Comments on: Why I Passed on a 90% Pay Increase – What’s Your Price? http://www.darwinsfinance.com/salary-increase-sample/ Financial Evolution: Education, Adaptation, Achievement Mon, 06 Feb 2012 15:43:23 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Budgeting in the Fun Stuffhttp://www.darwinsfinance.com/salary-increase-sample/#comment-4424 Budgeting in the Fun Stuff Tue, 23 Feb 2010 19:06:32 +0000 http://www.darwinsfinance.com/?p=1383#comment-4424 For me, it would depend on the increase in hours and whether we had to move. My husband and I really don't want to leave the Houston, TX area, so we probably wouldn't unless we could retire in 10 years or less. I currently make $35,000 a year before taxes and have full benefits. If I used my degree, I could easily get a $60,000 a year job, but I'd have to work about 70-80 hours a week instead of my current 40 hours a week. For a girl who likes her home life as much as I do, that's just not an option. I would take a new 40-50 hour a week job in the area if it paid at least $45,000 and had full benefits. I'd work 50-60 hours a week for $60,000 a year plus benefits. I'd only take a 60-80 hour a week job if it paid at least $90,000 a year plus benefits. I wouldn't take a job that required more than 80 hours a week unless I could easily retire after 3-5 years. IMHO, I'm only getting one shot at this life...I want to use it by making my friends and family laugh, volunteering, and traveling. I haven't heard of any job/career for me that can compete with that. For me, it would depend on the increase in hours and whether we had to move. My husband and I really don’t want to leave the Houston, TX area, so we probably wouldn’t unless we could retire in 10 years or less.

I currently make $35,000 a year before taxes and have full benefits. If I used my degree, I could easily get a $60,000 a year job, but I’d have to work about 70-80 hours a week instead of my current 40 hours a week. For a girl who likes her home life as much as I do, that’s just not an option.

I would take a new 40-50 hour a week job in the area if it paid at least $45,000 and had full benefits. I’d work 50-60 hours a week for $60,000 a year plus benefits. I’d only take a 60-80 hour a week job if it paid at least $90,000 a year plus benefits. I wouldn’t take a job that required more than 80 hours a week unless I could easily retire after 3-5 years.

IMHO, I’m only getting one shot at this life…I want to use it by making my friends and family laugh, volunteering, and traveling. I haven’t heard of any job/career for me that can compete with that.

]]> By: Monevatorhttp://www.darwinsfinance.com/salary-increase-sample/#comment-4297 Monevator Wed, 17 Feb 2010 10:13:02 +0000 http://www.darwinsfinance.com/?p=1383#comment-4297 I didn't take a job in another country due to family health reasons. It would have paid at least 2x my salary at the time, and not taking it partly curtailed the path I was on back then. It was a real eye opener for me to see how I felt about life when it came down to it, and since then I've made more time for family (not just the sick one!) than I ever did before. Maybe not enough time, but far more. There's *definitely* more to life than money. I didn’t take a job in another country due to family health reasons. It would have paid at least 2x my salary at the time, and not taking it partly curtailed the path I was on back then.

It was a real eye opener for me to see how I felt about life when it came down to it, and since then I’ve made more time for family (not just the sick one!) than I ever did before. Maybe not enough time, but far more.

There’s *definitely* more to life than money.

]]> By: Flip Video Camera Giveaway Winnershttp://www.darwinsfinance.com/salary-increase-sample/#comment-3525 Flip Video Camera Giveaway Winners Mon, 21 Dec 2009 01:50:14 +0000 http://www.darwinsfinance.com/?p=1383#comment-3525 [...] Why I Passed on a 90% Pay Increase – What's Your Price? Money isn’t everything. [...] [...] Why I Passed on a 90% Pay Increase – What’s Your Price? Money isn’t everything. [...]

