Need advice regarding career/finances

[Uppsala9496]

Since you seem to have your mind made up, turn in your resignation Monday morning.

Wouldn't it suck if in 3 years from now when you are 30 you realize that you hate IT, have shit pay and can't pay back any of your student loans, thus you can't get a house in your name because your debt to income ratio is horrible?

 

[s0me0nesmind1]

Let's say 3 years from now when I'm 30 with all my debt paid off, and nearly married, I want to switch careers.

Wouldn't it suck starting from the bottom again? My entire vision is to get AWAY from engineering, not learn more about it and move into a role that goes more deeply into it.

No. The more you go with your current job, the more experience you can quote. I guarantee there will be plenty of experience you can relate. Plus - while you're at your current employer you can do things such as REQUEST training/work that IS related to where you want to start moving towards.

Get some years of experience of the job market under your belt before you want to switch. It's Very common for someone to get a large amount of years experience in something, all to later turn around and do a somewhat related consulting position.

 

[Schfifty Five]

Let's say 3 years from now when I'm 30 with all my debt paid off, and nearly married, I want to switch careers.

Wouldn't it suck starting from the bottom again? My entire vision is to get AWAY from engineering, not learn more about it and move into a role that goes more deeply into it.

Perhaps, but you'd be doing it probably debt free.

Hell, I switched from EE to accounting when I was 30. Went back to school and got a masters in accounting, and now I'm a CPA with nearly 5 years of public account experience. I had to start from the bottom but I'm doing pretty well now.

 

[Vdubchaos]

Since you seem to have your mind made up, turn in your resignation Monday morning.

Wouldn't it suck if in 3 years from now when you are 30 you realize that you hate IT, have shit pay and can't pay back any of your student loans, thus you can't get a house in your name because your debt to income ratio is horrible?

Not only that

$170k investment for education.....down the drain

 

[Schfifty Five]

Since you seem to have your mind made up, turn in your resignation Monday morning.

Wouldn't it suck if in 3 years from now when you are 30 you realize that you hate IT, have shit pay and can't pay back any of your student loans, thus you can't get a house in your name because your debt to income ratio is horrible?

Not only that

$170k investment for education.....down the drain

And he might still be single.

 

[SeductivePig]

I agree with what all of you guys are saying, but do you really think it's a requirement to be 100% debt free in order to switch careers?

Lots of people have car payments and credit cards, mine aren't even that bad.. My credit cards are 0%, my car is $7.7k at 1.99%.. The student loan debt can be bought down to $50k next year..

I feel that if I waited until the end of next year, I could get my debt down to $50k, and then switch to something different - it may not necessarily be IT, it could even be finance, but my point is that I need a different job. This is the age to be making moves, not settling down into a stable job..

I have worked alongside very accomished people in my field and they are doing literally the exact same thing as me, 30-40 years into their career..

I just feel like a lot of people preach what they don't even practice, especially off the internet.. The other day I read someone saying you shouldn't buy a car for $40k unless you have $1 mil saved because you can't afford the hit in depreciation.. I mean really?

 

[s0me0nesmind1]

I agree with what all of you guys are saying, but do you really think it's a requirement to be 100% debt free in order to switch careers?

Lots of people have car payments and credit cards, mine aren't even that bad.. My credit cards are 0%, my car is $7.7k at 1.99%.. The student loan debt can be bought down to $50k next year..

I feel that if I waited until the end of next year, I could get my debt down to $50k, and then switch to something different - it may not necessarily be IT, it could even be finance, but my point is that I need a different job. This is the age to be making moves, not settling down into a stable job..

I have worked alongside very accomished people in my field and they are doing literally the exact same thing as me, 30-40 years into their career..

I just feel like a lot of people preach what they don't even practice, especially off the internet.. The other day I read someone saying you shouldn't buy a car for $40k unless you have $1 mil saved because you can't afford the hit in depreciation.. I mean really?

You asked for advice. About 10 people here gave you the same answer.

10 People that have been much further in the working world, as well as with the asset/debt worlds.

Yet you continue to try to convince yourself otherwise. Why ask an informed opinion if it's immediately dismissed? You're not even in your fucking 30's and you are talking about "settling down". As I said, you have plenty to learn in life. I guess it must be done by bashing your head into the wall until it hurts enough.

 

[SeductivePig]

You asked for advice. About 10 people here gave you the same answer.

10 People that have been much further in the working world, as well as with the asset/debt worlds.

Yet you continue to try to convince yourself otherwise. Why ask an informed opinion if it's immediately dismissed?

I'm not dismissing their opinions. I am leaning towards staying at my company until I see fit to do otherwise. However, it's a major decision - I'm trying to see the repercussions from both side of the equation. So far I only see people saying no to what I proposed, but that doesn't mean other people may not have just as much of a compelling argument for the other side.

