Home > Potential new job? thoughts welcomed!

Potential new job? thoughts welcomed!

February 2nd, 2018 at 07:03 pm

Hi all

I am not looking for a new job but open to it for a few reasons. One. I work at home.. no socialization at all. sortof a BIG downer. Two, I do not have much to do and am being 'loaned out' to another department while the other department is paying for me (risk to renewal?). Three I have no work to do. maybe 10 hours of work for a 40 hour week. I can still bill 40 hours but no chance to make more.

I got a call from a contracting firm/consultant to work for a large bank that I worked with through the company I work at now (this bank is not subject to the non compete agreement I have with my current contractor firm)..

Pay $11 more than what I make now which is $22k more on a 40 hour a week job. Job would be back to leadership again. They are local to town and I can work 'at work' a few days a week AND at home..jeans when I am at work and working with at least some people I know.

I have a second final interview Monday at 3pm. First interview was yesterday.. it was sortof informal as I was 'presold' by the folks I had worked with already at the bank

the new contractor firm does NOT match the 401k (where I am now matches 3% of my gross) so you can decrease the per hour increase to lets say a net of $9 an hour MORE than what I make now.

The current job I have I am renewed every 6 months (or not) This job is the same role for 2 years and a 2 year contract..and then if I want to go full time they say they want that. Less risk of being cut loose unless I really mess up.

I have already decided in my head to work through the end of the year and maybe a little more. not sure... I am likely not going to score more than 40 hours where I am now, my pay is below market and no work at an office option really. With the new job I can move, make more, similar work, in town, still some flexibility and make significantly more. and they may ahve more than 40 hours. It seems too light nowadays to only work 40 hours and being a consultant gets me paid for every hour I work. Health insurance through the new contractor would be $200/month less for roughly the same plan

Thoughts everyone?

Still finalzing the 2 flat, counter tops next week, punch list today and weekend or Monday,

1 house vacant but getting interest (water STILL not turned on from pipes freezing) but fixed and we are showing the house. Water company wanted to redo their meter etc etc..crazy! what if someone lived there? anyway they are turning on the water Monday

And 1 eviction underway for one of the 3 units. rent loss $660 a month on that.

I did not get my refinance so my house payment (at my current job) making 40 hours a week exceeds my take hoome pay on the first.. which means I have to escrow from the 2nd check for the following month.

2 more 3 unit payments!!!


9 Responses to “Potential new job? thoughts welcomed!”

  1. AnotherReader Says:

    I'm confused. Where is the net income from the rentals going? How did you qualify for the 15 year loan if your income is insufficient? Did they use the income from the extra hours? If you lost your job tomorrow, would you be able to make your house payments?

    I would definitely look at changing jobs if the pay is higher. If there are no new projects for your current group on the horizon, I would expect not to be renewed anyway.

  2. Rachael777 Says:

    I can pay the 15 year mortgage on my current income but have to take money from the 2nd monthly check to do so now with me only working 40 hours. My rental income goes 100% towards paying for the homes. I do not pull from it at all. I will be able to start to pull from it once the homes are paid off and once I sell or pay off the 2 flat debt. If I lost my job tomorrow I have a 3 month emergency fund but really it is high risk w the rentals not paid off. I did that 'worst case scenario' thing a few months (which you, AR, recommended. Smile.. good idea). Another thing is I do not want to work at home all the time anymore and really why not just 'make more'.. and get more security... does not seem to be a lot of cons. Similar job, similar flexibility. longer contract. No risk in July. This si also IN TOWN. If I get non renewed in June and have to find a job. Most jobs are in downtown Chicago or NW burbs which may make it difficult to go to school. I will find out more about the job from the team Monday. Really sortof looking to cut costs overall and feel more free. And really I do not see this home as a long term home anymore so may want to sell and move somewhere (near by) but less and more lively neighborhood anyway so no plans to try again to refinance

  3. Bluebird Says:

    Hi Rachael, I would definitely go with the new job if offered. Job security while the rentals are being paid off will give you peace of mind and the social interaction. I don't see a downside.

  4. Dido Says:

    There seem to be net positives on the new job on both the financial side AND the emotional side. I'd go for it if offered. Goodluck!

  5. FrugalTexan75 Says:

    The new job sounds like a winner!

  6. My English Castle Says:

    Agreed on the new job!

  7. rob62521 Says:

    Personally, the new job sounds like a step up.

  8. Rachael777 Says:

    thanks all for the encouragement. Now asking for prayers. The interview is at 3pm Monday. We are expecting a big snowstorm to start at 4pm that same day. I hope they do not cancel or delay the interview or make it a phone interview. I have my big 4 wheel drive Suburban gassed up and ready. Smile I sell myself best (we all do) face to face. I feel this job is 'mine to lose'. PRAYING!!! the increase equates to almost $1000 a month. Crazy!! and that is just working standard 40 hours a week and the possibility of making friends at work is awesome! Too many positives to add up. And the extra money even after these homes are paid off can go towards investing and savings.. Still trying to build savings I put some much towards these rentals these past few years.

  9. snafu Says:

    I see the net benefits of the new job. I think there will be a period of adjustment as you get used to working rigid hours and the prep time to get ready, business attire, more laundry, more shopping, higher grocery cost for added convenience, AM traffic, taking your lunch and no longer controlling your time. There are expenses associated with work like the cost of gas, more frequent vehicle maintenance, costs associated with social activities like coffee, snacks and restaurants, make-up, clothes, shoes, accessories and possibly parking fees. I don't know if you had been taking tax benefits associated with working from home and controlling your hours of work.

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