Is Moving Up the Ladder Always Good Advice? Not Sure What to Do Here.

[Nu Vision]

So I work as a manager in a big hospital in NYC. Have been at my job for close to 8 years. No salary increase for the last 3 years. Have an evaluation coming up soon and plan to ask for a raise. I could get another job that pays more but there are some things I absolutely love about my job. I have flexibility to be off basically any day I want. I have a young son and sometimes I have to take off unexpectedly. My boss is a friend and I just have to tell her I'll be off. Don't even have to request it. Another thing is I have full medical benefits, retirement account that my employer matches, etc.

I also like that I don't have a lot of pressure. I can work at the speed I want and finish projects on my timeline pretty much. A friend says I've become too comfortable at my job and should move up and try to make more money. I can use more money for sure. NY is so expensive.

Any of you faced a situation like this before. I'm a manager but have minimal management responsibilites (just 2 staff members under me). I wouldn't like to have a big staff to manage. Some of you may think I'm being lazy here but just don't want to leave my job unless I'm getting a significant increase.

The laid back environment, good relationship with my boss and flexibility make it difficult for me to leave although I'm struggling financially and need more money.

Any advice on what I should do?

Thanks,

 

[SeymourCake]

I think this is a good article to read and it relates to the situation you're in.

http://www.forbes.com/sites/cameron...mpanies-longer-than-2-years-get-paid-50-less/

 

[Nu Vision]

Thanks SC,

I'll give it a read and post after.

 

[Nu Vision]

Read the articLe. Some mistakes I've made ...not asking for a raise every year. It used to arrive automatically with each evaluation 3%. then the recession came and I haven't gotten a raise in 3 years. My boss did day she will ask for admin to approve a raise for me saying she knows I deserve it. We'll see. At the very least I'll start looking at other opportunities and evaluate those. I don't like that job postings don't day how much the salary is. You usually have to go to interview to find out.

Thand again for the link SC.

 

[speed dawg]

There are different ways of looking at this.

If you love your job/career, I would probably look at job-hopping or asking for more money. Actually, rather than asking, I'd go out of my way to get myself noticed at work by the higher-ups.

On the other hand.....if my job was similar to yours......I may consider trying to make money on the side as a hobby. Keep the steady job, and don't rock the boat, keep the income coming in and the flexibility that goes with it. Look for something on the side to make yourself rich.

 

[Nu Vision]

speed dawg,

This is a perfect job for someone who wants convert a hobbie into a business and get some money on the side. I've thought of blogging.

What I decided to do is to look at what's available and if something pops up that pay more money and makes sense I'll go for it. I'd want to have flexibility in the other job also.

 

[Tenacity]

Yes, living in NYC is expensive, I stay in a great low cost of living area with no kids (and not making any kids), so I'm pretty much SET right now financially unless I do something totally stupid (which I won't).

But my advice to you is to look at doing a promotion. I understand that you like the flexibility, etc., but if you are saying that you are somewhat struggling financially AND you have a kid there, then you have to do what you have to do which is to take on the additional stress of the higher position for more pay.

It's sort of the trade-off of being "successful". Everybody wants to be successful, everybody wants a GREAT looking body, everybody wants to have good credit! But most of these people are unwilling to do the things that it takes to achieve such milestones.

Get ready to be stressed out, get ready to take fewer days off, get ready to possibly take work HOME with you, get ready to have your sanity be a little "off" at times. But also be ready to deposit the higher paychecks, put more into your retirement account, and RETIRE sooner than the other people "taking the easy road" at your place of employment.

 

[Nu Vision]

Tenacity,

I understand your point. Sometimes you have to sacrifice one thing (stress free work environment/flexibility) for more money. The best thing would be to get a substantial raise at my current position. I will ask for a raise. My annual evaluation is due. If I get it, I keep my job which I like and get more money ... win win. I'm struggling because of credit card debt I've foolishly racked up. Once I get rid of that I'll have more breathing room. If I don't get the raise then I will look for another job. But it would need to have a balance of things. I wouldn't sacrifice a lot of extra time away from my son to be at work even if it meant more money and being able to afford more stuff. I personally just want enough to live comfortably and have money for travel and entertainment after saving for emergency and retirement.

 

[Tenacity]

Tenacity,

I understand your point. Sometimes you have to sacrifice one thing (stress free work environment/flexibility) for more money. The best thing would be to get a substantial raise at my current position. I will ask for a raise. My annual evaluation is due. If I get it, I keep my job which I like and get more money ... win win. I'm struggling because of credit card debt I've foolishly racked up. Once I get rid of that I'll have more breathing room. If I don't get the raise then I will look for another job. But it would need to have a balance of things. I wouldn't sacrifice a lot of extra time away from my son to be at work even if it meant more money and being able to afford more stuff. I personally just want enough to live comfortably and have money for travel and entertainment after saving for emergency and retirement.

This is a good plan, do they require that you complete a degree or another degree for the promotion?

For the credit card debt, do you have other cards that offer the balance transfer promotional deals? The ones where you can transfer a balance over and pay 1% - 3% upfront, but get a 0% APR for the next 12-18 months? That would help reduce the APR costs while you climb out of the credit card debt.

I have a very high credit card limit in total across the cards I have, and I get those promo deals all of the time. They are great to use for short term 12-18 month loans because you are only paying 1% - 3% for them.

 

[Nu Vision]

No degree required. This wouldnt be a promotion but a raise. My title stays the same.

I got an offer on the mail for a card with 0% interest until October. one of my cards has an APR in the 20s. I'm thinking I should pay off that card and keep this one with 0 APR. By October the balance will be paid.