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Old 12-12-2007, 03:31 PM
 
122 posts, read 145,296 times
Reputation: 26

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Hello All,

I currently live in suburban NJ and make about 100K per year (not including bonus) in a Financial Services firm. I am hoping to get a 20% bonus but could be less not sure. I have been offerred a position in a Pasadena with a base of 120K per year. I have a house that I need to sell and the company has agreed to pick up the tab on real estate commission. Additionally, they are also offering a 10K sign on. The expected bonus potential is around 30% but with bonuses being discretionary who knows. Do you think this is a good enough package to consider a move? I would need to sell my house and the market is not good. My wife and I like a calm and quiet lifestyle but looking at my initial review of LA, it looks like a party town. We are really not into it. Also, we currently live in a 3 bedroom single family home and need this space since we are expecting. There is no way I can afford the same over there. So, I probably would need to rent an apartment. Can anyone suggest if it really makes sense? Also, the North East is the hub of Financial firms. Is it worth moving to the West Coast and risk this by depending on only one employer? Please advice.

Regards,
adviceseeker
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Old 12-12-2007, 05:59 PM
 
Location: Las Flores, Orange County, CA
26,345 posts, read 84,833,184 times
Reputation: 17581
Quote:
Originally Posted by adviceseeker View Post
Is it worth moving to the West Coast and risk this by depending on only one employer? Please advice.
Hey, you're the financial guy. Crunch the numbers. Did you research to find out what Plan B and Plan C would be in case the boss throws you out?

Have you ever visited?

SoCal is everything: party town, artsy, academic, retired, healthy, industrial, decrepit, etc.

The numbers do sound like you can afford it. The employer sounds very generous too. What about things like your folks and you new baby? Big emotional stuff there. Plus you'd lose potential daycare help.

Renting is a good idea to start out and Pasadena and communities around it are pretty nice.

Suburban NJ isn't that cheap either right?

Bummer you sound like you have to make a quick decision. I researched for one year before I moved from LA to Colorado. Every second of research and every byte of data helped.
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Old 12-12-2007, 06:26 PM
 
830 posts, read 2,621,679 times
Reputation: 381
California is in the top 10 of economies in the entire world. Perhaps NY/NJ has a bigger financial concentration because of the markets, but if you can't find a finance job in the LA area, it's you, not the companies.

On your income you will have no problem finding a three bedroom apartment to rent. Renting in the LA area is significantly cheaper than buying.

Charles is right though. LA is no more of a party town than any other big city. You can find whatever lifestyle you want out here.
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Old 12-12-2007, 06:39 PM
 
Location: City of Angels
1,287 posts, read 4,708,584 times
Reputation: 663
Are you still making mortgage payments? What are your monthly expenses like? Renting in LA while also having a mortgage to cover in NJ could take a good chunk of your income. Also a relo is expensive. You have to physically move yourself and family, your personal belongings, and likely will pay a hefty sum up front to move into a nice apartment. Plus you need to fly out first to do apartment hunting and will need a hotel and rental car to do that. In summary, that $10K sign on won't last long. I would ask for a bigger sign on to cover your relo.

As far as whether you should move and leave NJ, that really is a personal decision for you and your family. Are you unhappy there? Have you always wanted to live in Califorina? Looking for a change of scenery and lifestyle? Only you can answer what your motivation is.
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Old 12-12-2007, 08:08 PM
 
1,297 posts, read 5,107,470 times
Reputation: 566
If your motivation to move is about $20-30k I would suggest you stay in NJ. and negotiate better terms at your current place of employment...

If you are determined/want to live in California then you are set with employment. Rent a house/apartment for a year and figure out where you want to live in Pasadena. I would suggest you rent until you determine if California is right for you and your potential employment opportunity is long term.

Also, is your entire family in NJ. Will you visit them often? Will your wife work in NJ or CA? who will care for the kid out here as opposed to a possible family member in NJ?

Personally, I see a maid as a maid, and not as an all day babysitter (dayparent) while mom is at work.
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Old 12-13-2007, 11:12 AM
 
122 posts, read 145,296 times
Reputation: 26
Default Couple of clarifications

All,

Wanted to clarify a couple of things given the questions from all of you.

