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Started By
Message
Smack sense into me
Posted on 4/17/14 at 8:00 pm
Posted on 4/17/14 at 8:00 pm
Guys/Gals,
I'm hoping someone can either smack some sense into me. Here's the situation, I have been employed by my current company for about 6 years and have moved from doing territory sales to managing an account worth $14m. I travel between 50k - 100k miles per year for this job and do pretty fun things like play golf 30+ times/year, go to NFL games, go to MLB games and once a year travel to an international destination....all on the company dime. I get paid about $75k and then have the potential to make another $20-30k in bonus for the FY. I get a company car, expense account and cell phone paid for. I work from home and make my own schedule so there's times that I don't start work until 9am and sometimes get off around 2pm. There are also times when I travel for 5 days, come home for 2, travel 3 more......
I am being pursued by another company in my industry that will probably pay me about 40% more than i'm currently making but wants me to move to NY, CT or NJ. I would also have the opportunity to make about $20-40k in bonus each year. My territory would shrink from all 50 states to 3 states. The expense account would be similar but probably wouldn't have as much options to do the games, golf and international travel as I currently have. It's a new company, so I would have to put in a solid 1-2 years before I could let the territory start to manage itself and I could start to settle down....maybe.
I'm married, no kids (yet) and live in Chicago. My wife makes about $40-50k and would have to give up her job for the move.
Is the 40% pay raise really worth changing how "comfy" i currently have it? I am saving 16% into my 401k and have about $60k in there. I was a little late to the game. I am going to start putting money into a ROTH IRA and once that's maxed out, invest in some Vanguard funds to get my investment kickstarted. I probably have 1-year until we have a kid so I want to invest as much in the next year as I can.
I would continue this investing in the new role as well, but my cost of living would be increased by about 30% or more depending on where we end up living in NE.
Anything you can provide would be greatly appreciated. Thanks for reading my novel.
I'm hoping someone can either smack some sense into me. Here's the situation, I have been employed by my current company for about 6 years and have moved from doing territory sales to managing an account worth $14m. I travel between 50k - 100k miles per year for this job and do pretty fun things like play golf 30+ times/year, go to NFL games, go to MLB games and once a year travel to an international destination....all on the company dime. I get paid about $75k and then have the potential to make another $20-30k in bonus for the FY. I get a company car, expense account and cell phone paid for. I work from home and make my own schedule so there's times that I don't start work until 9am and sometimes get off around 2pm. There are also times when I travel for 5 days, come home for 2, travel 3 more......
I am being pursued by another company in my industry that will probably pay me about 40% more than i'm currently making but wants me to move to NY, CT or NJ. I would also have the opportunity to make about $20-40k in bonus each year. My territory would shrink from all 50 states to 3 states. The expense account would be similar but probably wouldn't have as much options to do the games, golf and international travel as I currently have. It's a new company, so I would have to put in a solid 1-2 years before I could let the territory start to manage itself and I could start to settle down....maybe.
I'm married, no kids (yet) and live in Chicago. My wife makes about $40-50k and would have to give up her job for the move.
Is the 40% pay raise really worth changing how "comfy" i currently have it? I am saving 16% into my 401k and have about $60k in there. I was a little late to the game. I am going to start putting money into a ROTH IRA and once that's maxed out, invest in some Vanguard funds to get my investment kickstarted. I probably have 1-year until we have a kid so I want to invest as much in the next year as I can.
I would continue this investing in the new role as well, but my cost of living would be increased by about 30% or more depending on where we end up living in NE.
Anything you can provide would be greatly appreciated. Thanks for reading my novel.
This post was edited on 4/17/14 at 8:06 pm
7
Posted on 4/17/14 at 8:06 pm to CHiPs25
That's a tough one... I'll tell you one thing, don't solely chase the money. Yes, you will make more $$$ but no matter how hard you try and say you will, you aren't going to save it all. You're gonna increase your spending in line.
IMO, it sounds like you have it made. I'd prob stay.
If you are 100% sure the other job is there, I'd even consider going to your current employer and being honest with them. Tell them another company is pursuing you hard and it's something you have to seriously consider. They may give you more $$$. Of course, you have to have an extremely good relationship with your current boss.
