Need help in a decision that would affect me financially!! (insurance, union)
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Ok, right now I currently work in the restaurant/hospitality industry, I'm currently working 2 full time jobs. One as a sous chef and one as a lead line cook in fine dinning restaurants (a lead line cook is a person that knows all station and basically coordinates the other line cooks along with the expo). Just recently I applied at a 5 star luxury retirement resort and got a call a day later for an interview, the interview went flawlessly and i felt very comfortable with the chef and company as a whole. During the interview I informed him that I worked 2 jobs and that I was looking to leave one in pursuit of an even more prestigious/luxury work place. During the interview he informed me that he doesn't do set schedule, which would mean that there would be a chance that this new job and one of my older jobs would overlap, and I would possibly be scheduled at the same time at both jobs. The job pays me the same as im paid at my other jobs ($12hr) but has ALOT of benefits, which include a guaranteed $2 raise after 60 day retirement, it's full time, unlimited overtime, dental, health insurance, Id be out of work at 8pm (instead of 11pm or later at my night job), and I can use the gym and pool facilities FOR FREE, and the work is less demanding. Now here come the dilemma after I passed my drug test and background he offered me the position on the spot and I accepted. Do you guys think I should leave my two current jobs for this one. I know it's ultimately my decision but I just wanted some input. Financially I'm pretty good I have a very decent saving (close to 50k) have no debt, and my monthly expenses are about 350-450 a month for EVERYTHING! Right now I make about 850 a week (after taxes) at my 2 current jobs, but I have to work insane hours. So if you were in this situation what would you do. And also this retirement home happens to be VERY close to where I want to buy a house (not buying now, maybe in 5 years). I have by December to make a decision.
Ok, right now I currently work in the restaurant/hospitality industry, I'm currently working 2 full time jobs. One as a sous chef and one as a lead line cook in fine dinning restaurants (a lead line cook is a person that knows all station and basically coordinates the other line cooks along with the expo). Just recently I applied at a 5 star luxury retirement resort and got a call a day later for an interview, the interview went flawlessly and i felt very comfortable with the chef and company as a whole. During the interview I informed him that I worked 2 jobs and that I was looking to leave one in pursuit of an even more prestigious/luxury work place. During the interview he informed me that he doesn't do set schedule, which would mean that there would be a chance that this new job and one of my older jobs would overlap, and I would possibly be scheduled at the same time at both jobs. The job pays me the same as im paid at my other jobs ($12hr) but has ALOT of benefits, which include a guaranteed $2 raise after 60 day retirement, it's full time, unlimited overtime, dental, health insurance, Id be out of work at 8pm (instead of 11pm or later at my night job), and I can use the gym and pool facilities FOR FREE, and the work is less demanding. Now here come the dilemma after I passed my drug test and background he offered me the position on the spot and I accepted. Do you guys think I should leave my two current jobs for this one. I know it's ultimately my decision but I just wanted some input. Financially I'm pretty good I have a very decent saving (close to 50k) have no debt, and my monthly expenses are about 350-450 a month for EVERYTHING! Right now I make about 850 a week (after taxes) at my 2 current jobs, but I have to work insane hours. So if you were in this situation what would you do. And also this retirement home happens to be VERY close to where I want to buy a house (not buying now, maybe in 5 years). I have by December to make a decision.
continue to live as frugally as you can (I know that's what you've been doing), continue to save your money and do not touch your savings. Use and take advantage of every benefit and amenity you will be afforded by your new employer, take care of your physical, mental, and spiritual health...and just breathe.
In five years see where the world is at in terms of the economy and see what happens...Good Luck!
I currently work in the restaurant/hospitality industry, I'm currently working 2 full time jobs.
One as a sous chef and one as a lead line cook in fine dinning restaurants...
I make about 850 a week (after taxes) at my 2 current jobs, but I have to work insane hours.
...it's full time, unlimited overtime, dental, health insurance, Id be out of work at 8pm (instead of 11pm or later at my night job), and I can use the gym and pool facilities FOR FREE, and the work is less demanding.
...he offered me the position on the spot and I accepted.
Do you guys think I should leave my two current jobs for this one.
I think you need to leave at least one of the two jobs you currently have so you can devote yourself
to getting the BEST experience and training available even if you have to work the same insane hours
for a while yet... but that needs to taper off as well.
If you can get the same $850/week net AND that sort of experience and training... then go for it.
(all the other niceties are are a nice bonus but mostly a distraction from the tough Q's)
If you can't get the same $850/week net AND that sort of experience and training...
keep looking for it.
continue to live as frugally as you can (I know that's what you've been doing), continue to save your money and do not touch your savings. Use and take advantage of every benefit and amenity you will be afforded by your new employer, take care of your physical, mental, and spiritual health...and just breathe.
In five years see where the world is at in terms of the economy and see what happens...Good Luck!
Best regards, sincerely
HomeIsWhere...
Thank you, I truly appreciate your input, and yes I live very frugally I'm trying to be financially free by 35yo (I'm 20 now). I think I might go for it but I've still got some thinking to do.
I think you need to leave at least one of the two jobs you currently have so you can devote yourself
to getting the BEST experience and training available even if you have to work the same insane hours
for a while yet... but that needs to taper off as well.
If you can get the same $850/week net AND that sort of experience and training... then go for it.
(all the other niceties are are a nice bonus but mostly a distraction from the tough Q's)
If you can't get the same $850/week net AND that sort of experience and training...
keep looking for it.
