A Happy New Year Isn't So Happy For Those Who Are Getting Paid Less.

Welcome to a New Year that pays you 30, 50, or even 70 percent less. With fewer jobs out there job seekers are taking what they can get.

Unemployed workers of which 63% say they would be willing to accept a job offer that pays less than their previous job. This is according to a study by the National Employment Law Project.

Nearly 2 million jobs were lost in 2008 and economists say the unemployment rate, which is currently at 6.7 will continue to rise up to as much as 8% by 2010.

I have so many friends in the financial industry that have lost their jobs or are afraid they are going to get laid off. Many making over six figures and taking severe pay cuts.

Many, I would say, even jealous people would say, "Well, That's tough. I make it on less why can't you?", but going from say $125,000 a year, for several years, and then having it cut to maybe half $66,000 can be tough. You have adjusted your lifestyle for that. It's easy to come up than it is down.

I have been in that situation, which we will one day discuss in our series "This has all happened before and it will happen again." It is tough, but you have to learn to adjust. I had get a second job during our last recession. This time I started my own businesses to make up for the slack.

Things can be tough. You may have to learn cut back significantly. You may have to move, sell possessions or give up everyday things such as cable TV or cell phone service. I've been there done that.

I saw a woman on Suze Orman who had 230,000 in credit card debt and owed 600,000 on her Home Equity line. Even a second job wasn't going to help her. Down sizing significantly was her only hope. I think she thought Suze was crazy telling her that, but really that's her only option.

I know taking a pay cut sucks, but things will get better. I have been living proof that it will. Just hang on because all this has before and it will happen again.