Seeking Guidance: Should I take the new opportunity?

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FordMustang12
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Seeking Guidance: Should I take the new opportunity?

Post by FordMustang12 »

I am seeking some guidance. We are currently in Michigan and own a single-family home that we bought 3 years ago for $364k and the balance is $317k. I interviewed for a company in Palo Alto, CA and soon will be getting an offer. My wife works for the same company in Michigan but for engineering they expect me to move to California. The move is not a problem for my wife as some of her team members are already there. I am wondering if it is worth moving to California in my situation. Here are some details about my situation.

My current income before taxes – $104k/year
Wife current income before taxes - $117k/year. She has also vested certain number of options with the current company.
Total household income in Michigan – $221k/yr.
Retirement accounts (me and spouse) – $215k.
Taxable – $138k
Cash - $15k
I need to look at my accounts closely but I believe we save about ~70-80k/year after maxing our 401k.

Like I said, I have not received the offer yet but here is what I am expecting for this role.

My expected salary - $200k + ~$180k RSU (Company is planning IPO soon)
Wife expected salary - $135k (compensated for California)
Total household income goes to $335k if we move.

We have a 4-year-old and planning to have another kid. I have been with my current company for a long time and currently, my work life balance is excellent. I mostly get my work accomplished with 30-35 hours a week. We have been told that the management is considering making my team remote. The new role requires me to be in the office at least 3 days. I expect to work at least 50 - 55 hours a week.

We are here on a visa and with the USCIS rapid movement, my application for adjustment of status (step to green card) might go by the end of this year if I stay with my current company. My priority date is 2016. If I move this will be delayed by year or two.

I looked at the houses in Fremont, San Jose and Sunnyvale in 1M-1.5M range and they are mostly condos or townhomes, and size is not even close to what we own. So, if we move it will be downsizing to ~1200sqft from 2100sqft with finished basement.

I expect good growth at the new company, but I am not sure if moving to California is a good move especially when I am reading everyday about California exodus, high taxes and high housing prices. Will I be saving enough and will my quality of life improve by moving?
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RickBoglehead
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Re: Seeking Guidance: Should I take the new opportunity?

Post by RickBoglehead »

California's cost of living is very, very, very high. Years ago I had a recruiter call me and say "Rick, I'm calling you about a job that you shouldn't take, but if I didn't call you you'd be annoyed with me." We lived in a 3,800 sq foot home on a big lot. Recruiter knew my comp. This job was a 30% pay hike. That's a joke for California. Everything in California is much, much higher than Michigan (we live here also). The cost of living calculators are a joke. You can't touch a house like you have in Michigan for under close to $2 million. More hours, longer wait for adjustment in status, much higher costs... Sounds like an easy NO.
Avid user of forums on variety of interests-financial, home brewing, F-150, PHEV, home repair, etc. Enjoy learning & passing on knowledge. It's PRINCIPAL, not PRINCIPLE. I ADVISE you to seek ADVICE.
Mr.Chlorine
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Re: Seeking Guidance: Should I take the new opportunity?

Post by Mr.Chlorine »

$221k/year HHI in Michigan sounds like comfortable living. Do you have friends/family near either location? Assuming the pay increase will level the standard of living at both locations, would you prefer Palo Alto over your current city?
almostretired1965
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Re: Seeking Guidance: Should I take the new opportunity?

Post by almostretired1965 »

Seems to me getting your green card is the single most important thing you need to secure, so I personally would not make a move until you have the bird in hand. After that, making the move to a tech hub is a no brainer, not necessarily the first job, but all the ones to come. Move to hybrid notwithstanding, I think career wise, you still want to be where the action is.

A
hadron
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Re: Seeking Guidance: Should I take the new opportunity?

