changing job just for money ?

[x10694]

Never choose employment/servitude in my opinion unless you have no other option. Screw those guys.

I share the sentiment for the most part but I am just trying to assess the two jobs based on just the numbers and merits and not necessarily employment vs owner-employee. I would rather be an employee with great pay and great hours over a poorly run partnership track but that is just me.

[x10694]

"If I was looking at these choices in residency, I would no doubt have chosen option 2 to work and crank it out for 5 years then slow down."

Well, what is your exit plan? Comp, job, location. I doubt one hour less seeing family will make much of a difference. You will be busting tail all the time. My guess is once you are employed, the money will seem like the candy and you will lose your taste for it before 5 years.

The exit plan would have been to save fast save a lot and move closer to family and choose job and location over compensation. But I am getting attached to my current job and the small town living.

You barely need to work at all at this point so I certainly wouldn't make salary the top criteria when choosing between jobs. I prefer the control of ownership. It usually comes with more income, but apparently not in your case. Maybe if you adjust for hours worked though.

Thanks Jim. Although with money loosing value and asset price inflation, i am not sure I can cut back yet. Maybe I took your teachings way too far ?

I agree with others I would choose to stay at your current job. Less work load, better support and ownership are huge positives for long term job satisfaction. When I first started out I had the choice of an employee position in a group that didn't want another partner vs one that paid considerably less but solid partnership track. I chose the partnership job and didn't regret it. The guy that took the other job lasted 2 yrs and left.

Thank you for sharing this.

job1, unless there is something else about the job you arent telling us. Why go for more money when you dont need it, at the expense of more hours, more call, less vacation, less weekends free? The second job sounds like its set up for burnout. Jobs can literally not pay me enough to take call anymore. At some point you'll need to figure out what is your definition/terms of having "enough".

Nothing was left out of job 1. It is a good job. It just tilt toward lifestyle over money and I am in a stage of life where I am still money hungry and wanna work a lot so not quite a fit in my stage of life. Every time I think of "enough" the number keep getting higher ....

[x10694]

What do you want money for (in general)?

Most people will say to buy a house, nice things, experiences, and time to do what they want. Some people just want to use it to "keep score." What is it for you?

Will job #2 provide you with more of the first three? How much more?
Is there a number where you wouldn't work anymore?

Lastly: How long could you last in job #2 without burning out? What about job #1? Does that lead to a difference in lifetime income?

I have thought about this a lot ... initially it was financial security and to FIRE and live your life as one wants it. But lately i thought about generational wealth after my daughter was born ... in this respect the more I leave behind the better. I have been poor for majority of my life that my spending habits aren't changing at this point. So money isn't really for me at this point as my earning as multiple of my living expenses. I also don't think there is a number I wouldn't work anymore as there is just a lot of guilt attached to it ... maybe I will feel different in the future.

It appears most of the post have been urging me to stay with current job. I suppose that the marginal value of money goes down with each dollar accumulated while marginal value of free time stay the same if not goes up.

[cards67]

Job 1, easy. You have plenty money and the increase isn't that dramatic. But more important are the intangibles. I'd happily take slightly less money for good colleagues, work environment, staff, patients, etc. Such a huge factor in job satisfaction imo.

[Anne]

I have thought about this a lot ... initially it was financial security and to FIRE and live your life as one wants it. But lately i thought about generational wealth after my daughter was born ... in this respect the more I leave behind the better. I have been poor for majority of my life that my spending habits aren't changing at this point. So money isn't really for me at this point as my earning as multiple of my living expenses. I also don't think there is a number I wouldn't work anymore as there is just a lot of guilt attached to it ... maybe I will feel different in the future.

Having your parents home a lot during your formative years is worth a lot more than x extra millions someday. Your daughter is going to grow up wealthy either way and you will have plenty to leave her. Work less and enjoy life more. IME, it gets more difficult to reverse workaholic and/or money-obsessive tendencies as you age. Job #1 vs Job #3 (with qualities of Job #1 but closer to family if that’s a priority).

Also, assuming you are not a single parent, what does your partner think/want?

[Tim]

"Right now I am in work hard mode mentally and ,don't mind the hours for more money but I am also afraid that I will regret it in the future for missing out time with family ... hence this post."
And miss all the play time with Daddy's little princess? Just an unnecessary sarcastic comment. You won't be able to replace the time at home. Kids will be fine. Are you planning on being Daddy after kindergarten or 2nd grade? I think you get my point, you raised it yourself. You have a good situation for you and your family. Unknown when you finish you sprint for money. Face it, life is changing for you. You have responsibilities that are growing.

[billy]

The exit plan would have been to save fast save a lot and move closer to family and choose job and location over compensation. But I am getting attached to my current job and the small town living.



Thanks Jim. Although with money loosing value and asset price inflation, i am not sure I can cut back yet. Maybe I took your teachings way too far ?



Thank you for sharing this.



Nothing was left out of job 1. It is a good job. It just tilt toward lifestyle over money and I am in a stage of life where I am still money hungry and wanna work a lot so not quite a fit in my stage of life. Every time I think of "enough" the number keep getting higher ....