Btw, what industry and are you hiring?
IMO, it sounds like you have it made. I'd prob stay.
If you are 100% sure the other job is there, I'd even consider going to your current employer and being honest with them. Tell them another company is pursuing you hard and it's something you have to seriously consider. They may give you more $$$. Of course, you have to have an extremely good relationship with your current boss.
Btw, what industry and are you hiring?
This post was edited on 4/17/14 at 8:08 pm
Posted on 4/17/14 at 8:09 pm to Lsut81
quote:
If you are 100% sure the other job is there, I'd even consider going to your current employer and being honest with them. Tell them another company is pursuing you hard and it's something you have to seriously consider. They may give you more $$$. Of course, you have to have an extremely good relationship with your current boss.
This is something that I have considered as well. It's a risky play as I would have to be ready to leave if they said no. I do have a good relationship with my boss and my customer has praised me endless times to him, so I know he values what I bring to our company.
Posted on 4/17/14 at 8:20 pm to CHiPs25
quote:
It's a risky play as I would have to be ready to leave if they said no
Don't play it as it's a quid pro quo.... If you are in really good with your boss, just tell him you've been with the company a long time and you feel it is only right to let them know another company has reached out.
Let him know you are 100% committed to him, but it's something you need to give some thought to.
Posted on 4/17/14 at 8:31 pm to CHiPs25
If you weren't a year away from having a baby if say go for the money and the adventure, but you're in a really good position right now.
Stay put, sounds awesome.
Stay put, sounds awesome.
Posted on 4/17/14 at 8:42 pm to CHiPs25
I would stay where you are. The main reasons being you have laid a good foundation, you will be starting a family soon and you seem happy with where you work.
Posted on 4/17/14 at 8:52 pm to BAMAisDIESEL09
Any chance one company is around longer than the other from your perspective?
Sound like you have an awesome work life balance as is with decent pay. I'd stay put. JUst be aware that you baby is going to seriously hamper your leisurely lifestyle.
Sound like you have an awesome work life balance as is with decent pay. I'd stay put. JUst be aware that you baby is going to seriously hamper your leisurely lifestyle.
Posted on 4/17/14 at 9:06 pm to C
quote:
Any chance one company is around longer than the other from your perspective?
Both companies are going to be around. My current company is a public company traded on NYSE with stock price around 30 and is a very well known consumer brand company.
The second company is a private company with a very well known product that each of you use daily or should use at least.
I will admit that I have a great work/life balance currently. I can put in 2 hours of work per day or 10 hours, depending on the workload. I'm also reading the book "Millionaire next door" and has me thinking that we don't need to make $250k+/year to retire comfortably. I'm never going to be a CEO or in a position where i'm responsible for more than $25-30mil in business. I don't really want that responsibility.
The other caveat to this entire situation is that my father and brother own a business in Atlanta suburbs (I live in Chicago). My father will want to retire and doesn't want to leave business to my brother, so wants me to take over the business and run it. It's a $2m sign company that I feel I could run, but that would definitely hamper my work/life balance.
Posted on 4/17/14 at 10:06 pm to CHiPs25
Don't leave a job you love.
Posted on 4/17/14 at 10:18 pm to TheHiddenFlask
quote:
Message Posted by TheHiddenFlask Don't leave a job you love.
Yep. And it would take more than 30k to give up those things.
Posted on 4/18/14 at 12:01 am to Lsut81
quote:
Yes, you will make more $$$ but no matter how hard you try and say you will, you aren't going to save it all.
How do you have him increasing money if his wife is forced to give up $40-50k per year? And a 30% increase in living expenses......am I wrong or did I miss something?
This post was edited on 4/18/14 at 12:04 am
Posted on 4/18/14 at 5:49 am to CHiPs25
That's not nearly enough of a raise to consider leaving an ideal work situation for a more expensive living situation. You're probably correct in estimating a 30% increase in cost of living moving to NY/NJ/CT. The northeast is pricier than the midwest (even Chicago) in virtually every aspect of life
Given your options, I'd stay put for now and make your move later when you take over the family business
Given your options, I'd stay put for now and make your move later when you take over the family business
Posted on 4/18/14 at 6:23 am to GeeOH
quote:
How do you have him increasing money if his wife is forced to give up $40-50k per year?
