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Moving, Swithcing Jobs, Planning to go to School and/or Staying Put during Pandemic

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  • Moving, Swithcing Jobs, Planning to go to School and/or Staying Put during Pandemic

    Hey all,

    My sister-in-law wrote me the following message to get my opinion. I'll give it below but I'd like to get some additional input to make sure her question is given appropriate consideration:

    Hey Stephen,

    Kyle needs to put in his preferences/plan for work by the end of April and with the current situation we are starting to rethink our options. Originally, Kyle was due to get out of the Navy next summer and start grad school for his MBA using the GI Bill starting Fall of 2021. With COVID-19 and the current economy situation, we are concerned about finding a job for me or Kyle when he is done with school in 2 years.

    If he doesn't get out of the Navy summer 2021, Kyle has two options, neither of which are 100%, but should (hopefully) be pretty obtainable:
    - Extend in New Hampshire for another year, pushing the previous timeline out by 12 months (get out Summer of 2022, start school Fall of 2022).
    - Take another set of orders, likely in Ventura, for 2-3 years. There are a few positions in Ventura that he's eligible for and could hopefully get.

    It is kind of a tough spot with his preferences being due during the start of this panic before the long term effects are known. On the one hand staying in provides at least one of us with guaranteed income, but at some point he is getting out/wants to attend graduate school, so there is the feeling of just delaying the inevitable. What are your thoughts/opinions on the future?

    My questions back to her:
    1) I'll need to know how much Kyle is making now and how much he will be making if he goes to CA.
    2) would he be working / getting money for living expenses while in school?
    3) How much would Kyle make as an engineer once he graduates assuming he gets a job?

    Her answers:
    1. If he were to stay in NH for one additional year: that year He would make $105k/ year ( $73,500 taxable)
    - CA would be for 2-3 years at $111K ( $73,500 taxable). The difference is the housing allowance, this varies per location and year.
    2. While in school he would get housing allowance based off area code of the school location (ex: LA: $3100, CO: $2200)
    - While in School Kyle will probably join the reserves making an additional ( $850/ month), but also a gamble due to economy.
    - He does have savings too, but do not want to rely on that.
    3. Jobs after school could depend on where he goes to school (doing MBA, finance/ real estate emphasis)
    - example UCLA: roughly $100K

    My follow up question:
    I didn't understand your example in #3 very well. You are saying he can make $111K in LA now, but if he went to school he could start making $100K? That's a lot....I'd say it doesn't make sense to go to school if it is for a loss of $11K per year.

    Her follow up answer:
    He will make that while in the military but that is a temporary job... He will be done with the military at some point. If he were to stay in long term we will be moving around every 2-3 years with little say in where we go long term. Which we have no desire to do.
    Let’s simply for right now... stay in military with for sure income for next 2-4 years. Or start school in one year and maybe have a job coming out of that in 2 years following school.
    Make more sense? Military is temporary, just trying to decide if we should extend while the economy rebounds.

    Note: My sister-in-law is a Physical Therapist and lives in New Hampshire and her Physical Therapy clinic hasn't been shut down yet so she still has a job right now. In California she would not.

  • #2
    I think I’d go with the safe bet at this point and put school on hold for a year or two unless he is completely completely burnt out on military life.


    • #3
      I think they should stay put. California is going to get hit really hard because of the high population density. Ventura is close to LA, which will be hit hard. Then again New York is getting hit even harder right now and NH isn't that far away.
      School isn't even in session right now and there is no telling when in will be back in session. Granted, Fall 2021 is a ways away.
      Once things start back up again in California she will be able to make a lot more money as a Physical Therapist. Why not wait in out in NH a year while they still both having paying jobs? I definitely think that he should not leave his government job right now. It offers a lot of protection. I think they should just stay put and plan to delay his schooling for a year when the dust is settled. He won't be making much more, if any more, once he graduates anyway. I'm not sure what the rush is to go through school.
      I think they will be worse off by losing her income and moving to California, though her income may not be available for long.
      My answer is: "Extend in New Hampshire for another year, pushing the previous timeline out by 12 months (get out Summer of 2022, start school Fall of 2022)."
      What do you guys say?


      • #4
        Hmmmm...I was hoping for a few more responses


        • #5
          The start is not important. The important part is when he finishes, use that as the reference point. Your looking at 2022 plus maybe and internship.
          No statistics, but real estate in any aspect in California is a challenge. Anecdotally, a nephew from San Francisco when to SMU and interned and has five good offers with commercial real estate firms. Any project in California is just so expensive. One big house is the same cost as multifamily or office buildings other places. His plan is get to the point he has already made it and move back and "dabble". LA will always have commercial real estate, it will also have a high cost of living.