In a tough and shitty situation
Been working for 2 years. 1.5 years at a MM IB firm, and now 6 mos in alternatives at a boutique shop. Current job is not going so well. Knew from week 2 that this job was not the right fit.
My dilemma: If I land another offer and leave before September, I have to repay my $10k sign on bonus. My net worth right now is $7k as I've been supporting a family member for the past year.
I don't have friends/family who can loan me money. Is it worth getting a personal loan to have the ability to jump ship and move when and if I get another offer? I know I should just shut up and stick it out, but seriously cannot take it much longer. I've been dealing with depression issues that go back to college and cannot handle that plus a job where all I'm doing is using the =sumproduct function in Excel. Need some guidance either about the loan, or how to plow through the next 6 months.
Stick it out man. I believe in you.
Best option seems to try and save up something more towards that 10k over the next few months, then enter the recruiting cycle closer to the date.
This isn't an easy field to be in, but the best people stick it out. If you've made it this far, you can probably go a little further.
If you get picked up as a 3rd year analyst your next bonus will easily clear 5x what you owe, 3x after taxes. Explain to the old firm that you are happy to pay the bonus back but don't have the money, and you will pay them plus interest next bonus. They can withhold your final paycheck but suing you to get the 7k back would cost then 5k, so I would think they would be happy to make the arrangement.
Honestly the recruiting process is likely to last until May- June, at which point it's only three more month to go. I would think the difference in bonus at the new firm (could get a full year for starting in May but not September) would be a bigger factor than repaying the signing bonus.
If the only thing holding you back from pursuing a job that won't keep you locked in a mental state you desperately want to avoid is a tiny lump sum payment like that, start recruiting for better roles now.
Tangibly, you have high, steady income. Intangibly, you probably went to a decent school, studied a real subject, and got decent or better grades. Thanks to technology, platforms like Prosper and Lending Club (and lately, SoFi) will give you traditional loans as quickly as 5 business days after you apply. Even cooler, platforms like Pave and Upstart will lend against non-FICO metrics ... like where you went to school, your subject of study, your grades, the names of your employers (internships, prior roles, and current), and even a signed offer letter for a new job.
Bust your ass to get a better job, get the letter in writing, sign it, tender your two weeks notice, and then go through one of the paths above (apply on all to see where you'll get the best rate) to get funded between resigning from your current role and beginning your next.
Isn't technology wonderful?
Hang in there, brother. The sun always rises.
...? How is this a problem at all? If you jump ship, the new shop will presumably pay you a signing bonus which can pay off your old one.
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