I need some direction

[Jabbo]

Okay, It's a tough market out there for a lot of people. I have been blessed by the grace of GOD to have a good stable job with a Fortune 300 company.
This job includes Healthcare, Dental, Vision, Retirement,401k match of 3% and annual raises and bonuses as it's a gainshare company.
That being said the whole package is a pretty good deal. The problem is that, If I stay there for 10 more years, My package may not be worth any more than 90-110k total once you include the 401k match and what the company pays for benefits etc.
I have been offered a job with an independent business owner for a salary comparable to what I'm making now but with out the other perks. This job opportunity allows me the possibility and likelihood of making 6 figures in about 3-5 years.
I know, no risk- no reward, But when you have 3 kids and a secure job in this economy..... Do you take a chance and move after 12 years and give up the safety for a chance at the Brass Ring? What would you do?

[Col Forbin]

I recently had the same opportunity. I chose the stable job with all of the benefits. The peice of mind in a stable job is worth it, especially when kids are involved. I had a little more incentives to stay. I would have made quite a bit more money in the new job, but the retirement plan in my current job is what kept me there. I am going to be able to retire at 52 - only 18 more years!!!

That is a tough call though. Good luck in whatever you choose, and make sure your family is on board with it as well.

[HURRICANEBOB]

I agree with the Colonel. Think in terms of "risk management". Not BRASS ring homeruns.

Remember, that sometimes the 6 figure promise is a lure, just like you throw at a bass.

Question the 6 figure progression, from when I start, how long till there, and ask to see proof or be provided names of folks you can talk to that can confirm that proposed progression. Remember, you are secure in a job now, so you have every right to expect absolute accuracy and candor in the representation made by a would-be future boss. You are in the drivers seat, you have the commodity to sell (you) and he is the buyer, not the other way around. The potential new boss must totally satisfy your need to know and must show you the integrity required before you will consider giving up a sure thing for "the brass ring". Any lack of integrity in the representations made during the hiring process, should be a red flag indicator of what may lay ahead once on-board.

[zx150]

I like job security.

[raincheck]

I like job security.

I 2nd that.I'm retired now and have a good pension and both kids are grown.Being only54 i know years ago i could have made more money but no pension.Good Luck

[Olgrey]

I retired early also having worked a job with good benefits. I could have made more money doing other things, but could not pass up having the security of those benefits. In my case, it was a wise decision because my wife came down with one of those mystery diseases that you always hear about someone else having. She went from teaching to not being able to walk by herself in about two weeks. Had we not had reliable insurance, there would have been someone else living in my house in only a short while because she spent months in the hospital. I will not bore you with more details because it would sound like I am somewhat bitter about things. What can I say, I am a weak person. Group health insurance that cannot be cancelled on you or the premiums increased to the point that you cannot pay them is priceless in my opinion. Perhaps you are luckier or more fortunate than my family and I hope that you are. A few of my experiences with insurance were really interesting even though I had decent insurance, but I would not wish them on anyone else. It wiped out our savings and for years I brown bagged my lunch daily because I had too. In the end in spite of what others tell you, the decision is yours to make. Good Luck.

[DJD]

I agree that Insurance should be a big part of any decision when it comes to employment. Dang stuff amounts to a monthly car payment or house payment in some cases.
I have had to make this decision myself and what I did was step away from it so I could get my mind right and ask myself a few questions. I was really being pushed to be a business owner by several contractors.

1) What is it I really want out of life? Riches? Live comfortable and be happy?
2) Am I happy now?
3) Where will I be in 10 years in either job?
4) What kind of a safety net (financial) will I need for the lean months?
5) Knowing myself...can I really handle dealing with losers out there who don't pay?
6) My health gonna suffer?

This is how I looked at it with other questions as well but you get the idea and each situation is different but I chose not to go in business and man what a good decision that was since the economy status would have hurt me.
Good luck and all I can say is to pray on it and the answer will be there.

[Devils Horse]

Okay, It's a tough market out there for a lot of people. I have been blessed by the grace of GOD to have a good stable job with a Fortune 300 company.
This job includes Healthcare, Dental, Vision, Retirement,401k match of 3% and annual raises and bonuses as it's a gainshare company.
That being said the whole package is a pretty good deal. The problem is that, If I stay there for 10 more years, My package may not be worth any more than 90-110k total once you include the 401k match and what the company pays for benefits etc.
I have been offered a job with an independent business owner for a salary comparable to what I'm making now but with out the other perks. This job opportunity allows me the possibility and likelihood of making 6 figures in about 3-5 years.
I know, no risk- no reward, But when you have 3 kids and a secure job in this economy..... Do you take a chance and move after 12 years and give up the safety for a chance at the Brass Ring? What would you do?

Depends on what business the guy is in and how much you trust him. Generally speaking, changing jobs is the only way to get nice 10-20% salary increases, and many people do just that.

Benefits are a very big deal, especially if you have a family. Consider your weighted cost to your employer including benefits. Depending on your benefits, it's significantly different than your salary, prolly as much as 30% if you're not making 6 figures.

If the new gig isn't at least a 30% jump with a VERY good chance of more, think carefully. A good job is a precious thing in this economy. On the other hand "what could've been" can cause you some lost sleep and bitterness. Like most of us, at some point you'll look up and ask "is this all there is?"

Your wife, if you have one figures heavily into the picture also. Make sure she buys in 100% either way. No need to spell out how important that is.

Bottom line is you have to do what your gut tells you. Tough decision...good luck with it.

[mhall]

Job security, the alternative is very scary, trust me.

[RoadToad]

I know in today's economy I'd be scared to death to leave a secure job with benefits for something at all risky, especially with a family to support. I don't know what this "independent business" is or how long the person's been in business, but I'd say take a hard look at the percentage of new businesses that fold within the first few years. Answers.com says that "The latest statistics from the Small Business Administration (SBA) show that "two-thirds of new employer establishments survive two years, and 44 percent survive four years."" The reverse of that is that 56% fail within four years, if you believe their numbers.

Best of Luck with whatever decision you make.

[Jabbo]

I appreciate everyone's advice and it seems to be unanimous....
Look at the security and be safe......
I asked for partial ownership in the company and we couldn't come to terms at this time... After everything was looked at and weighed, that was the deciding factor.... So it looks like I'm gonna stay put for a while....
That being the case.. I should get off early a lot of days this spring and will be Fishing "E" as much as possible should anyone want to go...

[DJD]

Heck I'll be there alot myself! Gotta get those soft plastics ready!