Getting too "dependent" on this job...

[Anonymous]

This is my second full-time nanny position and I love my job, love my charge and love my employers. I have been with them for 2.5 years and my employers have always been true to their word. They are extremely appreciative and generous. And have never given me reason to worry about my job security. They are trying to have a second baby and have assured me that I will be employed when their child starts preschool MWF for half-days in the fall.

After about a year, my employers began paying 100% of my healthcare insurance as well as handling it. Now they want to lease a new car for me - for the job as well as for my personal use.

My last job ended suddenly when, out of the blue, they decided to put my then charge in daycare with two weeks notice to me. I was shocked. Luckily I didn't lose my car or my health insurance when that job ended so abruptly since the job never offered those things. No severance, no end bonus - nothing. I was lucky to have found this job right away and had savings but still...

So my question is, how dependent should I be on my employers? I can hope that these employers will not do that to me but, having been burned once, I am hesitant to give up my own car.

[Anonymous]

There is an easy answer to this: put away cash in savings equal to the amounts they are saving you each month.

Is your current car fully paid for? If so, I might also hesitate. If not, again, put your payment in savings each month. You can either use it if the job ends suddenly to buy a new car, or you'll be building a nest egg.

I know a few people who have company cars that they can use for personal use as well; they are drug reps, and do a lot of driving for work. It works out fine for them. You will want to think through questions about insurance and what happens if the job ends (my guess is that you could take over the lease if you want, or they could turn it back in).

Honestly, it sounds like they know they'll need you for at least the term of the lease (3 years), so that sounds like a pretty good deal!

I might ask why they are going to lease rather than buy, and if you're really concerned about dependency, perhaps ask them if they'd be willing to work with you to buy a car. So, they would pay the same monthly, but you would trade in your old car for a down payment, and the expectation would be that you would take over payments when the job ends.

I suspect they want to choose a car that meets the safety and size standards they prefer, and want to have some control over upkeep, maintenance, and car seats. Ask them all of these questions, and figure out whether you want to go for it.

A final option is that you keep your car, and only drive the nanny car at work. That's what we do.

[Anonymous]

Why not keep your own car, and use it only occasionally? Lots of professionals have 24/7 use of a nice car as a job perk.

[Anonymous]

Enjoy it while it lasts.
and save a lot.
anyone in any field can be laid off at any time.

[Anonymous]

Anonymous wrote:Enjoy it while it lasts.
and save a lot.
anyone in any field can be laid off at any time.

Few jobs are ever guaranteed.

[Anonymous]

Use of an automobile for your personal use is considered part of your income and is taxable.

[Anonymous]

Your employers are purposely keeping you from leaving, OP. Corporations have done this for decades. Nothing at all wrong with it. Take the perks and save your money.

[Anonymous]

Anonymous wrote:Why not keep your own car, and use it only occasionally? Lots of professionals have 24/7 use of a nice car as a job perk.

+1. Your car will last much longer this way but you will always have a backup.

[Anonymous]

Anonymous wrote:Use of an automobile for your personal use is considered part of your income and is taxable.

Employers may declare it as part of income or they might not, but OP should definitely ask!

[Anonymous]

The only drawbacks are that you would need two parking spaces at your residence and that you would have the responsibility for someone else’s car during your nonwork hours.