Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

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Cheese
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Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by Cheese »

All -

A daily reader, once a year poster here. I have an interesting dilemma facing me and would appreciate hearing the Boglehead community's take. I currently have a great job at public company with direct access to executive management, good pay and incredible work-life balance. I was contacted last week by a colleague at another local public company for a job that just opened there. From what I understand, the culture is much more intense, hard driving than my current position.

Current Job
+$180k annually (all-in with base, bonus, RSU)
+great work life balance - can literally come and go as needed
+huge network, direct access to anyone in company
-mature industry with minimal growth
-45 minute commute each way
-future raises are likely 4-6%

Potential Job
+$250k annually (all-in with base, bonus, RSU)
+base is 20% higher than current, bonus is 40% of base vs. 15% of base in current job
+cool industry with big growth
+15 minute commute each way
-less work life balance
-/+need to build new network


The difference right off the bat of 40% is huge. However, I am the sole income earner in a family of 5 (small kids) and the flexibility that comes with my current job is pretty fantastic. We live in a good market in the SW where the COL is relatively decent.

My question is this: Have any bogleheads taken the more money, more work route and regretted it? or vice versa? I know it is a very personal decision but part of me thinks I'm being selfish in thinking I need to make any more than $180k a year. The other part of me says, make as much as you can as fast as you can so you can finish as quickly as possible.

I am open to hard work (come from a blue collar working family) and we are very much a LBOM family. Any advice you have would be greatly appreciated. Thanks in advance.
mrpotatoheadsays
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by mrpotatoheadsays »

I have taken the "more money; more work" route and loved it. It was similar to the description of your potential job. The challenge and intensity was a rush. It was a great experience, and I filled my pockets with gold.

If I had the opportunity to do the same today, i would pass. I've aged and can't go 24-hours a day anymore; I don't want to go 24-hours a day anymore. I will give my employer 8 hours, then I'm off on my own personal adventure. Life is short.

I am financially secure, so I can get away with an attitude like this. Maybe if you're not financially secure, you need to go bust your butt for a couple years, then rebound back to a job like the old job... if you can find one; good jobs are hard to find; crappy jobs are on every corner.
daveatca
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potato writes excellent advice

Post by daveatca »

Listen to the potato
Ari
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by Ari »

Do you enjoy working life or would you like to retire early if possible? That's a pretty big factor. I prioritize work at the moment because I want to save up a big pile of money to be able to retire earlier. So I purposefully try to do a lot of work now so I can work less later in life. But if you have no plans for early retirement, you might as well go for the job that provides a good work life balance and lets you enjoy your life right now.
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gatorking
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by gatorking »

Don't underestimate the 1 hr reduction in commute. And being only 15 min from home may give you a different kind of flexibility that you don't have with the current job.
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kybourbon
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by kybourbon »

You can have time or you can have money, but you can't have both. Certainly true for my job. However, at a certain level of income, an extra 50k doesn't change my life enough to warrant the extra time required to make it. Although, if you save the extra and that allows you to get out faster than before, then maybe that is an equal trade. Have to agree with previous posters, the decrease in commute is attractive. Just make sure everyone is on board with a change, especially the wife, otherwise you may regret your decision.

ky
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by kjvmartin »

Do you need that extra money? What would you do with the salary difference?

Mike
Dandy
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by Dandy »

I never had quite the temptation that you are facing. But, on a smaller scale I did and choose life balance - and am happy I did. Toward the end of my career I was involved with a start up and worked long hours and had better pay -- but I'd kiss my baby Sunday night and wouldn't see her until next Saturday morning. That went on for several years.

Once you get into one of these exciting/demanding and financially rewarding jobs you are somewhat at their mercy -- you can't say I'll take 20% less pay for being able to be home at 6pm 2 nights a week. You have the tiger by the tail and you either have to let go (quit) or follow where ever the tiger goes.

