At this precise point in time - 20:27 hours, Tuesday 2 September, 2008 - I'm unemployed. Again. I love the feeling!!!!!!
"Why is this", I hear you ask? Well, I know you're not asking, but I'm supposing anyone gives a continental, so I'm making you ask. I'll tell you why, despite the fact that I know you haven't asked, but you're reading this, so the curiosity is inferred by default, so there!
I resigned my job today. I have another job to go to, starting next Monday. It'll be a monotonously boring credit assessment and approvals position with an organisation I know nothing about, but presume has some longevity because I know the brokerage it's attached to has been around since 1992. The pay is around $5k more than I'm getting currently.....or was getting.....and the parking is free. It's in the suburbs so traffic is non-event. I'll go to work, do my thing, and come home. As boring as bat shit. The boss man even told me at the last interview, "it's my way or the highway around here, y'know!", which is as good a way of telling me, 'I know your type', but I've copped that before & won out.
Then there was coffee with a guy I'd never met personally before this afternoon, but had spoken to at great length on a wide variety of subjects, work-oriented and not work-oriented, over the last month or six weeks. He'd emailed me this morning, wanting to know if I was available for a coffee this week. Of course I was, as I've wanted to meet him for ages, but I'd resigned this morning, so it had better be this arvo because I was taking three days off from tomorrow. He's General Manager of a commercial mortgage funder I've dealt with infrequently, but struck up quite a relationship with on a personal basis. I thought, somewhat naively, that he wanted to talk business, and I had a deal to mull over with him also. Turns out, he wanted to make me an offer that with further thought, I'm finding terribly attractive and exciting.
He wants me to come work with him. He likes my style, whatever that is. I think he means he likes who I am, my plainness. My straight-forward, no-nonsense approach to lending money. My rate-for-risk approach, service-at-any-cost attitude and almost pathological hatred of idiot brokers and fools who simply won't listen. In short, he sees himself in me. He's late thirties, maybe early forties. I'm early fifties and he likes that too. "a wiser mind to bounce things off from time to time" That's scary shit, believe me. I don't regard myself as a 'wiser mind' in any way, shape or form, but as my wife tells me all the time, other people clearly do. She tells me I AM good at what I do. How she'd know escapes me because she really has no clue as to exactly what I do, or how I do it, but I am customer service oriented, and I think I've learned enough about lending money to know a good deal when I see one. I also cannot suffer idiots and fail to understand why anyone should. I'm politic about saying so, however. I guess age brings that. Maybe that's what Alex likes. My ability to tell someone they know sweet fuck all about their shit-from-clay ideas on borrowing for whatever purpose, in as professional a fashion as possible.
So here I sit, ale at hand, unemployed yet with two jobs for the taking. Neither one I've formally committed to, although I have given an informal nod to the boring-as-bat-shit position. I received the letter of offer yesterday afternoon, and while I've not signed anything, I did give the agency an 'ok, I'll take it' kind of response. That is.....until this afternoon. Same coin goes with the exciting role, as with the boring role. One is boring in the suburbs, with no traffic, the other is almost undescribably thrilling with peak-hour freeway crawl. Both pay the same, or within a reasonable tolerance. I believe the thriller will be plus super, to effectively, that's around $5k more. I'm not driven by the money, but hey, it makes life that much more relaxing, doesn't it?
So tell me, Vox-friends. Which would you choose? I'm pretty much decided, but I'd like to know your thoughts. Oh, BTW, I'll be on the beach at Kingscliff, NSW for the next three days, hopefully within range of a wireless hotspot so I can access your responses. Yes, it's a hard life, but after the last few years, I have good feelings about the choice I'm highly likely to make.
Friday night, the end of the working week, and it's supposed to be satisfying as an end to what can be a less than relaxing undertaking. Normally, I look forward to the Friday evening, a beer or three, a read of Snowy's remembrances and a surf through the virtual world.
Tonight, I'm feeling just a tad dissatisfied ....well, a LOT dissatisfied actually. The week gone was one of the slackest weeks business-wise I think I've had in my current role as an office-bound business development person for a mortgage manager/originator. The whole office dealt with two new applications during the week, and I had nothing new come through my email or over the phone. In other places & other times, I'd not have been concerned in the least, but in the current economic and financial climate, I'm very uneasy. No business for a non-bank financial institution (NBFI) means losses because there's always loan accounts running off the back of the book through payouts, refinances and just plain ordinary repayments. It's essential for a mortgage origination business to keep an inflow going, and right now, with banks re-taking the ascendancy in the domestic financial marketplace, that inflow has slowed to a weak drip.
The quality of the business is very, very poor as well, which means that what deals we are getting, are extremely hard to find funders for. The defaulters, arrears merchants, optimistic buyers with no equity and gullible investors sold a line on property they can't afford to buy, let alone pay interest on. Money is expensive when you're not a major player and major players are banks. In the main, the Pillars and lesser institutions like St George Bank, HSBC, Bendigo Bank. Those close to the source and with the capital adequacy to buy money at better rates than non-banks.
