Just last week when the bank was retrenching I.Bankers.. I thought to myself "If I was retrenched, will I be able to find another job that pays me close to my current drawn?"

Aside from I.Banking, there is no other job that will us close to our current package. This is fact. Especially when you are 38, you are probably even more overpaid than I am.

I can understand the pride situation you are facing. Taking a job that is paying so much less than your last drawn- It is hard to swallow on the ego. Especially the thought of friends finding out. Notwithstanding the fact that at S$130k per year, you still can afford a pretty high standard of living.

The key is whether you have been prudent enough in the past 10-15 years? Or have you thrown away all your money on extravangancies? There are some senior bankers who got retrenched that don't need to find another job because they have enough savings to retire already. They are either good savers or extremely well paid. Are you one of them?

If not, then you have to make a tough choice here:

Perhaps an easier approach is to view the decision from a logical angle. Cut away the emotional factors and the choice may become clearer.

You know best yourself on how difficult it is to find an I.Banking job in the next few months. There are so many bankers out there (including EU/US applying to Asia) now looking for jobs.

You may need to wait for 6-12months before re-entering the I.Banking industry.

So $0 income versus $130k. By logic, it seems like a clear choice- Make the best of your options. Ditch the pride. Who knows, you might even gain abit of respect from friends seeing that you stomach this "fall from grace"?

Lesson learnt for all the other bankers: Save hard. Invest wisely. Manage spending and expectations. The sooner you become financially independent the better.