February 16, 2011, 5:00 am

I Have Refused 250K, Would You?

by: The Financial Blogger    Category: Business,Career
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There are times when money matters and times when it doesn’t. A few years ago, I thought that money mattered all the time. Well, trust me, it doesn’t.

No later than a week ago, I was offered the ultimate position for a financial planner within a financial institution: Private Advisor for Wealth Management. This is a very selective position where you handle 100 to 125 customer relationships with the high net worth clients. In order to be a client of wealth management, one must have at least 1M$ to invest.

The job is about the same that I do except you are playing with millions instead of hundred of thousands. It obviously requires more expertise and strong client relationship abilities. 2 things that I have acquired throughout the years working as a financial planner.

The job is very demanding but very motivating at the same time. On top of that, the salary is huge. If I was to keep the same level of performance I have demonstrated as a financial planner, I would be making around $250K per year. This is only base salary plus bonus…

There is only one big problem; The office is on the other side of Montreal. This means that I would have to travel between 1h45 to 2h morning and afternoon to get to work. On top of that, I would often be stuck in traffic as the road to get there is terrible traffic wise.

A few years ago, I would have negotiated with my wife to put our house up for sale and move closer to this amazing job opportunity. I would have sacrificed my lifestyle for the sake of money. Since I am presently looking to pay off my debts faster, earning at least $100K more would mean that I would be able to pay off my mortgage within 5 years. However, the price to earn a bigger salary is too high.

Do I regret my decision?

Not at all. I just found that it’s too bad the job was too far away from where I live. However, I have learned throughout the years that being happy both at work and at home is priceless. Therefore, I find it’s easier to say “no” to a position that would have driven me crazy. After all, money is not everything!

Saying “No” and staying on the guest list

My biggest challenge was to say “no” to the job while keeping my name on the very short list of people on the company’s radar for this type of position. So I told them that I really want this job but that I would not be performing well since it was too far away from where I live. I told them that I would accept anything downtown or on the south shore of Montreal. The conversation went well and I am confident that if there is another position opening, I’ll be called again.

In the meantime, I’ll concentrate on doing my job while working on my online business ;-D

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Comments

That’s an amazing amount of money to turn down! My only question is, does your current employer read this website? I imagine that’d be a weird conversation to have with your place of work if they do…..

by: The Financial Blogger | February 16th, 2011 (1:47 pm)

@DanP,

they know I have a company and that I really like my job as a financial planner. I guess each employer is aware that they can lose their employees to the competition (or to their own company ;-) ).

Interesting Decision. Would your hours have been terrible if you decided to move?

Very few people get a chance like that. I personally don’t think I could have turned it down, I’m already kicking myself for not accepting a 10k raise job offer.

[...] This post was mentioned on Twitter by Green_Panda, Mortgages4women.ca, TheFinancialBlogger, TheDividendGuy, Joe Duarte and others. Joe Duarte said: RT @FinancialBlogr: I Have Refused 250K, Would You? http://bit.ly/gs9n5K [...]

by: The Financial Blogger | February 17th, 2011 (1:50 pm)

@Brian,

totally understand where you are coming from. I used to jump on each promotion I could. But now I have to come to a time of my life where I need to consider my quality of life as well and forget about how much I could be making.

by: The Financial Blogger | February 17th, 2011 (4:02 pm)

@Evan,

I would probably have to work 40 hours… so it’s not much more than my current job (30 hours). the problem was definitely the location!

Congratulations! I think that part of it must be that you see your job’s income, and importance in your life, to be diminishing as your business success rises. No need to spend more time at work. In fact, I’m waiting to hear that you’ve quit your job.

[...] about how The Financial Blogger turned down $250K/year and why he did it (which I do [...]

You must be in a very good place right now to turn that down. Congratulations! :) When I was younger, I would have chased the money, now there are more important things. 250K is nothing to sneeze at. It’s refreshing to see someone value the finer things and have the confidence in his other businesses to walk away. Same scenario, but the salary increases to your liking. Is there a number that would have made you move?

by: The Financial Blogger | February 20th, 2011 (7:39 am)

@Buck,

I would have not made the move for a higher income. Even at 250K, it is already 100K more than what I expect to do this year. I just don’t want to go this route as I want to keep my lifestyle.

On the other side, I would have considered switching if the same job was offered downtown or closer to my house. I would have accepted of doing more hours for such incease in salary.

I think you are a fool for turning it down. Moving was an easy option. Do you really know the value of dollar? Money does not have to matter all the time but this time it made perfect sense. You are a fool in my book.