There is a way to stay alive, for the NBFI's during these hard times, and that way is to shed staff. The real assets of any business, which are almost without exception, treated as liabilities. Cost centres. For me, because I said I couldn't possibly live on $45k/annum, and said $50k was my basement level, I had to sign onto a six month probationary period in April. This means I'm not permanent staff, and won't be until 18 October this year. 180 days. I'm more than willing to wager real money that I'll get the bullet on day 179. The plus for me is that during the probationary period, while I can be dismissed at 24 hours notice, I can also walk away at 24 hours notice. Have to have somewhere to walk to first though. I've been working on that for the last month or six weeks and have something which is giving every impression of coming off. I just wish it would gel so I can get this 'fear and loathing' simian off my back.
I go to work each day, do my utmost to encourage business relationships with brokers, make myself available, even make personal, individual visits at my own cost from time to time. I write a two page, professional-looking newsletter for the business each month, and help out the permanent Business Development Manager whenever possible, yet I know very well that I'm as expendable as everyone else. More so, because I'm not permanent. The vibes are always evident, which makes each day feel like the last one and I no longer enjoying either the work, or my Friday nights. Even with a beer or three. I like the people I work with. In fact, if the gig I'm working on gelling solidifies, I'll miss them all terribly, but number one comes first. Actually, numbers one and two because I'm after something better for the benefit of both Rabble & myself. I'm fifty-one in a few weeks. I reckon I have, or would prefer to have, a maximum of fourteen years left in me, working. I'd like to enjoy a little time at ease before I shuffle off, so finding something solid, satisfying and reasonably well paid is vital to finding that ease down the track a-ways.
I find myself wondering what's going to happen first. Will I walk, or be walked? How long before I know? How long is that string?
The mob I wrote about yesterday sent me their contract today. The quoted dollar amount includes superannuation, which strips away just over $5k/annum, making the disposable income after tax untenable. I rang them, stated a case and was promised an answer later today. In the meantime, I had a call from another lead on the Sunshine Coast, answering an application I'd made yesterday. The man wants someone to fill a role which I'm well and truly suited for. In fact, it would most likely be a better job, per se, than the one I thought I already had. I've lived and worked on the Sunshine Coast and it's pure heaven. The business environment is lively and energetic as well. Albeit, that was some 16 years ago.
Thing is, such a move would mean the wife would be living here, in Brisbane, while I live & work on the coast. During the week anyway. Effectively, her DSP would increase markedly because we'd be 'separated' in terms of the current welfare regime. Naturally, I'd be paying rent and food while away, which would practically zero out the increased pension benefit based on the salary I'm assuming is on offer. Perhaps I'm wrong. I hope so. I'll find out more detail on Thursday.
A half hour ago I had a call from the first employer, the one I wrote about yesterday, to say that they're agreeable to the base PLUS super, which gives me the disposable income after tax I need to make all the sums work. Not luxuriously mind you, but minimally. The mortgage gets paid, which is the prime concern. Now here's the quandary, and we're not taking megabucks here either. Do I opt for a position on the Sunshine Coast, providing it pays a minimum $5k more than the one in Brisbane, or settle for the one in Brisbane, which is still less than what I was being paid in my last role. There's fuel involved, rent, food, all of which would easily decimate any benefit from an increased Disability Support Pension because we're 'separated'. Yes, I know there will be those who'll say we're ripping off the system, but I'd refute that. I'd be working to support two people, living away from home and hearth to do so and at the end of the day, certainly not profiting to any degree.
I'll know more on Thursday evening. Stay tuned for the next exciting episode from Casa Confusion.
Well, I have a job. It's not the job I wanted, and it pays less than I wanted, but at least the house will be safe. For a while. The budgeting will have to be tightly handled as I'll be getting paid monthly, which frankly I find obscene & obsolete in the current age.
I'm seriously shattered, especially given that I still have three irons in the fire which look like taking time to come off. If they come off. Any of the three would be great roles and easily what I'm after. Each would pay slightly more as well, which is always good. Thing is, how long does one hang out on the off-chance that best wishes and desires will actually come to fruition? Bird-in-the-hand stuff, I guess.
I'm seriously tired of this constant battle. I feel the weight tremendously. I hope this position actually becomes something that I fear it's not right now. No challenge, but at least it's an income.
Yesterday wasn't very pretty for me. I've been foolish enough to let my job get the better of me. It's an extremely frustrating, angsty position, having to answer to two bosses. One doesn't understand credit risk, the other is constantly trying to second-guess the first. One holds the purse strings on what we lend and to whom, so while he wouldn't know real credit risk if it bit his arse, ultimately, he calls the tune.
After getting through the day with a little self-medication from the micro-brewery in the shed up the backyard, plus three or four relaxing cigarettes, I managed to get back to work today. It's as well that I did, because of the seven job applications I made yesterday, one called me. One of the better employers and a position I'd be very happy in. A position with responsibility, autonomy and delegated authority. A major regional bank.
Long & short.........I have an interview next Tuesday. Apparently the head of the division is already quite impressed with my CV, so going up against two other candidates doesn't really phase me. The fact that I worked for the bank almost two years ago as a Lending Manager for one of their franchisees will stand me in good stead as well. Here's touching wood!
