Author Topic: Should I switch to part time? WWYD?  (Read 1796 times)

Murse

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Should I switch to part time? WWYD?
« on: November 15, 2017, 09:27:26 AM »
I am married and 25 years old. My wife brings in about 55k/year, my salary is currently 80k/year plus benefits (assuming I get full time work.) I am currently in an on call as needed limited duration position.

I have worked at my work place for 6 months and my organization for 18 months. I had a permenant position at my last work place (6 months ago) but switched to my current on call as needed limited duration position because it cut my daily drive time by about 45 minutes. I have had enough work for full time hours for the last 6 months. I have had full time only because a colleague has been unable to work the last 4 months, we expect him to return fully functional but have no idea when (could be 1-18 months.) when he returns I will likely have to work inconsistent hours at both my old location and current location to maintain full time hours assuming these two work places continue to have staffing issues. (Days, nights, swing with inconsistent weekends.)

One of my colleagues was going to retire in December. She changed her mind and said she will likely retire in 18monthsish. I was counting on getting her position this December. So now Iím stuck in limbo unsure of if or when my hours will dry up, or if Iíll just be let go because of us being 25%over budget on salaries every month. This colleague is known to change her mind frequently.

After speaking with her she told me her biggest concern is healthcare, she has the money to retire but has to wait 18 months before being able to get medicaid. Well my work place allows for people to do what is known as a ďjob share.Ē Essentially both people work 20 hours a week and get half benefits including healthcare. She approached me last week and asked if I would job share with her. She qualifies for a pension and can draw on it while also working up to 20 hours a week. If I take the job share and she leaves, I then get to choose if I want to continue job sharing or take the whole position. If I donít take it and someone else does, they would have that same option.

Pros of going to job share
-consistent predictable hours
-I would still occasionally get more then half time hours (meaning prorated salary, but benefits still stay at half-rate)
- I would be back in a permanent position and protected by the union
-It would be much easier to plan my life
- I have considered working part time forever in this type of position for healthcare benefits, it would be nice to see what it is like
-I could work on a bachelors degree then consider becoming a nurse practitioner
-when she leaves I can choose to take the full position


Cons
-Savings rate in worst case scenario would drop from 65% to 40%ish
-in my current position I can get up to 100% benefits, in a job share Iím locked into 50% benefits regardless of hours worked.
-She could change her mind and continue with OMY syndrome (although her husband is retired)

Other considerations- we plan on having children in 4-5 years, when that happens my wife wants to stop working. I will likely continue working until we hit FI or indefinately part time for healthcare benefits. Current net worth around 100k, current spending around 30k, projected FI spending 40-50k.

What would you do?

Millennialworkerbee

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Re: Should I switch to part time? WWYD?
« Reply #1 on: November 15, 2017, 09:42:06 AM »
So your salary would be about 40k part time? How important is finishing your bachelors degree to you? Is there something special about your company that you want to stay there, instead of looking for a full time job at another company?

It looks like with a part time salary of around 40k, you could live off that salary, save your wife's pay, and wouldn't be affected budget wise when she quits to stay at home. That is awesome!

However, this is the time (young, pre-kids) to make as much money as you can to grow the stache. If you want to finish school, a 40k part time job is an awesome gig. If you aren't going to do school (or even if you do), you certainly have the time to work full time. It's a personal decision, but I would say you'll never regret making as much money as possible before life gets complicated!

Murse

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Re: Should I switch to part time? WWYD?
« Reply #2 on: November 15, 2017, 09:47:47 AM »
So your salary would be about 40k part time? How important is finishing your bachelors degree to you? Is there something special about your company that you want to stay there, instead of looking for a full time job at another company?

It looks like with a part time salary of around 40k, you could live off that salary, save your wife's pay, and wouldn't be affected budget wise when she quits to stay at home. That is awesome!

However, this is the time (young, pre-kids) to make as much money as you can to grow the stache. If you want to finish school, a 40k part time job is an awesome gig. If you aren't going to do school (or even if you do), you certainly have the time to work full time. It's a personal decision, but I would say you'll never regret making as much money as possible before life gets complicated!