Also, why are you so hostile? Never really understood how people could get so angry about something that has no effect on their life.

You need to chill out man.

 

[child of wonder]

Stay at your job and keep paying down that student loan as fast as you can. That thing is a ball and chain attached to your ankle and the faster you free yourself, the better.

As others have said, refinance it to something more manageable as soon as you can as well.

Once that thing is payed off, focus on getting rid of your credit card debt and boosting your savings.

For fuck's sake, don't change careers or go back to school. You made an investment in EE at the cost of $165k+interest and are making a good living. Don't throw that away. Find hobbies to fill your personal time if your job isn't interesting you much anymore.

It could be far, far worse and if you try to get cute and mess up a decent, though boring, job you'll regret it.

 

[JSt0rm]

look for part time work to supplement the 40 hour work week (some small company may need a EE but not really need a fulltime ee). Pay all your debt off in 3 years. 30 is still young.

 

[jlee]

I agree with what all of you guys are saying, but do you really think it's a requirement to be 100% debt free in order to switch careers?

Lots of people have car payments and credit cards, mine aren't even that bad.. My credit cards are 0%, my car is $7.7k at 1.99%.. The student loan debt can be bought down to $50k next year..

I feel that if I waited until the end of next year, I could get my debt down to $50k, and then switch to something different - it may not necessarily be IT, it could even be finance, but my point is that I need a different job. This is the age to be making moves, not settling down into a stable job..

I have worked alongside very accomished people in my field and they are doing literally the exact same thing as me, 30-40 years into their career..

I just feel like a lot of people preach what they don't even practice, especially off the internet.. The other day I read someone saying you shouldn't buy a car for $40k unless you have $1 mil saved because you can't afford the hit in depreciation.. I mean really?

If I have 30 years into any career and I'm not retired, I'm doing it wrong.

What do you want? Do you want to be like everyone else and carry debt forever because "it's not that bad"? Or do you want to knock it out like a baws and then do wtf ever you want without a ball and chain?

 

[kt]

I'm not dismissing their opinions. I am leaning towards staying at my company until I see fit to do otherwise. However, it's a major decision - I'm trying to see the repercussions from both side of the equation. So far I only see people saying no to what I proposed, but that doesn't mean other people may not have just as much of a compelling argument for the other side.

Also, why are you so hostile? Never really understood how people could get so angry about something that has no effect on their life.

You need to chill out man.

Sounds like you've already made up your mind and just looking for us to validate your decision.

 

[rcpratt]

The grass is not always greener. Do you really think that you will like your new job that much more to validate that 50% pay cut?

You have way too much debt to take a 50% pay cut right now. I don't see how there can be zero options to advance your career in your field. There are a lot of companies out there. You should have enough experience to jump to the next level in your field, not take a pay cut to a generally lesser educated position.

Also, your credit card attitude is stupid. You can't say there's no interest if you keep paying balance transfer fees. Start paying off your credit card, then keep paying off your loans. The car is fine.

 

[jlee]

If the CC's are almost out of the promotional period, transfer to Chase Slate at 0%/no fee for 15 months and schedule payments so you're paid off by the time the 0% period runs out.

 

[SeductivePig]

The grass is not always greener. Do you really think that you will like your new job that much more to validate that 50% pay cut?

You have way too much debt to take a 50% pay cut right now. I don't see how there can be zero options to advance your career in your field. There are a lot of companies out there. You should have enough experience to jump to the next level in your field, not take a pay cut to a generally lesser educated position.

Also, your credit card attitude is stupid. You can't say there's no interest if you keep paying balance transfer fees. Start paying off your credit card, then keep paying off your loans. The car is fine.

A 3% bt fee equates to a 2% apr for my credit card. I would rather take the money that I use to pay off credit cards and invest it in a low risk index fund which gains 8-12% interest.

Besides, some credit utilization is better than none, apparently that gives a better credit score. How is my methodology stupid?

 

[s0me0nesmind1]

No "low risk" Index fund returns 8-12%. What are you smoking? Seriously dude.... Take some advice here. You need it.

And no - Credit card utilization is NOT good for your credit.

 

[child of wonder]

Low risk index fund that gains 8-12% interest?

Sign me up for that shit.

 

[jlee]

A 3% bt fee equates to a 2% apr for my credit card. I would rather take the money that I use to pay off credit cards and invest it in a low risk index fund which gains 8-12% interest.

Besides, some credit utilization is better than none, apparently that gives a better credit score. How is my methodology stupid?

