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Money or benefits - which is more important in a job?
Posted on 10/18/19 at 2:55 pm
Posted on 10/18/19 at 2:55 pm
I recently started working for myself and it was very bumpy and downright terrible at first but the last month or so I've seen myself get into a good stride and my income has increased dramatically. I'm quite happy right now because for the first time in my life I'm enjoying freedom to make my own schedule AND make a lot of money doing it.
Back when I was in a very low point I considered quitting and going back to work for the man. I even put feelers out there to employers thinking "what the hell, why not".
Well fast-forward to today when I'm in a nice stride (although it's not guaranteed to continue and things could still go south) I got a call and voicemail from one of those employers asking for an interview. This company would provide just about every holiday off as well as fanfrickingtastic health and retirement benefits BUT very low pay. Seriously, probably minimum $75,000 LESS than what I'm making now.
I'm torn -- do I go with a roller coaster of freedom and money or do I go with the guaranteed low salary with great benefits but a set work schedule? Not to mention an hour-long commute each way.
What would the OT do? What do you value more?
Back when I was in a very low point I considered quitting and going back to work for the man. I even put feelers out there to employers thinking "what the hell, why not".
Well fast-forward to today when I'm in a nice stride (although it's not guaranteed to continue and things could still go south) I got a call and voicemail from one of those employers asking for an interview. This company would provide just about every holiday off as well as fanfrickingtastic health and retirement benefits BUT very low pay. Seriously, probably minimum $75,000 LESS than what I'm making now.
I'm torn -- do I go with a roller coaster of freedom and money or do I go with the guaranteed low salary with great benefits but a set work schedule? Not to mention an hour-long commute each way.
What would the OT do? What do you value more?
This post was edited on 10/18/19 at 3:06 pm
23
Posted on 10/18/19 at 2:55 pm to TDsngumbo
Posted on 10/18/19 at 2:56 pm to TDsngumbo
Sadly, a lot of people don't know how to put an actual value on the benefits and focus too much on the salary. It costs them in the long run.
Posted on 10/18/19 at 2:59 pm to TDsngumbo
Too many variables. Does wife work and offer insurance for family? What is your retirement plan situation? Does one of your kids have a disability? How old are you?
Posted on 10/18/19 at 2:59 pm to TDsngumbo
quote:
Money or benefits - which is more important in a job?
Yes
Posted on 10/18/19 at 3:00 pm to deeprig9
Wife's job does carry the insurance for the family and I have just a Roth IRA I contribute to when I can. Wife has a pension that would provide roughly 65% of her salary in retirement. Mid 30's and no kids with disabilities.
Posted on 10/18/19 at 3:01 pm to TDsngumbo
The short answer is both, but good benefits cost more, and if the company is giving good benefits, I could take less pay. But it really depends on your life situation.
Posted on 10/18/19 at 3:05 pm to TDsngumbo
My previous job I worked for the State of Louisiana and got 14 hours of annual leave and 10 hours of sick leave per month. Got a new job in Tennessee where I'm making 20k more per year but accruing much less PTO and vacation. It has taken some getting used to.
Posted on 10/18/19 at 3:06 pm to TDsngumbo
Posted on 10/18/19 at 3:08 pm to TDsngumbo
quote:
Seriously, probably minimum $75,000 LESS than what I'm making now.
You really making that much bank with the po-boy tour business?
Go for the real job. The foodie tour thing is a fad, like the adult mac and cheese joints that have all but withered away in Orlando.
Posted on 10/18/19 at 3:11 pm to TDsngumbo
simple answer is this:
below a certain salary level benefits can offset pay
above a certain salary level pay can offset benefits
you cannot exclude this formula or give an informed answer without knowing and applying a persons individual financial status
below a certain salary level benefits can offset pay
above a certain salary level pay can offset benefits
you cannot exclude this formula or give an informed answer without knowing and applying a persons individual financial status
Posted on 10/18/19 at 3:12 pm to TDsngumbo
If you are making as much money as you seem to claim, you aren't eligible to contribute to a Roth IRA.
Are you lying to us or the IRS?
Are you lying to us or the IRS?
Posted on 10/18/19 at 3:12 pm to TDsngumbo
quote:I'd like more info on how you projected that number. It's hard to see the track record in your posts to trust that projection.
probably minimum $75,000 LESS than what I'm making now
If that is accurate and your wife's job provides health insurance for the family, then it likely makes the most sense to keep working for yourself.
Posted on 10/18/19 at 3:12 pm to TDsngumbo
quote:
Seriously, probably minimum $75,000 LESS than what I'm making now.
Why not invest this for retirement? Seems like a no brainer if your numbers are correct.
Posted on 10/18/19 at 3:13 pm to deeprig9
quote:
If you are making as much money as you seem to claim, you aren't eligible to contribute to a Roth IRA.
I simply used the average weekly income I've had and applied that to the entire year. My income is not guaranteed and fluctuates. I haven't reached the point to where I can't contribute to a Roth IRA yet but it will be by the end of the year or early next year, I'm sure.
quote:
Are you lying to us or the IRS?
Neither.
Posted on 10/18/19 at 3:14 pm to TDsngumbo
So your wife's job provides benefits and you are asking if a $75000 paycut for benefits makes sense. This whole thing is bullshite.
Posted on 10/18/19 at 3:15 pm to PearlJam
quote:
I'd like more info on how you projected that number. It's hard to see the track record in your posts to trust that projection.
What kind of "track record" would be in my posts to indicate what kind of income I earn?
Posted on 10/18/19 at 3:16 pm to TDsngumbo
quote:Since you started having good weeks or since you set out on your own. Be honest with the numbers, even conservative, if you are making big decisions that affect your family's future.
I simply used the average weekly income I've had
Posted on 10/18/19 at 3:16 pm to deeprig9
quote:
This whole thing is bullshite.
Again, my job could still go south in a hurry so it's not guaranteed. What I'm saying is I'm torn between a non-guaranteed large income with no benefits and a very low income with great benefits and great time off opportunities.
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