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re: Financial/Career advice wanted
Posted on 2/24/21 at 2:44 pm to PlantSaver
Posted on 2/24/21 at 2:44 pm to PlantSaver
What do you like to do? What type of work or you interested in? Do you like dealing with people? Have you met with an experienced advisor?
0
Posted on 2/24/21 at 3:01 pm to PlantSaver
I don't know that I have a ton of advice, other than to tell you you're ahead of at least 95% of folks in your age bracket in terms of savings, including me. I'm in my late 30s and while my income is pretty good and I feel OK where I am at financially I haven't been able to save nearly as much as you altogether. Sounds like you have modest wishes in terms of your home as well and so you're in no danger of being house poor.
If you can realistically build furniture and make $50k/yr (I know you've already said you can, but that just seems like a lot for someone who is just starting out selling things---even if you are a really talented woodworker) then I don't know why I would stay at the plant if you really want to give furnituremaking a go. You have plenty of savings IMO, and I think you're right that you can just watch your retirement savings continue to go up and be OK.
If you're not 100% sure on the furniture gig though, before my wife went back to work I'd probably inquire and see if there were other jobs at the plant that other folks suggest that you might like better. I know you said you want to do something different, but if you can accomplish that while you still have the safety net of insurance and a steady paycheck that would be worth a lot to me. Once she goes back to work then I'd say cut it loose and do what you want to do.
If you can realistically build furniture and make $50k/yr (I know you've already said you can, but that just seems like a lot for someone who is just starting out selling things---even if you are a really talented woodworker) then I don't know why I would stay at the plant if you really want to give furnituremaking a go. You have plenty of savings IMO, and I think you're right that you can just watch your retirement savings continue to go up and be OK.
If you're not 100% sure on the furniture gig though, before my wife went back to work I'd probably inquire and see if there were other jobs at the plant that other folks suggest that you might like better. I know you said you want to do something different, but if you can accomplish that while you still have the safety net of insurance and a steady paycheck that would be worth a lot to me. Once she goes back to work then I'd say cut it loose and do what you want to do.
Posted on 2/24/21 at 3:53 pm to PlantSaver
There's some good advice here. I'll echo some of it:
If you wife intends to return to work as a teacher in a few years, stick to the Operator job you have now until then to make sure you have her health bennies to shift over to.
I also agree with the advice to go ahead and consider taking advantage of these INSANE mortgage rates while they're here. You've got the money and borrowed money is really cheap right now. Great time to lock in, and might as well be enjoying the new house longer
You mentioned feeling burned out and that you're doing a lot of overtime. How about stop taking the over time and use the additional time to either relax (so you can extend the good career) or to start ramping up your furniture building business.
All of these things seem pretty doable. Also, take a vacation. Congrats, you're doing well.
If you wife intends to return to work as a teacher in a few years, stick to the Operator job you have now until then to make sure you have her health bennies to shift over to.
I also agree with the advice to go ahead and consider taking advantage of these INSANE mortgage rates while they're here. You've got the money and borrowed money is really cheap right now. Great time to lock in, and might as well be enjoying the new house longer
You mentioned feeling burned out and that you're doing a lot of overtime. How about stop taking the over time and use the additional time to either relax (so you can extend the good career) or to start ramping up your furniture building business.
All of these things seem pretty doable. Also, take a vacation. Congrats, you're doing well.
Posted on 2/24/21 at 4:27 pm to Costanza
quote:
If you wife intends to return to work as a teacher in a few years, stick to the Operator job you have now until then to make sure you have her health bennies to shift over to.
This is a good point, especially if you have a mess of kids like you say
Posted on 2/24/21 at 4:29 pm to NEMizzou
quote:
If you can realistically build furniture and make $50k/yr (I know you've already said you can, but that just seems like a lot for someone who is just starting out selling things---even if you are a really talented woodworker)
I have a hard time believing this. Would be interested to see the numbers that got OP to that assumption. Unless we're talking about revenue instead of profit.
Posted on 2/24/21 at 5:38 pm to Chucktown_Badger
I used the furniture making example somewhat generically. I'm not just starting out, however. I'm a craftsman at heart and I can do flooring, tile,trim work, framing etc. I know from side work that I have done what I can sell furniture for, and what I can make doing flooring etc. I don't want to be laying tile for $1000 week, but I could if I needed to.
Before kids/marriage I had time to do these things on the side of my work at the plant. Currently however, I do not.
Before kids/marriage I had time to do these things on the side of my work at the plant. Currently however, I do not.
Posted on 2/24/21 at 5:47 pm to Chucktown_Badger
You are doing much better than I was at 37 when i started my business. The health insurance has to be dealt with. Ideally your wife would be teaching and you could enjoy that benefit....but you have enough money to afford health insurance for a few years until she goes back to teaching.
You can do this if you really want it bad enough. My only suggestion is that you have a partner or someone else you can work with because it is no fun to go out all by yourself. You need a support person working with you. How do you market the furniture? What equipment do you need and where do you do the work?
If you are really handy you can do service work for people inn their homes, which is a big need. You’ll need 2-3 craftsmen to help you and you are off and running. I was making more money by year two than I had ever made working for the Fortune 500 firm I left and i was making 6 figures in the ‘80’s. You have the money. Do you have the want?
You can do this if you really want it bad enough. My only suggestion is that you have a partner or someone else you can work with because it is no fun to go out all by yourself. You need a support person working with you. How do you market the furniture? What equipment do you need and where do you do the work?
