Opportunity presents - Should I or shouldn't I?
Opportunity presents - Should I or shouldn't I?
Dear BHs:
Looking for some wisdom.
A very good opportunity has presented itself and not sure if I should pursue it or not.
Here is some background:
I will be 53 at the end of the year.
Current income is $245K, ~10% bonus, side-gig 1099 income ~$25-50K
Spouse's income $91,000K, side-gig 1099 income ~$30k-$50K
Taxable and retirement accounts - $4.1 MM
529 - $100K (child will start college after 7 more years of schooling)
Mortgage remaining - $575K
Home equity - $225K (not including the recent run -up)
Annual expense is ~$120K
Spouse and I will continue to make this income at a minimum for the next 10 years of course with merit increases and bonuses. Currently maxing both 401Ks, contributing maximum to both our backdoor Roth, maxing family HSA, contributing towards mega backdoor (about $20K-$25K/year). The rest goes into taxable.
The current job is a WFH position. Has been for nearly a decade. Mostly 45 hour weeks. No late evenings or weekend commitments. Very happy all around. Stress level of 2-3.
The new job come with a base salary of $300K and ~20% bonus. The side-gig income may be at $25K since I will not have all the time to devote. This is certainly a level up with a lot of future potential (growth?) including C-level opportunities if I play my cards right.
However, the job will require me to commute into the office 2-3 days a week. It is about 50 minutes - 1 hour drive, one way, which I dread. Stress level in the new job will be 6 or even 7 or 8 as the job has added responsibilities. Easy to spend 50 hours a week which will be the norm. I expect to be working late evenings and weekends.
Frankly, I am not interested in climbing the corporate ladder anymore and have lost the desire, as I am very content with where I am at right now. But I don't know what I don't know. In fact, the same company offered me a job twice within the last 18 months at my current income both of which I declined. But this time around the title is higher and compensation package is more.
Am I crazy to not pursue this opportunity?
Thanks in advance.
Looking for some wisdom.
A very good opportunity has presented itself and not sure if I should pursue it or not.
Here is some background:
I will be 53 at the end of the year.
Current income is $245K, ~10% bonus, side-gig 1099 income ~$25-50K
Spouse's income $91,000K, side-gig 1099 income ~$30k-$50K
Taxable and retirement accounts - $4.1 MM
529 - $100K (child will start college after 7 more years of schooling)
Mortgage remaining - $575K
Home equity - $225K (not including the recent run -up)
Annual expense is ~$120K
Spouse and I will continue to make this income at a minimum for the next 10 years of course with merit increases and bonuses. Currently maxing both 401Ks, contributing maximum to both our backdoor Roth, maxing family HSA, contributing towards mega backdoor (about $20K-$25K/year). The rest goes into taxable.
The current job is a WFH position. Has been for nearly a decade. Mostly 45 hour weeks. No late evenings or weekend commitments. Very happy all around. Stress level of 2-3.
The new job come with a base salary of $300K and ~20% bonus. The side-gig income may be at $25K since I will not have all the time to devote. This is certainly a level up with a lot of future potential (growth?) including C-level opportunities if I play my cards right.
However, the job will require me to commute into the office 2-3 days a week. It is about 50 minutes - 1 hour drive, one way, which I dread. Stress level in the new job will be 6 or even 7 or 8 as the job has added responsibilities. Easy to spend 50 hours a week which will be the norm. I expect to be working late evenings and weekends.
Frankly, I am not interested in climbing the corporate ladder anymore and have lost the desire, as I am very content with where I am at right now. But I don't know what I don't know. In fact, the same company offered me a job twice within the last 18 months at my current income both of which I declined. But this time around the title is higher and compensation package is more.
Am I crazy to not pursue this opportunity?
Thanks in advance.
Last edited by worthit on Wed Jun 23, 2021 6:06 pm, edited 2 times in total.
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Re: Opportunity presents - Should I or shouldn't I?
I’m sure it feels like a dilemma to you, but reading your narrative the answer seems like a clear no to pursuing. Life as is sounds great
Re: Opportunity presents - Should I or shouldn't I?
Time vs. money is the ultimate tradeoff.
In the long run, nobody except you will care or remember if you make it to the C suite.
In the long run, nobody except you will care or remember if you make it to the C suite.
One thing that humbles me deeply is to see that human genius has its limits while human stupidity does not. - Alexandre Dumas, fils
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Re: Opportunity presents - Should I or shouldn't I?
I trimmed your post up a bit. Current income, hours, & stress level sounds like quite a winning combo.worthit wrote: ↑Wed Jun 23, 2021 5:56 pm Current income is $245K, ~10% bonus, side-gig 1099 income ~$25-50K
The current job is a WFH position. Has been for nearly a decade. Mostly 45 hour weeks. No late evenings or weekend commitments. Very happy all around. Stress level of 2-3.
The new job come with a base salary of $300K and ~20% bonus. The side-gig income may be at $25K since I will not have all the time to devote. This is certainly a level up with a lot of future potential (growth?) including C-level opportunities if I play my cards right.
