The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: mrgrump on September 18, 2018, 06:55:38 PM
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So I hate my job. I loved my former boss but she pulled some shady shit. I was on the management track and my peer was on the technical track. She promoted us but flipped our tracks citing I would get my management spot in September/October but that fell through. I have been very vocal about not being happy and have applied to approx 10 jobs internally. My former manager who is now my 2up manager caught wind of this and blocked me to move anywhere until April (when my 1 year is up). Although I am miserable in my current position I would like to stay with the company due to extra PTO coming my way next June, the flexibility and short commute.
I have the option to quit and be a SAHD but walking away from $80k seems terrifying. As does spending all day with a monstoerous 3 year old and the bus schedule for a 5 year old. We would also lose out on the ability to finance additional rental properties.
We currently have $380k in debt. $200k in primary home $150k in 2 rentals. $30k car. But the rentals make money and all debt should be paid off within 8 years. If I quit we would go from saving about $3k to $1k a month living with all current luxuries.
I have tried everything to make work bearable. Asking for flexibility, different projects and flat out avoiding my boss. Working strange hours hiding in offices not doing anything I don’t want to to do. The one good part of my boss is while she doesn’t have a backbone she avoids confrontation. I have recorded all of my meetings with and only communicate via email as much as possible. I have caught her in to many lies to risk anything.
My goal was to make it to 5 rental properties, paid off and peace out in 5~7years at the age of 40. But honestly I cringe just thinking about going to work and working for leadership I hate and don’t trust.
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I don’t understand how quitting a job at $80k only reduces your savings from $3k to $1k?
I’d be terrified to only have a $1k cushion each month. What happens when like an AC unit at a rental goes out, or needs a new roof, or can’t keep the rentals full? Etc.
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It doesn't seem as though quitting would be financially feasible. You have too much debt to service. I know you hate to hear this (because I have been in your position before and I would not want to hear it) but you need to keep the cash flowing, even if the environment is unbearably toxic.
If you become a stay at home Dad does that mean your spouse would go back to work and thus only a 2K difference in cash flow?
It sounds like you are not too thrilled at the prospect of being a SAHD. Word of advice - If you are not completely sold on spending your days with small children, DO NOT do it! You will be pulling your hair out after the first week.
I think your best course of action would be to continue to gut it out, while searching for other jobs. Sounds like your applications are getting lost in the stack, could you work with a placement agency, or call on your network to see what else is available?
IMHO - you should not be planning on financing any more rentals in the short-term. Focus on building up a cash cushion and reducing debt.
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My wife currently works. The free cash flow only changes about 2k per month due to the absence of daycare and some other bills if I was to stay home. Obviously 401k savings would take a hit as we would go from maxing out 2 accounts to just one. And as much as we like to think $80k is $80k a decent chunk is wiped out in taxes.
In terms of emergencies we have a rainy day fund to the tune of $25k and another $50k in index funds. If shit got really bad we have a HELOC for a $100k if we were to ever need it.
Agreed, I am not thrilled about either option. Both clearly have their downfalls. I have not looked externally yet due to all the benefits of my current employer.
In regards to the rentals. We make about $650/month after paying all expenses.
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I have not looked externally yet due to all the benefits of my current employer.
Benefits relative to what? Do you have evidence that your other options would require longer commutes and/or be less flexible and/or offer less PTO?
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If your situation with your current employer is so bad that you're thinking of quitting, then it is bad enough for you to explore other jobs too.
You are framing this as "Quit and stay home with kids" vs. "Stay in shitty job situation" without even looking at what other jobs might be out there for you. Go look!
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Given that you sounds well less than thrilled about the prospect of being a SAHD, I would not do that.
If you are willing to leave the job to SAH, then why on earth wouldn't you be willing to leave it for a paying job that sucks less?? I'm not sure why you are making this a binary decision. So you get a job that pays $5k less per year and has less PTO (something that is frequently negotiable, by the way). If you are less miserable and yet get to keep the same annual 410k contributions and your savings rate only dips by $3k/y, that's still financially way better than the SAH option, and it sounds like there aren't really emotional benefits or other reason to value SAH for you, since you aren't excited about the prospect.
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Have you thought about replacing the car(s) with something cheaper to give yourself a bigger cushion? If you really owe $30,000+ that seems like an obvious place to trim down.
Then you could either quit and have more time to find another gig or at least up your stash a bit to invest in something that makes money and advances your FI date.
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When a manager or director blocks you from moving within the same company, that means it is time to explore your options at a different company. She wants you in the position you are in, and she is going to keep you in that position as long as she possibly can. Even when the "block" is up, I wouldn't be surprised if she tried to talk other managers out of hiring you for their open slots.
This happened to one of my colleagues, because the director thought he was "too valuable" to let him go to a different group. Translated, that meant "this guy can actually do the job with minimal oversight, none of my other employees have the right skill set/attitude/soft skills, and I don't want to be bothered making anyone else learn it." The boss thought my friend was "stuck", and did not make any efforts to keep him happy.
My colleague found a different job and quit. Old company has been offering him all kinds of jobs since then, but he refused to go back as long as old boss worked there. 4 years later, old boss quit and colleague is now working there again with a really sweet benefits package.
Find a new job. You can negotiate benefits - I've taken a pay cut before to get extra PTO.