Tough choice especially with 5 children and a major upgrade in money. Good luck.
investingdad
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by investingdad »

I'm not quite in the same position as you are currently, but here's a quick summary:

- wife and I both work
- combined, all in compensation, between 210K and 235K a year
- two kids in grade school
- one of us works from home one day a week
- both of us enjoy great work life balance
- one has a 40 to 55 minute commute, the other has a 35 minute commute

For us, work life balance means being on the side lines for all the soccer games and practices, having dinner together every night, and not missing any important family events. Period. And we both get to enjoy that.

If one of our employers came to us and said...would you like an extra 70K a year, but at the cost of the work life balance I noted above? Our answer would an emphatic, "No thank you".

We don't need the extra money and missing out on time spent with our kids (who a few months ago were just toddlers but are suddenly finishing up 4th and 2nd grade) isn't worth it. A few more years and we'll be out of the "sweet spot" of having kids that want to be actively engaged with us most of the time. Don't know about you, but I'm not selling that time for a few extra dollars.
joebh
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by joebh »

Everyone has a different, personal idea about "balance".

I've taken jobs that were more money and more work.
I've taken jobs that were less money and more work.
I've taken jobs that were more money and not more work.
I've taken jobs that were less money and less work.

In all cases, I had plenty of reasons other than just money. Some were about my family's current or future needs, some were about growth and potential. If it was always just about the money, nobody would ever retire.

Consider all the factors, not just money.
Decide what is important to you and the people you care about.
Act accordingly.
Don't look back, have no regrets.
carolinaman
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by carolinaman »

It sounds like your current job is very stable and secure. You did not say but my guess is the future job will be less stable and secure, especially until you prove yourself. Some companies provide a higher level of compensation, but in turn, except higher performance and results. If they do not get the desire results, they will let you go and move on.

You have an interesting dilemma. Higher pay or better work life balance.

I was the general manager of a major consulting group and was very successful in my job. I left because of the desire to achieve better work/life balance while my kids were still in school. I took a 33% pay cut the first year but I never regretted it.

Even if you were to become very successful in your new job, will you able to spend the quality time you desire with your family. Your children are only young once and you can never get that time back.

Best wishes in your decision.
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fire5soon
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by fire5soon »

I missed the first couple of years of my children's lives because i was working 80-90 hours a week. I'm also the sole provider. The moment where I decided it was more important to be home was when I kept seeing my kids do something I thought was completely new for them, something I didn't know they could do. I'd run to my wife saying look, look! Little Johnny can do cool new thing 'x' now...! She would respond, yeah, so... they've been doing that for months...

That kept happening with both of my kids and I realized I was missing out on a lot of important things that I could never get back. I still provide for my family and we're comfortable, but I'd rather spend time with them than work at a desk until all hours of the night. I'm sure I'm delaying my retirement for a good number of years, but sometimes when you have kids it's not all about dollars and cents.

That's just my two pennies.
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gloomydog
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by gloomydog »

Mid 30s. I opted for balance and changed from a high stress industry to this low stress/work from home one, and am regretting it now because there is almost no scope for any growth here. Also the compensation level in my case is much lower than what you're listing.

I believe there's a difference if the choices were 60K/90K vs 120K/170K vs 180K/250K vs 300K/400K.
All are approx same level of increase.

But at some point you do have enough to live very comfortably, so anything beyond that is just a small bonus. Graduated tax system does mean you're not going to enjoy your extra 70K, more like 45K. Is 45K worth it to you?
nordlead
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by nordlead »

Currently I have an awesome work life balance. 40hr work weeks, flex any time you want with minimal approval, vacation at last minute is almost never a problem, family is always important, etc... You would have to pay me at least 50% more to make me switch to a job that demanded 50hr/week permanently. I just did 50hr/week from September to May and I was worn out by the end.

And I only earn $80k salary with a family of 5 (3 small kids). At $180k, you couldn't make me move to a more time consuming job.
Nowizard
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by Nowizard »

Interesting question to even pose for those who have a clear view of their preferences. Mine was always to choose balance over income, instead focusing on investment strategies. Both worked out for us, though time is something you never get back, particularly with children. Many a day have my wife and I laughed over changing clothes while driving from work to a baseball or soccer game where we were coaches, literally hoping the police would not catch us with our pants down.