I made a decision this afternoon. It's time yet again to change jobs. There was a time, frustrations included, that a job was just that. A job. You rolled up in the morning & pissed off in the evening. What happened in between - good, bad or indifferent - was all a part of the glories of working for someone else. These days there are no glories. There's only endless frustration and dissatisfaction. At this stage in my career, and my life, the last thing I need is to be dissatisfied with working at what I honestly do enjoy doing.
I'm a lender. I'm very comfortable with making commercial decisions and living by them. I'm not a collector of bits of paper which are little or no relevance to the actual risk of the proposal in question. How much someone paid for a development property is irrelevant. What is relevant is what's it worth NOW! It's irrelevant to be concerned with how the property was purchased, and who borrowed what from whom to settle the purchase. What's relevant is who owes what to whom NOW! What's relevant is the risk. How much do they want, what's the collateral worth, when will they pay me back and exactly how. Are the credit records clean and what's the purpose of the deal? There's a whole lot of aspects to be considered, but terminology used in a written submission, how detailed or succinct that submission might be, and whether every probability involved with a potential future default is outlined, detailed exhaustively and mitigated before an approval is granted, is NOT a part of a proper commercial decision. A proper commercial decision is based in the gut of the lender.
Is this a good deal? Is the purpose right? Is the loan-to-valuation percentage within acceptable bounds in comparison to the overall risk? Are the borrowers a sound credit risk from a historical perspective? Are the exit strategies realisable? Do we have the minimum required signed paperwork in accordance with legislative requirements? Does the deal 'feel' right? If the answers are all yes, then you do the deal. You don't 'uhmm' and 'aah', and ask for this bit of paper or that balance sheet. You take the necessaries to confirm the gut feel and then you sign off.
It's really very simple. I simply fail to understand, nor tolerate, those who want to make a production of it.
Like the one-off wins one has in life.
Remember the other day I identified my "take no prisoners" personality trait as perhaps needing a little buffing up? Well, it exercised itself today in a dangerous manner.
My boss and I we're vigorously 'debating' the rights and wrongs of a particular approach to credit analysis on a particular deal. I disagreed with his position and he disagreed with mine, but the crowning glory was his statement that "well, you can argue with me all you like, but I'm right". Red rag to a bull. My response?
"Yes, well, you're always right, Philip" Fuck! Too late, it was out. Once those words form and pass your lips, there's no going back. As I said, I don't regard that part of my personality as a liability. It's there and not much I can do about it. I've carried it 50 years now, and dammit.....why should I tolerate arrogant idiots? Why should anyone?
His response? "In that case, I'll take the file back and you should consider your future here" Oh yes....I should point out that I don't come off probation until 10 March.
So......I did consider my future. Had a smoke while doing so and decided that if he doesn't want my help in his business, then he should come right out and say so. I decided to ask that precise question. I came back into the office to be greeted with, "Look, can we start again?" and a hand offered in, if not friendship, at least the spirit of conciliation. I took his hand and said, "Surely" We're now back on an even relationship. I seriously doubt his pedantic 'always right' attitudes will change because he's my age, my experience level and doubtless of a similar makeup from a personality perspective. I know I'm a much more relaxed individual, but then, I'm not in business for myself either. I just roll up, do my thing and piss off home. I like it that way. I also like......nay, require...... a little respect as a 35 year finance professional. I have opinions and I expect to be allowed to express them without retribution. I'm a professional or at least try hard to be. If we can all operate on the same basis, I'm sure things will work out.
Yes, it IS the little things in life that make it all worthwhile. The little victories, even if it does take a minor infarction to get there.
]]>Have you ever had a job where you couldn't actually 'do' anything until someone else did what they had to do? I'm in one right now. Yes, I know, I've raved about the advances happening in the establishment of this finance brokerage thingo I'm setting up, but it seems those advances are the singularly brilliant flashes of activity in the pitch blackness which is the seemingly interminable periods of total inactivity.
Last week, our aggregator declared that they wouldn't wait for our last accreditation, but would proceed with their paperwork. That won't be available until Wednesday. Our funders won't accredit us until the aggregator accredits us, and they won't finalise anything until the industry body accredits us, which won't happen until next Monday at the earliest! **SIGH**
I'm not one for inactivity and boredom really drags me down. I've done all I can do in preparation for the real launch, which can't happen this week, and may not happen before the end of next week! FUCK!
Maybe June will see me so busy with proposals from our dealership and referrals from my sources that I won't be able to scratch. I'd prefer that to all this sitting around and playing solitaire.
]]>I'm Excited!! Just received an email from our aggregator, the central body which arranges liasons between finance brokers and lending institutions, that we are to receive immediate accreditation!! Yes indeedy, I'm excited!
After six of the longest, most boring and frustrating weeks of my 35 year finance career, I am now on the verge of going live to a dealership network of some 40 franchises, plus whatever business I can derive from my own resources.
Yeh, yeh........I know that rave above means bugger all to anyone besides me, but I just had to tell somebody.
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