Author Topic: Apply for new job or stick with old?  (Read 4464 times)

BFGirl

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Apply for new job or stick with old?
« on: April 08, 2016, 11:00:26 AM »
Here's my dilemma:

I have $640,000 in taxable accounts (a significant portion is invested in non-taxable muni funds) and a $50,000 money market emergency fund.  I have $400,000 + in an IRA.  I own my house and have no debt.  I currently have a 21 year old and 18 year old living with me and I have them on my health insurance. My expenses are around $60,000 per year.  I've cut where I am willing to at this point and could cut further if necessary, but am not looking for advice on lowering my expenses right now.  I am not saving anything significant in addition to what I already have.

I have a government job and can take a pension of around $30,000/year (will not be adjusted for inflation) in a little less than 5 years if I stay.  If I leave, I will probably get around the same amount (because I will lose 5 years of contributions and the majority of my contributions have been halved by divorce), but can't take it for 12 more years.  I have tons of flexibility in this job.  I currently cruise in between 9:30-11 and get to work at least one day a week from home. However, it is emotionally draining and mind numbingly routine, but I am also "doing good" for society.  I have a frenemy there who is either my best friend or out to get me.  My salary is $88,000.  I have 12 paid holidays, 12 paid personal/sick days and 20 vacation days.

There is another government job in a different governmental entity which has become available.  Of course, there is no guarantee I would get it.  It starts at about what I am making now and would be much more mentally stimulating. I would likely be able to make more money over time than at my current job.   However, I would have to put my nose to the grindstone and likely would have to work my way up to more flexibility.   I would have much less time off since I'd be starting new with this entity.  This would probably affect some of the stuff that I do with my current side gig.  The pension would be similar in contributions and employer matching and it looks like I would get service credit for my other government time.  I would get back into an area that I am interested in and it would increase my ability to get contract work in the future.

What insights do you have?

mozar

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Re: Apply for new job or stick with old?
« Reply #1 on: April 08, 2016, 11:31:21 AM »
Get a job offer, then decide what you want to do.

dreams_and_discoveries

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Re: Apply for new job or stick with old?
« Reply #2 on: April 08, 2016, 12:11:15 PM »
I'm with mozar - put your all into the application, then if you get an offer, cross that bridge.

BFGirl

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Re: Apply for new job or stick with old?
« Reply #3 on: April 08, 2016, 12:52:16 PM »
I'm already halfway through filling out the application, so I am more looking for what people think about the two choices, than whether or not to apply.  I guess I phrased my topic incorrectly.

So basically, what are opinions between the two jobs, assuming I've been offered the new one?

Axecleaver

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Re: Apply for new job or stick with old?
« Reply #4 on: April 08, 2016, 01:42:45 PM »
Money isn't the problem, you have enough. The question you're asking is, "Do I cruise through the next five years on autopilot, or trade in my safe, easy gig for something harder but potentially more rewarding?" That's really a question you have to answer for yourself, but there are ways to evaluate the risk.

Weigh the odds that the other gig will be better. Is it a bit of the "grass is always greener" problem, or is there a real potential for higher satisfaction? Draw up some scenarios - make a worst case scenario and a best case scenario, then develop a "most likely scenario" that will be somewhere in the middle of these. Use the worst case scenario to evaluate the risk. Quantifying the scenarios helps us make decisions as we think through the details that we don't know, but can predict.

On the other side, there's nothing wrong with sticking to an easy path and coasting into your early retirement, either. You're working 43 weeks a year at a job that requires five hours a day, four days a week. Americans in private industry work an average of 2300 hours a year. You're putting in just 860 a year. You have a part time job for full time pay, plus a guaranteed pension and platinum plated benefits. Color me jealous.

In both scenarios you have enough of a stash to generate 41k a year in inflation adjusted income for your retirement, from your 1.04m in assets. Your pension will generate 30k a year if you were to leave in five years. Assume you'll also have social security available at 65 (or whenever you feel like taking it). Your expenses are likely to go down once your kids move on. So you need, at most, 60k a year but most likely less, and you'll have 71k a year in five years. You're in great shape.

NextTime

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Re: Apply for new job or stick with old?
« Reply #5 on: April 08, 2016, 02:20:45 PM »
Get a job offer, then decide what you want to do.


This. I apply for jobs several times a year. Still, I've been at the same place for 6 years now.

Fantasizing about the job before you get an offer is not helpful. This I know :)

BFGirl

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Re: Apply for new job or stick with old?
« Reply #6 on: April 08, 2016, 03:00:00 PM »
Money isn't the problem, you have enough. The question you're asking is, "Do I cruise through the next five years on autopilot, or trade in my safe, easy gig for something harder but potentially more rewarding?" That's really a question you have to answer for yourself, but there are ways to evaluate the risk.