Post by hadron »

If you work in tech, Bay Area is a going to give you lots of options. That said a move from MI to Bay Area will give you a sticker shock as far as home prices are concerned. The extra income you make can easily go towards a higher mortgage payment. Depending on where you live, commute will also be a problem. Going from Palo Alto to parts of Fremont can easily take 1+ hr during evening rush hour.
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celia
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Re: Seeking Guidance: Should I take the new opportunity?

Post by celia »

almostretired1965 wrote: Thu Jun 10, 2021 10:43 am Seems to me getting your green card is the single most important thing you need to secure, so I personally would not make a move until you have the bird in hand.
+1 although I don’t understand the green card issue you describe. If you can’t live here permanently all the rest is meaningless.

You will also lose money on the house sale. MI properties don’t rise very much compared to CA but you will still need to pay commissions and fees. Expect a capital loss there. I recently owned a condo in MI that sold for $10K more than when it was purchased 15 years ago. It ended up being a wash after all the fees were considered.

I would ask your wife for her opinion instead of ours as she knows your joint position better than we do AND is entitled to get some of what she wants in this situation.
123
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Re: Seeking Guidance: Should I take the new opportunity?

Post by 123 »

almostretired1965 wrote: Thu Jun 10, 2021 10:43 am Seems to me getting your green card is the single most important thing you need to secure, so I personally would not make a move until you have the bird in hand...
+100 The green card is your "ticket" to easy career advancement without the complications of visa restrictions. Since that seems to be on the way I would wait for that.

When you get an offer for new job opportunities in the tech world that are outside your local area you should ask if there is any relocation bonus available in your negotiations. A one-time relocation bonus could be up to 10% - 50% of first year salary, it's a polite way of asking for a signing bonus.
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FordMustang12
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Re: Seeking Guidance: Should I take the new opportunity?

Post by FordMustang12 »

RickBoglehead wrote: Thu Jun 10, 2021 10:30 am California's cost of living is very, very, very high. Years ago I had a recruiter call me and say "Rick, I'm calling you about a job that you shouldn't take, but if I didn't call you you'd be annoyed with me." We lived in a 3,800 sq foot home on a big lot. Recruiter knew my comp. This job was a 30% pay hike. That's a joke for California. Everything in California is much, much higher than Michigan (we live here also). The cost of living calculators are a joke. You can't touch a house like you have in Michigan for under close to $2 million. More hours, longer wait for adjustment in status, much higher costs... Sounds like an easy NO.
Thank you for your valuable insight Rick. I agree I read a lot about longer commute. Even if I have to go work from office my commute in Michigan is 15 min from home. We have basement with home theatre and play area and I don't think that will happen in California.
Mr.Chlorine wrote: Thu Jun 10, 2021 10:40 am $221k/year HHI in Michigan sounds like comfortable living. Do you have friends/family near either location? Assuming the pay increase will level the standard of living at both locations, would you prefer Palo Alto over your current city?
My wife's sister is in Seattle. We have friends in Michigan but no friends in California. I have not been to that area so I don't know I have gotten used to Michigan's weather but the weather is Palo Alto will be awesome.
almostretired1965 wrote: Thu Jun 10, 2021 10:43 am Seems to me getting your green card is the single most important thing you need to secure, so I personally would not make a move until you have the bird in hand. After that, making the move to a tech hub is a no brainer, not necessarily the first job, but all the ones to come. Move to hybrid notwithstanding, I think career wise, you still want to be where the action is.

A
Agree. This is also a big consideration. My application might go in by the end of the year but my priority date is 2016. Currently USCIS is processing for 2011 for my country but due to rapid movement, I might end up getting green card by end of next year. If I move then it will add 2 or more years. I am not a software engineer. I am a systems engineer working in automotive field and not sure how that fares in California.
celia wrote: Thu Jun 10, 2021 11:03 am
almostretired1965 wrote: Thu Jun 10, 2021 10:43 am Seems to me getting your green card is the single most important thing you need to secure, so I personally would not make a move until you have the bird in hand.
+1 although I don’t understand the green card issue you describe. If you can’t live here permanently all the rest is meaningless.