I am expecting raises over the next 18 months to get me to 90k at full salary, then just COLAís. In my field of work in my geographical area I am restricted on my mobility without the bachelors. Meaning this is the highest paying gig I can get without it. I donít mind working full time, I do mind the uncertainty of it all.

Millennialworkerbee

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Re: Should I switch to part time? WWYD?
« Reply #3 on: November 15, 2017, 09:54:14 AM »
So your salary would be about 40k part time? How important is finishing your bachelors degree to you? Is there something special about your company that you want to stay there, instead of looking for a full time job at another company?

It looks like with a part time salary of around 40k, you could live off that salary, save your wife's pay, and wouldn't be affected budget wise when she quits to stay at home. That is awesome!

However, this is the time (young, pre-kids) to make as much money as you can to grow the stache. If you want to finish school, a 40k part time job is an awesome gig. If you aren't going to do school (or even if you do), you certainly have the time to work full time. It's a personal decision, but I would say you'll never regret making as much money as possible before life gets complicated!

I am expecting raises over the next 18 months to get me to 90k at full salary, then just COLAís. In my field of work in my geographical area I am restricted on my mobility without the bachelors. Meaning this is the highest paying gig I can get without it. I donít mind working full time, I do mind the uncertainty of it all.

Totally get that- my hubby is in a similar situation of being in the professional world without a bachelors degree and it is limiting. I would suggest that you go back to school, with your savings rate you should be able to cashflow the expense.

I don't agree with the idea that everyone needs a bachelors degree or that it's necessary for work, but not having one is definitely a limiter. It sounds like you will be the long time sole income for your family, a bachelors degree will be a good form of insurance for your family.

A 90k/year job without a bachelors- what do you do?? That's a great gig!

Murse

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Re: Should I switch to part time? WWYD?
« Reply #4 on: November 15, 2017, 10:02:09 AM »
Registered nurse, I work for the state government in Oregon. Registered nurses tend to be highest paid on the coasts (I believe the national average is 60kish.) Middle America tends to pay a good amount less. However because of the competitive nature of these programs, it took 3 years of prerequisites for me to be competitive to get into the associate degree program.

Murse

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Re: Should I switch to part time? WWYD?
« Reply #5 on: November 15, 2017, 10:35:05 AM »
Back to the OP, does anyone think this is a great or terrible idea? Or is everyone on the fence?

BikeFanatic

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Re: Should I switch to part time? WWYD?
« Reply #6 on: November 15, 2017, 10:40:00 AM »
I would Job share, do the part time work and go back and get my degree. You have union , a potential FT job when she retires, Union protection, healthcare benefits at a higher rate but still, and can still save 40%? I think that is a great opportunity. I am a RN and having a BSN is very important when changing jobs.

MayDay

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Re: Should I switch to part time? WWYD?
« Reply #7 on: November 15, 2017, 11:19:34 AM »
I would take the job share, as long as the benefits aren't too expensive. Or even better, I'd try to negotiate that you'll keep picking up shifts as long as they are short staffed, but you want full healthcare coverage for helping them out.

Guesl982374

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Re: Should I switch to part time? WWYD?
« Reply #8 on: November 16, 2017, 07:31:53 AM »
I would Job share, do the part time work and go back and get my degree. You have union , a potential FT job when she retires, Union protection, healthcare benefits at a higher rate but still, and can still save 40%? I think that is a great opportunity. I am a RN and having a BSN is very important when changing jobs.

+1

If the savings rate is really an issue for the OP then I would consider additional part time work, even if its at a lower pay rate than the RN job. However, if I was in the situation, I would JUMP at part time work to get a good bit of my time back and not take on additional work (unless you have the entrepreneurial bug).

Gone_fishing

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Re: Should I switch to part time? WWYD?
« Reply #9 on: November 17, 2017, 10:59:55 AM »
Yes!  Yes!!  Take the job share!  A mentor of mine gave me good advice once:  When making a big decision, pick the choice that gives you the most options in the future.  This advice has never let me down. 
You might be in a similar situation as me- Work in healthcare for government entity with pension and union etc.  The healh insurance is fully covered but just vacation/pension is prorated right?  Extra shifts particularly nights and weekends can pay a lot more, but it donít counts toward pension.  Thereís a lot of flexibility in this kind of schedule.  It is fantastic.  Nowhere else can you really do this. Do it!