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Message
Thinking about switching trades (Smart move or Not)?
Posted on 9/19/17 at 2:53 pm
Posted on 9/19/17 at 2:53 pm
I am currently an API Inspector in the oil field industry and i make a pretty good amount for my age... However I am considering taking the Exxon test for Operations when the next opportunity comes up which should be the end of this year.. Talking to friends and family that hired on with Exxon as Operators it seems as if i would start off taking about a 35% pay cut during the first year but that is hourly rate not including the built in over time once on shift...I know in the long run it will benefit me way more with retirement and i will end up making way more money if i could get on with them after the first 2-3 years due to all the built in overtime and countless amounts of extra overtime.....It is just really hard to convince myself that that amount of drop in pay is going to be worth suffering for a couple years and coming out ahead in the long run.
I feel like being in my later 20's that it would be a smart move to do now instead of kicking myself in the arse later for not doing it and it being to late...
Any suggestions or thoughts would be appreciated....TIA
I posted it on the Money Talk forum but not any feedback so far!
I feel like being in my later 20's that it would be a smart move to do now instead of kicking myself in the arse later for not doing it and it being to late...
Any suggestions or thoughts would be appreciated....TIA
I posted it on the Money Talk forum but not any feedback so far!
16
Posted on 9/19/17 at 2:59 pm to SwampBandit
you miss 100% of the shots you never take
Posted on 9/19/17 at 2:59 pm to SwampBandit
You a single man? Go for it.
Posted on 9/19/17 at 3:00 pm to SwampBandit
quote:what specifically?
API Inspector
Posted on 9/19/17 at 3:01 pm to SwampBandit
you don't want to hit 50 and wish you had made the move when you had the chance.
Posted on 9/19/17 at 3:02 pm to SwampBandit
Something Something truck nuts.
Posted on 9/19/17 at 3:03 pm to SwampBandit
It's a nobrainer make the move. Exxon vs Oil Field volatility ............
Posted on 9/19/17 at 3:05 pm to castorinho
quote:
what specifically?
510 and 653
Posted on 9/19/17 at 3:06 pm to TigerNAtux
quote:
You a single man?
Married with kids
Posted on 9/19/17 at 3:10 pm to SwampBandit
quote:so huge paycut and way more stress.
510 and 653
Does the travel affect you that much?
As for retirement and long term financial, you can do a side by side comparison over 10-15 years with some assumptions and see what comes out ahead
Posted on 9/19/17 at 3:16 pm to castorinho
quote:
so huge paycut and way more stress.
A huge pay cut for about the first year and then it will be an increase.
However my cousin made right at what i make now and said he ended up making more his first year at exxon, said the only time it was that rough was during the classes and training in the beginning when you are on straight days and working 40 hours, once on shift you get 4 hours of OT each 12 hour shift you work and you have the capabilities of working any available overtime.. The money i have seen that they make is ridiculous and they have been there for 3 going on 4 years
My job itself is pretty stressful, if you miss something and a vessel ends up blowing up and killing somebody and my name is on the report then it falls on me if proven.
My company only matches 50% up to 6% (So pretty much 3% dollar for dollar) where Exxon i believe is 8% dollar for dollar
And the travel would be no different i am an in house contractor and the driving distance is relatively the same 20-30 minute drive.
This post was edited on 9/19/17 at 3:19 pm
Posted on 9/19/17 at 3:22 pm to SwampBandit
Go for it, sounds like you'll get some help from friends and family.
Posted on 9/19/17 at 3:23 pm to SwampBandit
quote:that's not the key to building that 401k. you need to be able to MAX the sum bitch out.
My company only matches 50% up to 6% (So pretty much 3% dollar for dollar) where Exxon i believe is 8% dollar for dollar
Posted on 9/19/17 at 3:29 pm to chackbay
quote:
that's not the key to building that 401k. you need to be able to MAX the sum bitch out.
Im not that great with the 401k thing, i just know i put in 10% of my check and it sucks that they are only matching 3% of it, but if i stay where i am i am going to have to put a larger amount
Posted on 9/19/17 at 3:32 pm to SwampBandit
Its just where i am at i am pretty much maxed out with limited OT and ill work till im 80 at this rate, there i will suffer for a year and end up making about 35-40% more a year once i start moving up.... I guess my thing is is i am just nervous about taking that pay cut for a year to possibly 2 years but they swear with the built in OT i will end up making more than what i make now sooner rather than later
Posted on 9/19/17 at 3:40 pm to SwampBandit
The only other thing that would suck is shift work, you know you are going to miss things with your kids, holidays, school things, ball games..exc
I guess i have a lot of things to sit down and weigh out
I guess i have a lot of things to sit down and weigh out
Posted on 9/19/17 at 3:45 pm to SwampBandit
quote:
and ill work till im 80 at this rate
That is where Exxon and the major players are so good. In addition to the 401-K, they generally all offer a very good employee stock purchase plan where you buy stock at a steep discount and there is probably some form of a pension plan to go along with it.
As other's have pointed out, if you end up in shift work, it's not easy for the family.
Posted on 9/19/17 at 3:46 pm to SwampBandit
You'll do fine and it sounds like a wise move to me.
I debated a career change relatively early in my career but felt I already had too much time invested in my initial choice and that I'd never make up for it. This is not correct. You may lose subject matter expertise particular to that role and/or industry, but you are also likely honing and developing skills that play in many other fields.
So when I finally figured out that there were generic thought processes, attitudes and an approach to work that were not linked to my role or industry that were portable, it was easy to transition to another line of business. In fact it was fun because it was a new challenge and I like learning new stuff. You can learn the particulars of a new industry fairly easily. Yes, it may take some time but you'll get there.
Think through and document an inventory of what capabilities and skills make you good at your current gig (assuming you are good at it). I suspect you'll find that those qualities are valuable in a number of adjacent spaces.
I debated a career change relatively early in my career but felt I already had too much time invested in my initial choice and that I'd never make up for it. This is not correct. You may lose subject matter expertise particular to that role and/or industry, but you are also likely honing and developing skills that play in many other fields.
So when I finally figured out that there were generic thought processes, attitudes and an approach to work that were not linked to my role or industry that were portable, it was easy to transition to another line of business. In fact it was fun because it was a new challenge and I like learning new stuff. You can learn the particulars of a new industry fairly easily. Yes, it may take some time but you'll get there.
Think through and document an inventory of what capabilities and skills make you good at your current gig (assuming you are good at it). I suspect you'll find that those qualities are valuable in a number of adjacent spaces.
Posted on 9/19/17 at 3:50 pm to SwampBandit
I did something similar. I left the military as an Aviator on a good promotion path, returned to school. Took 4 yrs to complete Undergraduate and Graduate School, worked as gas station attendant, salesman in Bealls Department store and other low paying jobs to get through school.
Took another 2 years to get back to salary I left in the military, and in another 2, that salary Quadrupled and continued to grow. So financially it paid off, as well as in retirement.
Sit down and put the numbers on paper, be very realistic and avoid being overly optimistic. The only thing I am hearing that sounds different from your current job and salary, is the Overtime required in the new position, is that what you want, more overtime as well, more time away from family?
Took another 2 years to get back to salary I left in the military, and in another 2, that salary Quadrupled and continued to grow. So financially it paid off, as well as in retirement.
Sit down and put the numbers on paper, be very realistic and avoid being overly optimistic. The only thing I am hearing that sounds different from your current job and salary, is the Overtime required in the new position, is that what you want, more overtime as well, more time away from family?
This post was edited on 9/19/17 at 3:52 pm
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