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What's the smallest income you can live on right now?
Posted on 10/8/13 at 8:03 am
Posted on 10/8/13 at 8:03 am
I recently interviewed with a small startup and was asked this question.
They can barely afford to pay me a quarter of what I make now, but its a chance for me to get off of the road (I travel 48 wks/yr) and it's a really cool concept that has potential.
How would you react to that question?
They can barely afford to pay me a quarter of what I make now, but its a chance for me to get off of the road (I travel 48 wks/yr) and it's a really cool concept that has potential.
How would you react to that question?
10
Posted on 10/8/13 at 8:12 am to lilsnappa
I think you need to analyze this as if you are an outside consultant and see if the company has actual promise and not just a "cool" concept.
There is something that can be said for less travel, but is it worth that much less in pay? If you do take the new job would you have any ownership in the start-up? How is the start-up currently financed?
There is something that can be said for less travel, but is it worth that much less in pay? If you do take the new job would you have any ownership in the start-up? How is the start-up currently financed?
Posted on 10/8/13 at 9:54 am to lilsnappa
Create a budget.
Line out everything you spent money on the last few months and see where you can make cuts.
Line out everything you spent money on the last few months and see where you can make cuts.
Posted on 10/8/13 at 10:15 am to lilsnappa
quote:
What's the smallest income you can live on right now?
For how long? That would be a factor in thinking about that question.
Posted on 10/8/13 at 10:26 am to lilsnappa
I could probably take a substantial pay cut if a new job opportunity came up that offered me employee status. that's one thing I didn't consider when I was planning to move. I saw a bunch of jobs at $15-$20k less than what I make, but it would even out by actually having healthcare and the like.
Posted on 10/8/13 at 11:01 am to lilsnappa
Since my house and cars are paid for I could live on $20,000 for a year. After that it would depend on inflation.
Posted on 10/8/13 at 3:41 pm to lilsnappa
Without taking out any loans, probably 60k or so. My wife and I are both in graduate school, paying out of pocket; it would be pretty hard to live on much less than that.
Posted on 10/8/13 at 4:13 pm to lilsnappa
$20K is probably about the absolute lowest I could go.... I would never accept that job but I think I could spread "the essentials" (rent, car, gas, food, etc) to $20k.
Posted on 10/8/13 at 5:19 pm to lilsnappa
quote:
but its a chance for me to get off of the road (I travel 48 wks/yr)
Ha, I am looking for jobs to get on the road more
As to original question, I think it would require more analysis, I never looked at things like that
Posted on 10/8/13 at 7:00 pm to lilsnappa
I could probably live on $2,000 per month if I needed too. Minus the wife, I could live on much less.
Posted on 10/9/13 at 5:24 am to lilsnappa
this sounds like a recipe for disaster and failure- if they offer you know ownership this is a bad deal heading south of south
What is the benefit supposed to be for you?
What is the benefit supposed to be for you?
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