Bc common sense would think "Hey, she is going to get another job after moving"
Poster and Id assume wife are somewhat intelligent and can put 2 and 2 together that if he takes a 30% increase on 75k, but she gives up a 45k job and doesn't get a new one, that it is a net negative.... I don't think he'd be asking opinions if that was the case.
Posted on 4/18/14 at 6:49 am to CHiPs25
quote:
wants me to move to NY, CT or NJ
I'd stay in Chicago. I'd also go to my boss and let him know you've been offered, and would just like to know if he envisions you being at this salary level of this other offer and a timeline you should anticipate reaching it.
Shows him your dedicated to the company, but also expect to be compensated for that dedication in a reasonable timeline.
JM2C
Posted on 4/18/14 at 9:08 am to CHiPs25
What industry do you work in?
With the increased COL and, frankly, less desirable location, I'd pass. It sounds like you have a ton of autonomy and flexibility which is always desirable, and you make a very good living. What are the chances you lose the main account you're currently managing?
With the increased COL and, frankly, less desirable location, I'd pass. It sounds like you have a ton of autonomy and flexibility which is always desirable, and you make a very good living. What are the chances you lose the main account you're currently managing?
Posted on 4/18/14 at 9:17 am to Lsut81
quote:
Bc common sense would think "Hey, she is going to get another job after moving"
Well, the fact that he included every financial aspect comparing now to then, and only said his wife would have to "give up" her work, led me to believe it is possible that she may not be able to work the same situation elsewhere. Plus, a kid in a year is gonna means she stays home or they spend a ton of money on a nanny or full time daycare.
quote:
I don't think he'd be asking opinions if that was the case.
So you are making assumptions, just as I was. sorry, I don't believe in making assumptions of information that was not included, like you are. That's where people get in trouble.
I said what I said because he took the time to post about how his wife would lose her gig. If it were to be "ASSUMED" she would find the same in NY, why would he include that part in the equation, like he did?
Thinking you make more common sense is simply not using your common sense. I used the #'s given in the question.
BTW, using your common sense model, maybe she would only find work that pays half, which would negate his raise..you can hypothesize all day.
Posted on 4/18/14 at 9:59 am to AlexLSU
quote:
What industry do you work in?
The company that I work for now is a very large durable consumer goods company. They have 20+ brands and the brand that I work for is on the commercial side of the business.
quote:
What are the chances you lose the main account you're currently managing?
Minimal. My customer likes me and I have a very good reputation with them, so unless something drastic happens I have this account as long as I want them.
Posted on 4/18/14 at 10:02 am to GeeOH
GeeOH, you're correct in assuming that she wouldn't be able to find the same job. I got her that job through a family connection and she has a decent job. If we were to move, I would definitely be concerned with her finding a job like this one which makes her happy.
I'm going to take the advice of several posters and talk to my boss about this. I know that they're not going to give me a 30% raise but I would take a 10% and be happy because at the end of the day, I really do have a very good position.
Thank you everyone, I really appreciate it and look forward to learning a lot of this board.
I'm going to take the advice of several posters and talk to my boss about this. I know that they're not going to give me a 30% raise but I would take a 10% and be happy because at the end of the day, I really do have a very good position.
Thank you everyone, I really appreciate it and look forward to learning a lot of this board.
Posted on 4/18/14 at 11:57 am to CHiPs25
quote:
If we were to move, I would definitely be concerned with her finding a job like this one which makes her happy.
Rule number one in family life...If Momma ain't happy ain't NOBODY happy.
Posted on 4/18/14 at 12:05 pm to Lsut81
quote:
I'll tell you one thing, don't solely chase the money.
This....I left a great job for more pay and benefits.
I am now miserable with my current job. Hindsight is 20/20 but if I had it to do again, I would not make the move.
Having a job that you like is something that should be cherished and not given up simply for money.
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