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Old 22nd December 2008, 08:37   #31
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Generally a person think of investing his or her wealth after a span of 10 years,first he or she may look for having their own home/vehicles/social liabilities etc but after constant rise and addition in income after few years of service one thinks of investing.
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Anyone who has been in IT for 10 years would have lived though market crash in 2001/02
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Old 22nd December 2008, 09:39   #32
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Generally a person think of investing his or her wealth after a span of 10 years,first he or she may look for having their own home/vehicles/social liabilities etc but after constant rise and addition in income after few years of service one thinks of investing.
??
I thought it was the other way around. Investing money should start at an early age, to the advantage of the power of compounding. And the invested money should form a large percentage of the total take home salary in initial years, and decreased slowly as social responsibilities, home etc. comes into picture. After all, if you don't invest, how do you manage to buy a car and a home within the first 10 years of your job (Unless you are an investment banker/CEO/businessman etc )
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Old 22nd December 2008, 09:51   #33
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I am working for a leading stock broker in bombay and have got a 20% salary cut and have been told that there will be another cut in march if things do not improve from here. Aslo lay offs have started and there will be more job losses in march. Times are bad for stock market related employees.Hope things improve.
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Old 22nd December 2008, 10:01   #34
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but after constant rise and addition in income after few years of service one thinks of investing.
Most of my colleagues in IT that were in industry around 97 and 2001 have seen best of booms and worst of busts in terms of IT.

All of us are ultra conservative in terms of finances. None of us would dare do things like blowing away more then 30% net (take home) salary on EMI and other fixed commitments.
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Old 22nd December 2008, 10:21   #35
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Yup I was there Had just entered the IT scene and got a pink slip on my first IT job.
Dont remind me of 2001 even i was one of the vitims of the slowdown then not sure if i can smile on this...i undertsnad how it feels:(
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Old 22nd December 2008, 10:57   #36
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Investment is done in liquid and illiquid assets Dclite,I am a businessman so my views may be different or wrong from those doing jobs point of views,I invested my first 10 yrs income only and strictly in my business then I did my all other my investments.I agree with your point that investing should start from early stage of our carrier IF a person can smell real investments which generally not a case with many,at those age all looks shining and glittering.Only hardship teaches us what to do and what to avoid,atleast for my case this is true.I have seen many people taking big insurance in early stage of life and then failed to pay the premium afterwards.
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After all, if you don't invest, how do you manage to buy a car and a home within the first 10 years of your job
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Old 22nd December 2008, 10:59   #37
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My headquarter has stopped serving coffee in paper cups and do not put sugar near coffee vending machine. They put one message near coffee vending machine "Pleas use your own private cup and sugar if required"

Also in working area they switch off around 40% of lights and put on only required lights.

In this recession, these two cuts also helping to the cause for "Global Warming". This is called "Two shot from one bow"
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Old 22nd December 2008, 11:00   #38
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i work in an american fortune 500 bpo company with good presence in 5 major cities. the company itself is in a cost cutting mode. employee engagement budgets (read team outings, parties, etc.) are frozen until further notice. other costs like transport, stationary are being looked at closely. also low performers who were turned a blind eye earlier are now being delivered the shape up or ship out message. however no drastic actions as of now. also fiscal year end appraisals seem on track but it's too early to comment.

the second factor is the individual processes that the company has. one process from an auto major is said to be in big trouble for obvious reasons. but we haven't seen any action yet.

another process from an IT behemoth seems to be on a different track. they have announced new year bonuses for all its employees, flying people across sites just to make them get to know each other better without any clear agenda?! etc.

i am relatively young in experience as one gentleman pointed out my kind and haven't experienced the bad times. yet, that doesn't take away from the fact that i empathize with all those who have or are going through bad times. i am sure only a positive frame of mind can help us see through this crisis.
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Old 22nd December 2008, 11:17   #39
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Hikes deferred for 6 months in my mid-sized IT company having a global presence. Even though the company is not in red, the management is thinking it prudent to dig in as the American CEO is expecting a major slowdown for the whole of 2009!

I have seen the 2001 slowdown and experienced the 25% salary cuts for almost 2 quarters. But that was a time when i was a bachelor which allowed me to cope with it. Now with home EMIs, wife and a newborn kid to support, it would be a real nightmare. And to top that off, i am currently on bench because the American counterpart whose outsourcing business I was managing, ramped down the project!
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Old 22nd December 2008, 11:45   #40
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Default This topic was bound to come up!

Well, i work in a ITES setup and apart from all other things, my company has let go off hand towels or tissues in the loo!! Can u imagine that? Apparently they cost a lot!! But having said that, one thing that my companies' VPs did was to sacrifice on their increments this year so that the employees could have their Bonuses. Now, that is something!!

I just hope the situation starts to stabilize soon.

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Old 22nd December 2008, 11:48   #41
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We are not in recession, but facing a slow down in growth. This has affected all sectors, latest data of Index for Industrial Production (IIP) is a testimony to that. First time in 15 years it has contracted. Most of the sectors are reporting slow sales. Automobiles, steel, real estate, etc.

My variable pay was cut by 10% in November. Client has freezed even replacement hiring (its a large Fortune 500 lobal bank). Few days back, client asked for tasks list from everybody for the past twelve days. It didnt sound good to me. Oh yeah, I work in IT sector, I am not a technical person though.
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Old 22nd December 2008, 12:04   #42
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Touched a raw nerve there buddy!
Amit, Basic reason for me asking this is that we have seen the trend in 2001/2002, but haven't experienced anything like this in our lifetime. Extrapolating the existing data provides a gloom picture. Wanted to know how can we cope up with it
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Old 22nd December 2008, 13:36   #43
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Yes, those who have seen the 2000/2001 crisis would be a lot more prudent now. As someone rightly pointed out, your EMI should not be more than 30-35% of your monthly salary. You can cut down on a lot of costs but not on the EMI's ! Carpooling, using public transport or a 2 wheeler will also help cut costs.

If its a Double Income family its always wise to restrict all spendings to just one salary so that you can save on the other.

Well saying all that I've spent 60K for my andaman trip, 55k for the Panasonic Plasma another 10K for Thekkady trip and just got myself a new microwave oven as well..... So I don't know if I follow what I preach ;-)

And its a good time to build a house if you own land. Steel, cement prices are down, labour is cheap and loan rates are coming down !!
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Old 22nd December 2008, 13:46   #44
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i work in a major law firm. There is no let down of work in my department(infrastructure), but in departments like capital markets and all, there is no work. But yeah, there is talk of lesser bonus.
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Old 22nd December 2008, 15:10   #45
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Continue to my post earlier... My HQ just removed paper cups and saving on electricity but my Indian company is on Hiring Spree. Our company will hire 300 - 400 in next 3 - 5 months. Also my company has taken additional space in adjacent building to accommodate new comers.

All campus recruits already started their work. Right now strength in India is around 2000. It is looking everything fine as of now but 2009 is certainly watchful. Most of the things depends upon this christmas holidays in Europe and USA.
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