8 weeks and changing careers.. Plz help!

Re: 8 weeks and changing careers.. Plz help!

• litzo27 member

  September 2014

  And which specific benefits are you talking about? Insurance? 401-K? Paid holidays. Because there are alternatives such as insurance through an exchange or through a group plan like a self-employed association. An IRA instead of 401-K.
  
  What's the future expectation of the growth of your business vs. the career path in the field you would go into.
  
  I talk with my cleaning lady a lot (have been using her for 3 years already) and I know that she loves her business. She could expand to several other girls and is thinking about it. She has the flexibility to take vacation around her kid's school schedule. Yes, it's a headache to take care of taxes and insurance but she has an accountant and a lawyer. As any self-employed business it's a risk but, at least in my area, good cleaning services are in big demand and it's a good opportunity.
  

  
   

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• Beevol member

  September 2014

  If you were asking this question in 2007 in the US, I would have said go for the job that offers health insurance, but today with the ACA, that should not be a factor. IMO, a well established business that you enjoy is going to be better than a low paying, on your feet all day, 50-hour a week job. 

  
  

  Another thing to remember, if you live in the US, is that you will not be eligible for FMLA in 32 weeks when you have this baby and the new job would be totally within it's rights to fire you when you go on maternity leave. 

  
  

  If I were you, I would look at and price health insurance options (you and the new baby on your husband's plan vs an exchange plan vs the insurance offered at this new job), look at retirement savings options (do they match a percentage? how much in real dollars is that per year?), and look at flexibility (how much per year are you getting in PTO? How flexible is your current business schedule? etc). Remember to factor in taxes! Break everything down into real numbers and see what you would be gaining or losing financially in the switch. Then think about your quality of life - do you enjoy your business? Will this new job be as fun/interesting? What are your opportunities to advance your career in both situations? Will this new job offer any flexibility regarding getting to prenatal care appointments/taking care of your kid/etc? 

  
  

  If you give up your business, you wont be able to get your current clients back and if you decide the job isn't working out, it will set you back a lot. You can always re-enter the job market and find something, but you can't just walk back in to an established business. 
  

  
  

  
  

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• VitaLuna member

  September 2014

  Also wondering what you currently do for insurance, since that's a factor.
  
  Honestly, if you love what you do and have the means to get insurance and put money away for retirement, I'd stay where you are. It is very hard to go back to work after having a baby for most people, and it will be even harder if it's a job you don't like and long hours that take you away from LO. Plus, I'm guessing you have some flexibility in your current job, which you can't beat with a LO.

  

   

  

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• minirella member

  September 2014

  I know a few people that cash pay for maternity care.
  
  I also know a couple of people that have had issues with the "market" and ended up not being able to get an affordable plan and are taking the penalty because they can afford the penalty.
  
  My only concern is that you are saying the new career is low pay. Are there future opportunities with this new career that would be beneficial in the future? How will childcare work out with a lower pay?
  
  

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