Job decision. What would you do?
I work at a BB as an Underwriter for multi family. I make ~$100k all in. I work 40-50 hours a week. It’s very flexible and I basically just need to get my work done by specific dates. My co workers and my boss are great. They are all down to earth, open, and friendly. The comp for me (no kids) is honestly plenty and I don’t desire more. With this salary I’m able to get all the things I want essentially. Not exactly sure what the salary increases would be like but I’d probably be at $200k all in by the time I have kids which seems decent. I’m in MDCOL area.
However, I can potentially move to the originations/production side of lending. I’m guessing I’d make ~$200k all in right now and maybe be making $250-300k by the time I have kids? However, it is expected that I be “on” all the time. I’d be expected to work 60-80 hours a week. The coworkers and boss are not as chill - it seems like life is work to them. However, It is a really good opportunity with great growth opportunities to make a significant salary. I could learn a ton.
My thoughts… - I don’t see the benefits of making all this money if all I do in my life is work. I care about my family, loved ones, being active, and pursuing my hobbies. I don’t desire material things like new cars, clothes, etc. - I don’t see the hours in Production ever slowing down. Everyone from Analyst to MD on the Production team seems to work their tail off. I’d be fine with working 60-70 hours a week for a few years if it meant it’d slow down eventually. - I love working, I love real estate, and I’m a hard worker. I still think it’s ridiculous if you work 60-70 hours a week. It’s especially sad if you have kids. That is my opinion.
Honestly my question is…is it worth selling my soul for a higher salary? Am I not realizing the reality of the benefits of an increase from $100k to $200k? Am I being blind to a golden opportunity that others would kill to have?
I’d like to just hear anyone’s thoughts. What’s it like working those kinda hours? Is life enjoyable if you have a boss who expects perfection? Is the cash worth the sacrifice?
Do you have the ability to have a very honest conversation with someone on the originations team about hours and how they spend their time?
It is very different if you are "on" for 60 hours a week, but 25 of them are at lunches, dinners and conferences. Or if it is a 60 hour week directly in the office. Also different if you work 60 hours a week but you are traveling 3 days a week.
If you are happy with your salary, then I don't see a need to go after more just for the sake of more. But that is me. Some people would say you can never have enough
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