Author Topic: Fresh mustachain urgently needs your advice  (Read 2862 times)

MissRyk

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Fresh mustachain urgently needs your advice
« on: May 03, 2014, 04:27:32 AM »
Hello fellow Mustaschains,

I've started ma adventure with MMM a few months back and it was like a breeze of a fresh air. I enjoy the philosphy of life very much and step by step I am implementing it.

As a background: I'm Polish and live and work in finance (Luxembourg) and my partner is French and works in construction. Due to language barriers and general conditions of work market in Europe - this is one of a few places that we both can find a good job. I is also a very small marketplace (with only 0.5 M people living in the whole country and most of them being foreigners) what limits the job opportunities.

Dillema

I started to look for a new job a while back and I found this great opportunity. The field is still finance but it is more analytical position with much more responsabilities and bigger money. Too make a long story short: It is exactly what I wanted as a next career move. As for my current workplace: It used to be great place, where I developed a lot, but since some time I don't any more. While I am at the last steps of the interview process, my company had announced that they are going to close the office in Lux. However, they are proposing me to stay until the end of September to take care of the transition process. It involves bigger set of responsabilities (plus for CV) and nice bonus. I doubt the new job offer would wait for me until Sept.

On Monday I have a final interview at the new place and also on Monday current company expect me to make some decisions. I don't know yet how should I play it on the interview..

Numbers:

Experiance: 2,5 years
Current salary: 45 k EUR gross 33 k EUR net
New job's salary: 60 - 65 k EUR gross, 40 k EUR net
Bonus for staying: 30 k EUR net
Amount I time I need to save this money: app. 2 years

I don't have much savings (around 10 k EUR) and I don't have any debts as well. What makes it possible to resign from money. I realize the dillema is quite comfortable since whatever I do  - it can,t go bad... but what a real mustaschain would do?? Since my freedom is far away now, shall I take money and invest it to start buliding a net worth or should I take a job which in a longer run might pay off much better. And which I would enjoy.

HELP Fresh Mustaschain on its way to Freedom. :)

Any advice is appreciated



NearlyThere

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Re: Fresh mustachain urgently needs your advice
« Reply #1 on: May 03, 2014, 04:41:51 AM »
Hello from Ireland!

It reads like you've already made your decision and it's the right one. Ace the interview, take the new job and plan for the future. In 7 months or less you'll be looking new work anyway.

I always use this saying and it will bode true for you too."Find a job you love and you'll never work another day".

FIRE for me is still running my businesses but not having to. Who knows what the future will bring, but making the path to FI as fun as possible should be a goal too.

MissRyk

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Re: Fresh mustachain urgently needs your advice
« Reply #2 on: May 03, 2014, 05:23:41 AM »
wow, thanks for the quick answer Major. Good to know Mustaschains are everywhere around .)

I am hesitating now for several days.. I was  not really not happy with my current job.. it just became not challenging at some point. yestarday I was more like: let's take money, I will find another job anyways and I will save 2 years on my way to FI. well, and let's face it - it is a really easy money, many people around don't get why I even consider not taking it. :)

But you have a valid point here: if I am taking the job, I am not resigning from the path to FI. It might just make it a bit slower (and maybe more pleasent..? but this is hard to know before starting the other job).

I quess I still have to think a bit, but thank you - your answer was really valueable

MissRyk

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Re: Fresh mustachain urgently needs your advice
« Reply #3 on: May 03, 2014, 05:50:12 AM »
Any mustaschain thinking taking money is the way to go ..? Or am I wrong even considering it?

Thank you !!!

Thegoblinchief

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Re: Fresh mustachain urgently needs your advice
« Reply #4 on: May 03, 2014, 05:55:48 AM »
It is a classic risk/reward scenario:

That extra 30K is only extra money if you find a new job relatively quickly, otherwise you'll burn through the savings.

Use what you've learned about the job market there to help make the decision, but from how you phrased the original post, I'd be inclined to take the new offer - but if you get it, it doesn't hurt to ask if you can wait til September. Worst they can do is tell you no.

Not familiar with tax laws in Europe, but any way you can net more of the higher salary through a tax-deferred account?

NearlyThere

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Re: Fresh mustachain urgently needs your advice
« Reply #5 on: May 03, 2014, 06:22:40 AM »
You are more than welcome. Personally I'd take the new job. Ask them to push back the starting date and hit them for more . Simple.... :)

MissRyk

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Re: Fresh mustachain urgently needs your advice
« Reply #6 on: May 03, 2014, 06:32:52 AM »
Thanks Thegoblinchief.

In the current job market, I shouldn't have much difficulties to find another job, but it is likely it will not be as nice. I may also be eligible to unemployment benefits in case I don't find a job straight away, which amount to 80% of the latest salary. I still need to check details on Monday. Anyway, it is highly probable that the 30 k would be savings.

Writing this post and your answers helped me a lot to better see the bigger picture of the whole situation. I will go to this last interview, I will rock it and than discuss the options I have. It is unlikely that they will wait for me till Sept, but I might also negotiate the shorter stay at the current company.. worth trying. Do you quys think I can play open cards at the final interview or would that be seen as not professional?

No many options to net more from the current salary. We filled tax returns jointly with my partner this year, so this might help us recover some tax back (around 2 k annually, but might be much higher if I start earning more), pension plan (max 150 EUR a month - doing that) and there is a possibility to write off the interest on the morgage from the tax bill (to some amount) but prices here are.. are WAY to crazy to even think about buying something and not having to commute.

Thank you !!!!

MissRyk

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Re: Fresh mustachain urgently needs your advice
« Reply #7 on: May 03, 2014, 06:37:59 AM »
@Major

Yes, that is probably the way to go... I am just new in the 'professional' job market, and just starting to learn what my time and skills can be worth.. and that it is all actualy negotiable.  It is a nice feeling in a way.

Happy Saturday !