Yes, this is really the heart of the matter.  I feel like I am stagnating at my current job, but it is an easy path to RE unless something drastically changes in the work environment. Am I selling myself short taking the easy route?  Who knows?  I suspect I wouldn't know for sure unless I made the change.  The question isn't necessarily about this particular job opportunity, but about any job change in the next few years.

Metric Mouse

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Re: Apply for new job or stick with old?
« Reply #7 on: April 10, 2016, 06:44:42 AM »
Could you maybe split the difference? Work 2 more years and call it a day?

If not, I'd vote for taking the plunge. If your job is mind numbing and draining and you're thinking about changing, that is a sign to go for it. Even if the new position is somehow just as intolerable as the current one, at least you'd be making more money, and the excitement and learning opportunity of a new position would take the edge off any of the minor issues for at least a few months.

And look at the numbers. Your stache right now is good for 45k/year. That means you really only need to make 15k/year for the next five years to cover expenses (plus the increased cost of health insurance for you and your family).  I would imagine that would be quite easy for someone with your work experience - and that's the worst case scenario.

pbkmaine

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Re: Apply for new job or stick with old?
« Reply #8 on: April 10, 2016, 07:31:04 AM »
Apply for the job, make sure the pension is covered, look carefully into the benefits. When you GET the job, then ask your gut what it wants to do.

garion

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Re: Apply for new job or stick with old?
« Reply #9 on: April 11, 2016, 06:59:17 AM »
I think it depends on factors that are currently unknown. Things such as office culture, your rapport with the people you're working with, the actual specifics of the day to day job etc won't be fully apparent until the interview. You will have better information to decide at that point.

BFGirl

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Re: Apply for new job or stick with old?
« Reply #10 on: April 11, 2016, 10:45:58 AM »
After talking with my friends, I have come to the conclusion that flexibility and time off is the most important thing for me in a job right now.  I am going to apply for this job and see what happens.  If they offer it to me and are willing to give me more PTO than the standard accrual rates (govt position so I don't know if they have the flexibility to do this), then I will probably take it.  If I have to start with very little PTO, then I probably will pass, even if the money is more.  Freedom and flexibility is more important to me than dollars, which is why I'm on this site in the first place.

norabird

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Re: Apply for new job or stick with old?
« Reply #11 on: April 11, 2016, 11:55:13 AM »
Good for you!

coolistdude

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Re: Apply for new job or stick with old?
« Reply #12 on: April 11, 2016, 09:26:57 PM »
One plus of the first job is that you can begin to stop caring. You will have to care at the new job and work much longer. Not sure where your PTO or vacation is currently at. I heard a story of someone taking every other Friday off to help reduce their PTO. Might be something to consider. I typed this under the influence of rum so take it with a cup of salt.

Metric Mouse

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Re: Apply for new job or stick with old?
« Reply #13 on: April 13, 2016, 03:47:08 AM »
Congrats on the decision.

Nickels Dimes Quarters

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Re: Apply for new job or stick with old?
« Reply #14 on: April 13, 2016, 05:51:21 AM »
I have now deleted three drafts for this post. I am finding it impossible to be supportive of someone "cruising" to retirement and putting forth half the effort yet accepting a full-time salary. Freedom and flexibility are important, but character and ethics are especially critical for those of us entrusted to do the public's work.

NDQ




norabird

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Re: Apply for new job or stick with old?
« Reply #15 on: April 13, 2016, 09:06:50 AM »
It is very possible to cruise while also meeting a job's expectations!

BFGirl

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Re: Apply for new job or stick with old?
« Reply #16 on: April 13, 2016, 10:29:58 AM »
I have now deleted three drafts for this post. I am finding it impossible to be supportive of someone "cruising" to retirement and putting forth half the effort yet accepting a full-time salary. Freedom and flexibility are important, but character and ethics are especially critical for those of us entrusted to do the public's work.

NDQ

My job is completely done, plus I handle things which are outside of my job description and I routinely offer to help others.  In no way am I  shirking my duties and I serve the public much better than others in my office.  However, I have over 20 years experience in this field which means I can handle issues fairly efficiently.  I have character and ethics and your implication that I do not offends me greatly.

Nickels Dimes Quarters

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Re: Apply for new job or stick with old?
« Reply #17 on: April 13, 2016, 06:02:51 PM »
I currently cruise in between 9:30-11 and get to work at least one day a week from home. However, it is emotionally draining and mind numbingly routine, but I am also "doing good" for society.  I have a frenemy there who is either my best friend or out to get me.  My salary is $88,000.  I have 12 paid holidays, 12 paid personal/sick days and 20 vacation days.

I must have completely misunderstood. My apologies.

That's not the culture at my state job, so my reading of your post was colored by my frame of reference. For all I know, you arrive at work at 10 a.m. but stay until Midnight. Again, my apologies.

Being a government employee is tough. Some of us do the work that no one else wants to do, but someone has to do it to protect society. It sucks that the public considers us all lazy and overpaid.

NDQ