A question for the group?

[dumpster56]

I have been offered by my supervisor a great guy to stay until the end of the school year up in NJ. I had planned to leave as of Xmas.

By staying I take home an additional 40K and my pension would be 225 dollars a month more.

I have a place to stay for the year for very little per month.

My wife has bought on to the time apart and I would use upwards of 50 sick days during the year to be home 1 week evry month and one long weekend every month.

Has anyone else lived apart and worked 500 miles away from home?

by doing this I could pay off the small mortgage by june with the extra take home.

[Meadbh]

This is a great deal. Put up with the inconvenience and take it.

Meadbh

[AltaRed]

I worked for 15 months in Alaska while maintaining the family home in Calgary back in 2000-2001, A 7 hr commute via Seattle, every 2nd or 3rd weekend. Would get home Friday night late and leave early Sunday evening...except for times there was the benefit of long weekends and vacation time.

It worked all right based on cheap phone rates and messaging via the PC. Would not have wanted to do it much longer than that though, e.g. 2 years.

[73ss454]

I think the only one that can answer that question is you.

Seems to defeat the purpose why you sold your house in NJ and moved away to retire.

I guess what ever floats your boat.

[Rich_by_the_Bay]

Quote:

Originally Posted by newguy888 By staying I take home an additional 40K and my pension would be 225 dollars a month more.

Hmm, let's see: $225 x 12 = $2700/y income for life, like a $675.000 nestegg addition, plus $40K additional earnings, totals $715,000 larger nestegg or equivalent compared to leaving in December.

That's a pretty good 6 months worth of work. Unless you a) despise the job severely, b) have seroius health problems and a limited life expectancy, or c) have so much money that it doesn't matter, it is hard to see turning that down -- esp the pension.

Normally I'm big on not giving in to the "later is always better financially" trap, but in this case...

[dumpster56]

Quote:

Originally Posted by 73ss454 I think the only one that can answer that question is you. Seems to defeat the purpose why you sold your house in NJ and moved away to retire. I guess what ever floats your boat.

Believe me I understand that fact.

However I will not make any decision until the middle of september after working the firt few weeks, which I must do. I have to work until december contract requires it and health bennies. So when my boss said he thought he could help me good schedule and a place to stay well I am kinda leaning to stay for the additional 6 months and then that is it.

[73ss454]

Once you get back to work in Sept. it will give you a better feel for what to do. The right thing to do will come to you, don't worry.

[grumpy]

And then if he offers the same deal for the following year? There will always be the opportunity for MORE. It seems like you had already decided that you had enough to be FIRE. I hope you don't later regret not having enjoyed those 6 months in N.C. with your wife.

Grumpy

[Siv]

That's what I love about this board, they give good number analysis before making decision.

[MooreBonds]

Quote:

Originally Posted by Rich_in_Tampa Hmm, let's see: $225 x 12 = $2700/y income for life, like a $675.000 nestegg addition, plus $40K additional earnings, totals $715,000 larger nestegg or equivalent compared to leaving in December.

Ummm, RIT...I think you need to chop off one of those zeroes.

The $2,700/year income for life (is it COLAed?) is only equivalent to (assuming a 4% withdrawl rate) $67,500. Coupled with the $40k (I assume his reference to "taking home" is a net $40k, which sounds pretty high for a teacher....), is only $107,500....but still good for just 6 months of work.

Of course, you have additional transportation expenses....but even then it sounds like a good deal to stay. Sure, he might hit you up with another deal in May to stay for another year, but just make up your mind to walk for good.

[scrinch]

Quote:

Has anyone else lived apart and worked 500 miles away from home?

Hey, I work 8000 miles away from home (posting from Asia now). Well, not all the time, but 5-6x a year for 3-4 weeks each trip. So it can be done, but it certainly would make it easier to have a definite end in sight. When gone for those long stretches, each time I return home it takes a few days for everyone (kids, DW, me) to readjust to the new dynamic in the house. There is a real price everyone in the house pays during those few days of adjustment. So see how it goes for your wife during the first month or so. $100K is good pay for 6 months of teaching but may not be worth it if your wife is (and by extension you are) miserable the whole time.