Tim
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by mchop »

This is an interesting post that I will return to and follow closely. A portion of my bonus was just changed such that I will be compensated at the discretion of the owners / leaders of the company based on my performance in my specific job description. This includes non billable work and personal time that i spend growing the practice / public speaking / developing training etc.

This is intended to motivate me (I guess) to spend more (personal) time working on these items. I am afraid it has done the opposite. It has placed a value on my time and it is simply not worth it to me. In addition I do not appreciate the concept that this payment is at the discretion of others... as opposed to my current bonus that is based on revenue earned (and directly proportional to the effort i apply / satisfaction of my customers). At the same time i do appreciate the intention of the company founders...its just not for me at this point in my life. There might be others who would jump at this opportunity.

I choose my personal time, health and happiness.

Good luck with your decision. Thanks for sharing. This is very relevant at this point in time.
Gropes & Ray
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by Gropes & Ray »

I think it's a matter of degree. Are you currently working 40 hrs/wk and you could increase your pay by 38% by working 50 hrs/wk? Or are you working 55 hrs/wk and you would have to work 80 hrs/wk?

I certainly have chosen to work 50-55 hrs/wk in order to make more money. But, this will allow my wife to stay home after our baby is born; so in some ways working more actually improves my family's collective work-life balance. I would not be willing to work 80 hrs/wk for any amount of money.
dsmil
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by dsmil »

I switched jobs a couple years ago knowing that my long term earning potential could take a hit but it was worth it to be closer to home and to work 40 hrs/week. Now, with a 3 month old, my wife is going to either stay at home or work a couple of days a week which is another decision away from money. I personally think that once you have "enough", than work-life balance should be your goal. Now your commuting would go down by an hour so even in a more stressful environment it might be a wash but you'll be making more at the new job.
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windaar
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by windaar »

My Dad taught me a huge lesson when mid-career he moved to a more fulfilling position at half the salary. He still earned enough to support the family, and once told me how fortunate he was to wake up each morning wanting to go to work. This influenced me to aim for a career in education (which I love) rather than business, regardless of the smaller pay. Google articles on "regrets of the dying." A biggie is "I worked too much."
Nobody knows nothing.
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Cheese
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by Cheese »

Great advice. Man I love this community.

A few more things about me.
Three kids (5, 3, NB)
$120k in RSUs at current job (vesting $30k annually over four years)
I currently work 40 hrs or so (some busy times where more but some slower times less so avg of 40). I envision the next job to be 50+ avg

I am not one to shy away from hard work but I value time with family and friends a great deal as well.

Does changing companies now (early 30s) provide more options down the road? Part of me says enjoy the balance and focus on personal time because we will be just fine (and feel very fortunate) at this salary level. Part of me says go for the extra cash and a new exciting opportunity - but that may be greed talking.

Again I appreciate all the great advice.
Crow Hunter
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by Crow Hunter »

Can you look at it from a $/hour standpoint?

I took a less "prestigious" job making $10,000 less but my $/hour went up significantly.

I went from working 65+ hours per week, on call 24/7/365 including weekends and holidays for ~$80,000 to working 40 hours/week, no on call for $70,000/year.

So I went from $23.67/hr to $33.65/hr and I don't get phone calls at 1:00am anymore or when I am out at a nice Valentine's Day dinner with my wife.

It was worth it to me.

