It’s official, Mr. CF is going to do a career switch (sorry, it’s not one yet that revolves around FIRE….)! Where my former career was primarily revolving around project engineering, project management and design management, it will change to cost engineering. The financial side of FIRE is actually starting to rub off on things I want to do in life/work, primarily in the sense that I like to do financial estimating, cash flow reviews, profits, yields, risks and associated analysis.
I’m new to cost engineering, so will be going through a steep learning curve in the coming months but I consider this a very good thing. However, the grass is not always greener on the other side of the fence….let me explain..
I’m a very social person and like people around me for most of the time, I therefore like working in teams. This position is one that you do more on your own with fewer interactions with other parts of the team (which are supposed to provide you with inputs, that you usually only get at the last minute….). I hope that I’m overestimating this impact, but will have to see what happens.
The company is good, but it’s not the best one I have worked for in my career. My new boss seems decent, but I’m a bit sad to have to leave my current boss, who is an amazing guy. The decision to leave was therefore not an easy one (have a good boss makes a difference in a job).
I’m also going back in paid time off (currently have 40 days, will go back to 31 days), which I also will be partially compensated for. However, I rather have more time than money, but this was not negotiable….
The pension plan is also not as good at the one from my current employer, but this should not be a major concern considering we should be FI well before we reach the time that our pension will be paid out (at that time it’s a bonus/back-up income), which currently looks to be at 67 years and 3 months (and climbing).
Financially, it will also have a significant impact on our household budget, both positively and negatively. The main impact comes from losing the company car, so I will be using our own car to get to work (keep in mind that cars are very expensive in the Netherlands). Fortunately, I’m partially financially compensated for this “loss” in conditions from my old job. Furthermore, I’ve decided to bike to work one or two days per week (about 54km/day), which would help lower transport costs, get me in shape and improve my health. Clear win on this one, but the expenses for our own car will go up significantly (fuel, maintenance and depreciation). Based on our calculations, we should be cost neutral or even a bit positive (if maintenance is not too bad). Curious to see what will happen. However, due to the various compensations, different pension plan deductions and a few other incentives, overall income will go up (both absolute and cash-flow wise), even when taking into account the increased transport costs.
The bottom line is that this career switch should get me/us ahead both personally and financially. Which will actually bring us to our FI goal a bit faster and be more satisfactory from a work perspective. In short, I’m very much looking forward to this new challenge.
How about you, did you switch jobs lately? If so, why? Did you do it for the money, or for personal reasons?