Happiness vs Salary + Family & Aging Mother
Cross-post from r/personalfinance:
tl;dr Considering I'll need to support my aging mother and contribute to a family income, should I stay in academia for the hope of 50-80k (in US or Europe) or jump ship for 80-150k in industry? (In the US)
A few recent front page PF posts have exacerbated a growing concern of mine. I'd really appreciate some feedback from the hive mind on my situation.
I'm currently a PhD student at a top university in a hiring field in the humanities. I'm good at what I do and I have a solid CV. Though it's not certain I don't doubt that I'll get a job (though maybe after a postdoc), but I'm looking at potentially as low as 50k starting salary up to maybe capping off at just 80k several years down the road. This would even be the case in a high COL area.
I'm in my early thirties, graduating in 2019, and my SO and I would like to start a family very soon. My SO will also be working, and making probably 50% more than I will. Our only savings are in our emergency fund. Moreover, my mother works but is paid very little; she is getting old and has next to no savings, so I'm going to have to start helping to support her in the next decade.
Owing to some dumb luck, I have the opportunity to possibly jump to industry after I graduate, potentially starting at 80k+ in a high COL area. It's in no way a job I care about, but it's not unrealistic to think that I could be making 120-150k in a few years.
I absolutely love what I study and teach, and I've made a lot of sacrifices to get where I am. It's been a personal mission of mine to teach and help students. I've also been very attracted to the stability academia offers after tenure (after watching my mom work very hard as a successful entrepreneur for many years while I was growing up, only to see it all come crashing down).
I would be completely out of place in the industry job. I'd hate most of the people I work with. It would have no meaning whatsoever for me. I would probably regret selling out. But it's not horrible. I can see being perfectly competent at it. And with that much of a pay difference, I wonder if the rest would matter.
I'm really torn and I need to start making moves very soon to plan one way or the other.
Posted Mar 12, 2018, 8:59 PM UTC