Greetings folks. I appreciate you stopping by, and I welcome your thoughts.
Here's the TL;DR: I currently have a high stress job with long hours that I hate on most days. My salary right now is 182k and projected to be at least 188k next year. I received an offer for a position yesterday at 149k now until July, then 152k with minimal percentage increases after that. The offered job would give me back my personal life and contain less work stress.
Additional information: I'm the only reliable income for a family of 4. We're currently easily making all ends meet, with money to put towards retirement, emergency fund, college savings accounts.
My average work week is about 55/60 hours + at least one extra late night built in, and probably at least 1 day on the weekendna month...so probably closer to 65/70 hours. Which translates to barely seeing my two young children. The new position has no weekends, and is a true 40 hour work week, and considerably less work stress.
My current boss, and a fair amount of the organization, are unpleasant to work for/with. The new position is selling themselves as a positive climate, and I know people who have worked there and confirm it would be completely different than what I'm dealing with now.
I think I could make the pay cut work, but I would be trading off work stress for financial stress - and I'd greatly have to reduce my retirement/college/emergency fund contributions. And, by greatly I mean almost entirely. Additionally, the inflation is scary, and I know that a 32k pay cut will actually translate to feeling like even more of a pay cut as a result of the inflation.
I'm basically considering trading off my financial security for more time with my family and less work stress. But, what I'm worried about is that my financial stress will go from minimal to untenable.
Current financial position rounded: Mortgage/taxes: 2,200 Car payment: 405 (7k remaining) Utilities averaged to monthly: 500 Additional expenses (groceries, kids activities, etc) 3,000 Monthly retirement contributions: 1000 Monthly college savings: 400 Monthly Emergency fund padding: 120 (currently 90k) Current monthly take home, average (retirement is payroll deduction, I also have other payroll deductions for health insurance, dues, etc.): 4,200 +/-
We don't eat out. We don't buy trivial things. That additional expenses includes things like Dr. Co-pays, gas, house and auto insurance, car maintenance expenses (not regular, but I do commute so I'm averaging those expenses in). I've reviewed that 3,000 a lot, and I don't think I could reduce it consistently by more than a few $100.
The only place I think I could make up the difference in pay is in retirement and college savings, and I hate the thought of that. ....but I also hate my job.
Lay it on my personal finance. I need to make the decision today. What would you do?
Submitted March 03, 2022 at 04:19AM by JohnnyNoToes https://ift.tt/G7WwhHQ
