Author Topic: At 78, Former Executive Still Flips Burgers for $7.98  (Read 5814 times)

No Name Guy

  • Bristles
  • ***
  • Posts: 450
  • Location: Western Washington
At 78, Former Executive Still Flips Burgers for $7.98
« on: October 08, 2014, 10:27:04 AM »
http://www.bloomberg.com/news/2014-10-07/at-78-former-executive-still-flips-burgers-for-7-98.html
http://www.bloomberg.com/news/2013-09-23/why-100-000-salary-may-yield-retirement-flipping-burgers.html


Quote
Tom Palome, a 78-year-old former marketing executive who works as a short-order cook and bartender to make ends meet.

Quote
Palome, who at the height of his career was vice-president of marketing for Oral-B,

Quote
He works 20 hours a week over four days, earning $7.98 an hour plus tips or about $300 a week, down slightly from last year.

The income supplements the $1,200 a month he receives from Social Security plus $600 from a pension from his last corporate job...

Quote
While Palome worked hard his entire career, paid off his mortgage and put his kids through college, like most Americans he didnt save enough for retirement...... When the 2008 financial crisis hit, what little Palome had saved -- $90,000 -- took a beating and he suddenly found himself in need of cash to maintain his lifestyle.

Quote
At 64, when an 800 square foot manufactured home hed seen in Plant City, a Tampa suburb, became available for $21,500, he purchased it with a credit card to amass frequent flier miles. He then sold his New Jersey home for $180,000, kept what he needed to quickly pay off his credit card debt and divided the rest among his children so theyd have down payments for their own homes.

Really a shame....the guy had a high paying job yet never really amassed the funds needed to be set.  He dispersed what he got from the house.  Life threw him some curve balls as well, but in the end, that he HAS to work to make ends meet is the final takeaway, even if he sounds like the type who wants to work until the day he dies.

dandarc

  • Magnum Stache
  • ******
  • Posts: 3540
  • Age: 37
Re: At 78, Former Executive Still Flips Burgers for $7.98
« Reply #1 on: October 08, 2014, 10:35:16 AM »
Yeah - really doesn't matter how much you make if you've got a policy of spending / giving away nearly all of it.

Cheddar Stacker

  • Magnum Stache
  • ******
  • Posts: 3714
  • Age: 41
  • Location: USA
Re: At 78, Former Executive Still Flips Burgers for $7.98
« Reply #2 on: October 08, 2014, 10:38:52 AM »
Holy Shit! Crazy. I understand taking care of your children, but this is extreme. He gave them the clothes off his back. I think there's a tipping point between selfless and stupid, and he clearly crossed that line.

Bob W

  • Magnum Stache
  • ******
  • Posts: 2947
  • Age: 60
  • Location: Missouri
  • Live on minimum wage, earn on maximum
Re: At 78, Former Executive Still Flips Burgers for $7.98
« Reply #3 on: October 08, 2014, 10:42:35 AM »
I'd be curious why he can't find a gig that pays a bit more with a resume like that?   Are corporations really employing people like this in top jobs?   I think there is  a bit more to this story.   

socaso

  • Pencil Stache
  • ****
  • Posts: 550
Re: At 78, Former Executive Still Flips Burgers for $7.98
« Reply #4 on: October 08, 2014, 10:57:30 AM »
My sister and I were just talking two days ago about how the greatest gift our parents gave us (outside of raising us with healthy money attitudes) is saving for their retirement so we don't have to worry about them. That's something I intend to do for my child.

Aphalite

  • Bristles
  • ***
  • Posts: 425
Re: At 78, Former Executive Still Flips Burgers for $7.98
« Reply #5 on: October 08, 2014, 01:23:15 PM »
I see the opposite point than what OP intended - I see a man whose spirits are still as high as ever even after all of the mistakes he's made - choosing to focus on the good in life

"Still, hes proud of his accomplishments. He built a career in marketing, raised a family following a tragic loss and helped his kids get a start in life.

