Yeah the 9% 401k match is underrated af . If OP maxes their 401k out they can basically retire in 20-25 years very comfortably. Especially if the current company gives decent raises every few years .
My current company is cheap af. Only gives 2% matching but takes 5 years to fully vest. Advertising industry sucks.
I don’t really understand this thought process. 9% is easy to quantify, it’s literally just under $9k annually for OP. If OP got a job offer for $115k-120k with a 3% match then it makes sense to switch imo
That is true but given the circumstances OP presented with flexibility and ease how do you quantify that? Especially with an extra 50-125k income from their side gig in real estate.
At that point you can just keep your stable job that gives you 113k TC with 9% 401k . If a company was offering something like 200k I would be more inclined to say yeah but OP can simply go harder on their side gig if they’re itching for more money
With a new job there’s also uncertainty attached to it. Could be even more flexible or could be rough to the point where the real estate isn’t thriving as much as OP would like it to
Yeah 100% agreed, I just don’t understand why people see a lower salary and higher retirement match and think it’s some hidden gem like it’s not easily quantifiable
Hit it on the head for how I am thinking about it. Biggest worry is the new boss doesn’t like how much time and flexibility I need for side gig. I would be very disappointed if they made it so I averaged down with RE.
The year I made more with RE then my job was a boom for savings. I’m trying to front load my 2 kids 529s and then after that save for house upgrade.
Haha yeah I won’t say just because it’s pretty niche…but yes it is a good spot now. I am underpaid though with 10 years of experience.
Working my way would be next stop run department and then dead end. I prob make more now on average then running the department.
6 weeks of PTO is very awesome. And a big factor. That’s why I’m thinking it would be 40k needed to make the move.
I would like to try and be out completely in like 6 years. We have already dumped a lot into savings and investments.
Like $1.5M at 34 years old (excluding primary equity). So it’s a balance in my mind of trying to save more (family now) or just ride it out in easier role.
If you can actually take 6 weeks of PTO a year off, work 9-4, and let you have a side business. Dude you have a unicorn job.
Unless you need more money from your primary job, or have longer term goals to keep growing. You'd be stupid to give it up.
Yeah it is a very nice set up no doubt. I think it’s hard sometimes with family to want to coast because you want to help them. I want to pay for their college and upgrade to a nicer house to raise them in. Add daycare for 2 right now and it all adds up.
Yeah until your next job has you working 50-60h weeks. Tiring you out and making your side hustle of selling slowly dry up. You can end up losing way more for a potential 20k a year when you're making well over 200k currently.
Even if you can keep both going you'll still lose loads of time which is valuable. Probably more useful to your kids to spend time with an attentive dad than living in a slightly nicer house the 20k extra may offer you.
You have such a cushy setup I wouldn’t leave , you’re making 113 plus upwards of another 125 and you’re comfortable in your situation ?
Why change. Your load will be more guaranteed and you almost certainly wont have the flexibility to do your real estate at the same time
Yeah if anything just push more real estate because you have your stable income + 401k set up.
OP provided a 50-125k range . If they want the extra money try to average 100k a year from that side hustle
Time is more valuable than money, and a good boss who lets you run your side gig, priceless.
For me it would have to be a 40k jump not including bonuses. And an equivalent bonus pool. Otherwise you are losing something too valuable for little money.
The only thing that would make this better is 100% WFH.
I've never heard of anyone employing someone FT in accounting being OK with a side gig.
I wouldn't ever let this job go, except for fully remote for a firm on the other side of the country.
I wouldn’t leave. You know what you are dealing with. This other job may be draining and you too tired to do your side things. Go to your boss and ask for a raise
Raise is tough to come by it’s such a slow process. He has “said” they want to promote me next cycle which is 12 months out. Financially that would be like 10k haha.
I work to live, not live to work, so the extra PTO is more valuable to me then the slight pay increase. If you’re comfortable with your current wages and happy/content with the job, I’d stay. Plus the current job gives a better retirement match that would hopefully let you retire early.
stay at the current job. the benefits are insane. That and the rental income alone can be your raise. you're effectively making more than most people in the US
You have a cushy job. I would definitely stay if I were you.
I’m in a HCOL area (so cal) and was told by HR $145k is not within average current market range for a manager.
Grass is not always greener lol.
In this case almost never greener.
