Whether you’ve been searching for months or received it out of the blue, a new job opportunity can bring a lot of exciting changes to your life.
But enticing as moving to a new city or making more money might be, sometimes these factors cost more in the long run than what they’re worth. When you’re weighing the important decision of whether or not to accept a job opportunity, make sure you look at the whole picture first.
Moving to a New Location
If you’re single, moving to a new city can be a very appealing opportunity. Maybe you’d get to live somewhere you’d always wanted to. Maybe you’d be able to get out of the city and move to a slower-paced area. This becomes much more complicated when you start to factor in a spouse, kids and family.
One of the most important factors is the cost of living, because even if you’d be earning more money at a new job, you could end up spending way more than you bargained for on everyday living expenses.
Housing costs vary widely from location to location, and so do property taxes, childcare costs and even just the price going out to eat.
Enticing as a new city might be, really think about what you’ll actually be spending each month to live there. (Check out Bankrate’s handy cost of living calculator for a better idea.)
You’ll also have to consider how your spouse’s job will be impacted, if they work. And if you have children, the costs of daycare and schooling will also be dramatically different depending on where you live.
Finally, look at your lifestyle. City living isn’t practical for every family, and neither is life out in a more rural area. So think about what matters most to you and your family, and if your new setup will suit you.
Perks and Flexibility of a New Job Opportunity
You probably already know that the worth of a job is much more than just salary. There are benefits to consider, opportunities for advancement, time off, and even the culture and feel of where you’ll be working every day.
If you’ll make more money but everyone seemed miserable when you went in to interview, it might be worth taking another look.
Flexibility, time off and your schedule is important too, especially if you have children. If there is a work/life balance you’re trying to strike, keep that in mind when you’re talking to a potential new employer.
Your commute is also an important consideration, because it can take up a major part of your day between trips to and from work. You might want to test out your new commute during the times you’ll be traveling to make sure it doesn’t take longer than you expect.
Many companies now offer telecommuting benefits – by working either totally from home, or a split between home and office time. Keep that in mind if a telecommuting option is important to you.
Above all, make sure a new opportunity aligns with your priorities and will work for your family. If it doesn’t, even an attractive salary won’t keep you content in your new position for long.
Handling the Contract
If you work in a position that requires a contract or signing a noncompete agreement, that’s another big hoop to jump through before you can accept a new job.
It’s crucial that you thoroughly understand what is and is not being offered in your contract, especially for physicians. A brief review is not enough.
Non-compete agreements are common in many companies, but it’s important that you thoroughly understand and agree to the terms being laid out before you accept a position.
You can see my blog post about dealing with contracts for physicians here.The Physician Contract: What Doctors Need to Know
About Your Richest Life
At Your Richest Life, Katie Brewer, CFP®, believes everyone should have access to financial resources and coaching. For more information on the services offered, contact Katie today.