Im not going to sit on my laurels and say I was an executive making six figures and traveling the world, he said. I tell people I demonstrate food and I do short-order cooking. I dont mind saying it. Whats important is that I can work today."

I don't see the money part of being a mustachian as the most important, it's all about happiness. This guy like Cheddar said literally gave his shirt off his back to his kids/grandkids, and refuses help from them because he is happy that he can remain independent. If that's not at the core of being a Mustachian then I don't know what is.

Cpa Cat

  • Handlebar Stache
  • *****
  • Posts: 1625
Re: At 78, Former Executive Still Flips Burgers for $7.98
« Reply #6 on: October 08, 2014, 01:43:34 PM »
Eh. He's clearly enjoying life and doing what he wants to do.

This is a man with a marketing background who is getting a ton of press. If he wanted to, he could be getting paid to do speaking engagements, writing a book, a blog, whatever.

He's flipping burgers because it's what he likes. I'm guessing that at some point, he realized $2,000/month is all he really needed.

gimp

  • Handlebar Stache
  • *****
  • Posts: 2348
Re: At 78, Former Executive Still Flips Burgers for $7.98
« Reply #7 on: October 08, 2014, 01:58:35 PM »
I agree with these conclusions. A lot of old folks work because it gives them purpose, keeps them sharp, and lets them socialize. Many others volunteer for the same reason, or take up hobbies. While this guy may have blown money, he also very purposefully gave away what he had left to his children - likely so that it couldn't be taken by medical costs. Unlike many people, he takes pride in his work and pride in that he is working. That's noble, not shameful.

I can see myself doing the same - though I'd have a lot more saved up to give away.

skyrefuge

  • Handlebar Stache
  • *****
  • Posts: 1007
  • Location: Suburban Chicago, IL
Re: At 78, Former Executive Still Flips Burgers for $7.98
« Reply #8 on: October 08, 2014, 02:45:56 PM »
Quote
Really a shame....the guy had a high paying job yet never really amassed the funds needed to be set.

It seems like the "high-paying job"/"executive" stuff might be overstated. He last held that "high-paying job" (that wasn't even 6 figures) at age 44, or 34 years ago. And only held it for 5 years. And then it sounds like his consulting business must have had a lot more lean years than flush years, because $1,200/mo seems like a pretty small Social Security payout for someone who spent a career as a high earner. A rough estimate from SSA shows that a 40-year career with a final salary of only $45k pays out $1248/mo. If he had instead made $90k as a 64-year-old in his last year of work, he's be getting nearly $2k/mo.

MgoSam

  • Magnum Stache
  • ******
  • Posts: 3643
  • Location: Minnesota
Re: At 78, Former Executive Still Flips Burgers for $7.98
« Reply #9 on: October 08, 2014, 02:58:13 PM »
While it may not be a job that requires a lot of skills, I don't know why we as a society look down upon people that flip burgers, or ask, "Do you want fries with that," or clean  toilets. Those are all functions that have plenty of demand. I still remember watching "American Beauty," and loving Kevin Spacey leaving his office job for one at a fast food joint.

NoraLenderbee

  • Handlebar Stache
  • *****
  • Posts: 1255
Re: At 78, Former Executive Still Flips Burgers for $7.98
« Reply #10 on: October 08, 2014, 04:50:01 PM »
I don't look down on him, and it's fine with me if he wants to work at his age. It seems like he tried to make the best decisions he could through some difficult times.
I just don't want to *have* to work when I'm 78.

tracylayton

  • Guest
Re: At 78, Former Executive Still Flips Burgers for $7.98
« Reply #11 on: October 08, 2014, 07:16:44 PM »
Am I the only one that thinks this guy could pass for 55 or 60 years old? He doesn't seem to mind working, but I wouldn't have given the proceeds from my house to my kids. However, it is exactly the kind of thing my mother would do. She is so determined to leave us an inheritance that she scrimps and saves. All 4 of us kids constantly tell her that we want HER to enjoy her hard earned savings...we are just fine. She finally broke down and got internet after 3 years of debate.