However, the job will require me to commute into the office 2-3 days a week. It is about 50 minutes - 1 hour drive, one way, which I dread. Stress level in the new job will be 6 or even 7 or 8 as the job has added responsibilities.
Frankly, I am not interested in climbing the corporate ladder anymore and have lost the desire, as I am very content with where I am at right now.
New opportunity: more pay, commute that you dread, strong increase in stress and future potential growth that you aren't interested in. If I were in your shoes I would consider myself blessed, keep enjoying life, and not think about this opportunity again. Cheers.
--Randy Bo Bandy
Grammar and spelling matter. |
Quoting the OP isn't a necessity.
Re: Opportunity presents - Should I or shouldn't I?
IMHO do not take it. You have already done well money and salary wise, and other than more money the downside as you state them is not worth it.
I was making $200K+ and had opportunities to increase my corporate base and bonus income by around 20 percent above that. The tradeoff was that the assignment required 100% travel, sometimes on very short notice. It was not worth the extra money to me.
I was making $200K+ and had opportunities to increase my corporate base and bonus income by around 20 percent above that. The tradeoff was that the assignment required 100% travel, sometimes on very short notice. It was not worth the extra money to me.
Re: Opportunity presents - Should I or shouldn't I?
I was in somewhat similar situation a couple years ago, though at 46.
I ended up switching from a low stress mostly WFH job to a higher pay, higher stress, longer hours, 3 hour a day commute job.
Much of the compensation in the new job is RSUs which have doubled since I joined so I am now making 3x what I did two years ago.
I do not particularly enjoy the new job, but will stick around until the RSUs vest and then take an extended break.
The old job was not ideal either so I don't regret switching.
But it sounds like you are very secure where you are and don't really need to work for money anymore (unlike me).
I ended up switching from a low stress mostly WFH job to a higher pay, higher stress, longer hours, 3 hour a day commute job.
Much of the compensation in the new job is RSUs which have doubled since I joined so I am now making 3x what I did two years ago.
I do not particularly enjoy the new job, but will stick around until the RSUs vest and then take an extended break.
The old job was not ideal either so I don't regret switching.
But it sounds like you are very secure where you are and don't really need to work for money anymore (unlike me).
Re: Opportunity presents - Should I or shouldn't I?
I wouldn't do it if it were me. I would love job where my stress level is 2-3 and work from home. From your post, It seems like you already have a good thing going job wise.
You say you aren't interested in climbing the corporate ladder anymore but that in this new job, if you play your cards right, a C-level position might be possible. I can only imagine the extra stress and office politics that you would have to play to get and stay in such a position. Is it the potential for even higher pay, higher title, or status that is attracting you? Something else? I guess only you can answer that.
Best of luck in your decision.
You say you aren't interested in climbing the corporate ladder anymore but that in this new job, if you play your cards right, a C-level position might be possible. I can only imagine the extra stress and office politics that you would have to play to get and stay in such a position. Is it the potential for even higher pay, higher title, or status that is attracting you? Something else? I guess only you can answer that.
Best of luck in your decision.
Re: Opportunity presents - Should I or shouldn't I?
It would be a hard no for me. You could afford to retire now, are in a good position that meets all your needs, and making good money. There are already aspects of the new job you don’t like. Why put up with a long commute and longer hours including weekends and evenings? You don’t need the money, you don’t need to get promoted, so why? Nope, no thanks.
- Taylor Larimore
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Re: Opportunity presents - Should I or shouldn't I?
worthit:
Most of us spend upward of 40 hours a week, plus commuting time, at work. It is a big part of our lives.
In my opinion, and if you have a choice, it is VERY important to spend time at work that we enjoy.
Best wishes.
Taylor
Most of us spend upward of 40 hours a week, plus commuting time, at work. It is a big part of our lives.
In my opinion, and if you have a choice, it is VERY important to spend time at work that we enjoy.
Best wishes.
Taylor
Jack Bogle's Words of Wisdom: "At a party given by a billionaire, Kurt Vonnegut informs his pal, Joseph Heller, that their host, a hedge fund manager, had made more money in a single day than Heller had earned from his wildly popular novel Catch-22 over its whole history. Heller responds, 'Yes, but I have something he will never have...enough."
"Simplicity is the master key to financial success." -- Jack Bogle
Re: Opportunity presents - Should I or shouldn't I?
Wouldn't the crazy thing be converting a perfectly good situation into one that includes the word "dread"?
60-20-20 us-intl-bond
Re: Opportunity presents - Should I or shouldn't I?
I would not make the change unless your family would enjoy moving somewhere that is a short commute to the new job. And you tell them up front you are not working evenings and weekends more than X amount per year.
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Re: Opportunity presents - Should I or shouldn't I?
You are already financially independent and don't need to trade time for money anymore. You have a job where you are very happy all around. Why would you start doing something you dread? If you took the job and hated it, then what's the plan?
If it were me, I would not take the new job.
If it were me, I would not take the new job.
