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Old 03-12-2013, 04:18 PM
 
6 posts, read 11,727 times
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Is a salary offer of 125K with 10% annual bonus and 30K sign-in bonus enough for living in San Jose, California? We are family of 4, including 2 kids who are both under 4. Please advice.
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Old 03-12-2013, 04:53 PM
 
49 posts, read 78,502 times
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Quote:
Originally Posted by selfcoach View Post
Is a salary offer of 125K with 10% annual bonus and 30K sign-in bonus enough for living in San Jose, California? We are family of 4, including 2 kids who are both under 4. Please advice.
Depends how much you make now and where you live.

When I did my cost of living calculation, I didn't base it on the salary they offered or the bonus or anything. I based it on how much MORE than current I would be earning vs how much more than current it would cost me.

eg: If you make $80k right now with some bonus on top. Say 10%. Then the above offer would mean what, in real dollars?

$125k + 10% = about $137k.
$80k + 10% = about $88k.

Difference = 137 - 88 = $49k. Take away taxes (33% is a nice safe bet) and you have about $32k.

That's about an extra $2700 per month after taxes.

Would $2700/month on top of what you make now allow you to pay your rent and cover the additional cost of living in San Jose?

Re-run that calculation with your actual numbers and you'll get a sense for how much extra money you'll have to work with each month, and hold that up against the cost of living and see if you can make ends meet.

If you're making $80k, then $125k is a huge raise. If you're making $110 now.. not so huge. Depending on where you live now, you may very well need a huge raise.

Hope this helps!
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Old 03-12-2013, 06:03 PM
 
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Is your wife working as well or a SAHM?
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Old 03-12-2013, 10:13 PM
 
6 posts, read 11,727 times
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Originally Posted by never-more View Post
Is your wife working as well or a SAHM?
Thanks for the reply. Wife is not working.
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Old 03-12-2013, 10:16 PM
 
6 posts, read 11,727 times
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Quote:
Originally Posted by Generaltao View Post
Depends how much you make now and where you live.

When I did my cost of living calculation, I didn't base it on the salary they offered or the bonus or anything. I based it on how much MORE than current I would be earning vs how much more than current it would cost me.

eg: If you make $80k right now with some bonus on top. Say 10%. Then the above offer would mean what, in real dollars?

$125k + 10% = about $137k.
$80k + 10% = about $88k.

Difference = 137 - 88 = $49k. Take away taxes (33% is a nice safe bet) and you have about $32k.

That's about an extra $2700 per month after taxes.

Would $2700/month on top of what you make now allow you to pay your rent and cover the additional cost of living in San Jose?

Re-run that calculation with your actual numbers and you'll get a sense for how much extra money you'll have to work with each month, and hold that up against the cost of living and see if you can make ends meet.

If you're making $80k, then $125k is a huge raise. If you're making $110 now.. not so huge. Depending on where you live now, you may very well need a huge raise.

Hope this helps!
Thanks for the reply. The numbers you gave are surprisingly accurate, only that I am currently getting $88K in Florida so makes the calculations a whole lot different.
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Old 03-13-2013, 01:57 PM
 
263 posts, read 765,145 times
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It is enough to live here, but a lot depends on your lifestyle expectations.
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Old 03-17-2013, 01:41 AM
 
Location: Mountain View, CA
1,152 posts, read 2,949,649 times
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That's a big raise but FL is very cheap. So it will depend on priorities. If you are willing to live in a lesser home, you may well have more spending money with the CA job.

But - and this is a biggie - for the most part a SFH is not going to be affordable on 125k without a longish commute in my mind. I make about that and live in a 2br apartment.

If your family wants to move to CA or this job will be an improvement for you in non financial terms (e.g, you like this job better) I'd do it.

Otherwise though, if its purely a financial calculation I'd consider staying in Florida, particularly if you have family or other connections there you will miss. Cost of living here is that bad.
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Old 03-17-2013, 06:24 PM
 
Location: Dallas, TX
112 posts, read 173,678 times
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It is entirely up to you and what you are looking for, but now that I live in Texas, I am completely convinced that people who live in areas with low cost of living really don't understand how expensive San Jose is.
In San Jose, my husband and I made about $200K combined with 2 kids and lived fine-not great, but fine. Lived in an older 4 bedroom, 1900 sq. ft. home in a decent neighborhood and went out, took trips, etc.
Last year, my husband's career took him to Houston, so now we are here and make about $150K combined and live MUCH better! Bigger house, more spending money, expensive vacations-it really is incredible how much cheaper it is here.
San Jose is a great city, and you can probably do okay with what you described, but I can't emphasize enough how expensive it is to live there. Really think about it...
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Old 03-18-2013, 10:53 PM
 
Location: San Jose, CA
7,688 posts, read 26,647,089 times
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Quote:
Originally Posted by selfcoach View Post
Thanks for the reply. The numbers you gave are surprisingly accurate, only that I am currently getting $88K in Florida so makes the calculations a whole lot different.
Then, my answer is going to be a no. The SAHM mom thing helps a little since you're not paying daycare. But, it's still not going to be an improvement for you, and I say that as someone who loves California and will dread leaving it someday.
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Old 03-19-2013, 03:51 AM
 
760 posts, read 2,182,601 times
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Housing is what totally kills the SOL here in the Bay area. What is your current living situation in Florida? Do you live in a house (own or rent?) or apartment? If you are currently renting in Florida, the increase in rent will be a big shock, and if you are currently a home owner the housing prices will kill you here. An average rancher that probably needs work, about 1200 - 1400 sq ft. starts around $700K. If your move is long term, and you want to add better schools to the equation (Los Gatos or Cupertino - the starting price is well over a million). So you will need 20% down to qualify for a jumbo mortgage. Commuting sucks the life out you. We moved from TX with no kids, and were able to move into San Jose, and not worry about schools and DH has about a 15-20 minute commute. His salary is great -MUCH more than he made in TX, but for what? A house 1/2 the size, in a urban area for double the price. We gave up a beautiful home with a pool, on a cul d sac, backing to a green belt, for a patio home with traffic and airport noise, and the homeless tent cities growing in our city parks. Our decision to be here is short term. A contract, and as soon as it's up - we are heading out!
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