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Home > I Need Your Help ❗️❗️❗️❗️

I Need Your Help ❗️❗️❗️❗️

July 28th, 2021 at 06:04 pm

 

I have a dilemma and hope you all can help. As you know I left a very toxic work environment, and was recently offered a full time position that is significantly lower, $26.44 per hour, than my previous job. Benefits are not that great. 

 

I was told that the company is a great place to work, but the salaries are low, as you can see. 

 

I recently interviewed for and received an offer for a contract job, 8 weeks at $50 per hour working remotely. It’s doing what I love but it’s contract work. I can pretty much complete the task anywhere. Job one, I’ll have to be on the office. 

 

Here are my options that I’m considering:

  • Keep job one at $26.44 per hour and add the contract work, if things get too complicated quit job one and work the contract job at $50 a hour. 
  • Rescind my acceptance for job one and stick with job two at $50 a hour, continuing my search for employment. 

 

At $26.44 per hour in eight weeks, I’d make $8,460, this is job one. At $50 a hour for eight weeks I’d make $16,000. Almost double. The contract work, has the potential to be extended and I’ll be responsible for my own taxes. What’s your thoughts? 

7 Responses to “I Need Your Help ❗️❗️❗️❗️”

  1. Stephanie Says:
    1627498143

    Hi Amber, good to hear from you.
    You posed a tough question....
    For me, I have a high security quotient in my personality...I would do Option 1. If it turns out that you can continue rolling with contract work, then maybe I would consider resigning from Job 1.
    Good luck!

  2. crazyliblady Says:
    1627500235

    If I understand your options correctly job 1 is a job with benefits and job 2 has no benefits, so you would be responsible for things like health insurance, etc. with job 2. So I would consider a combination of them. I would work at job 1 to pay for my expenses and do the contract work on weekends and evenings, if that is permissible.

  3. Dido Says:
    1627501537

    Self-employment tax will be $2,261 on the contract job (14.13% of gross), so you are comparing $8,460 plus the value of benefits to $13,739, not $16,000. (Then, of course, there's income tax.) You say the benefits are "not great," but what are they? Is health insurance included? Is there a retirement plan?

    8 weeks is not that long in the grand scheme of things. How is the job market in your area and in your field? Are other long-term opportunities likely to crop up in just the next two months? If you do opt for just the contract job, how much do you have in savings to tide you over a period with no income? (Remember that self-employed people are generally not eligible for unemployment benefits. This was briefly relieved during COVID, but if any of the Pandemic Unemployment Assistance still exists, it goes away the beginning of September.)

    Only you can consider whether you have the energy to work a full-time job during the day and another one during evenings and weekends. There are times in my work life where I have done the equivalent but now at 60 I wouldn't physically be able to handle that work load.

    Good luck with your decision!

  4. Lots of ideas Says:
    1627510767

    I would try to do both.

    I feel like anyone can do anything for 8 weeks.

    Build up a cushion of money and reevaluate after 8 weeks.

    Since we are in a pandemic, there’s not much to do but stay home anyway!
    The first few weeks of a job often are pretty slow as you learn, meet people, come up to speed and gain trust.
    Contracting is a different story - they expect you to produce right away.

    Make a plan for easy meals. Let the housekeeping go - or use some of the extra money to hire help or do a little more take out.
    It’s only 56 days...you can do this.

    Good luck!

  5. LuckyRobin Says:
    1627526567

    If you have the stamina to do both, I would do both. It's 8 weeks of no life, but think of how much progress you could make on your debt. Otherwise I would always go for security and medical over neither. But you are relatively healthy, right? If so you can chance going without medical insurance and hope nothing big hits you. But there is no guarantee there is more work at the end of 8 weeks, right? Possible, but not guaranteed. I think I'd be worried about that. And you can always continue the job hunt for a better paying secure job, too.

  6. Trying to get ahead Says:
    1627563326

    Here are some pros and cons to consider:
    On the contract job, is there a lead-in for a permanent position?

    I agree with an earlier post that if you have the stamina, take them both and bank the money you earn ($16k) with the contract job as cushion.

    I would slow down on making extra payments until you have banked your contract money. By that time you can decide if you want to remain with the other job.

    With C-19 kicking up again, you really want to have the medical insurance.

    A bird in the hand is worth two in the bushes. Looks like you have a bird in each hand Smile
    Good luck Amber!

  7. Wink Says:
    1627563745

    Hi Amber, do you still have your side hustle job? I believe you said previously that you make enough from that job to pay your mortgage every month? If you still have it, would you try and keep that job, plus the full time job and the contracting job? That is a LOT. In these days and times, health insurance is an absolute must have. I would really crunch the numbers (including health care costs) but also take into consideration your work life balance (which is also very important) and decide from there. Good luck with your decision.

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