You will also lose money on the house sale. MI properties don’t rise very much compared to CA but you will still need to pay commissions and fees. Expect a capital loss there. I recently owned a condo in MI that sold for $10K more than when it was purchased 15 years ago. It ended up being a wash after all the fees were considered.

I would ask your wife for her opinion instead of ours as she knows your joint position better than we do AND is entitled to get some of what she wants in this situation.
Per Zillow, the house has appreciated quite a bit. Per Zillow stats I wont be losing money on the house. Wife and I have been discussing together and she is open to both (Michigan or California). We think that I will be getting growth with the new company but moving to California comes with giving up on the big house and longer commute. Just not sure if this is all worth it since we quite a bit of money in Michigan which is a low cost of living area compared to a high cost of living area.
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FordMustang12
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Re: Seeking Guidance: Should I take the new opportunity?

Post by FordMustang12 »

123 wrote: Thu Jun 10, 2021 11:06 am
almostretired1965 wrote: Thu Jun 10, 2021 10:43 am Seems to me getting your green card is the single most important thing you need to secure, so I personally would not make a move until you have the bird in hand...
+100 The green card is your "ticket" to easy career advancement without the complications of visa restrictions. Since that seems to be on the way I would wait for that.

When you get an offer for new job opportunities in the tech world that are outside your local area you should ask if there is any relocation bonus available in your negotiations. A one-time relocation bonus could be up to 10% - 50% of first year salary, it's a polite way of asking for a signing bonus.
Yes they give 1 month salary for miscellaneous expenses, They bear the expenses for auto shipment and household moving. They also give temporary housing for 1 month and if we buy a home they will cover some amount of closing cost.
daheld
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Re: Seeking Guidance: Should I take the new opportunity?

Post by daheld »

I would also not discount the amount of money you'll wind up paying in California for childcare for two kids. It's not an insignificant amount of money and, like most things, I expect it will be substantially higher in California versus MI.

I am a Midwesterner/Southerner from a rural area and now live in a mid-sized Midwestern city, so I'm certainly not an unbiased source. But basically this is what it boils down to for me: You can live VERY comfortably and still save a ton of money for retirement on $221k a year in Michigan. You will have to significantly constrain your level of comfort and quality of living on $335k in California.

Of course, there might be potential opportunities for growth in California that you won't have in Michigan, and it's purely a personal decision whether you want to move there and take the chance to chase those opportunities. It sounds like you're pretty comfortably in MI now, and I personally would not be interested in changing that.
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leeks
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Re: Seeking Guidance: Should I take the new opportunity?

Post by leeks »

I would not want to move to CA if you like Michigan, have good friends there, are okay with the climate, feel the transportation is easy, like having an affordable big house, etc.

I would move to CA only if you actually like something about it better, not just for higher salaries.

But where to live is a very personal decision, with many non-financial factors. You can clearly continue to have a good financial setup where you already are.
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anon_investor
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Re: Seeking Guidance: Should I take the new opportunity?

Post by anon_investor »

FordMustang12 wrote: Thu Jun 10, 2021 11:24 am
almostretired1965 wrote: Thu Jun 10, 2021 10:43 am Seems to me getting your green card is the single most important thing you need to secure, so I personally would not make a move until you have the bird in hand. After that, making the move to a tech hub is a no brainer, not necessarily the first job, but all the ones to come. Move to hybrid notwithstanding, I think career wise, you still want to be where the action is.

A
Agree. This is also a big consideration. My application might go in by the end of the year but my priority date is 2016. Currently USCIS is processing for 2011 for my country but due to rapid movement, I might end up getting green card by end of next year. If I move then it will add 2 or more years. I am not a software engineer. I am a systems engineer working in automotive field and not sure how that fares in California.
OP, do you already have an AOS pending? If not, even once your priority date becomes current it will probably take an additional 1-2 year to actually get your green card. If you already have a pending AOS, and it has been pending for 6 months or longer you may be eligible for AOS portability, which means you can skip some steps (e.g. PERM/I-140).You should know all this to factor into your decision.
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celia
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Re: Seeking Guidance: Should I take the new opportunity?

