How Much is a Year Worth?
Posted on May 12, 2011 | 25 comments
I was thinking about this question today as I was deciding if I should quit my job or just continue working for year and save some money for our big adventure.
Just how much is a year worth?
My guess is that most of you would not trade anything for a year with your family or friends. And yet, most of us do it everyday. We spend the bulk of our days making money in exchange for the time we could be spending doing what we love. That's just the way of the world I guess. We have to make money to spend time to do what we love. But when does it end?
When is the house good enough?
When is the salary big enough?
I wonder.
If someone offered you $30,000 a year to stay away from your kids for 10 hours a day, would you take it? How about $50,000? 75,000? What if it was $30,000 dollars a year to quit doing what you love and sit in a chair for 10 hours a day for a year. Would you do that?
The questions sometimes get tougher to answer when you look at them differently.
The Dilemma and Your Helpful Advice
I've actually got a bit of a dilemma which is the reason I asked this question. I could use some sound advice.
I have two options sitting on my table right now.
OPTION #1
A promotion! A 25% raise. One more year spent at a job I am good at and really have no problem tolerating. Yeah, there are some limits put on my ability to work on this site and plan our upcoming adventures, but I can still get stuff done in that regard. We were not leaving for a year anyway.
The raise is all savings. I wasn't planning on it, we don't need it, but it sure doesn't hurt especially when you are planning to wander around the world for the rest of your lives.
OPTION #2
Quit! Leave! Give my notice tomorrow. Pull the kids out of daycare, start being a full-time dad, and scale down on all the wasted dollars. Start working on this blog and other projects with a clearer mind. Have a slower, calmer, more frugal lifestyle. We would have less savings when we travel, but we would have more time to plan and figure out ways to generate income. In all a happier, budget conscious family.
Obviously, I prefer option #2. But I am also aware that option #1 doesn't really hurt.
I wrote a post a few weeks back about giving up money for happiness. I guess that also explains my dilemma in a nutshell, and also makes my decision seem pretty simple. Who wouldn't trade money for happiness?
But how much is happiness worth?
How much is a year worth?
What would you do?
And thanks for the help!
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All the Best in Your Adventures!
The Great Family Escape
You haven't mentioned where Heidi is in all this decision making process. Did you plan to quit now all along or were you planning to work until you were ready to go (in which case the raise is just a bonus)? You say you don't mind your job, a huge benefit for someone like me who hates her job, so how difficult would it be to do another 6 months or so? Your kids would only be in daycare for that relatively short time and then you and Heidi will be with them 24/7. The more savings you can manage to squirrel away now, the more options are open to you later (not to mention less stress if something unforeseen comes up!). Personally, I know that I would be somewhat resentful if I was going off to work every morning while my spouse stayed home to play with the kids and the computer. Heidi may not see it that way but you sure don't want to start your adventures with any underlying friction between you so you need to be really honest about the pros and cons.
HA! That is Great! Heidi is chirping in my ear as I am writing the post, "Quit! Quit! Quit!"
Good point though. It is easier for both of us if I stay home. Is staying home easier?? Funny how, It used to be the other way around. I remember when "housewives" were resentful of father's who went off to work all day. Times have changed.
Savings only goes so far really. Staying home affords more time to generate possible income down the road. Tough call.
A good dilemma to be in, but a dileema none the less.
This is by the way, THE GREAT FAMILY ESCAPE, I should put in fine print that all decsions are made as a family. I would never have the guts or nerve to make decision like this without Heidi. That would be BAD!
It is such a personal decision with pros and cons to both outcomes. I say go with what your heart tells you is right. The heart always knows, even when the head is confused.
Amy recently posted..Interview with Our Travel Lifestyle
In that case, "I quit!"
Sometimes I wish my heart pumped out money.
The number one option has to be dissected a bit further before coming to any final decisions.
If i have a job moving boxes from point A to point B, then what does it matter if i get a raise or not!? The job would be so depressing and not worth a damn! If i am washing dishes for a living (which i did) no money on earth would be worth keeping that job. What if you have a great job though!? A job that makes a huge difference in this world. There are certain jobs that go further than just the job at hand. Teachers, firefighters, military, and many others come to mind when thinking about worth while jobs. These people are making a direct impact in our world. Raise or no raise the job is worth so much more.
Anyway, with all of this in mind i would take option 1. No doubt son!!! But that's just me.....a simple mind in a simple architectural world!
E
Wow, we are alike. I went through the exact same thing. I had asked for a leave of absence from work back in November, and had heard nothing by the end of March. At this point I was planning to give 1 month notice at work and resign at the end of June.
Then, to my surprise, I was offered a promotion. The job paid somewhat better than I was being paid now, involved a significant increase in responsibility, and I needed to re-locate to another city. It really wasn't fitting with my plans to travel the world, and accepting this position for a 3 month period and then resigning would certainly have blacklisted me at the company and ruined any possibility of a good reference.
