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I'm having a tough decision to make. I was recently offered a job in PA exempt pays $100,000 with a 5K sign on bonus. 7 weeks PTO 0 holidays paid. 6% match. Issue I have is its a 1 year contract that has been extended for about 8 years and they seem positive that it will continue.
Currently employed making around 70k a year with minimal overtime. Its a longer term contract position. 5 weeks PTO 11 holidays. 11% company contribution to 401K. Limited room for growth. Will most likely never make 100k without a few promotions.
New job is slightly further commute with tolls. I am currently single with 3 mortgages 1 rental, my home, and a vacation home in PA. My reservations are about the limited contract and potential to be out of a job. Any advice or comments would be appreciated and I can answer any additional questions.
Congratulation on your new job offer. Sounds like a positive move income wise compared to your current job.
Regarding to your concern with job security, I wouldn't worry about it too much. It has been extended for about 8 years so it's likely will be continue to extend. In today's market, a 1-year outlook is considered forever.
Affording a vacation home seems like a luxuary especially when you're single. Unless it's been appreciating, I'd do some soul searching, asking yourself how often you use it & if renting is more economical, to see if you want to keep it or reduce mortgage obligations and put that extra money into rainy day fund.
Congratulation on your new job offer. Sounds like a positive move income wise compared to your current job.
Regarding to your concern with job security, I wouldn't worry about it too much. It has been extended for about 8 years so it's likely will be continue to extend. In today's market, a 1-year outlook is considered forever.
Affording a vacation home seems like a luxuary especially when you're single. Unless it's been appreciating, I'd do some soul searching, asking yourself how often you use it & if renting is more economical, to see if you want to keep it or reduce mortgage obligations and put that extra money into rainy day fund.
Thanks for the reply. Yes, I do believe it is a positive move. It's just that one factor stability. And yes the vacation home is a luxury, it wasn't to expensive it's in rural PA on a lake. The goal was to STR it when I wasn't using it. However, that's been a slow go. It probably slightly appreciated since I purchased it. My regular rental makes enough to cover most of it though.
Personally, I wouldn't jump ship for a job with a year to year contract. You are getting a nice salary bump, but everything else is a wash. I've seen contractors that have been around for years not get renewed or decide not to bid. Not a risk I'm willing to take.
Is your rental paying for itself?
I don't want to get too much into your business, but you brought it up... How does someone making 70K afford a home and a vacation home?
Personally, I wouldn't jump ship for a job with a year to year contract. You are getting a nice salary bump, but everything else is a wash. I've seen contractors that have been around for years not get renewed or decide not to bid. Not a risk I'm willing to take.
Is your rental paying for itself?
I don't want to get too much into your business, but you brought it up... How does someone making 70K afford a home and a vacation home?
I bought the rental in 2019. It has appreciated a ton. I take home about $1000 a month after expenses/reserves purchased it for 150K. My house I bought in 2012 for 90K. The vacation home I purchased for 108K.
These are not expensive properties
Personally, I wouldn't jump ship for a job with a year to year contract. You are getting a nice salary bump, but everything else is a wash. I've seen contractors that have been around for years not get renewed or decide not to bid. Not a risk I'm willing to take.
I am a bit of risk-taker so I encourage OP to take the new job. At $70K annual assuming a modest 5% raise per year, it would take ~10 years (simple math) to reach $105K whereas he could get it now. Also, consider the inflation rate these days, staying in your job is lossing money every year.
In considering risk, I'd encourage you looking back how long does it take in your job search landing that next job. My experience has been less than 9 months, which is not bad assuming you still have a job. I was in my last job a little over a year when a big corporation TA reached out to me about their vacancies.
These are both federal contractor jobs. In my area there aren't a ton of them. So finding another job would most likely be in a whole different industry.
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