Post by celia »

Here’s another way of looking at everything. If everything costs you twice as much in CA but your salary also doubles, you are still subject to federal (and state) income taxes which will put you in a higher federal tax bracket. And most people subject to CA income taxes are in the 9.3% tax bracket. CA mostly follows the federal tax code except that 529s are taxed.

We also have bad fires during the summer and fall which make the air quality bad for even city dwellers. But we don’t have cicadas. So pick your “poison”. Do you want to not breathe or not hear?
:confused
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anon_investor
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Re: Seeking Guidance: Should I take the new opportunity?

Post by anon_investor »

celia wrote: Thu Jun 10, 2021 11:58 am Here’s another way of looking at everything. If everything costs you twice as much in CA but your salary also doubles, you are still subject to federal (and state) income taxes which will put you in a higher federal tax bracket. And most people subject to CA income taxes are in the 9.3% tax bracket. CA mostly follows the federal tax code except that 529s are taxed.

We also have bad fires during the summer and fall which make the air quality bad for even city dwellers. But we don’t have cicadas. So pick your “poison”. Do you want to not breathe or not hear?
:confused
You forgot that CA does not recognize HSAs and higher housing prices, probably more than 2x Michigain where the OP lives now... :beer
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FordMustang12
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Re: Seeking Guidance: Should I take the new opportunity?

Post by FordMustang12 »

anon_investor wrote: Thu Jun 10, 2021 11:56 am
FordMustang12 wrote: Thu Jun 10, 2021 11:24 am
almostretired1965 wrote: Thu Jun 10, 2021 10:43 am Seems to me getting your green card is the single most important thing you need to secure, so I personally would not make a move until you have the bird in hand. After that, making the move to a tech hub is a no brainer, not necessarily the first job, but all the ones to come. Move to hybrid notwithstanding, I think career wise, you still want to be where the action is.

A
Agree. This is also a big consideration. My application might go in by the end of the year but my priority date is 2016. Currently USCIS is processing for 2011 for my country but due to rapid movement, I might end up getting green card by end of next year. If I move then it will add 2 or more years. I am not a software engineer. I am a systems engineer working in automotive field and not sure how that fares in California.
OP, do you already have an AOS pending? If not, even once your priority date becomes current it will probably take an additional 1-2 year to actually get your green card. If you already have a pending AOS, and it has been pending for 6 months or longer you may be eligible for AOS portability, which means you can skip some steps (e.g. PERM/I-140).You should know all this to factor into your decision.
Thank you. I dont have an AOS pending. I have an approved i140 with my current company. If I move, the new company will have to apply for new i140 which will take 1-2 years for approval after which if my date is current then I can apply for Adjustment of status. You are right that even if my application for AOS goes in today it will take 1-2 years to get a green card but I also adding 1-2 years for the approval of the new i-140.

I was already leaning towards a "No" for this opportunity and the responses on the thread are concurrent with my thinking so far. I just wanted to make sure I am not losing on things I don't see by saying a "No".
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Re: Seeking Guidance: Should I take the new opportunity?

Post by theorist »

FordMustang12 wrote: Thu Jun 10, 2021 10:13 am I am seeking some guidance. We are currently in Michigan and own a single-family home that we bought 3 years ago for $364k and the balance is $317k. I interviewed for a company in Palo Alto, CA and soon will be getting an offer. My wife works for the same company in Michigan but for engineering they expect me to move to California. The move is not a problem for my wife as some of her team members are already there. I am wondering if it is worth moving to California in my situation. Here are some details about my situation.

