle.

2) Sleep more – If you are only getting seven or eight hours of sleep every night go for ten and see how that changes your perspective. Sure you may have to go to beed at 8PM but the benefits could be incredible.

All the healthy food a person could want

All the healthy food a person could want

3) Eat only food from Guy Fieri’s Diners, Drive-Ins and Dives list – This guy have found places in most states where you can get a meal that is positively wonderful. Most are made with fresh ingredients and most a deep fried. There is even a list by state.

Let me know if you can’t keep those resolutions. And there’s no expensive health club fees involved.