Some history: I am 24 and work at a well-known, global company. I currently make $40k a year, albeit hourly ($19.35/hr). Hourly means my paycheck can fluctuate by a hundred or so each pay period. I can only count on about 1-2k per year in overtime pay. I do not get a bonus. Everyone at the company works from home 2-4 days a week. They encourage telecommuting. On in-office days, work is only a twenty minute drive from home. I can work flexible hours (7-3, 10-6, you name it). I like my boss and have great relationships with coworkers. There is extreme job security (beyond reason, IMO, as some people really need to get canned). Over the course of my 2.5 years with this company, I have absorbed nearly two jobs and have gotten one promotion for a 6% raise. Six months ago I asked for another raise or promotion due to being underpaid for my workload (submitted market research for what my new salary should be, about 50k, and detailed my job duties in comparison to what I was hired to do at 38-40k). I've also won employee of the month twice. So far, there has been literally no movement in my promotion and it may take until early 2018. I'm increasingly frustrated and resentful.
This frustration prompted me to start looking for jobs aggressively in order to obtain an offer that I could leverage at my current company. In job searching, I'm now realizing that I am severely underpaid. Over the course of several phone interviews, recruiters didn't flinch when I said 55k or more. I have recently been offered a job for 60k. Salaried, not hourly. I have yet to respond in any official capacity and may be able to negotiate up to 65 (the recruiter in our initial conversation said that 60k was the absolute bare minimum for this position). I am blown away.
This new job is a solid 40 miles (1+ hour) from my current residence. I may only get to work from home once every week or two. Hours seem a bit more rigid (9-5). There is also chatter on review websites of there being layoffs and fear of job security. It is a "new" position - they created it as a result of a recent reorganization.
I am extremely conscious of money and budgeting. 20k cash savings, 3k in 401k (growing slowly). ~$1400 a month in fixed expenses (rent, car, insurance, phone, gym - this doesn't even include gas or groceries). This is well over half of my net income. I have tried to cut expenses vs increase income, but there is almost nothing left to cut (I need to live somewhere, I need a car, etc.) I seem to run out of money at the end of every paycheck ("run out" after saving 100-200 a month, and I refuse to dip into savings). I have a 9 month emergency fund. I can continue to "survive" on 40k, but I find myself absolutely hating it. I want to do fun things, travel, eat out at cool restaurants, and buy clothing (things I rarely do without major assistance from my significant other, which I loathe doing). I also want to be more generous with gifts, I want to be able to spend enough at the grocery store to have solid meals all week, and I don't want to go into a full panic mode when my gas and electric bill is higher than normal. You get the picture - I make enough to make ends meet, but I'm not having fun, and I WANT more money.
Is 20k worth it for this extreme lifestyle change? I would spend nearly 10+ hours a day away from home, 2+ of that commuting. This new job is at another global company, in a different industry. How important is being able to hang out at home and work in my pajamas for half of the week, even if it means being super underpaid, resentful and occasionally bored at my current company?
Thanks for your time.
Submitted June 30, 2017 at 11:20AM by ltlrkr http://ift.tt/2tsXHfA
