If you read my Misc. Income Report (Earned through 12/17/21): $243.01 post, then you might have known this was coming. If not, now you know!
For the past few months, it has been quite obvious that I have been frustrated with my boss and compensation at University B. In fact, I seriously thought about quitting and only backed away from that decision after I realized I would lose all of my employer matches to my 403b contributions as I had yet to meet the three-year vesting date. I was frustrated, a bit depressed, and felt stuck but I was planning to ride it out until July of 2022. How quickly things can change…
The week before Thanksgiving, a colleague and friend reached out to tell me that they had been made aware of a role with a non-profit for which they thought I would be a good fit. I reviewed the role and not only was my educational experience exactly what they were seeking but my work experience also matched up neatly with what the organization stated were its’ future objectives. Unlike most instances in which I would piddle around and ultimately not end up applying, this time, I invested significant time in writing a very tailored cover letter, updating my resume, and getting feedback about both from others. And it paid off.
The head of the organization reached out to me the week after Thanksgiving to set up an initial interview. I was then offered a second interview with a larger swathe of the staff for the following week. And this week, I was invited to a follow-up meeting with the head of the organization that was ultimately so they could feel out my continued interest and make me a verbal offer. I received a written offer less than an hour later.
AHHHHHHHHHHHHHHH! I cannot begin to explain how excited I am. As I have hinted at in all my posts this month, this is a career-defining opportunity as it means a significant increase in income (+$26,000.00) and positions me well, in terms of job title and responsibilities, for my next role.
I know that this is a personal finance blog and I owe you all the gory details as to what this means for my student loan debt repayment plans, and that post is coming, but for now, I just want to be ecstatic.
As always, THANK YOU all for your company and support along this journey.
Ms. Afro Penny 
AHHHHHHHHHHHHHHHHHHHHHHHHHH!!!!!
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Periodt. Really nothing more needs to be said. ❤ you for all of your support.
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Woooooohooooo!!! 🥳🥳🥳 I’m smiling IRL because of this! Congrats AP, you so deserve this!!! So excited for what this new role will bring for you and your future 😊
When will you start this one and leave your old job?
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Awe, thanks Avery! I so appreciate the real smile.
The new role will start in late January…however, “leave” my old role is up in the air… My current role is somewhat specialized and it will take several months at University B for them to have the time to replace me. For that reason, my boss and I are floating the idea of my role temporarily moving to part-time to HR. HR can be very mercurial so we will see how this plays out in January.
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CONGRATS!!!!!
And just a little thought that I had which might be something for you to chew on… I apologize in advance for saying more than
WOOOOHOOOOOOO! But I’m so happy for you my mind is racing…
Even if all you did was use the 25,000 increase and lived normally on an amount equivalent to your old salary (without student loan payments coming out) you’d be free in about 4 years with much less belt tightening! It would be the same money you’d have had if you were in your old job with no debt!!!
And no more weekend gigs…
Or alternately, since the debt interest is so low, invest that 25 K in to retirement, paying for med school, whatever you decide to do!
I know that debt has been a monkey on your back, but now that you have a comfortable salary, deductible student loan interest at a really low rate- not sure where inflation is right now but I’d say it’s likely close lately- may not be such a devastation.
At any rate, the possibilities for that amount of increase are delicious!
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THANK YOU, Paula 🙂
I love the way you responded and you should always respond in a way that is you. 🙂
So as always, you bring up a lot of good points that have been rolling around in my head since I signed the offer and I’m probably going to namecheck you in a post in January once I get my first check and break down my new budget…some preliminary things to note are that the 403b match at my new organization is kinda ridiculous…like between 18-22% (I’m trying to be discrete here because it is a small organization but I recognize this is futile once I share my budget). Between my new income, an academic summer gig I have already lined up (although, who knows how Omicron will change that), and the potential to stay on part-time at University B, it is likely that I will no longer be eligible for the interest rate deduction…I KNOW!
But yes…easing up on the gig work is definitely a plan for 2022…if University B keeps me on part-time, then it’s a done deal. If not, we will see.
But yes, tons more possibilities with the increase that happened here. So grateful you are open to working through them with me. 🙂
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OK, now that I’ve calmed down I have some questions 🙂 First and foremost: how is this going to affect the med school situation? Do you still plan to move forward with that in a year?
Second, I too am curious about the destiny of the salary increase. I’m inclined towards rapidest possible student loan payoff, after the 401k match, but curious if you would rather have more savings and do a slightly slower debt paydown. All moves are good moves, so it’s just about balancing them….
Third, I realize that the gig work has just made PSL4 payoff a massive success, but I think you should be done with it now given the salary increase! I continue to worry about overwork and burnout for you….
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Hey C, so I replied to you separately in an email you sent me but just for anyone else reading this…
1) I will address the med school situation in my end-of-the-year financial review post which will be posted tonight or tomorrow.
2) I will address this in a post early in the new year once I have figured out what University B is going to do about my transition but right now the plan is to max on the 403b savings to help catch up on my retirement savings and then…yea, okay, I need the help with the and then…folks in my life have lots of conflicting opinions. I will lay out the other options and solicit advice from you all before making a decision.
3) I think you are correct. Other than work that was already scheduled, I have not accepted any new gig work since signing my offer letter for my new job. I think my approach to gig work in the new year will have to be different…
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Wow, this is so EXCITING! When it rains good news, it pours! Congratulations on your new position. That pay increase is huge and you deserve it! And the 403b match is so great! Whatever you choose to target next doesn’t stand a chance. I’m happy for you and so excited to read along in 2022!
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Thank you, Ellen! And I KNOW! I had predicted that December would be a pretty exciting month back in November when I realized I could pay off PSL4 and get below $90K in student loan debt but this new role…I am so incredibly grateful and feel like I don’t deserve all of this good fortune despite the fact that I do realize that these have happened as a result of hard work and sacrifice.
Thank you so much for not only reading but for all of the encouragement you have offered along the way. I hope you and your loved ones are safe and as well as can be, and I look forward to connecting with you in 2022!
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You are so rocking it, woman!! It’s really uplifting to see your accomplishments this year and to know about the good things coming your way. Congratulations and you DO deserve it.
Best wishes in 2022!
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Thank you so much, Hope 🙂 And thank you for reading, the kind words, and the support.
Best wishes in 2020 for you and all of your loved ones!
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I am so happy for you!!! It is one day less the month that you wrote this. How is the job going? Again I am super duper glad you can breathe a bit easier. I am thinking that you could live the life of the money you made previously and use the rest to pay down your debt.
So don’t break the monthly budge that you already had. This is a thought and one I will be utilizing for my car debt. 😁
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Awe, thank you so much Blissful…there is actually lots of news on the money/income front and I need to do a life update post ASAP.
I definitely got a bit spendy in December after I reached my 2021 Financial Goals and I paid for it dearly in January (which was also a bit spendy) but February will see me righting the ship.
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