]]> By: Team @ Money Comparehttp://www.darwinsfinance.com/salary-increase-sample/#comment-3443 Team @ Money Compare Sun, 13 Dec 2009 01:43:11 +0000 http://www.darwinsfinance.com/?p=1383#comment-3443 Hey Darwin, thanks for sharing your experience. You're so right on the decision. Once you've considered all those intangible things such as time with family, uprooting your family from your current hometown plus all the headaches that accompany a senior position make it easier to decide either yay or nay. Hey Darwin, thanks for sharing your experience. You’re so right on the decision. Once you’ve considered all those intangible things such as time with family, uprooting your family from your current hometown plus all the headaches that accompany a senior position make it easier to decide either yay or nay.

]]> By: Black Coffee: My Favorite Blogs, Money News & Opinions #25http://www.darwinsfinance.com/salary-increase-sample/#comment-3426 Black Coffee: My Favorite Blogs, Money News & Opinions #25 Sat, 12 Dec 2009 02:37:29 +0000 http://www.darwinsfinance.com/?p=1383#comment-3426 [...] Finance… who recently rejected a 90% pay increase with a prospective new employer.  Good for [...] [...] Finance… who recently rejected a 90% pay increase with a prospective new employer.  Good for [...]

]]> By: Len Penzohttp://www.darwinsfinance.com/salary-increase-sample/#comment-3425 Len Penzo Sat, 12 Dec 2009 02:04:36 +0000 http://www.darwinsfinance.com/?p=1383#comment-3425 Congrats on recognizing that you can't put a monetary value on life balance, Darwin! So many people only look at the salary that they really end up finding out they made a real mistake only after it is too late. How do you put a value on a 5 minute walk to work? Or knowing you will be home to have dinner with your family every night, as opposed to being on constant travel? I am extremely dismayed to learn that companies actually pull bait and switch tactics on prospective employees vis-a-vis proposed salaries. There has to be a way to keep past salaries out of the equation. It's been a dozen years since I last jumped companies, so forgive me for asking this question, but for proof of prior employment, why can't prospective new employers be given pay stubs with redacted salary info - either by you or your employer? Best, Len Len Penzo dot Com Congrats on recognizing that you can’t put a monetary value on life balance, Darwin! So many people only look at the salary that they really end up finding out they made a real mistake only after it is too late.

How do you put a value on a 5 minute walk to work? Or knowing you will be home to have dinner with your family every night, as opposed to being on constant travel?

I am extremely dismayed to learn that companies actually pull bait and switch tactics on prospective employees vis-a-vis proposed salaries.

There has to be a way to keep past salaries out of the equation. It’s been a dozen years since I last jumped companies, so forgive me for asking this question, but for proof of prior employment, why can’t prospective new employers be given pay stubs with redacted salary info – either by you or your employer?

Best,

Len
Len Penzo dot Com

]]> By: kenyantykoonhttp://www.darwinsfinance.com/salary-increase-sample/#comment-3423 kenyantykoon Fri, 11 Dec 2009 17:24:06 +0000 http://www.darwinsfinance.com/?p=1383#comment-3423 the major thing that i would look for would how much of my freedom and love of life i would give up. i am kinda so happy with my life and i would not like to give it up just because of a fatter salary. One might move to another city for the job and find that for that salary, you are working your hands raw all days of the week. this would not sit well with me the major thing that i would look for would how much of my freedom and love of life i would give up. i am kinda so happy with my life and i would not like to give it up just because of a fatter salary. One might move to another city for the job and find that for that salary, you are working your hands raw all days of the week. this would not sit well with me

]]> By: Financial Samuraihttp://www.darwinsfinance.com/salary-increase-sample/#comment-3386 Financial Samurai Tue, 08 Dec 2009 06:15:31 +0000 http://www.darwinsfinance.com/?p=1383#comment-3386 Hi Darwin, Good topic. Headhunters ALWAYS inflate the figure to wet your interest, and it seldom is what you will get in the end as you point out. You provide a fantastic data point how strong the job market really is. It's absolutely nuts in the finance world right now btw. 50-100% job offers are very common place, and I think 1Q10 we will se a lot of movement. It's important to realize that a $90,000 bump is nice, but that's only around $60,000 after tax. When you start think about after tax, it's a different ball game. What's my number, if I had to move locations and change firms? It has to be at least $300,000 more, with a title bump. $300,000 is $170-180,000 after tax. I think once someone makes more than say, $250,000/yr, everything else is just gravy, and an increased income doesn't change your life much until you get to $750,000++. Best, Sam Hi Darwin,

Good topic. Headhunters ALWAYS inflate the figure to wet your interest, and it seldom is what you will get in the end as you point out.

