T negotiated his summer hourly rate from the initial offer, and increased it by over 50%! Isn’t that wild? (Note: I originally said 150%. What I mean is, say his salary was originally $10, it is now > $15. It is 150% more, but just a 50% increase.)
Granted, the first offer was pretty extreme low-balling. I made roughly that much (+ benefits) with just a BS and 18 months experience when I moved here. He almost has his PhD & has had some industry experience. (We are in similar enough fields that the comparison makes sense.) The HR lady who put it together didn’t have accurate information on his qualifications, as he was hired resume unseen based on a research talk he gave awhile back.
No benefits, but it is a regular payroll position, so he isn’t responsible for the costs of the employer portion of social security or anything. No paid vacation, no medical, no 401k… (My company likes to remind me how that is a portion of my salary, but they haven’t even updated the data in well over a year – probably because then we’d all CLEARLY see that they are paying less in benefits!)
Most importantly, he’ll have another taste of pure industry work, and this will help him get perspective on what he wants to do when he graduates.
Anyway – I’m super proud of him. And we’ll be able to save so much this summer! YES! He wouldn’t let me disclose his actual salary, but if he were to work all year, it would be close to $115k. You do the math, I guess. (He’s only working 3 months, so it will be a small fraction on that. Plus we are taking 2 weeks vacation in August.) I’m not going to lie, I’m dying to make a new budget!
We discussed what to do with it. His mom told him to be sure to put some away for retirement, and he was happy to tell her we already max out our retirement accounts, including my 401k. We think he’ll have an option for a 401k through his work (no match), but since we are still unclear on what he’s doing next year, we’ll probably focus on cash. We’ll see.