I Will Teach You To Be Rich- OMD EDITION

Pop Culture + Media
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Frank and Beth Update:

I sent some emails Friday and had three interviews scheduled by Monday and an offer by Tuesday (today).

I’m going to wait at least until I get home to decide (by which point I will have done 2 more interviews), but I’m leaning towards taking it.

But I have a few options:

  • A full-time position $135k/year. But I have to be full time for a year (unless I were to fully quit, get prego and go on maternity leave, or similar; at will state baby).
  • A few months of full-time to catch up with finances, and then go down to part-time, but the full time rate is less- $125k full time rate scaled down for part time.
  • Start at the $125k position scaled at part-time.

Note even if I’m at 20 hours a week I can get benefits and health insurance!!

I think to answer this I need to look at our reasonably rich life costs along with the higher up front costs for moving the in-laws and see if making a TON up front is necessary or desirable for our financial goals.

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Wow!!! Amazing progress! :slight_smile: :slight_smile: :slight_smile: You did all of that so quickly and efficiently, v impressive!

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Real names alert.

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I think it’s intentional!

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Yes, unless I used something other than frank and Beth?

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I don’t believe you did, but I could be mistaken.

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I just wasnt paying attention, sorry! :grimacing:

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You were being kind! <3

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You getting the job offer is great! Here’s hoping you only need part time :crossed_fingers:

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You’re good, I appreciate you looking out for me!

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Update from me. Getting all of this info together made me realize that I don’t think I’d even qualify for unpaid family leave at my temp job: I’d have to work 5-10 more hours/week, assuming I get knocked up and stay at the job.

I talked to my manager this morning and he agreed to bump up my hours. I framed it as I like the work and have the time. He asked his boss, the big boss, and she is thrilled* and wants to have me work on something that is straightforward but high visibility. Temp job has a hiring freeze, but the advice I’ve been given is that if big boss likes you, she’ll find a way to get you in. So, good news!

*Let’s say this is mostly because I am amazing and only partly because it came up in an all staff meeting that our particular department is a mess, and they really need help. It’s fine! Seizing the opportunity

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Hmmm

So I ran the numbers, and at half-time, I would earn 5200 a month before tax.

With Frank earning at least $1000 a month, and MIL getting any full-time job, that should be enough for everyone’s necessities and our typical spendyness.

I could work at a 60% and make enough to cover everyone, regardless of whether anyone else does anything.

But that’s not my responsibility.

I can draw my hard line at “I’m willing to cover your shelter while you are still selling your house, especially since I essentially picked your first rental.”

But I don’t have to be responsible for anything else.

MIL and FIL are two adults, with a car they are going to sell, assorted collections worth at least something which they insist they will sell, and a person who is able to work at full-time. They should be able to provide for themselves all the necessary they had before - other than housing which I am covering, cost of living is pretty darn similar.

Me meeting all their needs and wants will not encourage maintaining their past level of financial independence from us.

And Greyman is an adult, with a business, and that business is making enough money to make investments - my salary does not need to cover materials (like cars to flip, metal for projects) or tools (mills, lathes, torque wrenches, etc).

So I think I want to go half-time, but there may be things I want to hire out to get done that I temporarily want higher income for.

  • Getting the fence put up.
  • Getting my flooring install finished.
  • Get the drywall finally fixed.
  • Big crazy dream is to have a sunroom.

And if we don’t conceive soon, we’ll be at the point where considering medical intervention is on the table, which is $$$.

So, contemplating.

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At the same time I was ZONKED by 4 pm today and I can’t imagine working an 8 hour stretch 5 days a week for 3 months!

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One thing to consider is the level of employer coverage for insurance. Using how my government work is set up, they pay 95% of the premium for people who work 30 hrs + a week, 75% for people who work 24-29.99 hrs, 50% for 16-23.9 hrs, and nothing for less than 16 hrs, but you can be on their coverage. It may be worth seeing if an extra 2 hours a week or something pays off in that regard. I know for my work people who would have ideally worked 28 hrs (4 sevens) would work 30 ( 4 sevens plus a half day every other Friday).

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Yeah, I’ll have to get specific details.

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:tada::confetti_ball::tada::confetti_ball::tada::confetti_ball::tada:

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I’m late to the party but have just a couple of thoughts.

@Bernadette, regarding if you are on track of not: There are some commonly accepted benchmarks for budgeting. Ramit references them but I don’t think he came up with them. I can’t remember which ones are based on gross pay versus take home pay, but a couple of examples are
Fixed costs less than 55%
Housing costs 28 or 30%
He may also have some recommendations for investing, emergency fund etc. They may not be the right answer for your situation but it might be a jumping off point to see where you current spending falls relative to those guidelines.

@Greyweld you are moving towards a job quickly! Good work!

Do the offers you are considering line up with you values? I think that caused a lot of stress last time.

The biggest red flag I saw regarding the in laws was FIL regards SS as his fun money and is not willing to contribute any of it to his upkeep? Is that true? If he’s not willing to spend his own income to support himself, but instead expected others to support him, that would terrify and anger me!

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Those numbers can be really helpful. I’ve always wondered if anyone has updated numbers for vhcola. In the GTA it can feel fortunate as a tenant to find a place to live at 50% so I always shuffled those numbers around for myself

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I talked to MIL and this used to be the case (when she made more income), but in more recent years it’s been used for groceries and he just keeps what’s leftover. Which is helpful for me to know because it means we’ve got the “won’t starve” box checked.

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Actually LOLed

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