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 Post subject: money vs happiness....
PostPosted: Tue May 11, 2010 7:10 am 

Joined: Tue May 11, 2010 6:44 am
Posts: 2
I've been a lurker for awhile, but finally came upon a situation that I need some input on.

I was at a job for 6 years that payed fairly decent. About 2 years ago we took a 20% pay cut. I decided to stick it out because I really loved working there plus I was able to work from home 2 days a week. I have a wife and two little boys so after 2 years and no sign of pay increase I decided i needed to do something. We were relying on our savings to help out each month we were coming up short. So I was offered a contract-to-hire job which gave me a nice pay raise from 55k to 84k a year.

Now the contract part of the job doesn't have 401k or medical benefits so I have went and bought a short-term plan that covers my family which runs about 300 a month. It's not great, but it's better then nothing. Also at the end of the 6 month contracting position I will become a full time employee with the potential to make 95k to 105k a year. the environment and work at the new job is not really exciting. It's a cube farm with not a lot of autonomy. The potential money though is really nice and would really allow my family and I to have a better life. Also my old job was with a small company and my new job is with a fortune 500 company. The new company is much more secure in terms of not shutting down, but they have had a history of layoffs in the past. So neither job is 100% secure, but then again what job is these days.

Now comes the fun part. My job I left called me up and offered me my position back making 72k a year instead of 55k. I will also get my benefits back and vacation. I really loved the job so that is where my dilemma comes in. So what price do you put on happiness at work? Would you turn down 100k a year for a 72k year a job for happiness?

Any responses would be much appreciated. I've talked to a number of people and I get a mix of answers. thanks

Cliffs....
1. Left a job for a new job.
2. New job isn't as exciting and fun as old job, but pays much much better.
3. Would you go back to a job you love for much less money? (72k vs 100k)


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 Post subject: Re: money vs happiness....
PostPosted: Tue May 11, 2010 7:36 am 

Joined: Mon Feb 04, 2008 7:35 am
Posts: 1148
Location: Maryland
If you go back to the old job, can you still work from home? How important is that to you?

When you become full time with the contracting place, will you get benefits?

I'd probably go back to the job I love. 55k->72k is a nice jump, and benefits are included. You'll be happier in the long run, and your family will probably enjoy spending time with you if you're happy.

How important is the $$? Do you have tons of debt that you need to get rid of, do you want to buy a house? Some people will do anything for money, some will not. What does your wife suggest?

Tough call though. Wish you the best.


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 Post subject: Re: money vs happiness....
PostPosted: Tue May 11, 2010 8:04 am 

Joined: Tue May 11, 2010 6:44 am
Posts: 2
Thanks for the response Peachy.

1. Yes if I go back I will be able to work from home. I've put a premium on working from home because it gives me more time with my family. Even though I tend to do a little more work, I at least get a break or two during the day where I can see them.

2. Something I should have put in my original post, but we have no debt. Well we have a mortgage, but it's a fairly small one. We owe nothing on cars or anything like that. We however would like to buy a new house int he next couple of years and will most likely need a new car soon.

3. My wife wants me to be happy, but she also feels that we have struggled for the past couple of years financially that the 100k a year is a very nice thought. However she jsut wants me to be happy with my work.


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 Post subject: Re: money vs happiness....
PostPosted: Tue May 11, 2010 8:22 am 

Joined: Tue Mar 23, 2010 3:31 pm
Posts: 405
Tough call.

Personally, I would take the money, but its sounds to me like you want to go back to your old job and are looking for affirmation that its OK.

If that is what you want to do, then do it. Not having debt and being responsible with your finances means you should be able to make 72K work for you.

Myself, I see work as just a means to an end. An extra 10-30K a year means I can retire in 5 less years, have 10 extra feet of boat space when I do retire, and can maybe visit a few more of those vacation spots I want to go to.

Just beware lifestyle changes that happen after you start making more money. Worst case scenario would be to take the new job, start spending more money, and still struggle with finances AND be miserable. Make sure if you take the new job, that if you find out it REALLY sucks, that you can still quit and go somewhere else.


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 Post subject: Re: money vs happiness....
PostPosted: Tue May 11, 2010 10:09 am 

Joined: Thu Apr 05, 2007 3:05 pm
Posts: 1356
I would go back to the old job, no question, no hesitation.

There are 8,760 hours in a year. Almost 3,000 of those hours are spent working. Shouldn't you spend those hours doing something you enjoy?


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 Post subject: Re: money vs happiness....
PostPosted: Tue May 11, 2010 10:18 am 
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Joined: Wed Sep 23, 2009 9:01 am
Posts: 5395
This is certainly a tough call!

I'd first eliminate the speculation. "Potential for $95k-$105k" does not mean you will earn that. Stick with valuing the new job at $84k a year.

As far as layoffs go, when big companies lay off a lot of people it makes the news but if a small company does that no one cares except those affected. So, I have no idea whether you are more likely to get laid off at the old or new company so you will have to make a realistic analysis of that based on what you know. I'll assume that it is equally likely at each job.

You also have no guarantee that the new job will continue past the 6 month contract period. They have you on contract so that they can get rid of you easily if you don't perform or if they just don't like you.

So, you are comparing a $72k job you love to a $84k job you don't seem to like. I think I might lean to the small company even though it pays less because I suspect your happiness and time with your kids during the day is worth more than $12k a year. But it really is a personal choice with no right answer.