1. The entire move - packing, transporting, storing for upto 2 months and all expenses associated with the move are covered by the company.

2. They might increase the base to 130K

3. They are putting in writing a guaranteed minimum bonus of 25% of base (what this means is if the company gives a bonus I will get this minimum, there is no upper limit)

4. They are paying the Real estate commission for selling my house

5. My wife doesn't work. So, no issues there. I don't have folks here. So, no issues there either.

6. They are covering a two week round trip to CA with all expenses paid for my wife and I to look around and pick out places we want to live and also providing a couple of months of accomodation until I find a place.

Given, all the above, what do you think? Also, can someone please tell me if you know the financial firms around the area?

Regards,
adviceseeker
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Old 12-13-2007, 11:34 AM
 
Location: Las Flores, Orange County, CA
26,345 posts, read 84,833,184 times
Reputation: 17581
Quote:
Originally Posted by adviceseeker View Post
Also, can someone please tell me if you know the financial firms around the area?
Can't you just maps.google.com some of the big players in the industry?
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Old 12-13-2007, 11:38 AM
 
Location: West LA
723 posts, read 2,808,940 times
Reputation: 294
Quote:
Originally Posted by adviceseeker View Post
All,

Wanted to clarify a couple of things given the questions from all of you.

1. The entire move - packing, transporting, storing for upto 2 months and all expenses associated with the move are covered by the company.

2. They might increase the base to 130K

3. They are putting in writing a guaranteed minimum bonus of 25% of base (what this means is if the company gives a bonus I will get this minimum, there is no upper limit)

4. They are paying the Real estate commission for selling my house

5. My wife doesn't work. So, no issues there. I don't have folks here. So, no issues there either.

6. They are covering a two week round trip to CA with all expenses paid for my wife and I to look around and pick out places we want to live and also providing a couple of months of accomodation until I find a place.

Given, all the above, what do you think? Also, can someone please tell me if you know the financial firms around the area?

Regards,
adviceseeker
It sounds like a no-brainer to me. Pasadena is a beautiful city, and no matter WHAT you do, there's almost guaranteed to be more than one of them in an area. What are you so worried about?
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Old 12-13-2007, 12:11 PM
 
Location: South Bay Native
13,655 posts, read 22,651,158 times
Reputation: 24623
Quote:
Originally Posted by adviceseeker View Post
All,

Wanted to clarify a couple of things given the questions from all of you.

1. The entire move - packing, transporting, storing for upto 2 months and all expenses associated with the move are covered by the company.

2. They might increase the base to 130K

3. They are putting in writing a guaranteed minimum bonus of 25% of base (what this means is if the company gives a bonus I will get this minimum, there is no upper limit)

4. They are paying the Real estate commission for selling my house

5. My wife doesn't work. So, no issues there. I don't have folks here. So, no issues there either.

6. They are covering a two week round trip to CA with all expenses paid for my wife and I to look around and pick out places we want to live and also providing a couple of months of accomodation until I find a place.

Given, all the above, what do you think? Also, can someone please tell me if you know the financial firms around the area?

Regards,
adviceseeker
If you were really in the industry, you wouldn't be asking questions like that.

I would also hope you do not represent the level of discretion exercised by those hired to provide financial services. If you're legit, then pray that your employer or a fellow employee does not discover the gamut of information about your employer's compensation practices that you have shared here so willingly on a public forum, all under the guise of seeking advice from unknown people on a decision that most normal people would not open up to the internet.

I am genuinely miffed that someone who appears to be as clueless would really be earning what you've indicated, or that someone in the Fin. Services arena would contradict themselves from one day to the next:

First post: I am hoping to get a 20% bonus but could be less not sure.
Next post: They are putting in writing a guaranteed minimum bonus of 25% of base

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Old 12-13-2007, 12:41 PM
 
175 posts, read 680,765 times
Reputation: 60
You work in Finance and make over $100,000. You sound very humble. Yes, this sounds like a very good move for you. Pasadena is a very nice place to be. The residential areas are green and there is space. The houses and lawns etc., felt kind of mid-America to me when I went over to the Huntington Library area.
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