Career / Investing Advice

[MetsFan]

Originally Posted by atxgt3

I was in software and didn't have to sign it, nor do I require any of my technical guys to sign anything like that. If they want to start another company in their free time I say go for it as long as it doesn't interfere with their performance too much.

I'm a mechanical engineer in building construction and every engineering firm I've worked at has had a moonlighting policy. In fact, I know someone who got fired because another worker found business cards in his car and snitched on him.

[KingOfJericho]

Originally Posted by MetsFan

Not sure if you're familiar with the Mitchell Lama housing program?

http://www.nyshcr.org/Programs/mitchell-lama/

There are plenty of people living in this type of housing 50K and supporting a family. I'm not sure if you would feel comfortable in the northern Bronx, but it was pretty safe when I lived there.

Right, that is called government assistance.

[MetsFan]

Originally Posted by KingOfJericho

Right, that is called government assistance.

To be fair, the original quote was there was no way you could raise a family on 100K a year without any mention of government assistance. Even without this housing, there are plenty of people making a living on that kind of salary without welfare or government assistance. A quick search shows the median income for a family of four in NYC is roughly $50-$60K as of earlier this year. Saying that people can't raise a family with any less than $100K a year, to me, is discrediting all the hard working families that are able to provide for their family.

[R3dliner]

Originally Posted by KingOfJericho

Right, that is called government assistance.

Your statement is so false my friend. Unless you grew up here people have no clue.

I'm 1st gen, and when my parents immigrated here back in the early 80's they had no gov't assistance, nor any medium income. Yet after all that my parents made it so yea you can make and live in NY with any income level as long as you have your priorities straight.

[atxgt3]

Originally Posted by MetsFan

I'm a mechanical engineer in building construction and every engineering firm I've worked at has had a moonlighting policy. In fact, I know someone who got fired because another worker found business cards in his car and snitched on him.

Well technically you can get fired for any (non-discriminatory) reason even if they allow moonlighting, but can they legally go after you for anything, or do anything other than fire you? Assuming you didn't do anything on company time or using company equipment or IP.

[KingOfJericho]

Originally Posted by MetsFan

To be fair, the original quote was there was no way you could raise a family on 100K a year without any mention of government assistance. Even without this housing, there are plenty of people making a living on that kind of salary without welfare or government assistance. A quick search shows the median income for a family of four in NYC is roughly $50-$60K as of earlier this year. Saying that people can't raise a family with any less than $100K a year, to me, is discrediting all the hard working families that are able to provide for their family.

I'm not discrediting anybody. Is it possible to raise a family on a $50-100k income in NYC? Yes. It is possible. It is also possible to walk from Riverdale to Midtown. People also raise families in those tiny 300sqft houses in the wilderness. It's a major lifestyle difference to most of us on this forum. I guess everything is relative.

I think you both understand the point we were trying to make with the original statement. Let's get back on topic.

[overcoil]

As far as paying off student loan to investing ratio, don't think I'd shift over to minimum student loan payment and maximal investing. You really need to devise an investment strategy. An online broker, where you can play and purchase by whim with a consistent purchasing of new stocks, is the first thing. Secondly a familiarization with TREASURY DIRECT and a commitment to purchases quarterly, for example. Third, invest in either art work, coins, etcetera - something that is educational, has potential for investment gains but has wide or intense appeal and easy to sell and easy to store. Fourth is to minimize your exposure to risk, pregnancy, DUI, illness, risky investments, risky people, car accidents, loans, scams...

Employer; health plans, retirement, investment - research and keep on top of them monthly.

If you work hard, work in an environment you like or a field your comfortable with then your ahead of the game.

[zx10guy]

Originally Posted by atxgt3

Well technically you can get fired for any (non-discriminatory) reason even if they allow moonlighting, but can they legally go after you for anything, or do anything other than fire you? Assuming you didn't do anything on company time or using company equipment or IP.

Actually, the company might bring on a law suit depending on how they view your activities and employee rules of conduct. The companies I've worked for didn't forbid working another job, they did say you had to have company review of the job/venture and approval before proceeding. This is done to prevent any conflict of interest issues. I know in the various IT vendor/manufacturing circles if you announce you're working for the competitor, you're terminated on the spot. They won't accept your customary 2 weeks notice. They'll just say thank you and good bye. Meanwhile, the IT staff at the company is actively shutting off your access to all corporate systems.