My current income before taxes – $104k/year
Wife current income before taxes - $117k/year. She has also vested certain number of options with the current company.
Total household income in Michigan – $221k/yr.
Retirement accounts (me and spouse) – $215k.
Taxable – $138k
Cash - $15k
I need to look at my accounts closely but I believe we save about ~70-80k/year after maxing our 401k.

Like I said, I have not received the offer yet but here is what I am expecting for this role.

My expected salary - $200k + ~$180k RSU (Company is planning IPO soon)
Wife expected salary - $135k (compensated for California)
Total household income goes to $335k if we move.

We have a 4-year-old and planning to have another kid. I have been with my current company for a long time and currently, my work life balance is excellent. I mostly get my work accomplished with 30-35 hours a week. We have been told that the management is considering making my team remote. The new role requires me to be in the office at least 3 days. I expect to work at least 50 - 55 hours a week.

We are here on a visa and with the USCIS rapid movement, my application for adjustment of status (step to green card) might go by the end of this year if I stay with my current company. My priority date is 2016. If I move this will be delayed by year or two.

I looked at the houses in Fremont, San Jose and Sunnyvale in 1M-1.5M range and they are mostly condos or townhomes, and size is not even close to what we own. So, if we move it will be downsizing to ~1200sqft from 2100sqft with finished basement.

I expect good growth at the new company, but I am not sure if moving to California is a good move especially when I am reading everyday about California exodus, high taxes and high housing prices. Will I be saving enough and will my quality of life improve by moving?
I grew up in the Midwest. I now live and work in CA. It is much more expensive, but I get paid much more than my parents could’ve dreamed of earning, and love the weather and outdoor opportunities year round. CA is in many ways like a different country than much of the US — you may like it more or like it less, but it is very different.

The opportunities in the Bay Area if you are science and tech literate are hard to match, and have compensation that is commensurate with what you’d expect.
rich126
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Re: Seeking Guidance: Should I take the new opportunity?

Post by rich126 »

RickBoglehead wrote: Thu Jun 10, 2021 10:30 am California's cost of living is very, very, very high. Years ago I had a recruiter call me and say "Rick, I'm calling you about a job that you shouldn't take, but if I didn't call you you'd be annoyed with me." We lived in a 3,800 sq foot home on a big lot. Recruiter knew my comp. This job was a 30% pay hike. That's a joke for California. Everything in California is much, much higher than Michigan (we live here also). The cost of living calculators are a joke. You can't touch a house like you have in Michigan for under close to $2 million. More hours, longer wait for adjustment in status, much higher costs... Sounds like an easy NO.
Yeah, those calculators don't do a good job of understanding where people really live and often assume a much lower housing cost. I recall asking one guy many years ago when he moved from AZ to MD for the same company about a salary adjustment and he said HR said there were none. Apparently they used the location of the business as a location someone would live in but that was a lower end, warehouse type of area by the airport that no real professional would live in.
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Re: Seeking Guidance: Should I take the new opportunity?

Post by anon_investor »

FordMustang12 wrote: Thu Jun 10, 2021 12:05 pm
anon_investor wrote: Thu Jun 10, 2021 11:56 am
FordMustang12 wrote: Thu Jun 10, 2021 11:24 am
almostretired1965 wrote: Thu Jun 10, 2021 10:43 am Seems to me getting your green card is the single most important thing you need to secure, so I personally would not make a move until you have the bird in hand. After that, making the move to a tech hub is a no brainer, not necessarily the first job, but all the ones to come. Move to hybrid notwithstanding, I think career wise, you still want to be where the action is.

