Hey Reddit, need some advice from experienced folks. I'm in a position that pays much lower than my experience demands due to some earlier missteps and I'm given the option to double my current wage.
Background
So I started a 1 year contract position at an educational institute earlier this year before the pandemic. I started looking for jobs during the fall of this year since I was worried my term wouldn't get extended. I've also been looking for houses that I could househack while I still have a job.
Then later this year, I closed on my first house since I haven't heard back from my employer about an extension but I couldn't get a low interest mortgage based on my current salary. Even worst, I was told that I'd need to make 7k more per year in order to refinance to a lower rate after I closed the deal. So I'm stuck with a high interest mortgage that I can't refinance based on my current salary.
A few days later, I received news that my contract was extended to a permanent position (without raise) and a week later I received a conditional offer from a startup for a senior position that pays more than twice my current salary. The company has a runway of 2 years and I'll probably be responsible for their life&death.
So understandably, I'm tempted to leave my current job but one of the conditions for the new job is to have satisfactory references. If I accepted the new job and they wanted a reference from my current job that I'm leaving, I'd be pretty screwed right? When should I notify my current employers about my offer? ASAP or after I received confirmation about my new job? Personally, I'd prefer not to give notice during the holidays...
Risk Analysis
Worst case:
I leave my current job and jump to the new job and get fired/laid off during my probationary period. Not sure if I'd be able to come back to my current job and I'd be stuck paying the full high interest mortgage.
Status quo:
I stay with my current job at 1-2% raise/year until I get promoted when a manager retires (in 10-20 years) or when I find another job. I probably won't be able to refinance next year unless I get lucky with options/penny stocks.
Best case:
I work my way to an executive position at the new job and become a millionaire once the company goes public. I'd be able to refinance to a lower interest mortgage and get started with owning my real estate empire.
Likely case:
The company goes bankrupt in 2 years despite my best efforts due to circumstances outside my control. I'd be able to refinance and get a cashflowing property next year due to the higher salary.
TLDR
Should I leave my current entry level job for a higher paying senior level job given my current circumstances? What's the best way to leave a job while keeping the option to return?
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