Author Topic: Very torn on whether to take a higher paying job. Please help!  (Read 1739 times)

doug2244

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Say you have a job that is...."OK." You don't love it, but you like the people you work with, enjoy the culture of the company and the best part is the work/life balance given the pay is great. Able to work from home on occasion. You are paid well, although know you could get more elsewhere. Able to save about 30% of your income.

And then out of the blue you receive a job offer that is significantly more pay. However, there are trade-offs. You've done your research and it's definitely a more intense environment. Longer commute, no ability to work from home. The job itself may be a decent fit though and you are confident you will like your boss. You are VERY risk-averse though. Take the plunge? The money could really speed up progress towards FIRE, but also worried about the more stress and time commitment and regretting it. You have two kids and current company's flexibility is something worth a lot to you.

How do you know whether to take the plunge? How much more money is worth it? Again, the money could be significantly more, and could really expedite your savings.

mcneally

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Re: Very torn on whether to take a higher paying job. Please help!
« Reply #1 on: August 05, 2017, 10:33:57 AM »
Strangers will give there opinion from perceived similar situations, but there is no possible way anyone but you can answer this. Someone who knows you very well (like a SO) may help, but it's very difficult to provide enough information in an internet forum for the feedback to be useful.

doug2244

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Re: Very torn on whether to take a higher paying job. Please help!
« Reply #2 on: August 05, 2017, 10:40:08 AM »
You're 100% right. I know. I'm just really struggling over this decision. Could really speed up FIRE but it's also a risk for a very risk averse person.

itchyfeet

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Re: Very torn on whether to take a higher paying job. Please help!
« Reply #3 on: August 05, 2017, 11:33:33 AM »
I think that there are more factors that could also be considered.

How long have you been in your current role? If more than 5 years then maybe it is time to challenge yourself and step out of your comfort zone.

How much extra commute? When I have had a long commute it has been really bad for enjoying life. I would never take a job with longer than 40 min commute again.

What opportunities are there where you currently work? Is changing companies necessary?

Is the financial prospects/ situation of both companies equally sound? Being laid off when you could have been working in a stable environment would suck and also delay FIRE

Maybe neither job is the right one. You weren't looking, but maybe you should have a look at any other options before deciding to take the offer put in front of you.

doug2244

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Re: Very torn on whether to take a higher paying job. Please help!
« Reply #4 on: August 05, 2017, 11:46:44 AM »
I have a long commute already, so it wouldn't really be that different...but lose ability to work from home one day a week. Been at my company 11 years. I am comfortable and I am a creature of comfort. Yes, this would challenge me but the real key is financially it could really speed up FIRE.

Half Stached

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Re: Very torn on whether to take a higher paying job. Please help!
« Reply #5 on: August 05, 2017, 12:13:48 PM »
As you have stated you are risk adverse, one thing I would consider is if you taking this new job would irreparably burn bridges with your current one. If you took the new job and found you didn't like the trade-off after a year, do you think you could get your old job back? If this likelihood is high, I'd suggest going for it!

dreams_and_discoveries

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Re: Very torn on whether to take a higher paying job. Please help!
« Reply #6 on: August 05, 2017, 01:42:08 PM »
Since you are undecided about the new job, I'd try and negotiate with them; tell them you'd love to work for them, but work life balance is important to you, can they agree a WFH day?


doug2244

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Re: Very torn on whether to take a higher paying job. Please help!
« Reply #7 on: August 05, 2017, 02:02:02 PM »
I think that is my strategy. See what can be negotiated.

Beach_Stache

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Re: Very torn on whether to take a higher paying job. Please help!
« Reply #8 on: August 06, 2017, 07:17:47 AM »
Can you talk to your current job about your offer and see if they can sweeten the pot for you, or will that burn bridges if they know you've got an offer on the table?  Factor in how much your time is worth, if you have a longer commute then how much is that worth?  Will you be working more hours as well in addition to the longer ride?  You said your current job will let you work from home once/week, is there a reason why you can't work from home more often?  I have been in my current role for almost 10 years, I started out in the office 5 days/week, worked in 1 telework day and then as it started becoming more socially acceptable in the office I took a 2nd then a 3rd then a 4th.  For a number of years I was only going into the office once/week and finally 4 years ago we moved, kept the same job and I'm a full time telework employee.  I go into the office every 3 months for a week trip but that's generally it.  I'm not saying that's what you should aim for, but telework is great for a family, I get to walk my kids to the bus stop or drive them to daycare and can make up the hours early/late/lunch very easily. 

What I'm really getting at is sweetening the pot at your current job and also find out what you are giving up for that extra 30% at the new job.  Every time I get disgruntled at my job about not getting paid enough, I remind myself that I've moved to a lower cost of living location and save a ton of money working from home (work clothes, commute, lunches, coffee, quality of life).  I see people take higher paying jobs all the time and absolutely kill themselves and hate it within a few years.  If you think you'll like the new boss and environment then I would go for it (if you plan on saving that extra 30% salary - if you'll just piss it away b/c you need a "vacation" or to buy crap b/c you have a higher stress job then that's another issue), but if you're taking a job that'll have more downsides just for the extra salary, then I would pass.  Just my $0.02.