Author Topic: Advice on job situation  (Read 2182 times)

moustache79

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Advice on job situation
« on: January 27, 2017, 07:09:55 PM »
I have been working at same employer for 10+ years.  Pay is very good.  Salary over $200k plus bonus and stock (unvested RSU's). I have only been making a high salary for a few years - moved up very quickly.   With this has come more stress, long hours, commute, some work travel, taxes, etc.  I am thinking of looking elsewhere in the next 6mo.

I have about $650k in 401k, investments and cash.  If i can hold out 3-4 years i could get to a point close to FI.  Not sure I can last that long given situation.

I would much prefer to work close to home at even half the pay as long as hours and travel are much less than what I have currently

At the same time I have been at the same company for a long time and a change brings lots of uncertainty.

I have about $180k of debt mostly mortgage that I am planning to aggressively paydown my mortgage in the coming months with my excess cash flow.  Part of this is eliminate mortgage expenses also not wild about stocks right now. My spending is pretty high due in part to young kids but plan to be more disciplined in 2017.  Ideally we spend $60k per year but was higher than that in 2016.  We currently live well below our means my savings rate is probably at 60-70%.

Any guidance?  Stick it out at a stressful job or look for something new

Sorry for the slightly rambling post!

Metric Mouse

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Re: Advice on job situation
« Reply #1 on: January 28, 2017, 01:38:20 AM »
Could you take a lower position in the same company? Years of service might count for something.

Otherwise, hit the streets and look for something close to home. You can't put a price on your free time - shrugging the commute and long hours would be a blessing. A 650K portfolio should through off 26K per year for just about ever - that could make up a lot of income if you did have to take a paycut and weren't quite ready for it.

Axecleaver

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Re: Advice on job situation
« Reply #2 on: January 28, 2017, 05:41:51 AM »
Look for something new. You're feeling something pretty common in the professional world - burnout. American professional life chews people up, it's just how the culture works. You aren't learning anything new after ten years - all the intractable problems you have to deal with aren't changing. You need new problems.

I went through this after seven years with my employer. Looked for something new, found a job paying even more money, and I spent a year there. I learned some great things but hated the culture. So I moved again, spent a year there and loved it, but the division fell apart. So I opened my own consulting practice. Last year we did a million in revenue (about 540k net). Just lost my big contract, so 2017 looks like a rollercoaster. But I'm still having a lot more fun than I would have if I'd tried to tough it out at the company I was with in 2010.

chasesfish

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Re: Advice on job situation
« Reply #3 on: January 28, 2017, 06:06:31 AM »
This may be a long and rambling post, but here it goes:

This was me four years ago, almost identical situation.

The first thing I did is look at moving VERY close to the office, even if it would cause my mortgage to go from the low 100's to quadruple that.  I decided life wasn't worth sitting in the car.  (I got close and was slow-looking, but lost out on one really nice house).

Secondly I started looking for a more mentally stimulating job inside the company.   I knew I had to work for another 3-4 years based on net worth, market returns, ect, so I decided its time to test my skill sets and see if this is something I could do.   I think if I retired without trying it, I'd be really disappointing.  Is there something else you can/want to do in the company, even if it involves a geographic move?   I ended up moving twice in a year, the first one was tough, the second spot was much better.

I've also moved/bought within three miles of my office and much closer to the urban centers this time.  Its not a complete wash, but you'll be amazed at how quickly your gas/maintenance budget comes down when you're not commuting.  Oh, and the time.  As someone who used to have to be out of the house by 6:50am, I can't tell you how nice it is to leave at 8am some mornings because of how close I live.   There is a significant reduction in life stress.

The other thing I didn't fully get at that time, my stress at work has gone down as financial independence has creeped in.  I'd like to make it another 14-17 months, but if I got fired tomorrow, I'd be okay.  The best case scenario would be a layoff, which would make me want to hug my boss.  The RSUs all vest immediately in a layoff separation and I'd hit my number tomorrow.   If you're used to living in a $250,000 house, that # will creep up on you quickly.   

This geographic/position change has also exposed me to a better network of people and I think there will be a lot of part time/consulting opportunities if/when I retire.

I don't know if I'd do it again knowing what I know now, but its been an adventure.

 


moustache79

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Re: Advice on job situation
« Reply #4 on: January 28, 2017, 06:58:45 AM »
Thanks good advice all around

Moving not an option due to kids in school and not wanting to leave neighborhood.   We are in a very affordable house ($250k value). My round trip commute is 2-2.5 hrs but use public transportation so i can read or work on the train.  I am gone from home 12+ hrs a day and pligged in almost 24x7. 

A different role is a possibility but unlikely.  I would say my current role is very challenging and continuing to learn but it's overwhelming and under-resourced.

Snow White

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Re: Advice on job situation
« Reply #5 on: January 28, 2017, 06:08:45 PM »
I suspected you wouldn't be able to move since you have kids and a neighborhood you are settled in. Ten years is a long time with one company and it sounds like it is time to go for a number of reasons. You are in an ideal situation though as you can look for a job on your terms and schedule and be picky since you aren't about to lose your job.

I suggest discreetly reaching out to a recruiter or other industry contacts and see what is available.  There is nothing to lose by assessing your options. Your life will likely be immeasurably improved by reducing stress and decreasing your commute.

AZDude

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Re: Advice on job situation
« Reply #6 on: January 30, 2017, 10:13:28 AM »
Might be time to prioritize your life. What is important to you? You make about four times the median household income in the US. You hate your job and spend an inordinate amount of time away from your family, including young children.

Cut expenses, get a job closer to home, even if it means a drastic pay cut. You have FU money, even if you are not FI yet. You should be able to reduce your income and still hit your FIRE goal of ~4 years.

Lets say you cut your expenses to $50,000 per year. $50,000 * 25 = $1,250,000. You have $650,000

You would need to save ~$86000 a year to hit your goal in 4 years.

With expenses at $50,000, you would need to take home $136,000, and you would need to gross $176,000.

Cut your expenses to $40,000 and you would only need to gross $117,000 a year for 4 years to hit FI.

Are all the things you are spending money on right now worth it? Only you can answer that, but wouldn't it be nice to have a less stressful job and still financial independence in four years just by cutting your budget 33%?






Metric Mouse

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Re: Advice on job situation
« Reply #7 on: January 30, 2017, 01:18:26 PM »
Math is a powerful thing. Great post, AZdude.

moustache79

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Re: Advice on job situation
« Reply #8 on: January 30, 2017, 05:47:28 PM »
Agree thanks AZ