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Re: Opportunity presents - Should I or shouldn't I?
Work is about more than just money. There is also the potential for personal growth, leadership, accomplishment, peer (and maybe even public) recognition.
Do soldiers become generals for the money?
Do soldiers become generals for the money?
Re: Opportunity presents - Should I or shouldn't I?
Life is an adventure. You already have enough for your family if you fail. Take the new job.
b
b
Re: Opportunity presents - Should I or shouldn't I?
Thank you.Astronaut4 wrote: ↑Wed Jun 23, 2021 6:01 pm I’m sure it feels like a dilemma to you, but reading your narrative the answer seems like a clear no to pursuing. Life as is sounds great
Thank you.
Agree. It is the 'who cares" that is dissuading me from pursuing.
Thank you for your response.randybobandy wrote: ↑Wed Jun 23, 2021 6:15 pmI trimmed your post up a bit. Current income, hours, & stress level sounds like quite a winning combo.worthit wrote: ↑Wed Jun 23, 2021 5:56 pm Current income is $245K, ~10% bonus, side-gig 1099 income ~$25-50K
The current job is a WFH position. Has been for nearly a decade. Mostly 45 hour weeks. No late evenings or weekend commitments. Very happy all around. Stress level of 2-3.
The new job come with a base salary of $300K and ~20% bonus. The side-gig income may be at $25K since I will not have all the time to devote. This is certainly a level up with a lot of future potential (growth?) including C-level opportunities if I play my cards right.
However, the job will require me to commute into the office 2-3 days a week. It is about 50 minutes - 1 hour drive, one way, which I dread. Stress level in the new job will be 6 or even 7 or 8 as the job has added responsibilities.
Frankly, I am not interested in climbing the corporate ladder anymore and have lost the desire, as I am very content with where I am at right now.
New opportunity: more pay, commute that you dread, strong increase in stress and future potential growth that you aren't interested in. If I were in your shoes I would consider myself blessed, keep enjoying life, and not think about this opportunity again. Cheers.
--Randy Bo Bandy
Thanks for sharing. Yes, the key here is the "extra money". That is the seduction one needs to be aware off.nguy44 wrote: ↑Wed Jun 23, 2021 6:39 pm IMHO do not take it. You have already done well money and salary wise, and other than more money the downside as you state them is not worth it.
I was making $200K+ and had opportunities to increase my corporate base and bonus income by around 20 percent above that. The tradeoff was that the assignment required 100% travel, sometimes on very short notice. It was not worth the extra money to me.
Thank you.TheHiker wrote: ↑Wed Jun 23, 2021 6:41 pm I was in somewhat similar situation a couple years ago, though at 46.
I ended up switching from a low stress mostly WFH job to a higher pay, higher stress, longer hours, 3 hour a day commute job.
Much of the compensation in the new job is RSUs which have doubled since I joined so I am now making 3x what I did two years ago.
I do not particularly enjoy the new job, but will stick around until the RSUs vest and then take an extended break.
The old job was not ideal either so I don't regret switching.
But it sounds like you are very secure where you are and don't really need to work for money anymore (unlike me).
Glad that you are making 3x because of the switch. That will certainly pay off and you will be in position to take the foot off the pedal I hope sooner than later. I wish you the best.
Thank you for taking the time to respond. It is the sense of accomplishing more and higher things with a global impact (positively) that is attracting me. I care less for the title, status etc. I care for the money as long as it fair market value and I believe it is.henry wrote: ↑Wed Jun 23, 2021 7:01 pm
I wouldn't do it if it were me. I would love job where my stress level is 2-3 and work from home. From your post, It seems like you already have a good thing going job wise.
You say you aren't interested in climbing the corporate ladder anymore but that in this new job, if you play your cards right, a C-level position might be possible. I can only imagine the extra stress and office politics that you would have to play to get and stay in such a position. Is it the potential for even higher pay, higher title, or status that is attracting you? Something else? I guess only you can answer that.
Best of luck in your decision.
Valid points. Thanks for highlighting them.Kenkat wrote: ↑Wed Jun 23, 2021 7:08 pm It would be a hard no for me. You could afford to retire now, are in a good position that meets all your needs, and making good money. There are already aspects of the new job you don’t like. Why put up with a long commute and longer hours including weekends and evenings? You don’t need the money, you don’t need to get promoted, so why? Nope, no thanks.
Dear Taylor:Taylor Larimore wrote: ↑Wed Jun 23, 2021 7:21 pm
worthit:
Most of us spend upward of 40 hours a week, plus commuting time, at work. It is a big part of our lives.
In my opinion, and if you have a choice, it is VERY important to spend time at work that we enjoy.
Best wishes.
TaylorJack Bogle's Words of Wisdom: "At a party given by a billionaire, Kurt Vonnegut informs his pal, Joseph Heller, that their host, a hedge fund manager, had made more money in a single day than Heller had earned from his wildly popular novel Catch-22 over its whole history. Heller responds, 'Yes, but I have something he will never have...enough."