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 Post subject: Re: money vs happiness....
PostPosted: Wed Jun 02, 2010 12:12 pm 

Joined: Sat May 29, 2010 7:38 am
Posts: 9
I think I would go with the old job with 72k a year. Perhaps you can negotiate future promotions and you can do what you enjoy and get paid well too. To me, the extra dough doesn't make up for the lost happinness.

I like to think of things this way: when you're on your death bed, you're going to look back on your life and think about the decisions that you've made. Which decision would you feel happier about?

My goal in life is to maximize happinness. Money matters, but only to a certain extent.


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 Post subject: Re: money vs happiness....
PostPosted: Wed Aug 04, 2010 10:20 pm 

Joined: Tue Oct 27, 2009 10:51 pm
Posts: 40
Location: Your computer
Take the $$$ dude. Since neither is secure, take it as it comes. I am, of course, speaking from a logical p.o.v. Think to yourself, remove the emotions, and see if you can come to the same answer. You can always go back to the happy job. However, in these uncertain times, an extra 30k gross can come in a long way. Happy and financially struggling is not the way to live. Content and financially independent is the key to a solid financial core. Which, in the long run, with a wife and kid to take care of, is logically sound.


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 Post subject: Re: money vs happiness....
PostPosted: Thu Sep 02, 2010 11:30 pm 

Joined: Thu Sep 02, 2010 11:16 pm
Posts: 3
you said you have the potential of earning 95k if it works out after the six months and they make you permanent. I'd take the 72k which sounds like a sold offer. It kind of matters how much better the medical benefits are at the old place too because if they sucked anyway then you're not really missing out on too much, however, if they were good and the ones you have now suck, a high deductible could cost you more than you lose if ONE of your kids breaks an arm or a leg or something.

PLUS you'll be happier at the old place - and on top of that - you could always consider doing side stuff to make up the difference.


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 Post subject: Re: money vs happiness....
PostPosted: Thu Sep 16, 2010 6:48 pm 

Joined: Sun Jul 18, 2010 11:01 pm
Posts: 1
Personally at this point in my life I would go with the job that pays more. But if you are able to work out finances with the job you are most happy with, then go for it!

_________________
I'm an internet panhandler...


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 Post subject: Re: money vs happiness....
PostPosted: Fri Sep 17, 2010 5:10 am 

Joined: Tue Mar 11, 2008 12:19 pm
Posts: 1776
Location: Ottawa, Canada
lizasec247 wrote:
Personally at this point in my life I would go with the job that pays more.


And if that didn't work, you'd just create a website and beg hard working people to pay your debts for you because life is too hard, like a pathetic internet panhandler.

Who runs up $160,000 in student loan debt getting an arts degree? You did this to yourself. People have enough problems of their own without being harassed to fix your stupid mistakes, too.


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 Post subject: Re: money vs happiness....
PostPosted: Fri Sep 17, 2010 6:04 am 

Joined: Wed Oct 07, 2009 4:16 pm
Posts: 961
kombat wrote:
lizasec247 wrote:
Personally at this point in my life I would go with the job that pays more.


And if that didn't work, you'd just create a website and beg hard working people to pay your debts for you because life is too hard, like a pathetic internet panhandler.

Who runs up $160,000 in student loan debt getting an arts degree? You did this to yourself. People have enough problems of their own without being harassed to fix your stupid mistakes, too.



Believe it or not there are alot of people out there who will give her money if she's creative enough...wow there are even internet panhandlers.. |(

_________________
Be what you want to attract.


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 Post subject: Re: money vs happiness....
PostPosted: Fri Sep 17, 2010 11:48 pm 

Joined: Tue Mar 11, 2008 12:19 pm
Posts: 1776
Location: Ottawa, Canada
fantasma wrote:
Believe it or not there are alot of people out there who will give her money if she's creative enough.


Oh, I believe it. I've no doubt that there is no shortage of idealistic, bleeding heart socialists out there with more money than brains. I believe SOME people will definitely give her money. However, I have faith in humankind. I have faith that she'll not reach anywhere near the 160,000 idiotic saps she's seeking to reach.

Numbers are numbers, averages are averages. There are definitely some below average people out there, and they'll give her money. But I have to believe they're in the minority. I have to have faith in humanity. I have to believe the majority of people will see her for the pathetic beggar that she is.


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 Post subject: Re: money vs happiness....
PostPosted: Wed Oct 20, 2010 11:53 pm 

Joined: Tue Oct 19, 2010 2:04 am
Posts: 4
Location: Seattle, WA
I work two 30 hour a week jobs:

1. I absolutely hate but it pays way more then it should
2. I absolutely love but it pays very little

What I have found is that I enjoy the the work and the people so much at my low paying job that I have actually turned down more hours at the well paying job. Being happy is so much more important. You only get to live once, why not maximize your happiness.

_________________
http://www.cashnovella.com
Telling the story behind your money.


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 Post subject: Re: money vs happiness....
PostPosted: Wed Oct 27, 2010 10:42 am 

Joined: Mon Jun 28, 2010 3:59 am
Posts: 74
Satisfaction is a great thing in work place, Productivity reduced if someone doesn't like his job enough. If you are satisfied with your old work then why don't you try something extra beside this job.. :?:


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