You maintain credit utilization by charging regular expenses to credit cards and then paying them off in full when they're due. You don't have to carry a balance. 8-12% is not guaranteed - over a ~40 year period, you can generally expect a 7% return (inflation-adjusted). Your student loans need to go ASAP.

Paying your student loans off is a guaranteed 8% return. That needs to be your top priority.

 

[doubledeluxe]

You are in no position to move. You won't be with $30,000 in the bank either. To commit career suicide and flush your education down the toilet really requires that you find a job you'll truly love and some money in the bank.

I did what you're suggesting. I switched fields completely. However I had tons of money in the bank and zero debt. I also built up a CV which you probably haven't done with only 3 years experience. I also didn't spend $165,000 on my education. I think you're making a pretty big mistake unless you are positive you're going to love your new job. Not many people do. At least if you aren't super keen on your job you're making lots of money.

You need to stop thinking of yourself as having savings when you have $15k in credit card debt, etc. Work, pay off that $22,500 and work some more until all your student loan debt is gone and you have a lot of money in the bank. Otherwise you're going to switch jobs, take a 50% paycut, maybe not like the job, stress about having less money, and have too little savings.

I have met people, mostly lawyers, who have debt like you or more and want to get out. They're going to pay off that debt, put hundreds of thousands in the bank, and then switch fields. It's far less stressful.

Lastly I wouldn't switch fields unless you have good contacts and are going to be in a decent position of power. Do you really want to switch to a field where you have less experience with others and nothing giving you job security?

 

[SeductivePig]

You are in no position to move. You won't be with $30,000 in the bank either. To commit career suicide and flush your education down the toilet really requires that you find a job you'll truly love and some money in the bank.

I did what you're suggesting. I switched fields completely. However I had tons of money in the bank and zero debt. I also built up a CV which you probably haven't done with only 3 years experience. I also didn't spend $165,000 on my education. I think you're making a pretty big mistake unless you are positive you're going to love your new job. Not many people do. At least if you aren't super keen on your job you're making lots of money.

You need to stop thinking of yourself as having savings when you have $15k in credit card debt, etc. Work, pay off that $22,500 and work some more until all your student loan debt is gone and you have a lot of money in the bank. Otherwise you're going to switch jobs, take a 50% paycut, maybe not like the job, stress about having less money, and have too little savings.

I have met people, mostly lawyers, who have debt like you or more and want to get out. They're going to pay off that debt, put hundreds of thousands in the bank, and then switch fields. It's far less stressful.

Lastly I wouldn't switch fields unless you have good contacts and are going to be in a decent position of power. Do you really want to switch to a field where you have less experience with others and nothing giving you job security?

I am convinced at this point. Thanks for the help.

 

[kt]

Low risk index fund that gains 8-12% interest?

Sign me up for that shit.

Forget that 8-12% interest, get me some of whatever he is smoking!

 

[s0me0nesmind1]

Oh yeah, since you're thinking about "the future" and your "marriage" that doesn't exist - if you're thinking of consulting I hope your future wifey loves for you to be gone 80-100% of the time.

My wife wants to stab me death when I leave on a project =[

Just saying, you REALLY want to think these things through. Traveling gets really boring really fast as well.

 

[CraKaJaX]

I'm curious as a fellow EE as to what field you're in that you're working alone 95% of the time? Unless you started your own company and work for yourself, I don't even see how that's possible. Could you elaborate?

My two cents - Instead of going back to school and burying yourself any further, I'd take the FE (If you haven't already) followed by the PE. It's a couple hundred bucks when it's all said and done, but worth every penny assuming you pass. Not only will it get you a huge promotion wherever you're at, but you can literally go anywhere and find a job. Companies want PE's. I'm all set to take the PE in October. If I pass I go from 'engineer' to 'lead engineer' = $$$$$$

Just a thought.

 

[IHateMyJob2004]

Look, the $165k is done, it was for a top 10 EE program, doesn't matter now. I cleared $68k in 3 years. Credit cards are the least of my worries, I can just balance transfer them to another 0% interest card until I'm comfortable paying them off.. And yes I know about the minor transfer fee, it would be an effective 1.7% apr. I value cash more than anything right now.

I actually have a lot of flexibility which is why I'm considering these options.. I'm not some idiot trying to get a $40k job with this kind of debt.

And I'm not talking about stereotypical IT either, think along the lines of management consulting.. Akin to that field.

Learning the hard way that engineering requires a good, not great, school. You don't like engineering and that is the path you want to take? Hrmmmm

 

[IHateMyJob2004]

Oh ya, I'll reiterate what others have said.

After doing something for 5 years, you will be sick of it. Any interest that turns into a career is going to no longer be an interest. It's called work.

Your goal just needs to be to get up the career path through promotions.