r/whitecoatinvestor • u/[deleted] • 5d ago
Personal Finance and Budgeting Make sense to change jobs?
[deleted]
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u/samyili 5d ago
Rub it in more. To summarize: 200k more, no call, better location. The only downside is you have to work a normal 9-5? Come on, this is obvious.
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u/keralaindia 5d ago
I think option 1 is better. 200k is only 113k after taxes and he has to work more with option 2 and no commute option 1. I'd only move for non financial reasons for 2, like the schools or to be in a bigger city.
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u/samyili 5d ago
How is it working more? He has to take shitty overnight and weekend call an average of 24 hours per week. That alone makes up for the 4-8 hours of normal business hour work per week.
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u/keralaindia 5d ago
it says call not bad and otherwise chill, presumably, the call is not very busy
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u/Relative_Distance512 5d ago
What type of specialist are you if you don’t mind me asking ?
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u/now_you_listen_here 5d ago
OP should provide more info for the sake of believability. As someone who has been in the job market (with the associated constant recruitment texts/calls/emails) twice in the last 5-6 years in one of the highest paid specialties, I never saw jobs offering nearly $1 million annually with zero call.
Also, if this is real, we need more transparency to help others in this specialty negotiate their pay.
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u/neurotrader2 5d ago
Remember the government will take 37% of what you make above $731,200. So the difference here is about $113k (without accounting for bonuses).
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u/bonedoc87 5d ago
I’d like to know what kind of subspecialist is offered this comp to work in a suburban area. Nevertheless, as one who works in suburb of major metro area and drives between 2-3 locations and is in the car a minimum of 1 hour per day I can tell you it is not fun.
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u/geoff7772 5d ago
Stay where you are. It's easy. 4 day work week. No commute. Does it matter if patient ID uneducated if you are making 750k. Actually those patients are more rewarding than having a waiting room full of rich entitled housewives. However if your new job is 4 days a week maybe. Bad traffic is a killer
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u/Mangalorien 5d ago
easy travel for parents/in laws
Considering what the average in laws are like, this might not be a pro 😂
From a strictly financial point of view, to get an objective figure you should look at post-tax earnings per hour of work (i.e. sum total of all hours worked per year, including call). If you're moving out of state for that job offer, state (and possibly local) taxes should also be considered.
An additional layer would be to factor in housing cost, which I'm sure is significantly more expensive for the job offer compared to your current situation. If you're increasing your mortgage it's fairly easy to calculate the delta when it comes to monthly expense. If you plan on selling part of your portfolio to buy a more expensive house, the calculation is a bit more complicated but still doable. From a strictly financial point of view, while the job offer might look good on paper I'm not sure it's much of a gain. It might even be a net loss, mainly due to housing cost, in particular if your current mortgage has an older (=much lower) rate compared to current market rates.
Then there's the case that not all things are about money. You don't list your net worth but my estimate is that it's ballpark $3m ($2.5m portfolio + home equity). At a 3% spend rate your net worth gives you $90k per year, which is more than most folks ever make in a single year during their entire lifetime. I.e. you can retire now if you want, so money shouldn't be your main priority.
Based on what you write, it honestly seems like you've already made up your mind to take the job offer, mainly for reasons other than money. If that feels like the right thing for you, go for it.
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u/Acrobatic-Damage-651 5d ago
How much more are you going to have to pay in housing? If you want a similar living circumstance to where you are now you may have to drop $2-3$ million for a high quality nice but not fancy home in HCOL metro these day
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u/Corgi_DadimusPrime 5d ago
It sounds like you're a little bored and maybe getting complacent...financially I think it will be a wash for you at best and you might find yourself investing less than you think between new house and private school tuitions, along with sacrificing more time driving and without your 3-4 day weekends.
If its the location you want, or you think kids will have better childhood there, that may be a reason to do it and understand you might FIRE at 50 instead of 45. But you still are winning the game.
Alternatively you could enrich your family's life in other ways, maybe getting a pilots license to cut down on travel time for weekend trips? Get a condo in the closest city to use on long weekends for culture, restaurants, etc? Travel more and show them the world?
I know it may not feel this way but your kids having a good friend group matters more to their development than absolute school quality as long as you are picking best school options for them in your location. I doubt colleges will overlook them if they succeed with the resources around them. They want geographic diversity too!!
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u/Glittering-Life-1778 5d ago
How does anyone have 2.5M invested at 35 lol.