Two job offers

[anny33]

I'm debating between two job offers and am wondering what the forum thinks about the two:

 

1. Job 1: In the same city where my wife runs a business with her family. Her cut of the business is ~300k/yr. The business does require alot of work from my wife but my wife doesn't mind continuing to work. Her parents are available to help with babysitting the kids. If we move to a different city from her family business she won't be able to continue with the business and would essentially lose her income. The job I've been offered in this city is an employed position with quite a bit of turnover for the doctors. The pay is ~360k for me with potential to make more if I see more patients later. Though it's a very competitive city so it'd be hard to make more than 500k there.

2. Job 2: In a different and much more beautiful city closer to my family (but still too far to get any help with my kids from family (ie 5-6 hour drive). The job pays about 400k/yr with no guarranteed partnership position but the likelihood that i'll make partner in 5-10 years. There's no bonus pay with this job. Partners make ~7-900k/yr.

[childay]

Sounds like Job 1 unless you really hate the work.  Hard to beat wife being close to family and in-laws to help with the kids.  Happy wife happy life etc.  FWIW we live in my wife's hometown..

 

Also what kind of pharmacist are you making 900k per year?!

[anny33]

Thanks for the input. I'm not a pharmacist but a subspecialist.

[NaOH]

.

[Dicast]

The potential for a combined income of that amount and being close to family is amazing. The flexibility if having a second income gives you much more ability to push items at work than if it just you. If things dony work out in the home town, moving skmewhere else can always happen.

[anny33]

Unfortunately my surgical subspecialty is very saturated and it won't be easy to get either job in the future. I like the new city much more than the old city and also I wonder if she's really going to be able to work her hours once we have kids...

[Dicast]

If your significant other is planning to stop working after kids then it is entirely up to you.  The decision is to be close to family or far away.  It isn't much of a financial decision as 7-900k if obviously better than 3-400k.  I don't know what part of the country you live, but 3-400k is not bad most places.

If I were you and my wife wanted to quit working, and I wanted to make more money, I would see about finding some place that had a guaranteed partnership track.  It is pretty devastating to plan a life around making a certain income to be washed out the second you are getting close to the big bucks.  Otherwise I would take the easy money and stay put.

[Joseph]

Family decision on this one.  Does your wife want to stay?

Is the company legit or is it going to implode?

For me, no amount of money would be worth living within a day's drive of my in-laws...

Obviously, you are going to make out fine financially either way.

Have fun!

[anny33]

The company is legit. Lol you mean you want to stay atleast a days drive away from your in-laws?

[Joseph]

anny33 wrote:

Lol you mean you want to stay atleast a days drive away from your in-laws?

Click to expand...

Absolutely. And it is no laughing matter.

And we always do.

[anny33]

I'm curious, why?

[Quan]

I think it comes to end game here.  Depends on what you think is more important to the both of you?  Being close to family for support for the kids, or making more money.  I think there comes a point with income where you can only squeeze so much more joy from each 100k you make.

I had a similar situation and ended up going with option 1, and having my kids see their grandparents, aunts, uncles, and cousins a few times a month was worth the 150k pay cut.  We'll see if I feel that way when I have 3 kids in college .

[jfoxcpacfp]

It sounds to me as if you are leaning toward job 2. This decision will weigh heavily upon what your wife wants to do, though. If she decides to stay home after you have children, the babysitting won't be an issue and you'll probably have plenty of visits from the grandparents (destination spot, the lure of grandkids...) Does she want to continue her heavy work schedule? At the salary in job #2, you'll eventually absorb what she is currently making, so I don't see the money entering into the decision. Would it be nice, a la Joseph, to have some space between you and her family? And do you both want to be closer to your own family? They'll want to see the grandkids, too, I assume.

[Hatton]

Your wife may get tremendous satisfaction working in her family's business.  A family business might be more open to some sort of flexible schedule for her or even allowing her to bring the kids to work.  Depending on what the family business is the potential for income and a future sale might be extremely lucrative.  Your wife's input here is needed.