The worst part was that I had been working towards this promotion for the past 3 years. Right up until I decided to travel the world, I was set to climb the corporate ladder. That job was the job I wanted to do most, and had I been offered it a year prior I would have gladly accepted.
Ashley and I opened up the debate. Do we travel, or do I take this promotion. After a lot of discussion and a few nights sleep, we decided that we didn't really need the money, life was short, and it was time for us to pursue our dream.
I gave 3 months notice for my resignation and haven't had a second thought since.
That's my story, I'm not going to tell you which option to take, you need to talk it over with your family and sleep on it a few nights. Do that, and I'm sure you'll make the right decision.
Mike Lenzen | Traveled Earth recently posted..Why Mike Wants to Travel
Crazy! Sometimes I feel we are all going through the same thing.
For me, stay or go now doesn't change my plans for the future. In a year we are out, just wish it was sooner I guess. It all comes down to doing the right thing, which often isn't the easiest thing. Thanks for sharing Mike. We will be watching you guys as you set out RTW. All the Best!
When have I been known NOT to weigh in on something like this (or anything for that matter!).
Actually, I've been the devil-may-care promoter of option #1 (quitting) for some time now. I am simply of the philosophy that if you wait for the perfect moment, you'll wait forever. I can't help but think of that line from When Harry Met Sally, "when you figure out what you want to do with the rest of your life, you want the rest of your life to start right now". That's where I tend to come from on this.
But I often have to be tempered, because I know I jump in first and figure out the details later, which isn't always the smartest approach, either. It's a great way we balance each other in life decisions.
So, we are still weighing our options and asking for opinions of like-minded and/or vested people seemed like a good way to figure things out.
It's funny, I've never for a moment felt resentful that he would get to be at home. I suppose I should feel a little resentful. Actually, I saw how much it would help me, I'd be able to go into work a little later, not rush home to get dinner on the table. I'll get to come home and play with the kids for a while before one of us has to make dinner (or he'll have it waiting for me, a la fifties housewife??).
It's a tough one. Maybe that's why I go for Option #1. When a decision is too tough to make, I go with my emotional gut-reaction, and that happens to be #1.
Thanks for weighing in everyone! We'll keep you posted.
Heidi
Option #2.
I am linking on my name to why I quit my 6-figure comfortable, super easy, work-from-home, 11.5 year career to not even travel full-time but to live life on my own terms.
Waiting had become sickening for me but I had build quite a nice nest egg and I think it's important to be financially smart and sound but when greed creeps in, beware.
Maybe do a full budget of how much you need toward those travel dreams.
Best of luck! Sounds exciting.
Farnoosh recently posted..51 Reasons Why Entrepreneurship Is My Path to Fulfillment
Thanks! One thing we have realized is that there is no magic number. 10 years ago, we left for a year in China with about $600 bucks, and we came back with 10x more money than when we left! Plus we traveled everywhere. The key for us is not saving, but making money independently. That said, with kids, savings and security always help you sleep a bit better.
Thanks for the input. As with anything, it always helps to have the helpful advice of others.
Postponing will not improve the experience...that's my motto.
We all want to have more money. If you wait for a year with that 25% raise, you might want to get more after that. It's never enough. Do what your gut feeling tells you. I (and with me Farnoosh from Prolific Living) believe that traveling is the best investment one can make. It will teach you and your kids about different countries, cultures, habits, people, etc, etc. We have traveled to Africa, Asia, Europe and the States with our kids as we want them to engage with different cultures as early in life as possible. Don't wait..
Say 'groetjes' to Heidi (she is your Dutch wife, am I right?)
Emiel recently posted..Texture of a good travel life or why we take our kids along
She's Canadian, but her parents very much Dutch!
Another thing is my son is only 2.5 years old. 1 more year helps him a bit I think(us too).
Either tomorrow, our a year from tomorrow, we are out. But I agree, stuff happens. Maybe no sense in waiting around for something to come along and screw up the dreams.
Thanks,
Emiel
I've been following your website since you started as my family is planning a similar life transition though on a slightly longer timeline (July 1, 2014). I might put up a website and blog one day but who knows? I don't think anyone can answer this question for you and have it be right as it's so unique to your family dynamic and personalities, but I will tell you our experience. My husband is a fabulous and amazing Dad who stays home with the kids while i continue working at my 8-5 job to earn the investment dollars we need for our future. He would love to use that "extra" time to figure out more independent money making opportunities but the reality is that two girls (7 and 1.5 years old) need almost all his attention. In the 60-90 minutes a day he gets when they're playing, napping, or otherwise too busy to notice him, he still has to have half an ear on what they're doing and can't really focus on anything else (not to mention he's exhausted and really needs that time for a break!). For us this still works and it is worth it. He might not be as productive as he thinks he should be (though I think he's doing fabulous things) but the time with the kids is amazing and worth giving up every penny of salary he would otherwise make. And I promise I have never resented him for staying home. In fact I think between the two of us I have the much easier role in the family right now. I know he would tell you it was far easier to drop the kids at daycare and go to a job than it is to stay home and find new experiences to engage the children and expand their little minds. So, if I were you I would first determine the financial cost and benefit of the two decisions. Then I would weigh your individual and familial preferences. Finally, once you know what you really want to do determine if either of these choices will impact your ability to leave next year. Then you can plan around doing what you really want and minimizing any negative consequences. In the end only you guys will know what works best.
