{"id":4678,"date":"2009-02-05T12:08:00","date_gmt":"2009-02-05T12:08:00","guid":{"rendered":"http:\/\/localhost\/projects\/horsesforsources\/forget-2006-lets-go-back-to-96\/"},"modified":"2009-02-05T12:08:00","modified_gmt":"2009-02-05T12:08:00","slug":"forget-2006-lets-go-back-to-96","status":"publish","type":"post","link":"https:\/\/www.horsesforsources.com\/forget-2006-lets-go-back-to-96\/","title":{"rendered":"Forget 2006, let’s go back to ’96"},"content":{"rendered":"

Like many of you, I have been waking up in the middle of the night wondering what's going on with the global economies and how the world will look in a few months when we adjust to the new economic reality.  I started thinking about about the world when people lived within their means, took a job for a job's sake, and could plan for the future.  It then hit me hard – things have simply fallen out of proportion.<\/span><\/em>  <\/p>\n

When I graduated in '94 there weren't a lot of high-powered careers available to graduates – you took what you could get and worked at it until something better came along.  I actually started off in customer relations for a burglar alarm firm… doesn't make my LinkedIn profile, but it actually started me off on a track that somehow got me here (and I did have some hilarious conversations with London celebs with their alarms wailing in the background).<\/p>\n

Let's talk about proportion and focus on the two staples in life - food and shelter.  By 1996, I was flying high as an analyst earning a whopping $30K a year (about the same as an Oracle developer in Bangalore today).  I also purchased an apartment for $100K.  In those days you could borrow 3 times your annual salary – that was it.  The cost of groceries was about $40 a week, and a good restaurant meal was never more than $35 a head.  I'll stop there.  While my salary seems terrible by today's standards, I didn't build any debt and I had a mortgage that was manageable for a property that was fairly valued.  Life was good, and I slept well at night.<\/p>\n

Take 2008.  The equivalent salary for a graduate-level analyst is about $50K.  The cost of that equivalent apartment is $300K (6 times the salary), weekly groceries $75 and a good meal $60 (if you're lucky and the wine's cheap).  There's no feasible way you can enjoy the same quality of life without mortgaging yourself way beyond your means and delving deep into credit-card debt.  What's worse is that debt has become part of life for so many people.  And that's precisely what happened, and now everyone's paying the price.<\/p>\n

The optimum way out of this crisis is for these proportions to be redressed, however painful it may be.  <\/p>\n

\"Guillotine\"<\/a><\/p><\/p>\n","protected":false},"excerpt":{"rendered":"

Like many of you, I have been waking up in the middle of the night wondering what's going on with…<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48],"tags":[],"organization":[],"ppma_author":[19],"class_list":["post-4678","post","type-post","status-publish","format-standard","hentry","category-business-process-outsourcing-bpo"],"yoast_head":"\nForget 2006, let's go back to '96 - Horses for Sources | No Boundaries<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.horsesforsources.com\/forget-2006-lets-go-back-to-96\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Forget 2006, let's go back to '96 - Horses for Sources | No Boundaries\" \/>\n<meta property=\"og:description\" content=\"Like many of you, I have been waking up in the middle of the night wondering what's going on with...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.horsesforsources.com\/forget-2006-lets-go-back-to-96\/\" \/>\n<meta property=\"og:site_name\" content=\"Horses for Sources | No Boundaries\" \/>\n<meta property=\"article:published_time\" content=\"2009-02-05T12:08:00+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.horsesforsources.com\/images\/6a00d8356fb76c69e201053710101b970b-800wi.jpg\" \/>\n<meta name=\"author\" content=\"Phil Fersht\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@pfersht\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Phil Fersht\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.horsesforsources.com\/forget-2006-lets-go-back-to-96\/\",\"url\":\"https:\/\/www.horsesforsources.com\/forget-2006-lets-go-back-to-96\/\",\"name\":\"Forget 2006, let's go back to '96 - 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