How important is money?

[TheVTCGuy]

Yeah, probably a stupid question, but interested in hearing what opinion you guys have. Here is the situation:

10 months ago, I was placed on furlough from my job in aviation (COVID). I still have medical coverage, deposits to my 401K every month, cell phone, equipment etc. The one thing I DON’T have from my company is a paycheck.

I have been making ends meet by working on a month-to-month contract, doing what I did up until about five years ago (tech support). It is for a very large electronics manufacturer (Japanese, begins with an S and ends with a Y). It has actually been kind of fun, but moving on…

About six months ago I found out I was actually the lucky one, while I was furloughed, my boss and two others that were at my level were laid off/let go. Communication is not this company’s strong point but the unofficial word is I will be brought back, and (possibly/probably) be promoted to my old boss’s job. I am not rich by any stretch of the imagination but this job paid pretty well. A government contractor, I teach government entities such as Military units, customs, boarder patrol etc. to fly both manned and un-manned aircraft (drones). We are not talking about the drones you get on sale at Best Buy, but the big boys. Anyway, moving on again, it is about a 300 million dollar a year company. I can’t say I have been blissfully happy there, but that was all due to a senior executive, the President actually, and he was recently ousted by the board and is now gone. I have heard the new President is much easier to work for.

My old boss and other two that were let go were hired by a competitor, a much smaller company that doesn’t handle nearly the same volume of contracts, they are around a 20 million dollar a year company. My old boss has been encouraging me to quit (is it considered quitting if you just leave when on furlough? ) and join him. I would enjoy the opportunity to work for him again. Here’s the thing. The salary range is a LOT less then what I was making at my company. It is more then one third (1/3) less, not too far away from half!

Now, if my company would give me a definitive status of my furlough and when I will be brought back (and if I will assume my boss’s position, with a higher salary) then I could make an informed decision. The problem is they won’t and I can’t, and part of me is pretty sick of being treated like this and screams tell them to go…… And join my boss and my former workmates. I have met the president and other senior management and the company seems like it would be a nice place to work. HOWEVER, that would take a MAJOR adjustment in lifestyle…. I could do it, but there would have to be some serious sacrifices. Which brings me back to my original question: How important is money?

I am not being threatened with homelessness, (yet) but really feel if I am not re called in the next 30 or 60 days (when the government contract season really gets strong) I tell my current company what they can do with their furlough and join my old boss. Then again… it is a LOT less money.

Is my room ready?

[Wahlberg]

Originally Posted by TheVTCGuy

10 months ago, I was placed on furlough from my job in aviation (COVID).

I thought the US was in full business again. Sorry to hear!

I would wait it out a little bit, especially if you will be promoted and more money could come. The other job will still be there in x months?

[Rashid.bk]

On an island by yourself, means nothing.
In society with family, kids, health stability and desire for Rolex ss, means everything.
Money does buy happiness contrary to cliche sayings.

[Brew]

Can you help your old boss out until the furlough/return is sussed?

[330ci]

The only way I would take a pay cut is if I expected the move to pay dividends in the long run.
Personally I'd sit tight and wait for that raise.

The grass always looks greener on the other side. I wouldn't make a move based on the expectation of being happier. however if the company had large potential for growth, stock options,etc then I might be persuaded.

What are the reasons you feel you would be more comfortable with this new company?
What can you do to make yourself more comfortable in the position you're in?
Can you REALLY live with less Tumi incomings? Haha

[1665fan]

Originally Posted by Rashid.bk

On an island by yourself, means nothing.
In society with family, kids, health stability and desire for Rolex ss, means everything.
Money does buy happiness contrary to cliche sayings.

Agree

[Speedbird-1]

Will the new job make you happier?

[Beo3]

I say sit tight for a few months and let everything play out.

Worse case scenario, you could go live with a dozen or so different TRF'ers, travel around the world crashing on couches, or go and join the Navy.(lol)

Good luck Paul, and don't dwell on your decision. Everything will work out fine.