I seriously appreciate you sharing. I can relate.
Time is a huge element to this. Quitting doesn't allow me to get more work done. Heidi and I work on this site at night after the kids are sleeping. That's the only time we can focus. I get where your husband is coming from, I can focus on my kids and that is it. So quitting now gets me more time with my kids, which is great, but also not ideal.
I don't know, I might ride it out and wait 'til we "launch" next year.
All the best to you guys. If you ever have any questions, feel free. I hope we can create a little path for you guys that will help you in 2014.
All the Best! Keep in Touch!
Take the job!!! Here is my line of thinking. You are already planning on quitting, that will not change and soon you will get to experience the lifestyle that you desire. But each new experience in life provides new lessons and new perspectives that you learn from. Take the promotion, not for the sake of money, but rather for the experience and the opportunity that it affords you. Once you are in the position for a couple of months then you can make the decision to remain employed, or move on to a different experience.
Opportunities and experiences are the spice of life. Just because it might be hard work does not mean that you should pass. Just like the tandem bike Jay - jump on this and see what the ride is like. You never know what may come of it.
It's not the hard work at all. There are 2 adventures on the table here.
THE PROMOTION or SATYING AT HOME WITH THE KIDS FOR A YEAR BEFORE WE LEAVE.
I would love spending the summer tramping about with the kids. That's an adventure right?
I do agree that everything offers a chance to learn. But I must admit, if money is off the table. I am a stay home dad.
If you take Option A - what happens next year when they now offer you a 40% raise to stay yet ANOTHER year?
You will always find reasons to put off pursuing your dreams, so my advice is to DEFINITELY go with Option B.
When Pete and I sold the house to travel, it took us almost a year, and a drop in price of over $100K! Ridiculous, right? We could have taken it off the market and waited for it to bounce back, but well, we would still be waiting and have missed out on all the amazing experience we've had (or at least, they would have been different). We took the hit, and know we will have to be more creative to make this work for as long as we'd like, but that's OKAY. We're up for the challenge!
Dalene - Hecktic Travels recently posted..Latin American Food- I Won’t Miss You
Dear Justin and family
By now you have probably made a decision already and what ever you have decided, we wish you good luck.
During our travels, we often face a similar situation and have to make a similar decision (although at much smaller scale):
Imagine a long, long bus journey, somewhere in a hot, hot country. Lots of noise, lots of pollution, lots of smoke on the bus and lots of bumps in the road. Imagine we have been on this bus for 12 hours and we are all tired, dusty and a little bit moody.
In a few minutes we will arrive in a big town (with lots of noise, pollution and smoke). We can get off the bus, look for a hotel room and stay there until we have recovered and are ready to move on.
Or, we can stay on the bus for just another 2 hours and get to a little paradise. A beautiful, quiet beach, no noise, good air, great relaxation.
So shall we agree and endure just a litte more hardship knowing that we'll get a really good deal at the end of it or shall we get off now, spend time in the big city and maybe get to the beach later?
Each time we are in such position, we decide on the spot, according to our feelings, our general mood and our level of endurance. Each time, the decision was right.
Your quote "But I must admit, if money is off the table. I am a stay home dad." made me think a bit though. If money is your sole motivation for your job, it might be time to change your career alltogether. Maybe, if you had a more satisfying line of work, you might not feel that way.
Even though we love spending time with our children, we also like to have something "apart". Some other imput, some other surrounding, some other tasks. When we travel, there is so much else to do that we don't actually have too much time for each other, but when we stop somewhere for longer, we always find that after an initial relaxing two months or so, we are looking for other little jobs. But of course, we are all different, and I can imagine there are parents who will feel great just being a parent.
Good luck for your travel preparation time and your travels. Enjoy the world.
By the way, we recently published a comparison of our six best family destinations and a guide book for travelling with children on our website.
All the best from Mexico.
Nadine and family
Nadine Hudson recently posted..Guanajuato – Lebendigkeit und Mumien in einer Stadt
I'm in a similar dilemma! I appreciate your insights, as they make me feel less alone in my own struggle to decide in my own case. To work another year, or take off now...
If you decide to work Lisa, just make sure it is for the right reasons. Don't get sucked in. That can happen.
What's your situation? Maybe we can help. Feel free to email and we can swap ideas.
Thanks for the visit!