Back story:
Son just graduated. He will start a high paying job in the fall. He interviewed for research positions at leading hospitals then Covid happened. The high paying job was the last option and he has zero interest in it, but he could save a lot of money and pay off a small student loan (under 10k).
The situation:
He was notified of a vacant research position a few days ago, and they are moving fast. The lab is in a famous hospital. He would be working with a known expert in the field. It seems like he might get the job and will need to give a quick answer.
His goals:
He wants to be in research. He is interested in applying to PhD programs or med school.
His dilemma:
Stick with the money and reapply to research positions next year? Or take this research job which is closely related to his interests. He is concerned that waiting until next year will put him behind others and feels that striking while the iron is hot is a good move, but is also aware how expensive med school is. He knows he will have hardly any money if he pursues a PhD.
Both jobs are remote for now. Don’t know if that matters. He will continue to live at home until things change.
Does “will hardly have any money if he pursues a PhD” mean while doing a PhD, or in his career as a researcher? You are both aware that STEM PhDs are funded, yes? The net-net is that your tuition fees are covered and your stipend (typically in the $25-30K range; more if you do a lot of teaching) is enough to support a grad student reasonably comfortably. As a PhD researcher he should be able to make a comfortable living (the entry jobs in the fields that I know have starting salaries in the $75-100K range)- and if he can do that while doing what he loves, isn’t that the goal?
So he starts the research job, starts his PhD apps and does tutoring on the side to pay off the small amount of debt that he has.
I am not seeing a reason not to say ‘yes’ to a job doing what he really wants to do.
How expensive is his lifestyle? In other words, can he live contentedly on where the research track will eventually take him, income-wise? If your son can, then he will get great satisfaction from his career, which is more important than how much money you make.
Re medicine, that should also be a calling that drives contentment. In terms of income, most doctors don’t make all that much while repaying student loans.
As long as he can support himself, I think he should take the research job. In the long run, the money is much less important than doing work that interests you and makes you happy. With all of the uncertainty right now, there are no guarantees of another suitable research job next year.
@collegemom3717 , yes, he knows they are funded. His thinking is that he has to pay off his loan and will be living frugally for several years to come.
@hebegebe , he is able to live cheaply. Doesn’t have expensive tastes.
I think he’s also concerned that if the job happens, it’s in an expensive city. He definitely is not interested in the money that the current job offers.
Paying off under $10k shouldn’t be a problem on a grad student stipend- if he shares his housing (or cheap grad student housing is available). Gradschool kid 1 (STEM) turned down one program b/c it was in a v v expensive city- with no COL adjustment. Chose a (higher ranked) program in a smaller town & is living very comfortably with a roommate. Gradschoolkid 2 (humanities) is in a v expensive city & is sharing a house with 3 others- and was still able to afford a nice holiday just before Covid shut everything down.
I just don’t get following a path you don’t want when there is a good option to do what you love- but I come from a family that sees a little frugality in your 20s as a normal part of life.
@collegemom3717 , until last week, there wasn’t a choice but to follow the money. He was prepared to make the most of the job, even if it wasn’t part of his long term plans.
Son was formally offered the research position yesterday and emailed today to accept.
Now, how to best word his “resignation.” He doesn’t want to burn bridges, especially because they recruited him from his college.
Congrats to your son, @mrpractical! these are tricky times for our fledglings, and I am right there with you in trying to figure out how to help them figure out how to navigate these unfamiliar waters