It is indeed an honor to receive a response from you. This solidifies my thinking and belief. Thank you for taking the time to respond.
Thank you.
No, I wouldn't put my family through a move just for the sake of enriching my professional life. They are very happy at the current location. It is a great location and it will be foolish on my part to move. I have to admit, it went through my head but after taking into consideration the family preferences, I just decided against a move.
Thank you. You are so right!
Re: Opportunity presents - Should I or shouldn't I?
Thank you. Appreciate it.PowderDay9 wrote: ↑Wed Jun 23, 2021 8:16 pm You are already financially independent and don't need to trade time for money anymore. You have a job where you are very happy all around. Why would you start doing something you dread? If you took the job and hated it, then what's the plan?
If it were me, I would not take the new job.
Indeed, work is about more than just money. At least for me it has been that way all my life. I like the way you put it. Very thought provoking to me. Thank you.Tingting1013 wrote: ↑Wed Jun 23, 2021 8:16 pm Work is about more than just money. There is also the potential for personal growth, leadership, accomplishment, peer (and maybe even public) recognition.
Do soldiers become generals for the money?
Thank you. This is another way of looking at it I guess? Very interesting.
Re: Opportunity presents - Should I or shouldn't I?
I think you would be crazy to pursue the opportunity..... not crazy not to. Life is good. No reason to screw it up.
Re: Opportunity presents - Should I or shouldn't I?
worthit,
You would be crazy to pursue this opportunity.
A) You have plenty of money.
But,
B) You have limited time window to spend with your kid. Only 7 more years.
So, why would you trade your limited money for the money that you do not need? Your kid would not care that they inherit one extra million from you. They would only remember whether you are there with them while they were growing up.
In your case, time with family is more precious than some extra money.
KlangFool
30% VWENX | 16% VFWAX/VTIAX | 14.5% VTSAX | 19.5% VBTLX | 10% VSIAX/VTMSX/VSMAX | 10% VSIGX| 30% Wellington 50% 3-funds 20% Mini-Larry
Re: Opportunity presents - Should I or shouldn't I?
Great pay, good hours, low stress, stay put!!!
Fools think their own way is right, but the wise listen to others.
Re: Opportunity presents - Should I or shouldn't I?
Thank you. Your sentiment seems to be pretty unanimous here.
worthit,
You would be crazy to pursue this opportunity.
A) You have plenty of money.
But,
B) You have limited time window to spend with your kid. Only 7 more years.
So, why would you trade your limited money for the money that you do not need? Your kid would not care that they inherit one extra million from you. They would only remember whether you are there with them while they were growing up.
In your case, time with family is more precious than some extra money.
KlangFool
[/quote]
Thank you, Klang. As always, your cut to the chase responses are very deep and profound. I appreciate it. Yes, Due to my WFH status at work for the past decade, I have become a better cook, helping with all kinds of house hold chores, spend a lot of time with my son (will not trade
this for anything) and most importantly gradually got off the corporate treadmill that I was on before that. I was working towards a C-suite dream earlier in my life but then got off that corporate treadmill after experiencing some unpleasant real world knocks (politics, favoritism etc). Overall, I have no complaints but there is a tiny bit of itch that comes and goes when I get such offers. But it seems like I am not missing out on anything if I ended up not pursuing this opportunity. Also, my wife said the exact same thing “what do you need the additional million for”?
Thanks for emphasizing this.
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Re: Opportunity presents - Should I or shouldn't I?
Great Job! You've won the game!
Think about your ER plan imo, not your next work rodeo.
Side income seems intriguing. Is this a hobby you enjoy?
Think about your ER plan imo, not your next work rodeo.
Side income seems intriguing. Is this a hobby you enjoy?
“At some point you are trading time you will never get back for money you will never spend.“ |
“How do you want to spend the best remaining year of your life?“
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Re: Opportunity presents - Should I or shouldn't I?
deleted
Last edited by AerialWombat on Sat Feb 05, 2022 4:01 pm, edited 1 time in total.
This post is a work of fiction. Any similarity to real financial advice is purely coincidental.
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Re: Opportunity presents - Should I or shouldn't I?
This. No way I'd take this new "opportunity." In fact I'm in a pretty comfy position myself, I could be making 50% more at the amazon/google/facebook type companies but I'd completely sacrifice my WLB.
Re: Opportunity presents - Should I or shouldn't I?
I would not take the job. You are saving enough money and making enough money as it is without comprising your time. You already have 4M saved, you won't need to work 10 more years if you don't want to. 4M * 3% withdrawal rate (which is likely a perpetual withdrawal rate) is 120K in expenses.
Re: Opportunity presents - Should I or shouldn't I?
Your withdrawal rate today would be 3% or so.
I would question working going forward alltogether, not whether I want to add more stress.
You're at the work optional point, I don't see the reason to add more stress to your life and take away from family life.
I would contemplate working on the side incomes for both of you and maybe quit your full time jobs - but that's me!