However, honestly, if someone came to me right now and said they would pay me to do what I was doing previously for $250,000/yr. I would probably do it. If I did it for 4 years, I could retire. :D
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by Grt2bOutdoors »

The most precious commodity in the world: "Time". You don't get back "time" once you've spent it. Life is about choices, what is more important? Putting out a report on how many widgets XYZ company sold or is projected to sell or seeing NB take first step, say Da-da or some other word, attend t-ball practice instead of jetting off to fill in the blank to pitch something to a prospect you'll likely never see or hear from again. The money, yah, it's great, maybe, but it doesn't buy you goodwill with the front office - you are overhead, you could be the star player today, tomorrow they'll ask "what have you done for me lately", next thing you know you have been downgraded for the new prospect they've brought on - don't say it doesn't happen, I've seen it happen to those who thought they were the "golden boy" "Teflon don", only to get riffed when it came time to cut costs. The salary goes up, so does the target on your back - remember that.
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Dandy
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by Dandy »

Does changing companies now (early 30s) provide more options down the road?

Financially, most likely. I was lucky to have most of my career available for good family balance. We always had a great family vacation, saw my daughters play sports, dance etc. Kids are only young once and grow so fast. I'm glad I had those special times. If you go for the dough, and sometimes you have to, you can't get those years/times back.

Sometimes having more money can mean a better vacation but often times by then the kids don't want to go with mom and dad. Partly because those shared experiences haven't happened enough.

I think today when both parents often have to work life balance becomes even more of a priority - if the can afford to do so - which isn't easy today.
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JupiterJones
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by JupiterJones »

gatorking wrote:Don't underestimate the 1 hr reduction in commute. And being only 15 min from home may give you a different kind of flexibility that you don't have with the current job.
I was about to say the same thing. To me, a short commute is key to work-life-balance.
Stay on target...
dr.j
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by dr.j »

EddieJones wrote: My question is this: Have any bogleheads taken the more money, more work route and regretted it? or vice versa?
I've also taken the "word hard, more money" route and the sacrifices to my family just were not worth it. As others have said, investing quality time with your family and children is a sure-fire investment that will earn tremendous dividends down the road. While you may fast-track your way to an early retirement, you will "arrive" at your retirement having sacrificed the most precious and important time in your growing children's lives. You cannot get that time back. The times I've made sacrifices for more money have left me disappointed, my wife exasperated and my children missing their dad.

If you currently have a good work-life balance and can reach your financial goals in a reasonable time-frame, then stick with it.

At the end of your life, the investment made in your family and friends will be exponentially more valuable than your retirement savings.
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by Clever_Username »

I went the other direction, leaving a job that sounds like the second one -- many hours, frequently on call, higher pay, high stress -- in favor of one more like the first one (better hours, genuine work/life balance, etc). I did this about two years ago and am extremely glad I did. Also, due to circumstances I couldn't foresee when I made the choice, I'm going to be making up most of the difference in pay in the next few years without significantly affecting the hours or work/life balance.
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by VictoriaF »

Work-life balance is not well-defined and many people are prone to exaggerating their working hours or not managing their life hours well. Given the information provided by the OP, I´d take the new job. If he is a decent employee and later regrets the choice, the present company will likely take him back and might even increase his compensation above the current level.

Victoria
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poker27
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by poker27 »

For me, It would come down to stability. It sounds like you have a great gig right now, not sure I would give it up for a potential unknown. If you only work there for 1 year because you cant stand it, then what? If your current company is very stable, and growing, I dont think I would give it up
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Cheese
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by Cheese »

I had always read about the hedonic treadmill and how you quickly grow accustomed to your current/new surroundings. Growing up in a blue collar family I always thought if only I made $X I would be set and wouldn't need an extra dime. After surpassing $X I am now finding myself seeking more.

The extra pay would be saved to drive toward FI as we already live below our means on my current salary.
DFrank
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by DFrank »

As others have already pointed out, the extra hour a day in commute time is a big negative for your current position. To what extent is this an even trade of working time for commute time? If that's even close to being an even trade, I might tend to go for the new job so long as it's at least equally motivating to you.

OTOH, you are doing quite well for your age in your current job, so it seems you should have the luxury, and perhaps this is the challenge, of making the decision based the quality of life tradeoffs and which job will be more engaging and motivation for you.
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by easye418 »

Is everyone on this board apart of the 1%ers?