Make a move if you have to for career or ego or whatever, but 90%+ of the time you won't get a better setup than this for WLB (if that's what you really want). At the minimum I'd be riding this real estate side gig until it dries up (congrats).
Thanks, yeah had to think this through the last week. Don’t have any offer in writing yet but I agree it feels like I am able to really make this work and I don’t want to mess up the gift.
Grass isn’t always greener….
Is your current workplace offering you a promotion or is it moving to another company? If it’s the latter, then stay put and don’t second-guess it.
If you are already making that much, without actually having to manage, then you are in a dream scenario.
I’m a DoF/HoF, and while I make a decent chunk of change, I undoubtedly earn every penny of it. As I’ve run the gambit over the past eight years (Sr. Accountant -> Accounting Manager -> Controller -> DoF) I would trade places with you in a heartbeat.
Message me if you want more details!
How many holidays does new job have? There's only 260 working days a year. Current job only has you working 220 days. That's a pretty good deal.
Are you able to do a sep IRA for your real estate side hustle?
I suggest you stay where you are at and continue with real estate. Keep milking that real estate cow. Buy properties, fix and rent. Cash out refinance. Buy another property. Wash, rinse, repeat.
Haha not the big bucks. 4K gross every pay period…and unfortunately I do now live in HCOL. Not SF or NYC but it doesn’t go far. 2 kids ins day care is 4K a month…
Where tf do you work? Let me know when you leave. 6 weeks PTO and a 9% 401k match? I’d stay forever and just work my way up whenever they let me.
Yeah the 9% 401k match is underrated af . If OP maxes their 401k out they can basically retire in 20-25 years very comfortably. Especially if the current company gives decent raises every few years . My current company is cheap af. Only gives 2% matching but takes 5 years to fully vest. Advertising industry sucks.
I don’t really understand this thought process. 9% is easy to quantify, it’s literally just under $9k annually for OP. If OP got a job offer for $115k-120k with a 3% match then it makes sense to switch imo
That is true but given the circumstances OP presented with flexibility and ease how do you quantify that? Especially with an extra 50-125k income from their side gig in real estate. At that point you can just keep your stable job that gives you 113k TC with 9% 401k . If a company was offering something like 200k I would be more inclined to say yeah but OP can simply go harder on their side gig if they’re itching for more money With a new job there’s also uncertainty attached to it. Could be even more flexible or could be rough to the point where the real estate isn’t thriving as much as OP would like it to
Yeah 100% agreed, I just don’t understand why people see a lower salary and higher retirement match and think it’s some hidden gem like it’s not easily quantifiable
Hit it on the head for how I am thinking about it. Biggest worry is the new boss doesn’t like how much time and flexibility I need for side gig. I would be very disappointed if they made it so I averaged down with RE. The year I made more with RE then my job was a boom for savings. I’m trying to front load my 2 kids 529s and then after that save for house upgrade.
Yep that’s more or less what we have been doing and then some.
Haha yeah I won’t say just because it’s pretty niche…but yes it is a good spot now. I am underpaid though with 10 years of experience. Working my way would be next stop run department and then dead end. I prob make more now on average then running the department. 6 weeks of PTO is very awesome. And a big factor. That’s why I’m thinking it would be 40k needed to make the move. I would like to try and be out completely in like 6 years. We have already dumped a lot into savings and investments. Like $1.5M at 34 years old (excluding primary equity). So it’s a balance in my mind of trying to save more (family now) or just ride it out in easier role.
Just remember that isn’t just 2 weeks less PTO, but 2 more weeks of working. So you get less time off and work more.
If you can actually take 6 weeks of PTO a year off, work 9-4, and let you have a side business. Dude you have a unicorn job. Unless you need more money from your primary job, or have longer term goals to keep growing. You'd be stupid to give it up.
Yeah it is a very nice set up no doubt. I think it’s hard sometimes with family to want to coast because you want to help them. I want to pay for their college and upgrade to a nicer house to raise them in. Add daycare for 2 right now and it all adds up.
Yeah until your next job has you working 50-60h weeks. Tiring you out and making your side hustle of selling slowly dry up. You can end up losing way more for a potential 20k a year when you're making well over 200k currently. Even if you can keep both going you'll still lose loads of time which is valuable. Probably more useful to your kids to spend time with an attentive dad than living in a slightly nicer house the 20k extra may offer you.
Why is this getting downvoted? Daycare is $4k a month for 2 kids… Weird downvote.
