Lisa Brake

Percent cut: 55%

Hardest thing to give up: The freedom to go shopping, take a trip or do anything without planning far in advance.

"After suffering health problems, I separated honorably from the U.S. Air Force. I was a captain, making $83,000 year.

I thought I'd find a job easily. I have three degrees, and I live in Colorado Springs, a town with a large pool of government and military-related jobs. But after an 11-month search, I was offered only one job, as an IT specialist. It was a great job with great benefits, but it only paid $36,000.

I was stunned. For my whole life, I'd worked hard to get the education I needed to be employable.

I took the 55% pay cut out of desperation. It was a hard decision, particularly because my husband is underemployed. He used to work in aircraft maintenance, but now he's a home-theater installer.

We have two kids, and we're faced with a gigantic mortgage. We're all trying to scrape by. Movie night at home is considered a splurge, because just getting to relax is a luxury.

We've learned to make do with a lot less. We led a lifestyle based on our high income. And when something happens to that pay, there is no way out. I'd tell others in the same situation to keep looking for employment even when it seems bleak. You just do what you have to do, and you learn to cut back as much as you need in order to make it."



Michael Antidormi

Percent cut: 82%

Hardest thing to give up: Not being able to help out my kids as much.

"Until February of last year, I was a vice president at Goldman Sachs with a base salary of $160,000. Adding in a bonus and 401(k) contribution, I received more than $200,000 a year.

I had been the team leader of the computer help desk for more than six years when we heard Goldman was moving the desk to India. I was laid off Feb. 28, 2008.

I was 61. I'd been planning to retire at 66.

Instead, I received a ten-month severance package, plus $5,000 and vacation pay. After ten months, I finally found a job.

It pays $36,000. That's less than my bonus at Goldman Sachs. But there was nothing else out there. I'm a representative for Disabled Veterans' Outreach Program, which helps other people like me find employment and job training. The saddest thing is, I'm a kid. Most of my coworkers are about 75.

I used to help my just-married daughter and college-age son with things like car payments, but now my wife and I are struggling ourselves. That's a bit of a pill when you've worked for 43 years to make it up the ranks. I've had to drain a big chunk out of both an IRA and my 401(k).

The Goldman checks stopped coming Jan. 1, so I'm not yet sure how we're coping. I don't know we'll face in the months to come.

At my job, we try to tell the job seekers something a little upbeat - like a lot of things will be happening in 2009 with Obama. But I'm crying on the inside, because I don't know when it will change all that much."



Nicholas Kelly

Percent cut: ~60%

Hardest thing to give up: Not thinking about the details, like if it is worth the gas to drive somewhere.

"I was laid off in March of 2008. I was making $55,000 a year as a media-relations manager at Pace Global Energy Services. The company reorganized, and now I work part time at Lucky Brand Jeans in the mall making $10.25 an hour.

I applied online to more than 400 positions. I applied to everything and anything, and I'm still looking. I started working part time at Lucky right after Thanksgiving.

I've had to budget everything from food to when I go to the dry cleaners - if I even go to the dry cleaners. It's all those little things that you take for granted that you notice now.

Even the definition of 'splurge' has taken on new meaning for me. Before, splurging could mean a shopping trip at Saks or a weekend trip, but now it could be a cup of coffee or a full meal out.

In 2009 all I am looking for is stability in my career and my life. Just a solid income, health benefits and to not think so much about the unknown."



Blake hαɾɾιson

Percent cut: ~47%

Hardest thing to give up: Grandmother's house

"I started looking for a job the moment I got laid off in May 2008. It was the second time in five years, so I knew the routine, I knew it would be difficult.

I was making around $47,000 a year in telecommunications at Integral Choice, now I'm making $12 an hour at Alcatraz Media, a tour-ticketing agency. I chase paperwork and make sure it all gets turned in. In my old job I did management, I did quality assurance, you name it I've done it. But in my new job I'm making sure people turn in their paperwork.

There are no big luxury items anymore; no small ones either. Sometimes we go to the movies, but we hit the matinee because it's cheaper. We almost had to give up our house and fought foreclosure twice in the past year.

The hardest part is that right now we are in the process of selling my grandmother's house just to pay the bills, and we're renting out a room in our own home.

