Is £50000 to £60000 promotion worth it ?

Moneycantbuyyourhappiness

£60k take home salary is £3522 per month.

£50k take home salary is £3038 and with child benefit (2 kids) this bumps it up to £3175.

So, it's only a payrise of £350 per month or £4200 take home payrise.

There are obvious costs involved in pursuing the promotion, such as stress and long hours.

Is it worth it ? Any advice would be gratefully received.

[Deleted User]

Not nearly enough information to say.

All else being equal, yes, £60k is better than £50k. But you need to factor in long term prospects, job satisfaction, financial commitments, personal ambition, domestic commitments, hours, personal motivation and so on.

mikep22

Child benefit with a £50k salary - you are having a giraffe! What a waste of my taxes.

As for "only" being a pay rise of £350 - many people on here would bite your hand off for such an increase.

Ultimately only you can decide whether the extra roles the new position would entail would be worthwhile. But for the majority of roles the decision would require a nano second of thought.

Half of me suspects you have only come on here to boast about the amount of money you earn now and could potentially get with the pay rise.

silverwhistle

I hope the new job doesn't require much in the way of decision making.. I went on a decision making training course many years ago, but in those days there wasn't the internet as an option for getting free advice!

El_Torro

As mentioned it depends on the down side of the new role.

Also, what do you plan to do with the extra money? If you just spend it then was it really worth it (I guess how you spend it can give you joy though). If you put the extra money in your mortgage or pension then maybe it can help you to retire earlier.

Depends what your life goals are really.

Moneycantbuyyourhappiness

mikep22 wrote: »

Child benefit with a £50k salary - you are having a giraffe! What a waste of my taxes.

As for "only" being a pay rise of £350 - many people on here would bite your hand off for such an increase.

Ultimately only you can decide whether the extra roles the new position would entail would be worthwhile. But for the majority of roles the decision would require a nano second of thought.

Half of me suspects you have only come on here to boast about the amount of money you earn now and could potentially get with the pay rise.

Sorry, I don't mean to offend. Just saying a £10,000 payrise, only give me £4200, so my effective tax rate will be 58% if I take up the job.

Trentenders

So cut your tax by increasing your pensions contribution. The cutting tax board or the pension board is probably a more appropriate place for your 'problem'.

Enterprise_1701C

I personally would go for it, especially as it means a better CV and must open the way for further promotion too.

Wizzbang

I believe research shows that £60,000 is the ceiling for earning/happiness. Research suggests that if you earn any more after that, you won't be any happier.

But, I would strongly consider whether being a higher rate tax payer means it's worth it. And ignore the sour grapes from some people on here, they love to put others down and it's just jealousy. Even £30K doesn't spread very far these days.

PixelPound

The question, really, is what value/cost would you put on the additional hours/stress plus less time with family. If the cost is more than the financial remuneration then maybe you should stick. If its baulking at paying a relatively high amount of it in tax, then as has been hinted at, look at using it as salary sacrifice. Can you do without the extra money now, or would you need more now to justify the extra stress etc, since piling the whole £10k into a pension would mean the taxman is giving you £5.8K for your pension. Plug the numbers into a pensions calculator and you could see if it means an earlier retirement is possible. Though again you would have to consider more time now with your kids verses more free time later possibly with grandkids.

Planet_Switzerland

Depends on how driven by money you are.


Many years ago I had an interview that paid quite well for a graduate job, but wasn't quite the right area for me. I know that I could have got that job as I knew someone who worked there, but they could tell at the interview I didn't want it. My first proper job after uni ended up being a very poorly paid job.


Whilst I've changed jobs and have had pay rises since, I've always felt I've been playing catch up money wise with my jobs and long for a proper boost in my wages. So I would definitely go for the pay rise.