Ok, so here is my situation that has been keeping me up nights for nearly a month:
I currently have a decent job that earns me around $60k a year plus a free house on 11 acres (no rent or mortgage, split utilities), a company car, phone, and a 3 minute commute. I am due to be promoted and make substantially more than that in 2-3 years, although that is not guaranteed, as it is based on the fluctuations of the business. However, decent raises ($2-4k) are a near annual occurrence.
Out of the blue, I was recruited for a job at a startup that would give me nearly double the salary to start plus more vacation time and potential for huge growth in my industry. It is located in an area where the cost of living is very comparable to where I currently live.
This new company could be huge in my industry if everything they are planning comes about. They have some good people in leadership with a good investment base. Taking this job would get me in on "the ground floor" and would allow my salary to to potentially grow exponentially in the next few years. However, it is a startup, so there is always the chance of failure.
My current company is secure, but it is not growing and will never be a leader in the field. My wife and I have been living the Mustachian lifestyle and treating debt like our hair is on fire for the past 1.5 years, so we have not been saving for a house, as I did not expect to be moving. If I took this job, I would need to buy/rent a house, buy a car, and get a smartphone along with the requisite data plan. In other words, we will be taking on a fair amount of debt in order to take this job. I currently have remaining about $4k in credit cards and about $58k in student loans, so the jump in pay could have us out of our current debt in a year or so. Of course, we would be taking on new debt.
Take the job with the tremendous potential upside, or stick with the secure job that will continue to pay me a livable wage with nice perks?
Clear as mud? Thanks for any help. I'd be happy to expound of clarify, if needed.