Author Topic: Job offer  (Read 5785 times)

Financial.Velociraptor

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Job offer
« on: June 05, 2015, 04:29:38 PM »
I've been happily FIRE since 5OCT2012.  I got a text from an old bossmanlady today (one of my favorite supervisors).  She wants me to work for her as a contractor for about 5 months until her company is bought out by a competitor with the deal finalizing in October.  Actual work would be dull; reconciliations and cleanup of accounts.  But the pay rate will be 85/hr with 1.5x for up to 10 hours OT a week.  I come up with about six figures of pay for about half a year's work for a favorite supervisor.  I figure this would lower my withdrawal rate from seven something to low five something.  That's a lot of security.

I think I'll take it.  If it sucks monkey balls, I just give notice.

Exflyboy

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Re: Job offer
« Reply #1 on: June 05, 2015, 05:06:57 PM »
That's a heck of a rate of pay... Nice..:)

Well done!

regulator

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Re: Job offer
« Reply #2 on: June 05, 2015, 07:56:35 PM »
I got lured back for a consulting/contract job with a buddy.  It has been OK.  Very good pay for work I do at my pace from my patio.  That said, if it turns into a genie at the  end of the contract, I will not mind the cessation of intrusions into my life and schedule.

Financial.Velociraptor

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Re: Job offer
« Reply #3 on: June 05, 2015, 08:02:59 PM »
I've been lured back before (sort of) I was offered a hair over 75 an hour to do 2 weeks of emergency work regarding a litigation matter I was knowledgable on at my old employer.  They needed someone who knew the lay of the land and could get quick insider roster status.  I figured for two weeks it was no big thing.  I worked exactly 4 hours.  I showed them an easier way to the goal (I knew the reporting system well.)  They agreed to pay me for 30 hours if I'd agree to be on call for 2 weeks "just in case".  Easiest couple thousand I've ever made.

This is a little different.  50 hour weeks for 5 months.  I may quit before it is done.  lol.

forummm

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Re: Job offer
« Reply #4 on: June 05, 2015, 09:30:23 PM »
Sounds perfect. Way to go!

Mr. Green

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Re: Job offer
« Reply #5 on: June 09, 2015, 11:08:28 AM »
That's a pretty serious reduction in the SWR for 5 months of work. Nice!

tooqk4u22

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Re: Job offer
« Reply #6 on: June 09, 2015, 12:37:07 PM »
Not bad, I would certainly think about it.  In addition to padding the SWR, it will also likely serve as a nice reinforcer of why you wanted to be FIRE in the first place. 

Just make sure you get the math right on a couple of things:
1.  You will have to pay both sides of the payroll taxes (SSI, Medi) - so that will be 16%.
2.  Factor in state/federal taxes that you will be responsible for - each dollar of additional income is at the marginal brackets above your current ones.
3.  Employment costs (commute, clothes, meals, etc) that typically come with jobs.
4. Insurance - if you are using ACA then this would/could have an impact.

Anyway, $100k could quickly become $50k if you don't plan accordingly....and $50k may change your view or not as you may want to just do something.  There are some ways around this stuff but you may need time to explore. 

Its all about thoughtful decision making. 
« Last Edit: June 09, 2015, 12:44:37 PM by tooqk4u22 »

dess1313

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Re: Job offer
« Reply #7 on: June 10, 2015, 03:32:33 PM »
Its definitely worth a good look at.  I second the comments by tooqk4u22 about taxes and other deduction implications.  Can you arrange some of your income to show up in January of next year or is that too complicated with the sale happening?  Are you able to work your own hours or work from home? 

It sounds like a great opportunity, and being short, won't tie you up for a drastic amount of time.  The time estimate may be accurate, but have you had enough of a look to know if it could be underestimating or over estimating the work involved?

Financial.Velociraptor

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Re: Job offer
« Reply #8 on: June 10, 2015, 03:51:52 PM »
The whole thing is looking iffy.  It was going to be 85/hr through Kelly Services but it turns out 85k is total budget and there is no room for outsourcing commission.  We are trying to jump through hoops to get me a vendor number so I can 1099.  Will cost me about 8 percent as I'll have to pay SS twice. But it may  not happen at all.  The work is to support cleanup in anticipation of a merger to be completed in October and there is resistance from senior management and HR to creating any new contractors.

Today my role is to wait...

Exflyboy

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Re: Job offer
« Reply #9 on: June 10, 2015, 11:16:14 PM »
Think of it this way.. You might actually enjoy work again and end up continuing to do it... Then where would you be?..:)


regulator

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Re: Job offer
« Reply #10 on: June 11, 2015, 05:17:48 PM »
I got a call from my buddy who still works at the last salt mine I quit.  Apparently they can find nobody with my specific expertise and are getting desperate.  He asked if I would be interested in consulting for a week to get people up to speed as best I could.  I said sure, but it will cost you and you will have to give me an acceptable non-disclosure agreement.  Schadenfreude, but I am having a hard time not laughing about this one.  I only quit because the bullcrap and unnecessary business travel were unbearable, not the actual work.