[daveathall]

Could you tell your present company that you are thinking of moving on? I can hear gasps of "how stupid a question was that" all the way here in Yorkshire, but bear with me.

A company tried to "head hunt" my son. He looked into the deal which was slightly more money but a higher living cost and decided that it wasn't worth it, I'm an oldie so dont understand modern business practices so was quite relieved and asked him if he was just going to be quiet about it, he told me, "No, I will tell my boss." This worried me, but, he was offered an immediate substantial raise and a "Golden handcuff" (First I had heard of such a thing), but basically, he gets a good amount of shares each year on top of his wage but cant cash them in for a pre determined time (otherwise he loses them, he also loses them if he leaves the company).

It worked out for him, the US arm of the company wanted him so he now works for them in Jersey city on a lot more money.

I don't know if you are able to ask the question Paul.

Money means nothing until you don't have enough of it. Then it becomes a big deal. If you will have enough and still be able to move, it is a consideration.

[twitch54]

a 20 mill company should NOT pay you half of what you were making, remind your old boss that inflation is running rampant. I assume your ex-boss new what you were making so offering you something that much less would be an insult and he knows it !!

[brandrea]

Originally Posted by Speedbird-1

Will the new job make you happier?

Pretty much this.

Yes, impossible to know perhaps, but I’ll go in the other direction and say that money does not buy happiness.

Follow your passion and the money will follow

[DonRickles]

You can stay in my garage loft apt., rent free, if you like?

[DonRickles]

Yes,.............you can invite your little buddy too.....

[Andad]

Now that the net knows your situation why not just wait for the call?

Or rethink the thread?

[JParm]

Paul, tough spot - but I agree with others here, in that happiness with the job is much more important to me than money...and that's coming from a dad with 2 young kids!

Not knowing what the future holds with your former company, why not give your old boss and the new company a chance and see if it makes you happier with less money but a better working environment?

[Cru Jones]

Hi Paul. Would you have different responsibilities and career prospects? Or would it be the same job working for the same boss for less money?

Also, why couldn’t your former company try to hire you back when/if they sort out their issues?

[FTX I]

Originally Posted by Rashid.bk

On an island by yourself, means nothing.
In society with family, kids, health stability and desire for Rolex ss, means everything.
Money does buy happiness contrary to cliche sayings.

I get where you're coming from my friend but I respectfully disagree. Happiness is a state of mind and has nothing to do with money or material things IMHO. Of course money is great to provide comfort to ourselves and our families, it's great to enjoy what life has to offer like travelling, living in a beautiful place, driving a nice vehicle and even having a nice watch on the wrist, but happiness comes from mental health and self-esteem IMO and not material things. The acknowledgment of who we really are, our values in life and what we do for others. Only then we can be trully happy with ourselves an any circumstance, be it in a lower social position or loaded with money. Money is great but mental health is priceless IMHO.

Wishing you good luck, Paul.

[amg55]

I think you’ll be happier with the new place and no doubt money will take care of itself once your team can bring in more sales, contracts etc. the old company may even their market share to the new one. I think you already know the answer.

[brandrea]

If your old boss is pursuing you to work for him and he’s offering 1/3 less, why not try to leverage into an equity stake or something of the sort?

They must think highly of you, so perhaps it could be a win win. Just a thought.

[HoneyMates56]

as much as you can buy everything

[m j b]

Originally Posted by FTX I

... happiness comes from mental health and self-esteem IMO and not material things.

Originally Posted by amg55

I think you already know the answer.

Sometimes we need a push.

I would definitely ask my current (???) boss at the current job when they intend to bring me back. If I get anything less than a "oh hey, I was about to call you, how about tomorrow?" then I'd give them an ultimatum, and move on as needed.

But that's me. At this point in my life, I value job stability over money.

[Sperry]

I'd love to answer but it would reveal too much about myself.