[Ed_The_Gypsy]

There are many in the business like AltaRed and myself who work far from home. Like AltaRed, I use cheap phone cards among other communication tools. Helps a lot.

Working far away can be a major stress on a marriage. So many friends who travel for business have broken marriages. This is common among merchant mariners, military folks, salesmen, engineers, and so forth. No reflection on the people involved, either (although some make their own trouble).

It is very important to have an understanding spouse and family.

In your case, it looks reasonable because of the reward and the definite end to the contract. It will end in a reasonable time. The goal is clear and in sight at all times.

It is much tougher on those of us who don't know when it will be over.

Looks like a good opportunity to me.

Ed

[Craig]

Peter76 is right on the math ... still a good deal, to my mind. After tax, you can increase your net worth nearly an effective $100K.

[Spanky]

It's totally a personal choice. We hnow a couple who only spends a week together per year. The husband spends the entire year (except for a week in December) working in Hong Kong while his wife and two kids live in the U.S. Apparently, the kids enjoy the freedom. The wife is happy that she does not have to serve him and can do whatever she likes. He pays the bills, car payment, the mortgage, and kid's education. I am guessing that he is okay with that since he has been doing this since 1990 (before 1997 marking the takeover from China).

[bosco]

Depends on your relationship. Do you feel secure in it? Does your spouse?

Money, or the promise thereof in the future, has a way of fading when confronted with more immediate psychological issues.

I am presently working in Alaska. I am halfway through my second construction season. My spouse, home, dog etc. is in Canada. The way my numbers work out, after 3 seasons my pension doubles. The numbers are convincing. But no matter how convincing the numbers are, you have to be focused, secure in yourself and your relationship, and in the right state of mind.

Once you've been there a couple of months, you have to deal with the fact that "this is my life." It is very difficult to live, mentally, somewhere else. You will have to learn to have a life where you are. This will have an effect on your relationship.

Like I said, depends on your relationship....

[dumpster56]

Quote:

Originally Posted by bosco Depends on your relationship. Do you feel secure in it? Does your spouse? Money, or the promise thereof in the future, has a way of fading when confronted with more immediate psychological issues. I am presently working in Alaska. I am halfway through my second construction season. My spouse, home, dog etc. is in Canada. The way my numbers work out, after 3 seasons my pension doubles. The numbers are convincing. But no matter how convincing the numbers are, you have to be focused, secure in yourself and your relationship, and in the right state of mind. Once you've been there a couple of months, you have to deal with the fact that "this is my life." It is very difficult to live, mentally, somewhere else. You will have to learn to have a life where you are. This will have an effect on your relationship. Like I said, depends on your relationship....

Hey thanks for the responses, as now in my new thread above I decided that I will be living apart for only about 3 months, I have decided that Jan 1 is my end date .

Wahoo!!

[73ss454]

Good for you NewGuy, sometimes you just have to sit back and wait but the right decision usually comes.

[Billy]

scrinch

Quote:

When gone for those long stretches, each time I return home it takes a few days for everyone (kids, DW, me) to readjust to the new dynamic in the house. There is a real price everyone in the house pays during those few days of adjustment. So see how it goes for your wife during the first month or so. $100K is good pay for 6 months of teaching but may not be worth it if your wife is (and by extension you are) miserable the whole time.

Ed the Gypsy

Quote:

In your case, it looks reasonable because of the reward and the definite end to the contract. It will end in a reasonable time. The goal is clear and in sight at all times.

Bosco

Quote:

But no matter how convincing the numbers are, you have to be focused, secure in yourself and your relationship, and in the right state of mind.

These are all honest and direct-to-the point replies. Excellent advice.

You must weigh the features and benefits against the personal costs.

Best of luck… and so long as you don’t get hooked into the ‘great deal the next year’ you should do fine.

Akaisha
Author, The Adventurer’s Guide to Early Retirement