Before you start reading, please read my career change benefits (1/2) to get the backstory or the rest of this post might have you confused. To read 1/2 please click here.
It's been 3 months, almost to the day since I made a minor career change in my day to day job but a massive career change for my family life and financial future. I won't go into too much detail as far as money amounts but I will tell you about the way these changes have impacted even my day to day life.
The change I've been the most excited about is the amount of time I have with my young family. My start times have changed so I am able to be home for most dinners during the week and with the above mentioned commute, most of my saved time goes right to spending time at home.
The biggest change has been the massive drop in commuting time. I have cut my weekly commute time down roughly 5 hours. I had added up my time per year spent commuting to work and it worked out to 19 days a year. That is a massive amount of time to be trapped in the car even with audio books and podcasts. The change in commute has been amazing and other little bonuses attached is the money saved on gas, my yearly car insurance and the wear/tear on my vehicle. I'm not able to put a monetary value on the last but I save $210 per year on insurance and approximately $3,200 a year on gas! Part of that is due to the fact that I am carpooling to my new job which is only a 12 minute drive.
Lastly, financially the decision has been amazing. I was immediately handed a roughly 15 percent raise and I am not complaining about that. My pension was not compatible so I had it paid out to me and a large amount of it was placed in a locked in retirement account. I have put quite a bit of that payout to work by dividing it between growth, value and dividend paying stocks. My goal for that account is to have it payout $2,000 a month when I retire which I think is quite doable, only depending on how early I'm planning on retiring and relaxing on a Maui beach. Stay tuned in the next two weeks to see some of the companies I've purchased on this market correction/bull run the past month. The rest of the payout I put right on the mortgage and that has felt amazing aswell because buying in this Vancouver area market is not cheap.
Overall, I have been very happy with the career change for my family, myself and my finances. A career change at 31 is not for everyone but when opportunity knocks, why not answer the door? At least take a look out the peephole and find out who's knocking!