Good lord, you make me feel poor and I'm mid 20's with combined income of mid six figs.
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by Grt2bOutdoors »

easye418 wrote:Is everyone on this board apart of the 1%ers?

Good lord, you make me feel poor and I'm mid 20's with combined income of mid six figs.
I believe you meant to infer "a part" as in a component of not as "apart" meaning separate from. :wink:

As for your comment - you are mid '20's, the last survey showed most respondents were in their upper 30's to mid 40's. The conclusion is: You have time to catch-up. Why are you comparing apples (yourself) to oranges (everyone else)? If you LBYM, you will not feel poor, you will feel rich. :) Try it, let us know. :wink:
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by Grt2bOutdoors »

EddieJones wrote:I had always read about the hedonic treadmill and how you quickly grow accustomed to your current/new surroundings. Growing up in a blue collar family I always thought if only I made $X I would be set and wouldn't need an extra dime. After surpassing $X I am now finding myself seeking more.

The extra pay would be saved to drive toward FI as we already live below our means on my current salary.
Then "it will never be enough for you". You have to be able to draw the line in the sand and decide "Enough". We can't do it for you.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by trogdor »

easye418 wrote:Is everyone on this board apart of the 1%ers?

Good lord, you make me feel poor and I'm mid 20's with combined income of mid six figs.
Mid six figs (~$500k) would make you part of the 1%. :beer
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Cheese
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by Cheese »

Easye - I realize my question poses a very much first world problem. However as there are few people outside this forum to whom you can pose this question, and the personal details that come with it, the information from people here is invaluable.

I have made multiple job changes in the past five years within my current company so the change in and of itself does not scare me.

Grt2b - fully agree and that is what I'm realizing - the $ isn't everything once you've hit a certain level.

I am leaning toward staying put as the flexibility and the already sufficient salary to live a VERY comfortable life are not worth sacrificing at this point for more money.

I'd be interested in hearing more and I will continue to update as I sleep on it and learn a bit more about the other company/role.
PatrickA5
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by PatrickA5 »

I took a 20% pay cut in order to work part time (4 days a week). At the time, it was unheard of at my Megacorp for a male to work part time, but many females did it. My boss looked at me like I was nuts - "men don't work part time!"

I can say that I didn't even miss the money, but what I gained was something I could never replace - more time with my family. Of course, once I went part time, I could kiss any career "advancement" goodbye - but by that point (mid-40s), I was probably as far along in my career as I was going to go anyway.
crynwr
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by crynwr »

Any advice you have would be greatly appreciated.
I think you've got much great advice here. What does your wife think about the decision? Can you frame the question in a way that your 5 year old would understand it? What's the answer if you do?

One other thing to consider: You said you'd use the extra money to become financially independent more quickly. In that kind of thinking, it is really really important to discount for the future. You don't know what is going to happen a decade or two down the road.

At the risk of being heavy, here's my personal experience to illustrate my point:

20 years ago, we relocated when my wife got a new job. It meant a kind of forced downshift on my part, and I wasn't happy about it at the time. But I reconciled myself to being the less important earner. I had time to spend with the children. I had time to spend on other interests. Although both my wife and I traveled for work sometimes, mostly we had dinner together as a family every night. And we were in a low cost of living area, could save, and could think of early retirement.

18 months ago, my wife was diagnosed with a very aggressive form of cancer, and she died a few months later in her mid-50s.

Any of you who has been through such a loss will appreciate how it has been in the time since. But I can only imagine how much I would be regretting it now if I had chosen another course, if I had spent the last 20 years dedicated to earning a high income so that my wife and I could have a more comfortable retirement.

Now, I'm not saying that you shouldn't take the higher paying job. There's something to be said for a burst of high earnings and for the value of exciting work. But I am saying to be very very careful about making assumptions about the future. There are so many things that we cannot control. As others have said, time with your kids now is not something you can replace later. And who knows what your time will be like down the road.

Good luck.