If you could bring in 50k total from your side gigs, your withdrawal rate from teh portfolio drops to what most would call a perpetual rate....
(120 - 50 = 70k)
70,000 / 4,100,000 = 1.7% .... that's close enough to a dividend / coupon rate from a 3 fund 60/40 portfolio.....
I would question working going forward alltogether, not whether I want to add more stress.
You're at the work optional point, I don't see the reason to add more stress to your life and take away from family life.
I would contemplate working on the side incomes for both of you and maybe quit your full time jobs - but that's me!
If you could bring in 50k total from your side gigs, your withdrawal rate from teh portfolio drops to what most would call a perpetual rate....
(120 - 50 = 70k)
70,000 / 4,100,000 = 1.7% .... that's close enough to a dividend / coupon rate from a 3 fund 60/40 portfolio.....
Get rich or die tryin'
Re: Opportunity presents - Should I or shouldn't I?
Agree with everyone else, dont pursue the new opportunity. Maybe if you were younger, underpaid, low net worth, hated your boss/job, then it would make sense to pursue the new job. But you are in a good spot right now, why mess with a good thing!
Re: Opportunity presents - Should I or shouldn't I?
Hard no.
"...the man who adapts himself to his slender means and makes himself wealthy on a little sum, is the truly rich man..." ~Seneca
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Re: Opportunity presents - Should I or shouldn't I?
Age 32: YES!!!
Age 42: Mmm. I'll have less time for the family, but going for it now many enable me to retire comfortably at 52. Ok, yes.
Age 52: No. Bleeping. Way. I'm in a great spot and can spend as much time with family as I want.
Age 42: Mmm. I'll have less time for the family, but going for it now many enable me to retire comfortably at 52. Ok, yes.
Age 52: No. Bleeping. Way. I'm in a great spot and can spend as much time with family as I want.
I am not a financial professional or guru. I'm a schmuck who got lucky 10 times. Such is the life of the trader.
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Re: Opportunity presents - Should I or shouldn't I?
+1,000!neverpanic wrote: ↑Thu Jun 24, 2021 12:41 pm Age 32: YES!!!
Age 42: Mmm. I'll have less time for the family, but going for it now many enable me to retire comfortably at 52. Ok, yes.
Age 52: No. Bleeping. Way. I'm in a great spot and can spend as much time with family as I want.
Re: Opportunity presents - Should I or shouldn't I?
What is your retirement number, OP? I'd take this job only if you're very far from that number, as the only advantage of the job seems to be the higher pay. How much does the money mean to you?
50% VTSAX | 25% VTIAX | 25% VBTLX (retirement), 25% VTEAX (taxable)
Re: Opportunity presents - Should I or shouldn't I?
Just make sure you step back and verify that the status quo really is on the table. In many workplaces, there's an up-or-out expectation, and if you turn down too many promotions they start to sideline you.
Personally, I'd probably just quit and work elsewhere in they insisted on promoting me beyond what I want to commit, so it wouldn't be a big deal to me. But something to consider if quitting isn't something you'd care to do.
Re: Opportunity presents - Should I or shouldn't I?
What problem would you be solving with the new job? You seem happy with the current one and don’t seem interested in the C-level jobs?
“Conventional Treasury rates are risk free only in the sense that they guarantee nominal principal. But their real rate of return is uncertain until after the fact.” -Risk Less and Prosper
Re: Opportunity presents - Should I or shouldn't I?
Perhaps hitting his retirement number earlier.
50% VTSAX | 25% VTIAX | 25% VBTLX (retirement), 25% VTEAX (taxable)
Re: Opportunity presents - Should I or shouldn't I?
Thank you. The side income is in my line of work. 100% telecommuting work (can work anywhere globally as long as there is connectivity). No commitments/contracts. Pretty relaxed. Yes, I enjoy it immensely.Wannaretireearly wrote: ↑Thu Jun 24, 2021 1:47 am Great Job! You've won the game!
Think about your ER plan imo, not your next work rodeo.
Side income seems intriguing. Is this a hobby you enjoy?
Hmmm...wish I could. I don't believe I am ready to call it quits totally. Perhaps I need to start working on that? Thanks for the suggestion.
Thank you. I hear you. But I can never see myself not working/contributing, at least for the next 5 years or so.Ramjet wrote: ↑Thu Jun 24, 2021 7:16 am I would not take the job. You are saving enough money and making enough money as it is without comprising your time. You already have 4M saved, you won't need to work 10 more years if you don't want to. 4M * 3% withdrawal rate (which is likely a perpetual withdrawal rate) is 120K in expenses.
On a lighter note, may be I can treat this as my "Aston Martin Fund" job .
Thank you, for the breakdown. Seems like I do have enough financially.dziuniek wrote: ↑Thu Jun 24, 2021 7:22 am Your withdrawal rate today would be 3% or so.
I would question working going forward alltogether, not whether I want to add more stress.
You're at the work optional point, I don't see the reason to add more stress to your life and take away from family life.
I would contemplate working on the side incomes for both of you and maybe quit your full time jobs - but that's me!