A
Agree. This is also a big consideration. My application might go in by the end of the year but my priority date is 2016. Currently USCIS is processing for 2011 for my country but due to rapid movement, I might end up getting green card by end of next year. If I move then it will add 2 or more years. I am not a software engineer. I am a systems engineer working in automotive field and not sure how that fares in California.
OP, do you already have an AOS pending? If not, even once your priority date becomes current it will probably take an additional 1-2 year to actually get your green card. If you already have a pending AOS, and it has been pending for 6 months or longer you may be eligible for AOS portability, which means you can skip some steps (e.g. PERM/I-140).You should know all this to factor into your decision.
Thank you. I dont have an AOS pending. I have an approved i140 with my current company. If I move, the new company will have to apply for new i140 which will take 1-2 years for approval after which if my date is current then I can apply for Adjustment of status. You are right that even if my application for AOS goes in today it will take 1-2 years to get a green card but I also adding 1-2 years for the approval of the new i-140.

I was already leaning towards a "No" for this opportunity and the responses on the thread are concurrent with my thinking so far. I just wanted to make sure I am not losing on things I don't see by saying a "No".
From the financial side, the increased cost of living in CA seems to make the "bump" in pay not be enough; however, you mentioned that the the new company may IPO soon, so those RSUs potentially could be worth a lot more than the $180k you mentioned in the original post, I am not sure how that may change your calculations.

Additionally, your assumption that a new I-140 process (assuming PERM too) would tack on an extra 1-2 years on to your green card process is based solely on the assumption that your priority date will become current within the next year. However, because the priority dates for your country of birth have been moving quickly recently, there likely have been a lot of individuals applying with their families (spouses AND kids) for AOS, and since dependents eat up visa numbers too, there is a chance the country quota will be hit well before new numbers are issued in October, meaning the priority date movement will stop until the the next fiscal year starts in October. So it could also be that your priority date will not become current within the next year and the new PERM/I-140 process would not end up adding any extra time. Just some food for thought.
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Re: Seeking Guidance: Should I take the new opportunity?

Post by RickBoglehead »

rich126 wrote: Thu Jun 10, 2021 12:15 pm
RickBoglehead wrote: Thu Jun 10, 2021 10:30 am California's cost of living is very, very, very high. Years ago I had a recruiter call me and say "Rick, I'm calling you about a job that you shouldn't take, but if I didn't call you you'd be annoyed with me." We lived in a 3,800 sq foot home on a big lot. Recruiter knew my comp. This job was a 30% pay hike. That's a joke for California. Everything in California is much, much higher than Michigan (we live here also). The cost of living calculators are a joke. You can't touch a house like you have in Michigan for under close to $2 million. More hours, longer wait for adjustment in status, much higher costs... Sounds like an easy NO.
Yeah, those calculators don't do a good job of understanding where people really live and often assume a much lower housing cost. I recall asking one guy many years ago when he moved from AZ to MD for the same company about a salary adjustment and he said HR said there were none. Apparently they used the location of the business as a location someone would live in but that was a lower end, warehouse type of area by the airport that no real professional would live in.
We went out for brunch with our son and his girlfriend in northern California. A "pot", where they mix eggs and a bunch of stuff was $18 per person. $11 for a bowl of oatmeal. This is in a tiny cafe in a town. That's 75 - 100% higher than we'd pay here. No calculator captures that.
Avid user of forums on variety of interests-financial, home brewing, F-150, PHEV, home repair, etc. Enjoy learning & passing on knowledge. It's PRINCIPAL, not PRINCIPLE. I ADVISE you to seek ADVICE.
harrychan
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Re: Seeking Guidance: Should I take the new opportunity?

Post by harrychan »

Based on what you shared, I would take the opportunity. The housing argument may be null if the company IPO's. Others can chime in on the chances of the RSU's become worthless but since your wife already work at this company, I think you have great insider info whether this company will succeed.
FordMustang12 wrote: Thu Jun 10, 2021 10:13 am We are here on a visa and with the USCIS rapid movement, my application for adjustment of status (step to green card) might go by the end of this year if I stay with my current company. My priority date is 2016. If I move this will be delayed by year or two.
(NAL) Where do you find this information? I do not believe this is true. When I was going through the process, my priority date is what it is regardless if I changed job or not. You just need good counsel to make sure your role at your new job does not deviate from your current job that is on the application.
This is not legal or certified financial advice but you know that already.
bogledogle
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Re: Seeking Guidance: Should I take the new opportunity?