Cryn
Oh yes, I've learned from my mistakes, and I'm sure I can repeat them exactly -- Sir Arthur Streeb-Greebling
PittPharmboy
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by PittPharmboy »

Not quite on the same level of salary or expected hours, but when I had a similar decision to make I chose work-life balance and haven't regretted it for a day.

Coming out of residency, I had two job offers:

a) $30,000 signing bonus and 15% higher salary than option B. Would have had to work every 3rd weekend and every other holiday. Living in a more desirable part of the US.
b) 15% lower salary than option A and no signing bonus. No weekends and no holidays. Living in a LCOL part of the US.

I chose option B, have been out of residency for 7 years now, and would argue that having weekends and holidays off was worth significantly MORE than the pay increase I would have received having chosen option A. Had I chosen option A, I'd be better off regarding FI at this point, but I have not missed one important milestone of any of my children, always have the weekends available to give my wife some time off (SAHM), and have been able to visit with family at each major Holiday. Plus it has kept the wife happy knowing that she'll have me at home every weekend and Holiday avoiding any discussion of unhappiness/divorce which would have wrecked any financial gains made by choosing option A.
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sunny_socal
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by sunny_socal »

I made a similar jump a few years ago - went for the sweatshop :?

What's better:
- More pay (but taxes begin to take a bigger bite...)
- Was able to move closer to kids' school - a bike ride away (But this is America, so we drive! :mrgreen: )
- Kids go to much better school
- Wife can stay at home w/ kids
- My organization is the most respectful, capable and professional group I've worked with (no bullies, a-holes etc)
- Still have decent work/life balance: most evenings & weekends are mine

What's worse:
- Commute is 1hr each way instead of 15min each way
- The workload and pace of life at work is intense

I've had no real regrets. I'm gone about 60hr/week and 10 of that is the commute. I'm burning the candle at both ends when I'm working, but I still get to see my family and have dinner with them every evening :beer

I would go for the higher paying job for the following reasons:
- The pay is always used as a reference point for your next job
- The reduced commute seems to offset the increased work hours
- 50hrs isn't really that much these days, especially at that pay level
easye418
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by easye418 »

EddieJones wrote:Easye - I realize my question poses a very much first world problem. However as there are few people outside this forum to whom you can pose this question, and the personal details that come with it, the information from people here is invaluable.

I have made multiple job changes in the past five years within my current company so the change in and of itself does not scare me.
Sorry, my response has nothing to do with offending you or judging you. Just merely an observation.

My answer would simple be that the choice is ultimately yours as no one can be in your shoes to tell you what would be worth it for you or not.

However, I do agree with you on one thing, there are extremely intelligent people here with tons of great knowledge.

Best of luck on your quest.
easye418
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by easye418 »

Grt2bOutdoors wrote:
easye418 wrote:Is everyone on this board apart of the 1%ers?

Good lord, you make me feel poor and I'm mid 20's with combined income of mid six figs.
I believe you meant to infer "a part" as in a component of not as "apart" meaning separate from. :wink:

As for your comment - you are mid '20's, the last survey showed most respondents were in their upper 30's to mid 40's. The conclusion is: You have time to catch-up. Why are you comparing apples (yourself) to oranges (everyone else)? If you LBYM, you will not feel poor, you will feel rich. :) Try it, let us know. :wink:
:annoyed :annoyed :annoyed grammar police!

Yeah..yeah... It's just hard to not connect the dots whenever in this forum makes $150k+ and being successfully well off for your future. I know I'll make my :moneybag :moneybag :moneybag before my clock expires. I hope :mrgreen:
dad2000
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by dad2000 »

I went from a reasonably large firm to a startup with lottery ticket type risk, but this was before we had kids. We chose to defer having kids for a few years because the demands were so great. We are financially well off now, but it's been tough at times. I wish I could have traded some of the money for family time, but unfortunately, that's not how life works.