I asked myself that same question, if I should leave 850/week for possibly a little less, but I still don't know how I feel about it.
I asked myself that same question, if I should leave 850/week for possibly a little less,
but I still don't know how I feel about it.
Scenario A
Job #1 = 40h x $12 = $480
Job #2 = 40h x $12 = $480 Together = $960 -tax
Scenario B
Job #1 = 40h x $12 = $480 Regular
+ OT = 20h x $18 = $360 Overtime Together = $840 -tax
In case you are wondering... Scenario B is better (it still sucks).
If B also comes with the sort of real training and education so you can soon boost the base wage...
that is the only thing that makes putting up with the slave wages until then worthwhile.
2 full-time jobs is nice, but you should think long term. Those jobs are paying peanuts. The overtime will make up some of the difference and training will put you in a better position.
It's better to have the spare time for personal development also. You can still do stuff on the side related to cooking. Get your competitive juices flowing. Compete in cooking contests.
With the new job you will be making $480 a week with a $2 dollar an hour raise after 60 days which will give you $560 a week. Do you get time and a half for overtime? After 60 days with time and a half you would only need to work 56 hours a week to earn what you were making working your two jobs. That would free up some time to actually enjoy some perks that go along with the new job. It might save you some gas money as well. You're very bright for a 20 year old. I think you'll be a millionaire some day. Lets start thinking about passive income next with that 50k you have saved and need to invest. How about a two flat? Live in one apartment and rent the other. You could live fairly inexpensive like that.
With the new job you will be making $480 a week with a $2 dollar an hour raise after 60 days which will give you $560 a week. Do you get time and a half for overtime? After 60 days with time and a half you would only need to work 56 hours a week to earn what you were making working your two jobs. That would free up some time to actually enjoy some perks that go along with the new job. It might save you some gas money as well. You're very bright for a 20 year old. I think you'll be a millionaire some day. Lets start thinking about passive income next with that 50k you have saved and need to invest. How about a two flat? Live in one apartment and rent the other. You could live fairly inexpensive like that.
I agree, something needs to start happening with that 50 that you have saved. Maybe keep 1/2 in cash for emergencies and your next car (so you can pay cash).
Personally, I am not into real estate. You have to have both the time and the personality for it. Some people have it and others don't.
Does your new job come with a 401K plan? If so, definitely contribute as much as you can. You can also open up an Individual Retirement Account on your own and save up to 5K per year in it.
Putting 25K in a mutual fund that invests in a mix of stocks and bonds is what I would do. A fund like Vanguard Wellington is about 65% stocks & 35% bonds. It has good long term returns (around 7% to 8%). Much better than all of your money sitting in a bank account.
I also agree that working 2 full time jobs is not sustainable in the long run. All other things being equal, it's better to take the new job which will start paying you more and offering overtime. Then you'll have free time to figure out your next move (and have a life).
With the new job you will be making $480 a week with a $2 dollar an hour raise after 60 days which will give you $560 a week. Do you get time and a half for overtime? After 60 days with time and a half you would only need to work 56 hours a week to earn what you were making working your two jobs. That would free up some time to actually enjoy some perks that go along with the new job. It might save you some gas money as well. You're very bright for a 20 year old. I think you'll be a millionaire some day. Lets start thinking about passive income next with that 50k you have saved and need to invest. How about a two flat? Live in one apartment and rent the other. You could live fairly inexpensive like that.
Thanks for your words of encouragement, I actuall rent a 4 bedroom house right now for VERY LITTLE money. The house is not in the best of shape on the outside but on the inside it impeccable. Next year I'm going to be renting out each of the bedrooms for 600 a piece (the landlord is a very close family friend and is perfectly fine with me renting out the house even though she owns it). The house is in the heart of the historic distric and right next to the college so next school year I'm 99% positive all the rooms will be occupied. And I too hope I'll be a millionaire someday, but for now I'm trying to be financially free by 35
Quote:
Originally Posted by mysticaltyger
I agree, something needs to start happening with that 50 that you have saved. Maybe keep 1/2 in cash for emergencies and your next car (so you can pay cash).
Personally, I am not into real estate. You have to have both the time and the personality for it. Some people have it and others don't.
Does your new job come with a 401K plan? If so, definitely contribute as much as you can. You can also open up an Individual Retirement Account on your own and save up to 5K per year in it.
Putting 25K in a mutual fund that invests in a mix of stocks and bonds is what I would do. A fund like Vanguard Wellington is about 65% stocks & 35% bonds. It has good long term returns (around 7% to 8%). Much better than all of your money sitting in a bank account.
I also agree that working 2 full time jobs is not sustainable in the long run. All other things being equal, it's better to take the new job which will start paying you more and offering overtime. Then you'll have free time to figure out your next move (and have a life).
Thanks for the link to vanguard (I forgot about them). I've been trying to figure out how to invest some of the money. I've been researching different investments but I'm not sure I completely understand them fully to take a plunge. But I did open a IRA account with my local credit union and yes the new job does offer 401k (with company match) which I'm going to contribute fully too. Ive heard about vanguard mutual funds and ALOT of people have told me there great to go with, but I'm still a bit "in the dark" when it comes to mutual funds and how you make money off of them. I think I'm going to read up on it somemore. I'm trying to invest 15k, and just save the rest or buy another car.
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GO for it...
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