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Just offered opportunity at large respected company in DC...$110k a year/401k matching up to 6%/75% total family insurance coverage including me/education benefits/3 weeks vacation plus holidays etc. Would be performing same job, just switching companies so it would be an easy transition. Must be on location in DC.
Offered another job at the same time. Smaller FL company, but it's a remote position so I can work from home/anywhere. 93k salary...no 401k matching but immediately vested...3 weeks off a year plus holidays...Shared health insurance cost with employee...equals out to about $200/month for me or $500/month for myself and wife. Requires up to 20% travel with reimbursements.
I'm intrigued by the remote position bc my wife and I have thought about moving back to FL . A 93k salary goes a long way in FL, even after adding the cost of health insurance. We love DC and don't feel ready to leave yet though. I make 95k plus bonuses (about 103k) right now at my current company in DC, so 110k isn't that much of a difference. I have found that my salary doesn't go too far in DC in the 2 years I've lived here. My wife is in graduate school, so not working right now, however this will change when she graduates so a dual income may change my opinion obviously.
We want to start a family soon, as well as buy a house within the next year or two. What would you do?
I would go to Florida, especially if you're gonna be starting a family soon and wanting to get a house. I believe there's no state income tax in Florida either so your money goes even further. Whatever cut in pay you'll probably earn back by paying less in rent/mortgage in Florida.
I'm of the opinion that switching jobs for a 7K raise isn't worth it. That's $270 per check in a given year.
It all really depends on how much you value living in DC over Florida and what your expectations in regard to lifestyle are. From a money perspective there is no question that 93,000 will go a lot farther in most (maybe all?) parts of Florida than 110,000 in DC, especially when it comes to buying a house and more space for a child or children. Your wife bringing in a second income will certainly help here, but without knowing what her future salary will be it would be tough to project how much.
There are a lot of factors, but with a child or children on the way, and looking to buy a house, I'd say FL unless you would be miserable leaving DC.
What are you vested in, if there are no matching funds? Your own donations to the 401K?
That was my thought. You can immediately put your own funds into a retirement account (probably the company's 401K) even before you are vested for the matching portion.
I say go for the Florida offer. No state taxes (thats like a 6,000+ raise if you dont have deductions). If you are working remotely you can live in a very cheap area if you desire. Also if your family is in Florida you can may want to consider that as well as you wish to start having kids.
What is it that you do and would you be able to find another place offering a similar job down in florida (nevermind if its IT) ,and will your wife be able to find a job in Florida in her interest area. I think that is something you will have to take into consideration. Making 110K in DC is pretty good, and if your wife gets a job and lets say makes 50-70K starting out, that is quite a respectable dual income stream. Don't just think of the money, but think where you will be living and whether you would enjoy yourself overthere. Where in Florida would you move anyway?
Thanks for all the feedback! I'm in IT management. My wife should be making about 80k starting in DC...about 60k in FL. We would be moving to the Tampa/St. Pete area. We are originally from there, have family and a ton of friends there. We love DC, but I think this salary in FL, especially for a remote position, is too good to pass up.
Well, I think I have decided to take the job...now onto subleasing my apt. We have a 1 br in Crystal City...930sf...16th floor with view of pentagon..,everything just updated in building, including rooftop gym...take elevator right down to metro...pay $1640/month and about $1800 including water/electric/gas. $75 more a month if you need parking. Let me know if anyone is looking to take over lease that ends at end of December.
Most people live in DC are here only because of employment generated by the overabundant tax dollars flowing through. The area in general sucks and is overpriced. You are paying California prices for a sh1tty lifestyle and weather.
Florida is far better COL and QOL wise, though on the negative side there are too many rednecks out there especially in the Northern and Western parts.
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