It sounds like your financial situation is pretty good either way. If switching means less time with the family, spend a lot of time discussing it with your spouse and heavily weighing her opinion. Much of the extra money at the new job would probably go towards future college expenses, so it might just mean working a few years longer while the kids are in college to gain more time at home now. Unless you're older, it may be worth the trade-off.
Bfwolf
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by Bfwolf »

EddieJones,

Your intuition was right: this is not an easy decision.

Leaving a good job that you like is always tough. My inclination would be to take the new job though. That's a very significant difference in pay even with losing the RSUs. And you won't be married to the new company--if you hate it, you can look for a new job in a couple of years and will be able to anchor off the increased salary and (presumably) increased responsibilities. More hours sucks, but the quicker commute is a great mitigating factor.
EnjoyIt
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by EnjoyIt »

I don't think we have enough information to answer this question.

What is your financial situation? How is your retirement savings going? How will the extra $50K/year in after tax money affect your financial situation? How old are you?

If I was still in debt, I would consider that a "debt emergency" and would do everything possible to get out of massive debt ASAP. If I was already relatively set and en route to early retirement I would keep the 1st Job as the extra income would accomplish very little. I also think age is very important. If I was in my mid 20s, early 30s I would strongly consider taking the extra money since $50K/yr invested and compounded over 15 years at 5% real is worth a little over $1 million dollars. Not to mention you may have a potential for growth and even more income in the future which is only valuable if you are still young.
A time to EVALUATE your jitters: | https://www.bogleheads.org/forum/viewtopic.php?f=10&t=79939&start=400#p5275418
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Cheese
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by Cheese »

Early 30s
3 kids (5, 3, NB)
$250k in 401k / Roth IRA
$450k house with $320k note @ 4%
No other debt

Cryn - your comment resonated with me so much. My wife lost her father recently (at a young age) and going through that is definitely eye opening and gives you a different perspective. At the end of the road I'll look back on my life and cherish the time and experiences so much more than material things or money. Again - once you earn a certain amount any more typically comes at a higher opportunity cost.

My wife is very much supportive of either role (neither has travel) and ultimately wants me to do what I'm most interested in. I would be sure to spell out that it is important to the new company that being home for dinner is a priority and so are family events. If that means I need to be in at 6am then so be it.
Matt48Ritchie
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by Matt48Ritchie »

I grew up with 3 siblings and my mom didn't work so providing for the family financially was very much on my dad's shoulders. And I respect him for doing that and since I don't have kids I don't know emotionally how he coped with missing out on our life experiences. My dad doesn't have a great relationship with any of his kids (including me) due to being slightly detached emotionally. I can say that it would have meant a whole lot to me to have him attend some tennis matches or basketball games. I wouldn't want you to miss out on those opportunities. If I was choosing between having a great work/life balance and working until you're ~50 or missing out on significant time with young children but retiring when you're ~42 I would probably opt for the former.
staythecourse
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by staythecourse »

I think it is a no brainer in STAYING. You have 5 kids, the only income, and well established job. The other option is a new job and may or may not work out but either way will require A LOT more work. All for 70k more BEFORE taxes??

Flexibility and stability are two traits in jobs that are under the category of PRICELESS and even more in a single income family with 5 kids.

Good luck.
"The stock market [fluctuation], therefore, is noise. A giant distraction from the business of investing.” | -Jack Bogle
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Cheese
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by Cheese »

Thanks staythecourse.

one clarification - we have 3 kids (family of 5)
feh
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by feh »

EddieJones wrote: I'd be interested in hearing more and I will continue to update as I sleep on it and learn a bit more about the other company/role.
This is a personal decision that only you can make.

If I were in your shoes, I'd keep the current job. You're already making a ton of money, and you get to enjoy your family at the same time. No way I'd throw that away for additional money that I really didn't need.
Gropes & Ray
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Re: Advice Needed - Has Anyone Chosen Work Life Balance over Extra Money?

Post by Gropes & Ray »

Maybe I'm blind, but I don't see how many more hours per week we're discussing. 20 more hours per week probably isn't worth $70k. 10 more hours per week and I'd be all over it unless you're already working over 50 hours per week.
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