37 y/o anesthesiologist with family of 4. I'm the sole earner.
Investments:
1.5 million in retirement accounts (800K taxable, 700K tax advantaged. 90/10 split)
500K home equity
70K in 529
Debt:
300K owed on home @ 2%
car 1: 40K @ 1%
car 2: 30K @ 5.5% ( paying off quickly)
Current job:
Make roughly 530-550K based on extra work. potentially 580K/yr looking very realistic in 6 months with increase.
good = Pay + 403b +457. 9 weeks off.
bad= 1.5 hr total commute daily. Culture, work environment, management. I'm not miserable at work but its not great. It is definitely not getting any better.
New job prospect:
505K-525K/yr= 425K + prn work allowed by plentiful vacation.
Good= commute 10 min. plenty vacation and flexibility to work weeks off for prn pay elsewhere. much easier acuity. Better hours
Bad= pay decrease of estimated 55-75K/yr
Taking the new job I'd be able to maintain my lifestyle, and pay for a kid going to college next year. I think a huge + is decreased commute and perceived better work environment based on my conversations and inside info. Decreased work stress also.
Obvious negative is I would be making less money which would ultimately sacrifice my yearly savings. Mainly my taxable account which I try to put in 5-10K/ month after tax advantaged. Purse strings will have to be tighter on some vacation/home reno spending or I'll have to work more PRN if we want to splurge.
What would you do in my situation?
Investments:
1.5 million in retirement accounts (800K taxable, 700K tax advantaged. 90/10 split)
500K home equity
70K in 529
Debt:
300K owed on home @ 2%
car 1: 40K @ 1%
car 2: 30K @ 5.5% ( paying off quickly)
Current job:
Make roughly 530-550K based on extra work. potentially 580K/yr looking very realistic in 6 months with increase.
good = Pay + 403b +457. 9 weeks off.
bad= 1.5 hr total commute daily. Culture, work environment, management. I'm not miserable at work but its not great. It is definitely not getting any better.
New job prospect:
505K-525K/yr= 425K + prn work allowed by plentiful vacation.
Good= commute 10 min. plenty vacation and flexibility to work weeks off for prn pay elsewhere. much easier acuity. Better hours
Bad= pay decrease of estimated 55-75K/yr
Taking the new job I'd be able to maintain my lifestyle, and pay for a kid going to college next year. I think a huge + is decreased commute and perceived better work environment based on my conversations and inside info. Decreased work stress also.
Obvious negative is I would be making less money which would ultimately sacrifice my yearly savings. Mainly my taxable account which I try to put in 5-10K/ month after tax advantaged. Purse strings will have to be tighter on some vacation/home reno spending or I'll have to work more PRN if we want to splurge.
What would you do in my situation?
Statistics: Posted by Vtsaxandchill — Wed May 15, 2024 12:54 pm — Replies 8 — Views 303