If you could bring in 50k total from your side gigs, your withdrawal rate from teh portfolio drops to what most would call a perpetual rate....
(120 - 50 = 70k)
70,000 / 4,100,000 = 1.7% .... that's close enough to a dividend / coupon rate from a 3 fund 60/40 portfolio.....
Thank you. Yes, certainly if this was in y 40's I would have already taken the job. But I am now at a different phase chronologically and also on the "happiness curve". That is the dilemma.
Thank you.
Thank you. Well put. Exactly how I felt in my 30s and 40s. It is the 50s now I need to figure out.neverpanic wrote: ↑Thu Jun 24, 2021 12:41 pm Age 32: YES!!!
Age 42: Mmm. I'll have less time for the family, but going for it now many enable me to retire comfortably at 52. Ok, yes.
Age 52: No. Bleeping. Way. I'm in a great spot and can spend as much time with family as I want.
Thank you.anon_investor wrote: ↑Thu Jun 24, 2021 12:43 pm+1,000!neverpanic wrote: ↑Thu Jun 24, 2021 12:41 pm Age 32: YES!!!
Age 42: Mmm. I'll have less time for the family, but going for it now many enable me to retire comfortably at 52. Ok, yes.
Age 52: No. Bleeping. Way. I'm in a great spot and can spend as much time with family as I want.
Thank you. Good question. I never had a retirement number -still dont have one. But have a sense of our expenditures. Just started tracking our expenses closely beginning last year. That is how I came up with $120k/year of expenses. Of course this allows us to continue living in a HCOL including the mortgage. This extra money isn't going to do much. In essence this will be all gravy for us.
Thank you, To clarify, this opportunity is at a different company and not the company I currently work for.shess wrote: ↑Thu Jun 24, 2021 12:53 pmJust make sure you step back and verify that the status quo really is on the table. In many workplaces, there's an up-or-out expectation, and if you turn down too many promotions they start to sideline you.
Personally, I'd probably just quit and work elsewhere in they insisted on promoting me beyond what I want to commit, so it wouldn't be a big deal to me. But something to consider if quitting isn't something you'd care to do.
Thank you. Great question. Well, I will be involved in solving global health problems (no pun intended). Even though my current role is similar, it is mostly behind the scenes, with limited authority/responsibilities, where as in the new role I will be the key decision maker.
Thank you. I really dont have a set retirement number in mind and that may be the root cause of my dilemma?
Re: Opportunity presents - Should I or shouldn't I?
I originally said no, but here's something to consider:
You have enough money that if this gig doesn't work out - you can walk out 2 weeks into it.
If you want to continue to work however - maybe it would be difficult finding another job.
You have enough money that if this gig doesn't work out - you can walk out 2 weeks into it.
If you want to continue to work however - maybe it would be difficult finding another job.
Get rich or die tryin'
Re: Opportunity presents - Should I or shouldn't I?
Well said. Your age is an important factor here...especially that you are in a pretty good position financiallyneverpanic wrote: ↑Thu Jun 24, 2021 12:41 pm Age 32: YES!!!
Age 42: Mmm. I'll have less time for the family, but going for it now many enable me to retire comfortably at 52. Ok, yes.
Age 52: No. Bleeping. Way. I'm in a great spot and can spend as much time with family as I want.
Re: Opportunity presents - Should I or shouldn't I?
Thank you. Very impressive that you could say "no" to a 50% increase opportunity. This current opportunity for me including RSUs will put this nearly in the $400K territory. But the upward potential is a lot more.sunny_socal wrote: ↑Thu Jun 24, 2021 7:06 amThis. No way I'd take this new "opportunity." In fact I'm in a pretty comfy position myself, I could be making 50% more at the amazon/google/facebook type companies but I'd completely sacrifice my WLB.
I will be lying if I said I am not tempted, not precisely for the amount of money, but the fact that I am declining such a large increase in compensation when I can do so much good with that money. I have some ideas for charity but nothing concrete yet. Besides, I started my career getting paid nothing (zilch) as I was an intern/volunteer eons ago in my field and now thinking back on those days, for me to say to no to this kind of money sounds crazy. That is the conundrum.
Re: Opportunity presents - Should I or shouldn't I?
Thank you. This is along the lines of someone else above mentioned. Treat this as an adventure and see what happens is one way to look at it. I am certainly going to process this a bit more.
Thank you. Yes, sometimes I think I am still young with a lot more to contribute and there are times my body reminds me that I am not that young any more as my joints have started hurtingsparksfly wrote: ↑Fri Jun 25, 2021 8:05 amWell said. Your age is an important factor here...especially that you are in a pretty good position financiallyneverpanic wrote: ↑Thu Jun 24, 2021 12:41 pm Age 32: YES!!!
Age 42: Mmm. I'll have less time for the family, but going for it now many enable me to retire comfortably at 52. Ok, yes.
Age 52: No. Bleeping. Way. I'm in a great spot and can spend as much time with family as I want.