You provide a fantastic data point how strong the job market really is. It’s absolutely nuts in the finance world right now btw. 50-100% job offers are very common place, and I think 1Q10 we will se a lot of movement.

It’s important to realize that a $90,000 bump is nice, but that’s only around $60,000 after tax. When you start think about after tax, it’s a different ball game.

What’s my number, if I had to move locations and change firms? It has to be at least $300,000 more, with a title bump. $300,000 is $170-180,000 after tax.

I think once someone makes more than say, $250,000/yr, everything else is just gravy, and an increased income doesn’t change your life much until you get to $750,000++.

Best, Sam

]]> By: Credit Card Chaserhttp://www.darwinsfinance.com/salary-increase-sample/#comment-3384 Credit Card Chaser Tue, 08 Dec 2009 05:41:19 +0000 http://www.darwinsfinance.com/?p=1383#comment-3384 You make a great point with the whole bait and switch scenario as that probably happens quite often. You make a great point with the whole bait and switch scenario as that probably happens quite often.

]]> By: Darwinhttp://www.darwinsfinance.com/salary-increase-sample/#comment-3380 Darwin Tue, 08 Dec 2009 02:44:13 +0000 http://www.darwinsfinance.com/?p=1383#comment-3380 Hi Evan, True, normally, there's no harm in doing an interview and in fact, it would have the benefits of additional networking, honing your interviewing skills and perhaps even translate into a different role down the road when you make an impression on them. In my case, I've been down the road a few times and it's the same thing each time - I blow a vacation day, regret even heading down there because I'm not really serious about leaving, end up hoping they don't even make an offer once I find out it's kind of a lame environment, company, people, whatever, and then when they do make an offer, there's a catch - like the ones I mentioned above. I think if and when the time comes that the "perfect" opportunity rolls along, I'll be glad I was patient. For now, these headhunter/interview discussions really just become a distraction. I end up setting up spreadsheets, calculating how much more per month we'd have with all the different assumptions, how many unvested options I'm leaving on the table here, etc. You could drive yourself nuts with the game unless you're really interested in leaving. Every couple years though, probably not a bad idea to get out there and test the waters. I think a lot depends on your specific situation. My wife's home and I'm the sole provider for the next few years. For dual income couples, I think there's much more opportunity to take some risk - and probably some benefit to diversifying when they both work for the same company which many do. In our case, I'm more focused on security and work-life at the moment than maximizing income. Hi Evan,
True, normally, there’s no harm in doing an interview and in fact, it would have the benefits of additional networking, honing your interviewing skills and perhaps even translate into a different role down the road when you make an impression on them. In my case, I’ve been down the road a few times and it’s the same thing each time – I blow a vacation day, regret even heading down there because I’m not really serious about leaving, end up hoping they don’t even make an offer once I find out it’s kind of a lame environment, company, people, whatever, and then when they do make an offer, there’s a catch – like the ones I mentioned above.

I think if and when the time comes that the “perfect” opportunity rolls along, I’ll be glad I was patient. For now, these headhunter/interview discussions really just become a distraction. I end up setting up spreadsheets, calculating how much more per month we’d have with all the different assumptions, how many unvested options I’m leaving on the table here, etc. You could drive yourself nuts with the game unless you’re really interested in leaving.

Every couple years though, probably not a bad idea to get out there and test the waters. I think a lot depends on your specific situation. My wife’s home and I’m the sole provider for the next few years. For dual income couples, I think there’s much more opportunity to take some risk – and probably some benefit to diversifying when they both work for the same company which many do. In our case, I’m more focused on security and work-life at the moment than maximizing income.

]]>