I don't LOVE my job.
Phhhhewww, it felt good to say that! Sure, when I took this job, it seemed like the right "next step" in my career and it made sense at the time. It pays well and I've learned a few new things, but I'm just not able to contribute at the level I want to. In this role, I'm one of many instead of the "go-to" one. I've realized that I want to be able to make more of a contribution.
I feel like Goldilocks, but I'm trying different sized companies to see what's the best fit for me, instead of trying different sized chairs. At this point, I believe a smaller company is my next step.
I've been contacted about another opportunity and I'm pretty far in the interview process. It would be a similar role to one that I had before. It would be at a start up company and I'd be the go-to person running the show. This is interesting to me. In this new role, I would also likely get a $6,000 pay increase, but they only offer a very small 401K match.
The thing that is mentally weighing me down is that if I stay at my current job, which has a nice 401K match, I'd be potentially leaving $24,000+ behind if I leave before I'm vested. Ouch! This is a large amount of money to walk away from. Given that our retirement accounts aren't where we'd like them to be, I kind of feel like I need to suck it up and stick it out with my current company.
What would you do in this situation?
I'm open to your thoughts on staying until after I've vested versus getting out now and going to the other job where I can contribute more and get a pay increase. Thanks!
How long until you are vested? If it is relatively short....say less than a year.....maybe you can leverage any offer and let them know you would be leaving before you are vested and see if they would be willing to something like a sign on bonus and then you can put it directly in your 401k, or to debt or something?
ReplyDeleteIf not...then you have to weigh what means more to you. Is your happiness worth 24k? You have no idea when the next opportunity will come by. Would you still be questioning all of this if you were debt free?
Hi Mysti, It'll be another year and a half until I'm vested. I like your idea of seeing if the new company would be willing to offer a sign on bonus or something. I also like your questions about "Is my happiness worth $24K?" and "Would I still be questioning all of this if I was debt free?" You gave me lots to think about! Thank you for your thought provoking comments :)
DeleteFor the Canadian, can you explain what "Vested" means?
ReplyDeleteI think it depends a lot on what you can live with, happily. If you're job's not making you miserable or sick, perhaps there is a place somewhere else in your life where you can get that need met, and keep your $$ matching coming in. For instance, I work and admin job, but I really enjoy working one-on-one with people in music, so I teach and volunteer when I can.
Just my $0.02
Hi Taylor, Thanks for your comment and question. "Vested" means that I will have 100% ownership of the funds that my company has added to my retirement account. They've been contributing to my account since I was hired, but I don't have access to the money until I've stayed with the company for 3 years. I would still have another year and a half until the funds are mine. If I leave now, I leave it all behind.
DeleteThat's a great suggestion about filling my need somewhere else. I will give that some consideration! Thanks :)
How much longer would you have to stay in order to be vested? If it's a relatively short amount of time (a year or two) I would say stick it out. If it's going to be years and years, I don't think it's worth being miserable (and you can invest more to try to make up that difference, since you'll have a higher salary).
ReplyDeleteIf you were MISERABLE I'd say get out of there, but since it's just so-so, I think it might be worth staying for a bit longer to reap those benefits. Good luck on your decision!
Hey there! I have another year and a half before I'm vested. Thanks for your advice. At this point, that's what I'm leaning towards. I'll update you all once I'm made a final decision :) Thanks
DeleteTwo questions - when do you vest? Are you talking months or years? And can the new company offer you something to make up for it? Stock options? Signing bonus? Bigger salary bump? Doesn't have to be dollar for dollar - but something so you can weigh that in the decision.
ReplyDeleteHi Sak, I vest in 1.5 years. Great ideas about asking the other company for something to make up for it. Thanks for the suggestions!
DeleteThree years to fully vest in matching funds is great - many employers require 5 year. Is the 24k what is in there now or does it include what you will get in the next 1.5 years before you vest?
ReplyDeleteYou're right, 3 years is pretty good. The 24k is what will be in there after 3 years. I'm half way there now at 12k.
DeleteI don't love my full time job. But it is giving me the required experience to take the next step during these times of uncertainty. It's also "buying me" some time too, as I build my savings before I move.
ReplyDeleteWas gonna ask about the vesting, but you've replied to that. 3 years is REALLY good vesting, as they're either 5 or 6. Are you partially vested right now? And some companies are willing to match some of the funds you'd lose with bonuses and what not. It's worth to check it out. They understand nobody wants to leave 24k on the table.
If you're miserable, I would leave. If you are just not completely professionally fulfilled, I would stick it out.
ReplyDelete