You also have a young daughter and are in position to choose more time with her over more money (the lifestyle tilt if you see it that way). I was initially part of groups that choose money over lifestyle and left because of it. Which group has more turnover? (I'd guess group 2). Job number two is still an hour away from family, so you wont see them as much as you think you will, or you will be too tired to enjoy it. Yes my experience has jaded my view, but you can't get more time. You can always make more money by working longer years also (instead of more hours), except you actually dont need to. Check the net worth thread/posts. Even with a decent savings rate (20%) over time, invested in simple funds, you'll still turn it into enough money for your family.

[GasFIRE]

I have thought about this a lot ... initially it was financial security and to FIRE and live your life as one wants it. But lately i thought about generational wealth after my daughter was born ... in this respect the more I leave behind the better.

I have a 2 years old daughter . . . .
Right now I am in work hard mode mentally and don't mind the hours for more money but I am also afraid that I will regret it in the future for missing out time with family ... hence this post.

When your daughter is 22 she will place more value on the time you spent with her than with the money you will leave her. Stay with job 1 and have a good life. Pay for her education and consider any inheritance for her (and future kids if any) a bonus.

[8arclay]

It appears most of the post have been urging me to stay with current job. I suppose that the marginal value of money goes down with each dollar accumulated while marginal value of free time stay the same if not goes up.

This is important to note, at your marginal rate the difference in pay is half of what you think. What you take home is the only difference that matters.

[NumberWhizMD]

You are one of the lucky ones who found a GREAT job out of residency. Yes, it's easy to be tempted by more money. The second job sounds like a recipe for burnout, especially in the setting where you already have a job that you really like.

Having left a higher-paying job for a lower-paying job, I can 100% I don't regret it at all. My lifestyle is so much better, we are still hitting our savings goals (and you can too!), and I get more time with family. Sometimes I feel that urge to work a little more to make a little more, but then I remind myself that the extra "time" I get for myself and my family is completely worth it.

Although the money can be tempting, I think you would really regret it if you left for job number 2.

[billy]

You are one of the lucky ones who found a GREAT job out of residency. Yes, it's easy to be tempted by more money. The second job sounds like a recipe for burnout, especially in the setting where you already have a job that you really like.

Having left a higher-paying job for a lower-paying job, I can 100% I don't regret it at all. My lifestyle is so much better, we are still hitting our savings goals (and you can too!), and I get more time with family. Sometimes I feel that urge to work a little more to make a little more, but then I remind myself that the extra "time" I get for myself and my family is completely worth it.

Although the money can be tempting, I think you would really regret it if you left for job number 2.

Fully agree, I took the same path with no regrets. And ironically enough I am now making more working less than I wouldve at original job, which has imploded into a non stop revolving door of burnout.

[DCdoc]

"This job tilt toward lifestyle over income."

Wow man. That's a pretty amazing salary (600k) for a lifestyle gig. I'm choosing option 1 every day, and it isn't even close. You've already saved 2M in under 4 years. You are a prodigious saver, and must have very low expenses. What's you long-term goal? You'll be able to retire early or you'll end up with an estate tax problem. Almost seems from your brief description you view self-worth relative to income, but this may be an unfair generalization. With a young daughter, the salary delta between the 2 jobs isn't worth it. You make plenty. You won't get this time with her back. I'm curious about the field. Job description seems like anesthesia, but salary is quite high for the field. Maybe GI or cardiology. Those are the only other non-surgical fields that pop into my mind. When I think of a "lifestyle job" I view a much, much lower salary than you earn.

[billy]

"This job tilt toward lifestyle over income."

Wow man. That's a pretty amazing salary (600k) for a lifestyle gig. I'm choosing option 1 every day, and it isn't even close. You've already saved 2M in under 4 years. You are a prodigious saver, and must have very low expenses. What's you long-term goal? You'll be able to retire early or you'll end up with an estate tax problem. Almost seems from your brief description you view self-worth relative to income, but this may be an unfair generalization. With a young daughter, the salary delta between the 2 jobs isn't worth it. You make plenty. You won't get this time with her back. I'm curious about the field. Job description seems like anesthesia, but salary is quite high for the field. Maybe GI or cardiology. Those are the only other non-surgical fields that pop into my mind. When I think of a "lifestyle job" I view a much, much lower salary than you earn.

If its an anesthesia job, that's quite good. Must be in the middle of nowhere.

[jhwkr542]

I have thought about this a lot ... initially it was financial security and to FIRE and live your life as one wants it. But lately i thought about generational wealth after my daughter was born ... in this respect the more I leave behind the better. I have been poor for majority of my life that my spending habits aren't changing at this point. So money isn't really for me at this point as my earning as multiple of my living expenses. I also don't think there is a number I wouldn't work anymore as there is just a lot of guilt attached to it ... maybe I will feel different in the future.

It appears most of the post have been urging me to stay with current job. I suppose that the marginal value of money goes down with each dollar accumulated while marginal value of free time stay the same if not goes up.

This is pretty much it. I'm not sure how sustainable working 60-70 hours per week is. There has to be some correlation for hours worked and burnout. If you're busting it 70-80 hours per week, you're going to burn yourself out. If there's a way to quantify "hourly burnout rate", it's probably lower the first 40 hours per week and much higher for every additional 10 hours/week you work. If you're looking for generational wealth, I'd choose the job you could work for more years.

[Huggy]

'm curious about the field. Job description seems like anesthesia, but salary is quite high for the field. Maybe GI or cardiology. Those are the only other non-surgical fields that pop into my mind. When I think of a "lifestyle job" I view a much, much lower salary than you earn.

Asking the real questions.