Post by bogledogle »

OP,

Folks love to hate on California for some really odd reasons - it's the hottest new thing next to buying crypto and going to the moon!

Your attitude towards life and your lifestyle expectations are what matters the most in this decision. Do you want a huge house and a laid back and chill life working easy jobs, getting average pay raises and a a lot of downtime? Are you bored with pace of life, hungry to grow in your career, make more money, have more job mobility and tolerance for career risk? There is no right or wrong answer but that is a key decision you need to make if you intend to uproot and move to the bay area from your current life in Michigan. You and your spouse will have job mobility and potential upside for even higher compensation in the bay area which you should go after - if you don't want to pursue higher pay then staying put may be the best course of action.

I would not worry about your green card process if you are a SW engineer. I still regret deferring opportunities due to GC and delaying my career progression for a few years - don't make the same mistake. Sorry to be a bummer, but 2016 applications are a long way out (assuming India) - don't let the recent movement get your hopes up.

Have you spent any time in the bay area? Definitely worthwhile taking a vacation and visiting before you get your offer. Yeah, stuff costs more. You will also spend more money, because the weather is good and you will end up outdoors and spend more $$.


Pros of moving to the Bay Area as a SW engineer:

1) Job mobility (even with your GC situation)
2) Excellent career advancement opportunities
3) Amazing opportunities for higher pay
4) World class learning opportunities from exceptional talent around you
5) Diversity & a multicultural experience


Cons:

1) Very expensive housing
2) Potentially bad work life balance due to competitive work environment (if you end up working for a terrible company like Amazon :D )
3) You colleagues will be exceptional. Your performance will be measured against them
4) You will spend more money! So you must make more money!
interwebopinion
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Re: Seeking Guidance: Should I take the new opportunity?

Post by interwebopinion »

FordMustang12 wrote: Thu Jun 10, 2021 10:13 am
We are here on a visa and with the USCIS rapid movement, my application for adjustment of status (step to green card) might go by the end of this year if I stay with my current company. My priority date is 2016. If I move this will be delayed by year or two.
Just for the immigration process, I'd stick it out and get the green card out of the way. You never know how immigration policy can change, so the faster you can get it done the better.
bayareaBH
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Joined: Fri Jun 04, 2021 3:12 pm

Re: Seeking Guidance: Should I take the new opportunity?

Post by bayareaBH »

GC considerations aside, I think the quality of life decision depends on how much you want to own a house in the first couple years. You can have a pretty decent quality of life on ~$350K/year around here, but I don’t think you’d be able to buy a place with a down payment with what’s available per your post. You’re competing against all cash offers, high down payments (>25%), etc. Roughly $200K (your taxable plus proceeds after house sale) will make you competitive in the $1M range, and there’s just nothing really at that point close to Palo Alto. If you’re set on buying, you will have a pretty awful commute and QoL.

If you feel decently confident that the company is going to IPO, I would consider renting for a year or two before deciding to buy somewhere.
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celia
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Re: Seeking Guidance: Should I take the new opportunity?

Post by celia »

harrychan wrote: Thu Jun 10, 2021 1:55 pm Based on what you shared, I would take the opportunity. The housing argument may be null if the company IPO's. Others can chime in on the chances of the RSU's become worthless but since your wife already work at this company, I think you have great insider info whether this company will succeed.
I read the original post differently than you did. It’s not clear if his wife works for his old company or the new one that is expected to submit an offer. If she works for the new company, he will be putting the family in a very risky situation: If the company goes through hard times or fails, HE could be out of a job while SHE is out of a job and their RSUs become worth very little. It is easy to think we ”know” the company we work for, but that is often not true. If this new company fails, it will be a disaster for the whole family if they have “all their eggs in one basket”, ie., depending on only one company for their financial future.
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