Hi-
I've been reading for a long time, but this is my first time posting. I need some analysis help!
I have a phone call follow up tomorrow from an interview that I did l last week. I'm trying to figure out if this new job make financial sense.
I am a former classroom teacher and currently work with other teachers in my school district. My total compensation (salary + state pension) is around $70K. Because school contracts are collectively bargained, I know that next year I will make $74K and the $78K the following year. I am in program to get my second masters to get these raises (and potentially a higher paying position in the future). I have a year and a half left of the graduate program at an additional cost of $7K. In this current position I get 10 weeks off in the summer that coincides with my kids summer break. I would estimate that me being home with them will save us $3K this summer. My current commute is 30 miles and takes about 1hr 15 mins. Moving closer to work is not an option. We live close to my parents and they help out with childcare. My boss is great and allows me to be pretty flexible in hours, which is helpful with getting kids to where they need to go, but there are some limitations to this; meaning I can't just leave whenever I want.
The new job is with the state board of education and a state university. It is housed out of the state university and does not follow the state employee salary schedule. The pension system is reciprocal to the teachers pension system. It is a work from home job, which would be very helpful with our 2 little kids, with reimbursed travel a couple of times a month. I talked with the guy who used to have the job and know that they started him at $75k. After a year they gave him a cost of living raise. He lives in a lower cost of living part of the state. He said they he felt like when they hire, they make candidates an offer to draw them out of the classroom/school district. He left the job to take another work remote job that I would guess pays $100K.
We currently get our heath, dental and vision through my wife, so I haven't factored that in. I contribute to a 403B currently and would imagine that I would be able to continue that in the new job.
So here are my questions:
1. What other information should I get to analyze this and make a smart financial decision.
2. What is the lowest salary I should accept given these circumstances?
3. If I take this position, should I continue to pursue this degree (I realize there might not be enough information here to answer this, but it is a big question in my mind).
Thanks in advance! Looking forward to hearing your analysis.