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Re: Opportunity presents - Should I or shouldn't I?
+ commute
+ stress doubles
+ late nights/weekend working doubles
Salary increases 20%, but stress and late night/weekends increases 100% plus you have to commute. I wouldn't take that job for under $500K.
With $4MM and $120k in expenses, you've already own the game at 3% withdraw rate. That $500K moves to $750K to make it worth my time.
+ stress doubles
+ late nights/weekend working doubles
Salary increases 20%, but stress and late night/weekends increases 100% plus you have to commute. I wouldn't take that job for under $500K.
With $4MM and $120k in expenses, you've already own the game at 3% withdraw rate. That $500K moves to $750K to make it worth my time.
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Re: Opportunity presents - Should I or shouldn't I?
+1Kenkat wrote: ↑Wed Jun 23, 2021 7:08 pm It would be a hard no for me. You could afford to retire now, are in a good position that meets all your needs, and making good money. There are already aspects of the new job you don’t like. Why put up with a long commute and longer hours including weekends and evenings? You don’t need the money, you don’t need to get promoted, so why? Nope, no thanks.
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Re: Opportunity presents - Should I or shouldn't I?
My assets are about where yours are and my expenses are considerably lower since our kid is educated on her own, and we have no mortgage. I quit work entirely to keep my stress level around a 2 or a 3. If you have yours there and you’re earning six figures then you’re in an enviable position by any measure.
You’ve pretty much already won so I can’t see any reason to try to run up the score. From the way you described things you don’t have a lot to gain by taking the risk you’re considering. It’s cliché as hell, but you sound like a person to me whose figured out life is better when you work to live, rather than live to work.
You’ve pretty much already won so I can’t see any reason to try to run up the score. From the way you described things you don’t have a lot to gain by taking the risk you’re considering. It’s cliché as hell, but you sound like a person to me whose figured out life is better when you work to live, rather than live to work.
Being wrong compounds forever.
Re: Opportunity presents - Should I or shouldn't I?
Yeah--give that number some thought. I think it will make your decision easier to make. Frankly, I wouldn't reject this job offer out of hand; it could get you to whatever number you like (maybe $5 million) quicker. Have you thought about asking for more money--maybe $325,000 or $350,000--to make the trade-offs (commute, extra hours, etc.) less painful?
50% VTSAX | 25% VTIAX | 25% VBTLX (retirement), 25% VTEAX (taxable)
Re: Opportunity presents - Should I or shouldn't I?
The problem of "peer pressure" is real. I don't mean that there are people standing around you saying "Do it!", more that you build a set of assumptions about what you "should" do, based on models of your peers, and you stop questioning those assumptions sceptically. Included in that is your 20-year-old self, who'd imagined running things, but had no concrete knowledge of what's involved with running things! Climb the ladder because you intrinsically enjoy what is involved, don't climb it out of a feeling of obligation. Well, I mean, a little feeling of obligation is fine, but it shouldn't be dominant in your decision.worthit wrote: ↑Fri Jun 25, 2021 8:12 amThank you. Very impressive that you could say "no" to a 50% increase opportunity. This current opportunity for me including RSUs will put this nearly in the $400K territory. But the upward potential is a lot more.sunny_socal wrote: ↑Thu Jun 24, 2021 7:06 amThis. No way I'd take this new "opportunity." In fact I'm in a pretty comfy position myself, I could be making 50% more at the amazon/google/facebook type companies but I'd completely sacrifice my WLB.
I will be lying if I said I am not tempted, not precisely for the amount of money, but the fact that I am declining such a large increase in compensation when I can do so much good with that money. I have some ideas for charity but nothing concrete yet. Besides, I started my career getting paid nothing (zilch) as I was an intern/volunteer eons ago in my field and now thinking back on those days, for me to say to no to this kind of money sounds crazy. That is the conundrum.
And WRT charity, IMHO don't make any decisions about taking on a higher income for charity if you don't have something specific in mind. Right now, I have lots of money in a DAF (so, I'm giving it to someone!), but just spraying it around doesn't feel very satisfying. My limit still is my time. Like giving to a charity I'm volunteering with feels substantially more satisfying, likewise for giving to charities where I have direct or indirect experience with their work. It's not as much work to give away money as to earn it, of course! But I bet you'll get more satisfaction with results from giving a couple hours a week or month plus $25k/year to a charity over the next 20 years than working for 20 years and giving them $1M all at once.
Re: Opportunity presents - Should I or shouldn't I?
Thank you. Makes a lot of sense if you add up the stressors. Right now we are in the 32% tax marginal bracket and just crossed into the 35% bracket this past tax season because of vesting. Made me question additional income for the first time in my life. I can already see us in the 35% bracket moving forward. So that is another reason I am not sure if this is worthit unless it is for a much larger compensation as you highlight.ddurrett896 wrote: ↑Fri Jun 25, 2021 8:26 am + commute
+ stress doubles
+ late nights/weekend working doubles
Salary increases 20%, but stress and late night/weekends increases 100% plus you have to commute. I wouldn't take that job for under $500K.