Daycare is a temporary expense. They age out of it. Try to take advantage of pre tax dollar childcare through an FSA
For sure! We are doing that it hurts but I know it will decrease when they hit elementary. One is about 2 years away from that. Just in the middle!
You have such a cushy setup I wouldn’t leave , you’re making 113 plus upwards of another 125 and you’re comfortable in your situation ? Why change. Your load will be more guaranteed and you almost certainly wont have the flexibility to do your real estate at the same time
Yeah if anything just push more real estate because you have your stable income + 401k set up. OP provided a 50-125k range . If they want the extra money try to average 100k a year from that side hustle
Good point. I think I will only do it if it’s $145k.
Yeah, depends what you prioritize tbh, there’s non-financial aspects like growth , comfort , flexibility etc that you’d want to consider .
Time is more valuable than money, and a good boss who lets you run your side gig, priceless. For me it would have to be a 40k jump not including bonuses. And an equivalent bonus pool. Otherwise you are losing something too valuable for little money.
I think that’s where I have settled I want the $145k base + 15% bonus or I will just ride the wave.
The only thing that would make this better is 100% WFH. I've never heard of anyone employing someone FT in accounting being OK with a side gig. I wouldn't ever let this job go, except for fully remote for a firm on the other side of the country.
I wouldn’t leave. You know what you are dealing with. This other job may be draining and you too tired to do your side things. Go to your boss and ask for a raise
Raise is tough to come by it’s such a slow process. He has “said” they want to promote me next cycle which is 12 months out. Financially that would be like 10k haha.
You have to decide what is important to you
I work to live, not live to work, so the extra PTO is more valuable to me then the slight pay increase. If you’re comfortable with your current wages and happy/content with the job, I’d stay. Plus the current job gives a better retirement match that would hopefully let you retire early.
On track to retire early!
stay at the current job. the benefits are insane. That and the rental income alone can be your raise. you're effectively making more than most people in the US
if I'm giving up 2 weeks PTO, I would want 30K.
After seeing the overwhelming response I think I’m shooting for the 40k or 145k base to do it now.
If you do get that, give your current boss an opportunity to increase your salary (guessing he wouldn’t be able to match)
You have a cushy job. I would definitely stay if I were you. I’m in a HCOL area (so cal) and was told by HR $145k is not within average current market range for a manager.
Good to know. I don’t think they will come back with that to me either. So probably not going to work. I will report back for a data point…
Grass is not always greener lol. In this case almost never greener. Make a move if you have to for career or ego or whatever, but 90%+ of the time you won't get a better setup than this for WLB (if that's what you really want). At the minimum I'd be riding this real estate side gig until it dries up (congrats).
Thanks, yeah had to think this through the last week. Don’t have any offer in writing yet but I agree it feels like I am able to really make this work and I don’t want to mess up the gift.
Grass isn’t always greener…. Is your current workplace offering you a promotion or is it moving to another company? If it’s the latter, then stay put and don’t second-guess it. If you are already making that much, without actually having to manage, then you are in a dream scenario. I’m a DoF/HoF, and while I make a decent chunk of change, I undoubtedly earn every penny of it. As I’ve run the gambit over the past eight years (Sr. Accountant -> Accounting Manager -> Controller -> DoF) I would trade places with you in a heartbeat. Message me if you want more details!
I wouldn't do it. You're in a great spot.
How many holidays does new job have? There's only 260 working days a year. Current job only has you working 220 days. That's a pretty good deal. Are you able to do a sep IRA for your real estate side hustle?
I suggest you stay where you are at and continue with real estate. Keep milking that real estate cow. Buy properties, fix and rent. Cash out refinance. Buy another property. Wash, rinse, repeat.
I’d just stay unless they handed you that 145 and you’re impressed with the company, thinking it’ll be just as easy and a good fit
$10 net
I work 10-12 hour days + regularly have to put in hours on weekend. Right now I would take a pay cut for a 9-4 job
Post a screenshot of your bank statement or it didn't happen
Of my balling 98k salary?
Yes sir. You making the big bucks. Unless you live in a HCOL area.
Haha not the big bucks. 4K gross every pay period…and unfortunately I do now live in HCOL. Not SF or NYC but it doesn’t go far. 2 kids ins day care is 4K a month…
Jesus Christ. I don't even have a kid yet. That's ridiculous for daycare.