Relocating for a job--lots of life changes

[Jags4186]

Hi All,

I posted this over at the Bogleheads forum, but I wanted to bring it here to get some more suggestions.

I am at a pivotal point in my life.

I currently am employed in sales at a medium sized family owned company in New Jersey. I have advanced as far as I can and also have grown somewhat resentful of working here for myriad reasons.

I have been applying to positions and received an offer from a MegaCorp with great advancement opportunites. However, the job I applied to, which was located in Northern New Jersey, was given to someone else. However, they apparently liked me enough that they offered me the same position, however in Florida. The offer involves a circa $25,000 raise, a circa $30,000 bonus (vs. the circa $10k I receive now), 10% vs 5% current 401k match, stock purchase plan, life insurance, FSA, HSA, better health benefits, dental, vision, disability etc. Everyone in my industry who I have spoken to seems to think I am nuts for not considering the job.

The cons--I would be working out of my home as the corporate headquarters is in Chicago. I know no one in Florida. I am getting married in May and she would have to leave her job, find a new one, and if she doesn't find one by the time we're down there she'd be sitting at home alone. Even with my increase I would be making less than both of us make today. It could be very stressful on our new marriage.

So I guess I'm looking for thoughts. I am 29 years old and this is IMO an opportunity that I really should seize, however, the relocation was never part of the picture until the last second.

Thanks

Just to add to the above:

I have received a firm offer.  The salary is $21,000 more than I am currently receiving--$90,000 base.  It was the exact number I asked for in the initial pre-interview process. I plan on attempting to negotiate this up as relocation wasn't part of my decision making process when I gave that number out.

I will receive a company car and gas card--bummer considering I just bought a new car 2 months ago.  I currently receive $700/mo car allowance at my current company and they already pay for all of my maintenance and gas.  This is a downgrade IMO.

15 days vacation, 6 personal days (sick or whatever), 10 holidays, 3 floating holidays.  Bonus is 30% of salary based on company targets, so slightly less than $30,000 .  I asked for more information regarding the achievability of that number year 1. 

[doggyfizzle]

Is your goal FI by a certain date?  Or is this job simply appealing because of the increased salary?  Will you spouse be able to find a job making a similar amount of money where you're relocating to?  Otherwise the bump in salary is somewhat negated by her drop in pay...You mentioned "advancement opportunities," so if you're strictly interested in building your career, I'd say go for it.

Is the position in coastal or "middle" Florida?  I ask because I'd certainly consider a job in Miami more appealing than one in Orlando, but I'm partial to living by the beach.  From personal experience, I value quality of life over pay, and as someone who works in the oil industry, I pinch myself every day that I live right near the beach in California instead of Houston.  I turned down a lot of money (~250k/year living in Houston) to stay in California, but man can I do so much more stuff outside here.

[Jags4186]

Is your goal FI by a certain date?  Or is this job simply appealing because of the increased salary?  Will you spouse be able to find a job making a similar amount of money where you're relocating to?  Otherwise the bump in salary is somewhat negated by her drop in pay...You mentioned "advancement opportunities," so if you're strictly interested in building your career, I'd say go for it.

Is the position in coastal or "middle" Florida?  I ask because I'd certainly consider a job in Miami more appealing than one in Orlando, but I'm partial to living by the beach.  From personal experience, I value quality of life over pay, and as someone who works in the oil industry, I pinch myself every day that I live right near the beach in California instead of Houston.  I turned down a lot of money (~250k/year living in Houston) to stay in California, but man can I do so much more stuff outside here.

No I don't have a FI goal.  Truth be told I post less here because the idea of wracking my brain about retiring early longer was driving me insane.  I still save a significant portion of my income, 40%+, but it has become less of an obsession and more of a back of the mind thing.

The location is Orlando.

I do mention advancement opportunities because I will likely end up back in New Jersey at some point.  My whole family lives in NJ/NY metro area.  For me to to just retire there I need a lot of money, which means making a lot of money.  I have no interest in living in NJ on $25,000/yr.

[sing365]

Congratulations on the job offer, and on the upcoming wedding!

Take this advice for what it's worth, as I'm only 30 and have been married only 2 years. But, I'm not sure that the increased salary is worth it if the relocation will put a strain on your new marriage, and this outcome seems likely. Does your fiancee happen to have friends/family in Florida? If not, you'll be moving to a new state where neither of you knows anyone, and you'll be much farther away from both of your families. This frankly will suck, and from my observations/experience it will take you at least a year to feel like you have friends and a routine. Your spouse also be giving up her job. Does she like it? Does she want to look for a new job?

Florida also seems to be one of those love-it-or-hate-it places; I know 3 people who have moved there for jobs and moved away again within 2 years because they had so much trouble adjusting. Maybe you two can think of it as an exciting 1-2 year "adventure" while always planning to return to the northeast. Attitude will be a big part of making this work without resentment.

I view my marriage as a financial asset. I know that staying together in this partnership is probably the single most important thing I can do to ensure my financial future, and I try to act accordingly. Of course, this relocation could work out great for you guys and be no problem at all. But just food for thought.

Good luck, whatever you decide!

[Northwestie]

Well, I'd never move somewhere without a test drive - some extended vacation at least.  No friends, newly married - what's the rush?   I'd slow down and make a more deliberate decision.  Unless this is some extraordinary once-in-a-lifetime, job you would adore in a location you would love -- other opportunities will present themselves. 

Stress is overrated.

[CATman]

It sounds to me like you've got a golden opportunity to pack up and head out on a completely new adventure. I'm not married, but I have packed up and moved across country on two weeks notice to relocate for a job. l learned a great deal about myself in the process and have made some amazing new friends that I wouldn't have met otherwise.

The financial incentive for my move wasn't nearly as much as yours, but I took it as a chance to travel to a completely different part of the US and see how I like it. No rule says you can't move back if you really don't enjoy it, but if you don't give it a shot, you'll never know. If your future wife is on board I say take chance and see what Florida has to offer.

[Noodle]

This isn't really about money (although I do think it would be worth negotiating more of an increase given the relo.) It depends a lot more on you and your fiancee--how does she feel about moving? How portable is her career? Are you the kind of people who would love to take "time off" from your life in NJ and enjoy the climate in Florida for a couple years, or do you really hate moving? I work with a lot of people in their 60s and 70s, from the generation where a corporate career (or the military, or even the ministry) meant being bounced around a lot. A lot of them talk about their adventures moving around very fondly although I'm sure at the time it was challenging. You could be building some good memories together.

[EXLIer]

I don't have a lot of time to respnd now as I need to get my 2 kids ready to leave the house, but as someone who grew up in NY and moved to FL for the better part of 10 years, I will just say that you need to try it.

Living & Working in FL is MUCH different than vacationing & visiting there.

I found it hard to make/meet friends as the state is such a transient place.

I found the people, in general, to be much ruder and aggressive on the roads that NY.

Unless you live ON the ocean, the heat and humidity for 6+ months is oppressive.