With $4MM and $120k in expenses, you've already own the game at 3% withdraw rate. That $500K moves to $750K to make it worth my time.
Thanks.michaeljc70 wrote: ↑Fri Jun 25, 2021 8:31 am+1Kenkat wrote: ↑Wed Jun 23, 2021 7:08 pm It would be a hard no for me. You could afford to retire now, are in a good position that meets all your needs, and making good money. There are already aspects of the new job you don’t like. Why put up with a long commute and longer hours including weekends and evenings? You don’t need the money, you don’t need to get promoted, so why? Nope, no thanks.
Thank you. Good points for consideration. They have already indicated that they will be willing to consider to up the base salary to $325K. With the bonus and the RSUs, TC might be a tad bit over $400K.mikejuss wrote: ↑Fri Jun 25, 2021 8:40 amYeah--give that number some thought. I think it will make your decision easier to make. Frankly, I wouldn't reject this job offer out of hand; it could get you to whatever number you like (maybe $5 million) quicker. Have you thought about asking for more money--maybe $325,000 or $350,000--to make the trade-offs (commute, extra hours, etc.) less painful?
Thank you. You bring up a very valid point that resonates with me.shess wrote: ↑Fri Jun 25, 2021 10:21 amThe problem of "peer pressure" is real. I don't mean that there are people standing around you saying "Do it!", more that you build a set of assumptions about what you "should" do, based on models of your peers, and you stop questioning those assumptions sceptically. Included in that is your 20-year-old self, who'd imagined running things, but had no concrete knowledge of what's involved with running things! Climb the ladder because you intrinsically enjoy what is involved, don't climb it out of a feeling of obligation. Well, I mean, a little feeling of obligation is fine, but it shouldn't be dominant in your decision.worthit wrote: ↑Fri Jun 25, 2021 8:12 amThank you. Very impressive that you could say "no" to a 50% increase opportunity. This current opportunity for me including RSUs will put this nearly in the $400K territory. But the upward potential is a lot more.sunny_socal wrote: ↑Thu Jun 24, 2021 7:06 amThis. No way I'd take this new "opportunity." In fact I'm in a pretty comfy position myself, I could be making 50% more at the amazon/google/facebook type companies but I'd completely sacrifice my WLB.
I will be lying if I said I am not tempted, not precisely for the amount of money, but the fact that I am declining such a large increase in compensation when I can do so much good with that money. I have some ideas for charity but nothing concrete yet. Besides, I started my career getting paid nothing (zilch) as I was an intern/volunteer eons ago in my field and now thinking back on those days, for me to say to no to this kind of money sounds crazy. That is the conundrum.
And WRT charity, IMHO don't make any decisions about taking on a higher income for charity if you don't have something specific in mind. Right now, I have lots of money in a DAF (so, I'm giving it to someone!), but just spraying it around doesn't feel very satisfying. My limit still is my time. Like giving to a charity I'm volunteering with feels substantially more satisfying, likewise for giving to charities where I have direct or indirect experience with their work. It's not as much work to give away money as to earn it, of course! But I bet you'll get more satisfaction with results from giving a couple hours a week or month plus $25k/year to a charity over the next 20 years than working for 20 years and giving them $1M all at once.
No, I haven't made up mind about charity yet. Just some preliminary thoughts. But your point about the satisfaction and the contrast between giving time plus a reasonable amount versus writing a check for a million dollars at once is very valid. I wouldn't be happy doing that as well. I agree, I am a few hours a month plus a reasonable amount per year kind of a guy, Not interested in doing charity for the sake of recognition but truly to make an impact, however small it may be.
Re: Opportunity presents - Should I or shouldn't I?
Thank you for taking the time to respond.Wanderingwheelz wrote: ↑Fri Jun 25, 2021 8:37 am My assets are about where yours are and my expenses are considerably lower since our kid is educated on her own, and we have no mortgage. I quit work entirely to keep my stress level around a 2 or a 3. If you have yours there and you’re earning six figures then you’re in an enviable position by any measure.
You’ve pretty much already won so I can’t see any reason to try to run up the score. From the way you described things you don’t have a lot to gain by taking the risk you’re considering. It’s cliché as hell, but you sound like a person to me whose figured out life is better when you work to live, rather than live to work.
Yes, this forum that I joined nearly 3 years ago has certainly helped me in this journey. Not to mention the knowledge I have gained along the way. Based on almost all the responses, it seems like it is a resounding NO based on my financial/professional situation.
Thanks again, to all.
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Re: Opportunity presents - Should I or shouldn't I?
I'll pile on...no. Just no.
You're doing great as is. I wouldn't complicate life.
DA
You're doing great as is. I wouldn't complicate life.
DA
Re: Opportunity presents - Should I or shouldn't I?
Thank you. Appreciate your response.Devil's Advocate wrote: ↑Fri Jun 25, 2021 3:08 pm I'll pile on...no. Just no.
You're doing great as is. I wouldn't complicate life.
DA