New Job Opportunity for the Loonie IT Guy!
For the first time in nearly 8 years, I will be working at a different company. While I wasn't actively looking for a job, I did keep an eye open on new positions via email notifications and through a job app.
Over the past few years, I have gotten used to a certain routine of a relatively short commute. Driving to work takes up to 30 minutes if traffic isn't good. With no cars on the road, it only takes 21 minutes. The commute home in the afternoon is only 20-25 minutes.
As a result of this commute, I've been extremely picky about applying to the companies with open positions. Generally, I've only applied to companies located in Markham or in downtown Toronto.
This particular company I'll be moving to is located in downtown Toronto so my commute with be at least one hour each way. Additionally, I will need to commute by train. As a result, each month will cost an additional $300. However, in terms of location, a downtown commute is pretty stress free as I just need to hop on a train and relax. I'm fortunate in that I don't need to transfer to the TTC or walk at least 20+ minutes. My new office is located only 5 minutes from the train station.
If the commute costs an additional $300 and takes an extra hour and 20 minutes, why would I take the job?
Well, aside from the 36% increase in salary (which more than covers the increase in commuting costs) , I feel this is an opportunity for me to learn new things. After almost eight years at the same company, I feel that I have learned everything that I can and I'm starting to stagnate.
I also work at a company that has a warehouse full of old stock. Some of which hasn't been touched for over 20 years... That's 20 years of dust. I'm semi-allergic to dust. If I get some of this old dust on me, I break out in rashes. If I breathe some of this dust, I may have an asthma attack. Not exactly a pleasant situation to work in. You do your best to avoid it, but considering the whole office contains hats, it's really unavoidable.
Of course, working downtown will have its challenges as well. Especially, money wise. Instead of business casual, I expect the dress code to be more business formal. That means I'll need to keep my suits and dress shirts spotless. That may mean dry cleaning costs. If I'm careful, I could probably avoid it. However, I'll need to spend more time ironing my shirts.
It also means socializing with coworkers. That may entail lunches or drinks after work. I will try to limit the damages to the wallet there, but fortunately wifey and I have our own discretionary budget. Where I work currently, everyone is busy with their own families, so there's really no socializing after work. The socializing is more done at work.
However, what does changing jobs mean for our goal of financial independence?
If I manage to last a year at my new company, there is the option of joining the group RRSP where the company will match my contributions. I'm not sure how much they match. Is it 100% of 5%? 3%? Is it 50% if you contribute 6%? No idea. I think that's something for me to only learn of if I make it through the year.
Either way, that's less money that needs to do into the RRSP and more that can go to the TFSA, RESP, or mortgage. As such, assuming my calculations and estimates are accurate with all the expenses and increases in taxes, we'll be able to retire a few years earlier than planned. At the very least, we'll be able to pay off our mortgage faster.
Overall, this new job opportunity will be both exciting and terrifying.
I'm looking forward to the challenge.