[Barbra]

Advice please. I’m final rounds of interviews for a job that pays $54,000 more than I make now per year. I’ve been working on paying off some hefty debt and I’m down to my last $50,000.

I live very cheaply so even at current salary this would be paid off by the end of 2026 to the beginning of 2027.

Question is: The new company just went through a major reorganization and just came out of chapter 11 last month. Claims they are stable now.

My current company has been showing signs of financial distress for several years and may not be any more stable.

than the new company and seem to be getting steadily worse
Based on the huge increase in pay – which will pay off debt by April – jump ship or wait until current ship sinks?

[Scott]

why is the pay so much more? Are you under valued or is the new company over paying?

If the current company is headed down your not the captain so you don’t have to go down with it.

if nothing else it could give you some more time to pay down debt and save money.

If your looking I think you know the answer.

[Denman]

I’d think about why the bump is there, but honestly I’m a big believer in moving and climbing both salary wise and skill wise so I’d go for it.

[Robert]

I don’t have too much experience in this area; only having had to employers in my life- myself and the federal government.

But even I know that it’s easier to get a job when you have a job… And if you see your current company circling the drain…

It might be a smart move to bail out now…. as opposed to hanging around ….and getting laid off when the ship sinks.

[Barron]

I’d say jump ship and take the pay increase if it’s that much more.
I was laid off early last year and it was a nightmare trying to find another FTE job.

For context I work in advertising though and we’re usually the first to go when there’s cuts.

Worse case, if you did get laid off and depending on where you live, you could apply for unemployment, cash aid and food stamps.

Although we’ll see what happens with this current bill.

If the bill passes, it would unfortunately impact those benefits.

[Chad]

A company can’t just be in trouble and then announce that everything is perfectly fine. That takes time.

However, if your current employer is heading down the drain, it’s just a matter of time before a layoffs happened and even if you aren’t laid off you’re having to take down additional responsibilities.

In this case with significantly more pay, I would jump on that and then focus on paying off debt and building up at least 6 months of your expenses in an emergency fund or more due to uncertainty.

[Mia]

Jump. Even if you get laid off and the new company goes bankrupt 4 months later, you’re job searching from a much higher starting point.

Ask me how I know!

[Lauren]

Jump and also keep in mind this new company coming out of bankruptcy may struggle attracting new talent so be prepared to do a variety of things.

[Author]

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