Honestly though, I'm just thankful to have a job to go to five days a week. I'm very confident that this year will be a better one now that we have a new administration."



Jarrod Posner

Percent cut: 70%

Hardest thing to give up: I miss the luxury of comfort, knowing we had financial security at all times. I wish I had been smarter.

Posner, 34, was a mortgage lender for home builder D.R. Horton making $110,000 a year until he was laid off last May. Despite applying for many jobs through job-search sites, he received only one offer through a contact at the University of Phoenix in September.

The position, as an enrollment counselor, paid $33,000 a year.

"I was actually thankful because I was getting a job but at the same time my wife and I realized we had to make a lot of lifestyle changes," he said.

Since then, the Posners, who have two children, foreclosed on their home, moved into a rental property, downgraded from two cars to one and learned how to budget.

But despite the hardship, Posner says he is content with his job and happy to be employed. "Through foreclosure and possible bankruptcy, we've realized as a family what's important."



Charles Dybala

Percent cut: 25%

Hardest thing to give up: The familiarity of life up north, where my family is. I had to uproot everything.

"I'm 55 years old, and I'm starting my life all over again.

I was working in Michigan as a maintenance technician. In December 2007 we found out the company had sold General Motors some bad parts, and the fines meant they had to cut production. I was laid off a week later, along with about 20 other employees from the 300-person plant.

At the time, it seemed like the economy was doing well. In the auto industry it's not uncommon to be laid off since its seasonal work. But it was still a shock.

I waited until the new year to start my job search. I placed my resume online, and a company called Gassey/Allcranes called me in January. They asked me to move to Houston, but I said 'no' since I hoped to stay closer and keep my house.

But by March money was getting tight. So when the company called again in February and asked me to move to Louisiana, I couldn't turn it down. We uprooted our lives, and I started here March 10 with a 25% pay cut from my previous $29 an hour.

We tried to keep paying our mortgage up north, but it didn't work. We filed Chapter 7 bankruptcy.

It was great for us to file bankruptcy and start all over again financially. It hurts your credit rating, but then you can move on. When I suggested it, my wife was all, 'We won't be able to buy anything!'

I said, 'Well, sweetheart, we couldn't anyway.'"


Jason Eldridge

Old Job: Personal banker - $40,000
New Job: Cook - $8/hr
Hardest thing to give up: The hardest thing I've had to give up is the freedom that I used to have. To be able to go out and spend money and not to have to worry too much about the ramifications.


"I was working as a personal banker at Chase Bank in Peoria, Ariz., and making $40,000 a year when my roommates and I decided to try our luck and move to New York in June 2008. Little did we know how hard it would be to get a job in banking out there.

To make a long story short, we failed. And I was broke.

My roommates moved back to Arizona, and I moved to Massachusetts to stay with my dad. I thought it would only be a few weeks until I got a decent job. That was seven months ago.

I work at a restaurant, Rebecca's Place Too, making $8 an hour.

This is a vast contrast to where I was a year ago. In Arizona, I was going out every night, having fun. Now life's a lot more simple. I wake up and walk to work because I had to sell my car. I don't go to restaurants or bars anymore. I canceled my Internet, and I use the library computer. I cut back the plan on my phone.

I would tell people that if you have money, save it right now. You never know what's going to happen."

I didn't read all of these, just the first two. But, I'm guessing they'll all be similar.

I'm not reading about people making $40,000 and getting cut back to $15K-$20K. That would be tough because you'd be cutting into the "meat" of their livelihood. The two I read were making big bucks and now make enough to get by and not much more. I'm sure it's tough, but they can learn to live without all the extras just as they learned to live with them. What's crazy is that these people didn't take the years they were making big bucks as opportunity to acquire what they need and pay for it in full. I'm sure even those who were making $120K still have debt eventhough they could have paid off a nice house and car in a relatively short amount of time.

On a similar note, I was looking at Craig's List last night to find some shoes for my kids. One of the ads read something like this:
"Almost new Nike Shox ... paid $120 ... will take $50 .... need to sell fast to buy groceries for the kids."
If I were anywhere close to not being able to afford groceries, I wouldn't be spending $120 on a pair of shoes!