Within the overall scheme of things, the concept "Value of Money" is an illusion. Insecurity, fear, awareness, contentment, happiness . . . once you have enough to last until your last breath, you may find nothing has changed. You either got it or you don't.

A successful property developer told me two decades ago [we bumped into each other, both working by choice on New Years Day morning] The hardest thing in life is knowing what you want to do with your life. After you figure that out, you figure out how to do it with the money you have.

Take 18 months off. Start walking 2.5 hours a day. Or buy a wetsuit and begin ocean swimming (OK, begin by just floating with occasional paddling). Take some part-time work in a greenhouse. Get away from the usual. Camping in the Santa Lucia Mountains outside Big Sur

[pickettt]

All money ain’t good money, but no money ain’t good.

[daveathall]

Those that say "money can't buy you happiness" are going to the wrong shops.

Joke, it was a joke.

[JF65]

I will say money is only as important as one makes it, to an extent.
Money is needed but not important.

[Blansky]

The thing I've always said about money is that, "it's not having money that bring security, its the ability to make money".

Because ANYONE can lose their money, their job, their pension, due to life's ups and downs. Doesn't matter how much you have (within reason). Millionaires in the 1929 crash, Bernie Madoff victims, US and world financial crisis, are just some examples. You think you're set, and bam, it all goes away.

So my theory for peace of mind is just having the ability to make more. Sitting on a fortune is not enough.

So having a trade, a craft, something people will pay you to do is the answer. I always thought that if I had kids, the one thing I'd make sure they knew was how to be a bartender. Something pretty foolproof to fall back on. ( I never saw the pandemic coming)

Good luck Paul on heading in the direction that makes you happy.

[beshannon]

I have little advice to give.

I was both a government contractor and a Federal Government employee.

It was chaos there over the last four years and was but one of the reasons I submitted my papers. I have not looked back and would not want to be working in that setting today.

If your company cannot tell you anything it is likely because they have nothing to tell. If their contract is being renewed, under bid or some other part of the acquisition process you could be waiting a long time.

I wish you the best of luck.

[Knappo 1307]

Originally Posted by Brew

Can you help your old boss out until the furlough/return is sussed?

I'm guessing No, since it is a competitor.

[77T]

A couple of questions to ask yourself. No need to answer here - just some things to assess before deciding.

Can you recall a very important decision you made in the past without all the information you’d like to have known?

What is your tolerance for unknown bogeys to pop-up on your radar and challenge your own situation?

I’ve done start-ups and they have a totally different sense of certainty and stability. This is true whether you are an individual contributor or in leadership….onto the conundrum.

Your furlough situation may be a good one to analyze - how antsy did it make you feel? They value your expertise enough to keep you vs. separate you from the firm (herein “OldCo”). They did not consider your peers & boss in the same light. BTW, my guess is that you are still bound by any non-compete terms of employment with your current firm despite being on furlough. I presume OldCo is aware of the M-T-M contracting with S******* and do not consider them a competitor. If you did resign to work for the “NewCo” your old boss launched, just be sure you aren’t bound by any employment contract that keeps you from competing with OldCo for a year or more.

It sounds like your expertise is considered key to OldCo’s future ability to fulfill existing or future contracts. But my crystal ball on future military contracts is murky. I sense changes in future defense contracting because in-theater withdrawals are underway. If NewCo has a different mix of commercial/industrial customers vs. government they may be more resilient to the vagaries of congressional funding.

Lastly, I would not factor becoming a manager at OldCo into the equation. Money matters - but not as much as loving your profession.

Being in charge of a group of people, and the projects/processes for which they are responsible, may not be the green grass you seek.

Achieving goals appears to be your forté. Carefully assess your sense of satisfaction in motivating/managing others vs. doing that yourself. My analogy is great pilots seldom love being a wing commander. See tales of leadership from “12 O’Clock High”…

Good luck in your quest.


Sent from my iPhone using Tapatalk Pro

[DonRickles]

Wait, are you asking a question about getting paid, for playing with toy kites?

The private sector awaits your experience and expertise!