If you are really handy you can do service work for people inn their homes, which is a big need. You’ll need 2-3 craftsmen to help you and you are off and running. I was making more money by year two than I had ever made working for the Fortune 500 firm I left and i was making 6 figures in the ‘80’s. You have the money. Do you have the want?
Posted on 2/24/21 at 5:59 pm to PlantSaver
You're in a really good position and you could be in a great one. Work for 3-5 more years and use that cash to get in on investment properties. Have other people build equity for you.
Posted on 2/24/21 at 6:13 pm to PlantSaver
Somebody on here a few year ago talked about
Johnson O’Connor aptitude testing to identify a career suited for ones aptitude’s.
LINK /
I took my son. It seems legit.
Johnson O’Connor aptitude testing to identify a career suited for ones aptitude’s.
LINK /
I took my son. It seems legit.
Posted on 2/24/21 at 6:59 pm to PlantSaver
Man if I didn’t know any better I thought I posted this as I’m almost in an identical situation job, financials etc. I agree the operator life is very financially rewarding but comes at the cost of a stable family/ social life given shift work and overtime. I’m in my early 30s and plan on doing this crap for 10 more years and finding something else to do to make ends meet. I’ve accumulated 500k between retirement and investments and will have house paid off within 5-8 years. I’d like to get to 1mil in retirement and investments in the next 5 years. I personally don’t want to move up in this job and deal with politics so I will deff be looking elsewhere in 10 years. My options are real estate agent, maybe get a few rentals over the years and spend time managing those, or just some really chill week day job where I can have my sleep at night and have a life on the weekends. You could also look at doing home inspections. Good luck baw.
This post was edited on 2/24/21 at 7:03 pm
Posted on 2/24/21 at 7:06 pm to PlantSaver
I am following closely. I’m an engineer plant baw with no management inclinations, seeing more jobs going to India every month. These same things cross my mind often.
Do you really think only $50k a year is enough for all expenses for you and a “pile” of kids? You got em all well trained on beans n rice, if so.
I started tracking every cent about 3 years ago and was shocked how much our frugal family spends.
ETA: I see someone else questioned your $50k basis.
Do you really think only $50k a year is enough for all expenses for you and a “pile” of kids? You got em all well trained on beans n rice, if so.
I started tracking every cent about 3 years ago and was shocked how much our frugal family spends.
ETA: I see someone else questioned your $50k basis.
This post was edited on 2/24/21 at 7:13 pm
Posted on 2/24/21 at 7:21 pm to PlantSaver
quote:
PlantSaver
There’s a lot more to plant life than just operator baw. What, exactly, is it that you do not enjoy?
Is it the hours/shift work? You could easily pivot inside the plant to reduce the hours. Even immediately by simply reducing OT hours.
Is it the role? Consider expanding your skill set into other, more interesting areas. HSE, Inspection, Maintenance Leads, etc. You mention craftsmanship, I know at the plant there’s usually a maintenance guy that’s over that type of responsibility.
Is it the company? There’s a lot of good and a lot of bad companies out there. Perhaps a different plant within the same company?
I’d certainly suggest trying to maneuver within your current avenues before making drastic decisions, particularly in this economy. You have the skills and the income/benefits to continue to do really well and provide for your family, while pivoting into a different role that may be more fulfilling.
Posted on 2/25/21 at 8:09 am to LSUtigerME
Thanks for the advice/discussion everyone. Just a disclaimer, but I certainly don't take my job for granted. It's provided well for my family. I have moved around a bit in the plant over time, but I need to put my brand on something else before I get too old.
I think I will seek out a financial advisor at some point, although I'm not interested in buying products. Any recommendations for a flat fee type advisor in ascension/ebr area?
The advice regarding my wife's work benefits are well heeded. I can COBRA for a short time if needed, but her pulling a check/benefits will make for a smoother transition. Maybe I can convince her to go back sooner. Ha!
I think I will seek out a financial advisor at some point, although I'm not interested in buying products. Any recommendations for a flat fee type advisor in ascension/ebr area?
The advice regarding my wife's work benefits are well heeded. I can COBRA for a short time if needed, but her pulling a check/benefits will make for a smoother transition. Maybe I can convince her to go back sooner. Ha!
Posted on 2/25/21 at 9:12 am to PlantSaver
quote:
I used the furniture making example somewhat generically. I'm not just starting out, however. I'm a craftsman at heart and I can do flooring, tile,trim work, framing etc. I know from side work that I have done what I can sell furniture for, and what I can make doing flooring etc. I don't want to be laying tile for $1000 week, but I could if I needed to.
Nice, you can make a lot of money as a general handyman. Do you want to work for yourself or someone else?
My advice is life is too short to be unhappy BUT I would not leave my well paying job without a plan in place
Posted on 2/25/21 at 9:16 am to PlantSaver
quote:
but I need to put my brand on something else before I get too old.
This resonates with me. I was in the agency world, getting worked to death and getting paid way less than I was worth (though still making great money). If I didn't get out relatively soon I was going to be stuck in that industry forever, or would have to take a huge hit to do something else in my prime earning years. Luckily got a great job doing what I wanted, where I could utilize all my contacts and skills from the agency world, and will more than double that salary this year.
OP, also worth noting that you're entering your prime earning years as well, so taking a significant hit to your income levels at this age could cost you millions down the road.
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