- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Job offer vs current job advice
Posted on 5/22/17 at 4:12 am
Posted on 5/22/17 at 4:12 am
So I'm in the commercial construction industry and work as a PM. The company I'm with offers a 401k and matches up to 6% of what I put in every paycheck. It's also an ESOP company, decent insurance, truck stipend of $500 every month. Stable.
Here's my issue... I have a friend in who is a prominent GC in the residential market that wants me to come PM for him. Given he can offer what I would need to offset the aforementioned benefits, what kind of retirement accounts would be best suited to rollover into that would be comparable to what I currently have? I freely admit ignorance as it's always kind of been handled for me in previous job settings, and going into the private sector will be a new world to me.
Any advice would be greatly appreciated.
Here's my issue... I have a friend in who is a prominent GC in the residential market that wants me to come PM for him. Given he can offer what I would need to offset the aforementioned benefits, what kind of retirement accounts would be best suited to rollover into that would be comparable to what I currently have? I freely admit ignorance as it's always kind of been handled for me in previous job settings, and going into the private sector will be a new world to me.
Any advice would be greatly appreciated.
2
Posted on 5/22/17 at 6:30 am to beHop
Take it for what it's worth but the best decision I ever made was switching my company from residential to commercial work.
IOW, residential contracting is a pain in the arse. It's a completely different animal than commercial contracting.
IOW, residential contracting is a pain in the arse. It's a completely different animal than commercial contracting.
This post was edited on 5/22/17 at 6:47 am
Posted on 5/22/17 at 7:57 am to VABuckeye
quote:
residential contracting is a pain in the arse.
I can't answer OP's question but I 2nd this comment. Just something to think about.
Posted on 5/22/17 at 8:06 am to VABuckeye
Yeah, residential involves lots of feelings.
I will bet commercial is more logical and professional in dealing with clients.
I will say that when I renovated my house I got 3 bids:
a) fair price but poorly written and lacking some professional paperwork and style (for example hand written bid tab). He did great work and architect knew him.
b) 25% more than a. Very professional, snazzy ms word proposal.
C) 40% more than a, same as b.
So now I'm guessing people would have not been comfortable with the a guy just by his lack of professionalism, and paid more.
I guess the point of this story is there can be a good amount of money to be made in residential, but it does come with its own headaches and they may not be rational.
I work industrial construction btw so I'm comfortable in construction work.
I will bet commercial is more logical and professional in dealing with clients.
I will say that when I renovated my house I got 3 bids:
a) fair price but poorly written and lacking some professional paperwork and style (for example hand written bid tab). He did great work and architect knew him.
b) 25% more than a. Very professional, snazzy ms word proposal.
C) 40% more than a, same as b.
So now I'm guessing people would have not been comfortable with the a guy just by his lack of professionalism, and paid more.
I guess the point of this story is there can be a good amount of money to be made in residential, but it does come with its own headaches and they may not be rational.
I work industrial construction btw so I'm comfortable in construction work.
Posted on 5/22/17 at 8:26 am to beHop
Are you going to be a contract worker or employee? I wouldn't worry about retirement as much as job security? Residential construction is very up and down.
If you are a contract worker, your retirement options are endless. If an employee you have a Roth/ traditional IRA and then whatever he is offering you.
In all honesty, if you have a long term stable future in your current job that you would be content with I'd want at least 30% if not 40% more to do that especially if you are a contract worker paying your own taxes and benefits. You'll need to save more money in the residential sector to prepare for any bad years and your benefits won't be as good.
If he is your friend, I'd just be honest and tell him moving to his business is a pretty big jump for you. That you make X amount of money now and for you to leave would require X+Y. You need to over value Y because you are going to tend to undervalue it naturally.
If you are a contract worker, your retirement options are endless. If an employee you have a Roth/ traditional IRA and then whatever he is offering you.
In all honesty, if you have a long term stable future in your current job that you would be content with I'd want at least 30% if not 40% more to do that especially if you are a contract worker paying your own taxes and benefits. You'll need to save more money in the residential sector to prepare for any bad years and your benefits won't be as good.
If he is your friend, I'd just be honest and tell him moving to his business is a pretty big jump for you. That you make X amount of money now and for you to leave would require X+Y. You need to over value Y because you are going to tend to undervalue it naturally.
This post was edited on 5/22/17 at 8:28 am
Posted on 5/22/17 at 8:33 am to baldona
quote:
If he is your friend, I'd just be honest and tell him moving to his business is a pretty big jump for you. That you make X amount of money now and for you to leave would require X+Y. You need to over value Y because you are going to tend to undervalue it naturally.
This is accurate. He is a long time friend, and I agree with the undervaluing statement.
quote:
30% if not 40% more to do that especially if you are a contract worker paying your own taxes and benefits.
This is about what I was thinking.
To the poster that mentioned the fluctuation in the residential market, this particular market is provably one of the most stable in the country right now, especially the state. I'm not so much worried about that as I am getting to my number that would lead me to venture out.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News