Need Advice

[Stone Cold]

Brother graduated from cards fellowship last year and has been working in an academic setup in the same city making a base salary of $360k plus additional benefits
He’s gone through a job search recently with different offers which are widely varying

While the compensation packages are still at their nascent stages, he got the base salary range from initial conversations with recruiters/HR personnel

The work hours are kinda the same. Additional compensation, bonus structure, benefits are proportional to the base salary offered. All offers are PP

He did look for opportunities on the east coast closer to NYC but it looks like North East is among the lowest paid regions. MGMA data also confirms the same. Northern most states like the Dakotas and high crime states like Missouri, Arkansas, Alabama are paying a decent buck but that’s our least preference

Option1:
Location: Indiana (kinda rural). Closest town is 1-1.5hrs
Base Salary: $600k

Option2:
Location: SoCal (beach town)
Base Salary: $400k

Option3:
Location: New Mexico
Base Salary: $550-600k

Option4: (his current job)
Location: NYC
Base Salary: $360k


He has a debt of a lil over $500k. Is it worth to go to a flyover town, take the higher salary and clear off debt within 2 years? His wife is still in her residency and they might have to do the distance but they’re ok with it

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[aafisahar]

I'm single but if you two are residents together, stick out it then hit flyover country for 2 years, bank a mill after paying off your loans then go to somewhere cool.

 

[disorder]

Does he like academics? Does he enjoy his job? What's the higher end of his pay scale?
If he's satisfied with his job and wants to stay in academics, don't ditch the gig. It'll be hard to go back.
Refi the loans, get a low interest rate, and pay it back. Then, once you get a job, pay it down aggressively.

If he hates his job, by all means, leave and make bank. Then... either refi, invest that bank, gain wealth, then pay off.

Also, think about what you're doing in light of COVID. Yes, there may be jobs, but things are so fluid right now. Even if he gets an offer and he accepts it, doesn't mean it'll be there. Just saying... plenty of horror stories out there about recent grads (I know nobody personally, but I hear about em...)

 

[NYknicks44]

If your husband likes his job and likes the area and if his employer is in stable financial situation, I would recommend against leaving that job because with covid, there is a lot of uncertainty as the economy is in a recession and lot of private practices are in difficult financial situations. I would wait until things stabilize before making a move.

 

[deleted980918]

The only reason he took up his current job is because of me since I will be in NY until the next two years. He’s not really into academics but lately the stress of debt piling has been taking a toll on his mental health.

NYC is among the least paying regions in the country and being in academics pays even less while the cost of living is significantly high, particularly in Manhattan or Brooklyn which are the only two livable boroughs.

360k for an academic position in nyc for general cardiology is pretty decent lol

While covid has definitely limited the job avenues, all open positions on the east coast we’re paying more or less on the lines of his current job which is why I listed the three opportunities which we consider are worth moving with the SoCal offer as the least preference

Thanks for the responses, we’re definitely considering refinancing and my fellowship down the lane will be opted based on where he has a decent gig

 

[disorder]

Then apply. Get things in writing and signed. Solidify a start date that gives you enough time to give notice.

 

[timpview]

Obviously these are all personal decisions but some things that I feel ring true:

1. once you leave academics
nearly impossible to get back in

2. Don’t underestimate just how much harder one might work in a high paying rural job.. like potentially 50%+ more than what one could do in academia. think significantly more than one ever did as a fellow. Not everyone can do that even for a year.

3. one might not have the ability to maintain their skill set in a rural place

4. The plus side- money earned early on and applied directly can have a huge impact later on.

good luck