Contract buyout?

[element926]

Hello,

I have a career / financial question I need help with, I'm thinking about leaving a job that helped pay for my college. I agreed to stay with them for 3 years, if I left early I'd have to pay a prorated amount of 50k (after tax).

Options...

A) Stay with current company, it's by no means bad, I make 130K, have good benefits, good people to work with. However, I wish the work was more challenging and I want to work remotely (job can easily be done that way). Basically, I don't wake up LOVING what I do. If I stay and do this for another 2 years give or take, the contract expires.

B) Go to a company that would offer a better salary 160k and better benefits, it would be extremely challenging, allow me to work from home, but travel a lot more (work wise). However I'd have to pay my company back 30K (after tax).

What would you do in my situation?

[corn18]

You could start job shopping and ask the new employer to buy out your current contract. At that salary level, it is feasible.

[snafu]

suggest you assign a value to 'better benefits.' Likewise quantify your cost of travel to and from work, parking, career wardrobe, lunch out etc. I presume you like the idea of work associated travel. Does it mean you often travel on your own time, not necessarily current 'at work' hours?

What is the process for travel costs? Do you travel on a business provided CC or do you charge flights/mileage, accommodation, meals on your CC and await reimbursement? Are you the beneficiary of travel points, accommodation freebies, CC cash back or whatever features you value?

Ask the employment to pay all or a percentage of outstanding education sum. Worse outcome is they decline. You will have an educational deduction for income tax, monatized value of new benefits, possible travel related cash back CC all lowering your 'pay back.'

[element926]

The particular company that I want to go to that I think will bring a better working experience is too large to pay off the debt, so I have to rule that out.

I like working from home with the potential for travel (in which case the standard per diem, flights, hotels etc. are covered by the company). My current employer, I rarely travel with.

[ua_guy]

The particular company that I want to go to that I think will bring a better working experience is too large to pay off the debt, so I have to rule that out.

I like working from home with the potential for travel (in which case the standard per diem, flights, hotels etc. are covered by the company). My current employer, I rarely travel with.

If the prospective company is much bigger, it seems like having them buy out your contract would be just the cost of doing business. Have you asked for it in an offer, and let them know about the situation?

Not sure how old you are or what your goals/plans are, but I've done a good amount of travel for business. It's always exciting at first but seems that the hype dies down for most people--although there are some people that do really well with that kind of lifestyle. I can't say that it was enjoyable for me. Living out of bags and trying to eat healthy, being stuffed into planes all the time gets old real fast. If you're totally into it, great, but it's something to consider.