Author Topic: Career advice?  (Read 4594 times)

Frugalady10

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Career advice?
« on: May 15, 2013, 12:36:47 PM »
This is my first post, I have been reading a while and could really use some "mustachian" career advice.

A little background info:
My husband and I are 31 and 28. He has a bachelor's degree in music, and I have an associates in early childhood education. We have a 6 yr old son and a baby on the way. We currently earn 30,000 a year between the 2 of us, and live off of about 25,000/year ( we are frugal) We save/invest what we can which means about 5,000/ year. We have no debt.

At this rate, I feel like we will never get there. So this is my question, it is better to work a job you strongly dislike for 5 or so years so you can save/invest a big chunk and retire early? Or stay at the low paying job you like but work longer?

Also, i work part time so I can raise the kids... Which puts a dent in my income.

Any thoughts?

Ps. I would strongly advise people to save a lot of money before kids. We had them young so we hadn't gotten there yet.
« Last Edit: May 15, 2013, 12:39:01 PM by Frugalady10 »

tooqk4u22

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Re: Career advice?
« Reply #1 on: May 15, 2013, 01:01:25 PM »
Nothing is a sure thing so I say if you are happy doing what you are doing and living how you are living then I say keep doing it, after all that is why most people (like me) seek to FIRE - so they can do what they like and live how they like.

gdborton

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Re: Career advice?
« Reply #2 on: May 15, 2013, 01:35:31 PM »
Quote
is it better to work a job you strongly dislike for 5 or so years so you can save/invest a big chunk and retire early? Or stay at the low paying job you like but work longer?

This is entirely personal preference.  There are subjective trade offs to both sides, and only you can decide which path is right for you.

Or you can attempt to find a well paying job that you enjoy.

rugorak

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Re: Career advice?
« Reply #3 on: May 15, 2013, 01:38:26 PM »
To answer your question - whichever fits your values better.

But there might be a third option. What do either or both of you do? I know some music teachers make really good salaries. You could maybe get a job at a preschool and enroll your kids for free? Make money and raise them at the same time? Or become a licensed childcare provider and run a daycare out of your home (some of my friends did that until their daughter was old enough for school). Your husband maybe could teach some music lessons on the side. I know in NY state there are solo competitions every year and some people like extra lessons for that. Or just people looking for a hobby of playing an instrument or singing.

In short you may be able to leverage your skills and what you enjoy doing into higher paying gigs and get the best of both worlds.

Forcus

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Re: Career advice?
« Reply #4 on: May 15, 2013, 01:49:37 PM »
So this is my question, it is better to work a job you strongly dislike for 5 or so years so you can save/invest a big chunk and retire early?

I am curious if you actually have a job / jobs in mind. I mean, being a Vegan and working as a butcher would probably be torture, but working in an office 9-5 when you are a "free spirit" you could dislike but deal with.

Frugalady10

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Re: Career advice?
« Reply #5 on: May 15, 2013, 02:22:37 PM »
My husband is a freelance musician and teaches private lessons, and I work at a preschool part time.(where I was able to bring my child). I was thinking of teaching full time, which is not really appealing to either of us right now. With a savings/ investment of about 50k right now, we can't retire but we do have shelter against a storm.

I think finding a higher paying job would be ideal..

Snow White

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Re: Career advice?
« Reply #6 on: May 15, 2013, 05:55:00 PM »
Are you open to changing careers?  Ideally you could have a job you like AND make a lot more money.  You already have an associates degree and you could build on that with continuing education.  I am a registered nurse and think it is the best career ever.  You can always find work as a nurse, you can work part time and there is an almost limitless variety of practice sites so you can work where you want.  I know nurses who can't stand the sight of blood and quickly found jobs where they don't have care for anyone.  There are many other choices besides health care of course but life is too short to do something that you hate no matter how much money you make.  In my humble opinion....

nktokyo

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Re: Career advice?
« Reply #7 on: May 15, 2013, 06:57:34 PM »
A job is not forever. Work the system for a while, make some more money and pull back when it becomes too much. If you can hold your living costs where they are you'll be fine over time.

Forcus

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Re: Career advice?
« Reply #8 on: May 16, 2013, 09:25:47 AM »
My husband is a freelance musician and teaches private lessons, and I work at a preschool part time.(where I was able to bring my child). I was thinking of teaching full time, which is not really appealing to either of us right now. With a savings/ investment of about 50k right now, we can't retire but we do have shelter against a storm.

I think finding a higher paying job would be ideal..

Well first of all it sounds like you are doing great! Living on the cheap and with savings at a young age. For me it is way harder to pare down expenses than it is to make more money (perhaps, I am in the minority). But you are halfway there. I agree with another poster, what is it that you want to do? Since you have a baby on the way, what about an "alternative" income, that you could do at home? Blogging, photography, catering, etc.?

Ishmael

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Re: Career advice?
« Reply #9 on: May 16, 2013, 11:17:55 AM »
The advice I'll be giving to my kids is to pick your first career as something that provides a high level of income, and save like hell. When you get fed up with it, either find a way to enjoy it (cut back hours, etc) or at that point, get the job that's more about enjoyment.

You're past the age where you could have done that early, so it really comes down to the personal choice. However, if you love what you're doing - that's pretty damn awesome. Just make sure you remind yourself every day as to what you have, and why you're making the choices you are.

rugorak

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Re: Career advice?
« Reply #10 on: May 16, 2013, 11:27:38 AM »
My husband is a freelance musician and teaches private lessons, and I work at a preschool part time.(where I was able to bring my child). I was thinking of teaching full time, which is not really appealing to either of us right now. With a savings/ investment of about 50k right now, we can't retire but we do have shelter against a storm.

I think finding a higher paying job would be ideal..

Seems like you have things more or less in order. You could simply keep on with what you have been and once your soon to be newborn enters school go to work full time. My mom only worked part time until my younger sister was enrolled full time. In the end do what you think is right. Overall you are doing well, you have 2 years living expenses and are still saving. Better than I have right now in my stash.

It seems like you are more or less happy with where you are for now. If that changes in the future you can change things up. Otherwise just be proud of how well you are doing!

Frugalady10

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Re: Career advice?
« Reply #11 on: May 21, 2013, 06:05:48 AM »
Thanks for all the suggestions! We've decided husband is going to look to make more money, and I am going to stay part time until kids are in school all day. They are only small once, so I want to be there to enjoy the time with them, even of it means an extra 5 years later.