If you just saw this, I switched to a throwaway, because I realized it had too much identifying info:
I’m a newlywed, late 20s. About to graduate with a good degree. My wife is also in grad school, and her expected salary is 50-70k per year, but not for another year. She will be able to finish in either location.
I’m down to two job offers (rejected my others for various reasons)
Total Student Debt: 130k (estimated min payments 1250/month)
Liquid Cash: We keep about 5K in emergency funding (6-8 weeks) and try to keep 2-5K in checking.
I liquidated all my retirement (to minimize my new student debt/pay for school expenses)
Location Both cities are similar “lowish” cost of living cities, one near my family, one near her family. Think Nashville, Raleigh, Atlanta, Austin. Could be low or could be high depending on my tolerance for a commute.
Job Offer 1: 90k, 15k signing bonus, 8% target bonus. 6% 401k match, immediate vesting, 5 weeks total PTO.
Job 1 Work/Life: I know I like the team, it’s high visibility, 35-50 hours/week. Work from home 2-3 days a week. Functional and Industry of preference.
Job Offer 2: 120k (might go up to 130), 20k signing bonus, “up to” 25k year end (average online says closer to 15k), No 401k match, 3 weeks total PTO,
Job 2 Work/Life: 50-60 hours/week, don’t know team. Functional Preference, Not industry preference. Will be traveling Monday to Thursday 60-80% of the year. Which also comes with miles and per diems.
Negotiating So I’m currently asking for Job 1 to match, as their functional roles are very very similar. Almost identical in fact. So much so that I could still go back to Company for Job 1 after a few years at Job 2. I’m assuming I’ll get bumped from 90 to about 100/105 since Job 1 knows they offer a better work/life balance. But job 2 does have potential to add another 10k
My gut says Job 1, but my logical side says Job 2. My wife prefers Job 1 location but Job 2 allows my wife and I more freedom to pay off debt quickly before kids (2-3 years, she plans to work after kids)
Major Life Expenses In Future:
We live moderately modestly. Cook a lot, but we have food allergies, so it’s more expensive. Both our cars have 120k miles, but I’ll need a new one next year (eyeing a 15k SUV (Tiguan, Santa Fe, CRV about 2 years old with 30-50k miles) that I’ll put about 5K down, and get a 3 year loan, approx 250/mo payment. Hers has 2-3 years left. She will do a similar car type, but by then we’d like to pay cash.
We’d like to buy a house (225-300k range depending on the market at the time, well likely qualify for a 400k-500k house, depending on interest rates, but we want to live below our means) in 2-4 years, but are fine renting depending on liquid cash situation. It’s approximately the same liquid cost to rent or buy at both locations, all in including taxes, so the equity in housing is advantageous, we might upgrade houses once or twice, but plan to be in same area for 20 years.
Vacations are pretty modest, after we did a 2 week euro honeymoon, and lots of academic travel.
We do plan to splurge on about $500 in theater season tickets with my signing bonuses.
Again, Kids in 1-3 years. I plan to use half of my bonuses as a fund for them, half for debt. We have lots of hand me downs from my sister, who has 3.
So PF, I’m asking for a reality check. I’d obviously love to have a better work life balance, spend more time with my new wife. But the miles, the ~40K more per year seems pretty damn tempting. But, once we’re a two Income household, it’ll be even easier, and you’re only young married and without kids once!
TLDR; I have two great job offers, high debt, and a few years before kids with wife. Do I choose work life balance for less money, or set self up for future.
P.S. I’m aware this is a first world problem and I’m very blessed, even with 130k in student debt.
Submitted November 11, 2018 at 10:46AM by GradJobProbZ https://ift.tt/2RILE6g