There can also be some non compete clause or rule you may have signed as part of your onboarding...maybe not. One of the companies I used to work for didn't have a non compete document but did sue a group of employees after they left and went to work for a company that could be viewed as a competitor. I don't remember the reason the company used for the lawsuit but they did initiate it.

Another wrinkle in this topic and most likely doesn't apply to most here, but when I had my most recent government security clearance, I had to report to the government any extracurricular employment outside of the main job I had. The government also had a say on if I could do this side work in addition to the company I worked for at the time. Which makes two approvals I had to get.

[shoei]

Originally Posted by R3dliner

Your statement is so false my friend. Unless you grew up here people have no clue.

I'm 1st gen, and when my parents immigrated here back in the early 80's they had no gov't assistance, nor any medium income. Yet after all that my parents made it so yea you can make and live in NY with any income level as long as you have your priorities straight.

Can't compare your parents era and present day where even the price of cigarettes in NY are clocking in at roughly $16 on average... Parking? Ridiculous...

I firmly stand by it's nearly impossible to raise a family in NYC on even a low 100K salary... Childcare? Schools? Have you seen rent prices?? I paid $2900 a month for a small 1 bedroom and this was 15 years ago... Want to guess what the price is now?? Same scenario in SF... A studio in SOMA the size of a booger is $3000 + not including parking... A friend just got a two bedroom and it's $6000 a month... You are NOT raising a family and being able to provide for them on 100K a year in certain cities... Sure you can live in the outskirts, but there's a reason I specifically said "NYC..." I didn't say in Ithaca, NY...

Could it be done? Sure, but not without severe limitations in life... Kudos to your parents and mine as well... Those days are long done unfortunately... I don't know about you, but I'm not raising my family in the hood...

[PoorLurker]

Be cautious of lifestyle creep.

When you get a raise, put it towards maxing out your retirement accounts not towards the idea of financing a toy.

Live at home for as long as possible.

Then again, may not be good advice coming from me unless it's true that "those who can't do coach"

[aozer]

Originally Posted by atxgt3

I was in software and didn't have to sign it, nor do I require any of my technical guys to sign anything like that. If they want to start another company in their free time I say go for it as long as it doesn't interfere with their performance too much.

was it a small company? im a EE and have never seen any larger firms that didnt have a non-compete clause. in most cases they will actually own any IP that you create while working for them if it is at all related to the industry they are in.

[R3dliner]

Originally Posted by shoei

Sure you can live in the outskirts, but there's a reason I specifically said "NYC..." I didn't say in Ithaca, NY...
.

Its crazy when I refer to NYC everyone thinks Manhattan . There are still 4 boroughs.
I concur though that you can't raise a family on that kind of income in the city. I grew up in queens which for the most part is nice besides Jamaica(hood) and far less expensive.

[MetsFan]

Originally Posted by R3dliner

Its crazy when I refer to NYC everyone thinks Manhattan . There are still 4 boroughs.
I concur though that you can't raise a family on that kind of income in the city. I grew up in queens which for the most part is nice besides Jamaica(hood) and far less expensive.

Ha, I was thinking the same thing. I was in your same situation except I grew up in the Bronx.

[RJ_]

Originally Posted by BayMoWe335

If "within reason" is around 4 weeks, who cares...you have a PTO policy.

No one will get to take "unlimited PTO" so it's a stupid "benefit" that's actually probably worse than just getting 5 weeks PTO negotiated in your offer. As you said, then the PTO is yours.

Completely agree with this.

It's advertised as "get your work done and the rest of the time is yours", but every manager has a spreadsheet of your usage and has the old limits in mind.

It's simply semantics to call it "unlimited" rather than "nothing".

[KingOfJericho]

The unlimited PTO game seems to be a psychological test that employers are now imposing. They've found that people tend to use less days in this system but that completely defeats the purpose if the days are being counted anyway.

[catchm3ifyoucann]

Thank you everyone for the advice provided. I sincerely appreciate it.