Hello everyone,
Apologies in advance for the long post, but I would really appreciate your view on this.
I find myself in a very challenging situation at the moment.
Here is the background:
Current income: ~ $87K + super
Future income prospects: ~ $100K + super (2-3 years). Max of about $120K possibly in 5 years, but that's about it.
Current savings: ~ $370K
Additional income: I have the option of taking up a secondary job that could make ~ $50K net per year. It would take up some of my time on the weekend, but hopefully not that much.
Essentially, I am in a very non-challenging job at the moment. It is not very high paying and does not have great future income prospects. However, the pay is still ok and the main drawcard is the flexibility I have at work and the fact that I will always have some time at work to put towards focusing on my investing.
I am a highly skilled and qualified individual, but am not working in my chosen career - one that if I pursued it, should pay quite handsomely (in the hundreds of thousands, possibly more). However, I have no experience in that industry and if i were to change careers, I would need to take a pay hit initially.
So here is the predicament:
- A job has just become available in Perth in my chosen career. This is extremely rare. It is literally the only opportunity likely to come up in the next 5 years. Basically, the choice is whether I apply for this and pursue this career or not.
And here is the problem:
- I'm not even sure I'll like the industry as I have not worked in it
- I will burn all bridges at my current job if I were to take the job (I already left once to pursue a job in that industry, but it was not the job that it was made out to be)
- I will take an immediate pay hit of probably around $10K minimum
- It is almost certain that I will take a massive hit to my free time and I highly doubt I will be able to spend any time at work focusing on putting my capital to good use.
So basically, the choice looks something like this:
1) Stay in my current, unfulfilling job. Earn a decent pay check, albeit with very limited future earning prospects (~$120K tops). Take up the second job and substantially increase my income. Focus all my efforts and energies on investing my existing capital and my income towards investing and becoming financially free.
2) Take the plunge and apply for the new job. Immerse myself in my new career, take a pretty big pay cut and a huge cut to my free time. Investing is likely to be put on the backburner, or at the very least, hardly get the attention it deserves as it will be very hard to find the free time. BUT, the income prospects of this job are potentially huge and I will have a far more rewarding career.
Your thoughts on this would be greatly appreciated.
Thanks in advance and thanks for reading.
BLTN
EDIT: Additional info as requested:
- I'll be 27 this year, I am single and have no kids. However, I would like to find myself a girlfriend.
- My goal is to be financially free by 40. Broadly speaking, I want to build up enough wealth that my passive income is more than enough to live on.
Apologies in advance for the long post, but I would really appreciate your view on this.
I find myself in a very challenging situation at the moment.
Here is the background:
Current income: ~ $87K + super
Future income prospects: ~ $100K + super (2-3 years). Max of about $120K possibly in 5 years, but that's about it.
Current savings: ~ $370K
Additional income: I have the option of taking up a secondary job that could make ~ $50K net per year. It would take up some of my time on the weekend, but hopefully not that much.
Essentially, I am in a very non-challenging job at the moment. It is not very high paying and does not have great future income prospects. However, the pay is still ok and the main drawcard is the flexibility I have at work and the fact that I will always have some time at work to put towards focusing on my investing.
I am a highly skilled and qualified individual, but am not working in my chosen career - one that if I pursued it, should pay quite handsomely (in the hundreds of thousands, possibly more). However, I have no experience in that industry and if i were to change careers, I would need to take a pay hit initially.
So here is the predicament:
- A job has just become available in Perth in my chosen career. This is extremely rare. It is literally the only opportunity likely to come up in the next 5 years. Basically, the choice is whether I apply for this and pursue this career or not.
And here is the problem:
- I'm not even sure I'll like the industry as I have not worked in it
- I will burn all bridges at my current job if I were to take the job (I already left once to pursue a job in that industry, but it was not the job that it was made out to be)
- I will take an immediate pay hit of probably around $10K minimum
- It is almost certain that I will take a massive hit to my free time and I highly doubt I will be able to spend any time at work focusing on putting my capital to good use.
So basically, the choice looks something like this:
1) Stay in my current, unfulfilling job. Earn a decent pay check, albeit with very limited future earning prospects (~$120K tops). Take up the second job and substantially increase my income. Focus all my efforts and energies on investing my existing capital and my income towards investing and becoming financially free.
2) Take the plunge and apply for the new job. Immerse myself in my new career, take a pretty big pay cut and a huge cut to my free time. Investing is likely to be put on the backburner, or at the very least, hardly get the attention it deserves as it will be very hard to find the free time. BUT, the income prospects of this job are potentially huge and I will have a far more rewarding career.
Your thoughts on this would be greatly appreciated.
Thanks in advance and thanks for reading.
BLTN
EDIT: Additional info as requested:
- I'll be 27 this year, I am single and have no kids. However, I would like to find myself a girlfriend.
- My goal is to be financially free by 40. Broadly speaking, I want to build up enough wealth that my passive income is more than enough to live on.
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