which job would you take?

[luce.rocks]

position 1 is with a government agency, in customer service, approx $45K, an hours travel away.

position 2 is with a bank, customer service, approx $35K, close to where i live, and where my gym is, where my partner studies, etc.

i will be studying (by correspondence) towards a Dip Fin Services (Fin Planning) this year, and ultimately i want to be a financial planner, so an entry level job with a bank would be a good start. but my partner and i want to get an IP this year, and maybe the extra $10K would make all the difference? (although after tax and travel weekly ticket, take home wage for $45K job is only about $75 per week more than $35K job - for an extra 8 hours travel a week)

which one would you pick? i know which one i'm leaning towards (bank job, lower salary), but maybe there are things i haven't considered? and what about the idea of trying to bargain the bank up?

input/reassurance gratefully recieved!

 

[MichaelW]

although after tax and travel weekly ticket, take home wage for $45K job is only about $75 per week more than $35K job - for an extra 8 hours travel a week!

LR,

That would swing it for me! Remember that this is just a means to an end for you. You want to get that Diploma finished and become a Financial Planner. Focus on that end goal and don't beat yourself up for an extra $75 per week. Also, I think time is on your side so don't sweat it too much if you defer that IP purchase for a little while. The mere fact that this is front of mind for you already suggests you're on the right path.

I only started actively investing in 2002 and already have done quite well. You can leave it a little late and still be successful if your mindset is correct. I'm not suggesting you leave it until your 30's like I did, but for now I'd go lifestyle and study focus over $75 a week if I were in your shoes.

But ultimately only you know just how important that extra $75 is, so only you can make the call either way.

Good luck with it!

Cheers,
Michael.

 

[ozi]

luce.rocks,

I would work out what your goals are, i.e what you want to achieve from working? Where do you want to go? Is it short term or long term? Once you have all that worked out, the choice should be quite simple. Pick the one that you believe will help you reach your goals sooner.

Good luck.

Ozi

 

[luce.rocks]

hey michael,
nice that you think i'm so young! but really, i'm 27 and a half already! and have spent most of my life so far travelling and studying and not doing much work i have managed to get one IP behind me however, and another that i went halves in with my mum. but i'm happy with myself for finally deciding on a 'career path'

 

[GoAnna!]

I vote position 2. A year is a long time and during that time you may even find promotional opportunites within the bank once you have your foot in the door and get a chance to impress them

You may and that within months you have a well paid job close to home rather than far away. An hours drive is really draining over time and given you like to attend the gym I guess energy and health is high on your priorities.

I think you already know which one is the best choice.

 

[LynnH]

luce.rocks

8 hours saved in travelling certainly gives you plenty of time to study towards your Dip Fin Services!

Cheers
LynnH

 

[Ace in the Hole]

The bank job seems like it would fit in with your lifestyle much better.

If you still needed some extra money, you could take the extra 8 hours you would have spent in transit to work with the other job, and work a local Saturday job. Surely it would pay more than the $75 difference in income between the 2 jobs.


Good Luck.

 

[luce.rocks]

thanks guys, and thanks adrian, that's a good idea

 

[beech]

Research creative realestate investing in those extra 8 hours per week for 1 year then give the bank job the flick.

 

[luce.rocks]

Research creative realestate investing in those extra 8 hours per week for 1 year then give the bank job the flick.

you make it sound so simple!

 

[beech]

Its not,but theres plenty to gain from researching CREI.

Ive learnt theres so much more to RealEstate than buy and hold,thats all.

If you know there is plenty of upside to your life after the 12 months at the bank,its an easy decision.

Good luck.

 

[sailor]

I worked for a bank many moons ago now....twas a great benefit having a discounted loan....available only to bank employees. Back in the days when the average person was paying 16%+ for a home loan, I was paying 5%. We also got offered discounted "staff shares", which I sold for a motza when I eventually left. So check out the "goodies" the bank might be offering. The "other" benefits might make it really financially worthwhile.

 

[The Y-man]

Luce,

Are those package figures (inc super etc)?

Just wondering if the super % is different btn the 2 potential employers.

Cheers,

The Y-man

 

[luce.rocks]

those figures don't include super. not sure what the bank super is, but the govt dept super is 15%. pretty nice contribution. but still not enough to sway me at this point... i think...

 

[keithj]

TIME is the most valuable thing in the world. 8 hours per week for 48 weeks is 380 hours pa. Is that worth $10K (less tax) ? I'd say you could use that 380 hours pa more productively doing renos etc & make a lot more than $10K.

 

[wylie]

I also am an ex-bank johnny but the reduced interest rates are not what they used to be.... by a loooooong shot I hear. Much reduced on the deal back when I joined anyway.

Wylie

 

[lizzie]

but really, i'm 27 and a half already!

yeap - a mere spring chicken ...

i'll follow the concensus and say go for the bank job ... and hour each way doesn't sound much - but it sure is day after day. i think all the reasons why have been covered - but think of what else you can achieve in that time, even if it's just chilling out (and think of all that extra somersoft time )

 

[twobobsworth]

If it is in retail banking run like the wind.

If you want to be a FP look for the customer service roles in funds management. Not sure if you're in Sydney but ING regularly recruit, along with CFS. If you've got some experience Macquarie Wrap will also take you.

These are call centre type roles but a large part of the customer base is FPs. So many of the staff from these call centres go onto FP roles or business development roles, I know because I previously ran one!

 

[natmarie73]

I would take the bank job. I know from experience that an hour each way every day is very tiring and it does drain your energy, so much so that I have vowed never to take a job that involves a long commute ever again. Also, the experience at a bank will look better on the resume than a govt job, and there will probably be more opportunities for promotion as well.

$10,000 a year does not equal that much after tax etc is taken out.

Another thing about the govt job that may be a negative is that because of the job security, you may stay there and get into a rut. It happened to me and the longer you stay, the harder it is to leave.

cheers
Nat

 

[wish-ga]

natmarie.... you may be onto something with the long commute thing.

My situation; interesting job that would be split between two venues.

One would be more than an hour each way on PT -time I usually spend studying at my desk before my 'official' hours start.

Although I could read a textbook on the train/ferry I need to sit and type stuff or write up notes to study effectively. It is hard enough when I have a 20 min drive let alone 1hr 20 mins taken from morning and night.

BUT when the job sounds interesting it does make one think...

Although I said I'd only consider jobs close to home due to study and volunteer commitments this one swayed me.

In the lap of the Gods. It was just with their hr rep so far. The client, who knows. Food for thought though

Lucerocks.... go gal! Two jobs to consider.
I know you said "only $75" but as a proportion isn't one job paying 20% more than the other? Yet, one cannot be swayed by the almighty dollar. If the one paying less is more industry/experience relevant it is worth considering..... long range focus and all that. You are already adept at that.... exhibit a: your IP!

All the best for your decision