Has wanting money discouraged you from public service?
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Anonymous
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I'd very much like to go into public service. Possibly indefinitely, possibly for a lengthy chunk of time (7-10 years). But I also quite like the lifestyle we have now with two private sector salaries. I make about $300k/year all-in and my partner makes about the same. We don't have extravagant expenses, but we very much like the ability to buy plane tickets to go see family/take nice vacations etc. without thinking about the money.
My move to public service would probably coincide with my partner moving to a less demanding job. I would end up making around 150/year and my partner would make maybe 175-200. We'd also maybe like to have a child around then. This is obviously still a somewhat comfortable combined income, but with the rise in expenses it's a drastic lifestyle change. If people made the move in these circumstances, what did you do to deal with the income drop? (Besides saving more- we're saving as much as we can now-- about 175/year and maxing both 401ks) What things did you talk about with respect to whether or not the move is worth it? |
Anonymous
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My family dropped from $350k HHI to $250k HHI when I left a law firm to join DOJ. It didn't affect our lifestyle one iota -- we spent about $100k per year after taxes both before and after the switch. The only thing that changed is we squirrel away less money now but we're much happier. On the other hand, if you're spending most of your $600k HHI, then yeah I think it'd be painful to slash that in half.
FWIW, I think $100k (after taxes) goes pretty far in DC and affords a really nice lifestyle for a family. We go to nice restaurants and enjoy nice vacations. (Went to Italy this year and Austria last year). |
Anonymous
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My DH is public side and I'm private -- I'd really like to go Fed but it'd drop our HHI by about a third. Plus he stresses so much when there are furloughs and I stress so much when we have down periods at work, that I think hedging our bets is smarter.
But gorram I sure would like some of that sweet sweet AWS. |
Anonymous
| My H and I both work in public service. But... I took a higher paying public service job over teaching Math. I really would love to teach Math but I could not handle a salary that low. |
Anonymous
| I'd love to do something govt related, but DW is SAHM and we could t afford the pay cut. |
Anonymous
| First step is to sign up for food stamps. |
Anonymous
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We went from two private sector salaries/careers to two public sector. You can still live an extremely comfortable life as a family with a $300k HHI around here. Our HHI is around $275k and we max both TSPs, save $25k/year for kid college funds, and have plenty of money for a nice vacation 1-2 times/year, eating out, and really all that we want to do. Our tastes are normal upper middle class, not extravagant. We are both MUCH happier and have very flexible schedules and are almost always home for dinner with our kids.
Before I'd make the move, I suggest that you use your savings/private sector money to 1) pay off any debt other than your mortgage (student loans, car loans, etc) and 2) buy or set aside a large-ish pot of money for a home downpayment. If you set yourself up with a reasonable monthly housing cost (I'd aim for $3,500 or less), you will be fine. |
Anonymous
| Earning $350K year still puts you in the "plenty of money" category. Geez. |
Anonymous
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For dh, it isn't wanting money that has stopped him.
It is wanting a career. Yes, depending, it is possible to have a career trajectory starting in public service. But in his line, it would be close to a dead end. It doesn't apply to my line of work, so I can only answer to him. |
Anonymous
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You will be fine. Everyone adjusts their lifestyles when they have a kid. You'll just squirrel away less money. The idea of saving $175k per year (more than the vast majority of families in the area make in a year) is mind boggling. Go for the job that is flexible. That is the most valuable thing with a kid.
(FTR, yes, I avoided public service (teaching) because I wanted money. Chased money for a few years and ended up getting a masters and starting to teach. My income was cut in half (90k to 45k), but I am SO. MUCH. HAPPIER. Worth it 100%) |
Anonymous
| Glad to hear people are making it work. It will be a bit sad to see the savings rate go down, but I guess that's what public service is all about. Will definitely need to try hard to avoid the keeping up with the Joneses attitude though as most of our friend circle is in finance, consulting, tech etc. so we'll just have to accept being the less well off ones haha. |
Anonymous
| I make 50k as a teacher. We still paid off our house in our 20s and reached barebones FI by 30. |
Anonymous
Why do you want to go into public service? I've been in public service my whole career, and all my friends are as well. Not to discourage you, but you may not really be the public service type if you haven't already gravitated there and that's where your friends would be already. Those of us who do do it because we always had an inherently strong desire to do it. It was never even a question if I would go for the money. There are some who do private sector at the beginning of their careers to pay back loans but they never intend to stay long. |
Anonymous
In 1962? |
Anonymous
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Ha!
We are research scientists, and prefer to work in public research (NIH): cancer and heart disease. It pays very little considering the years of training required AFTER one's PhD! I wish we could make more money! But most biotech firms have their sights firmly on the bottom line and give their clients the minimum amount of quality (sometimes not even that) while billing them big-time. That doesn't sit right with us. |