View Full Version : New job Advice.....Please
08-17-2005, 07:23 AM
I have been offered a good job here in Dallas. It's an individual owned company with about 40 employees. I get a company pick up truck with all expenses paid. The deal breaker (to me) is the owner has one million liability insurance on the truck but no comp or collision. I had to sign a contract that says I must pay for any damage to the truck that is my fault, including auto accidents. Since the truck is not in my name, I can't insure it ( I tried 4 agents). The bottom line is, if I have an accident and it is deemed my fault, I could be out $15 - $20K. Would any of you take this job? Any other red flags come to mind?
Thanks for any advice.
08-17-2005, 07:50 AM
That's tough! I couldn't see myself running without liability but possibly with the other...most of my past vehicles including the bike is liability only. I'll tell you though, any business head who will insure for a mil in liability and then force the employee to suffer the collision costs(some accidents are snafu'd even when you ARE innocent, like a non-insured motorist or hit and run), I guess I'd have to at least put it in the think-bank and not take that risk today. If this was maybe just for 3 months, a probationary period, then I might consider it, I MIGHT!
How badly do you need the paycheck???sid
08-17-2005, 08:17 AM
Thanks for the input Sid. I've still got the vending thing but It's getting a little shaky. I can always sell cars but that kills Petty Point on Saturdays plus my Tuesday night league (would have to work every other Tues. night). There is not a lot out there for a 63 year old.
Your observation on the owner gives me cause to worry also.
I need to work for two more years but I don't have to spend two years in a bad situation.
08-17-2005, 01:57 PM
Is this a negotiable item? Maybe take a little less salary and have the owner cover the comp and collision. How much driving is involved?
08-17-2005, 03:49 PM
No, it is non-negotiable, and I will be driving about 25-30K a year in the DFW area. The co. owner got a little up set when I questioned him on it. He said no one else has ever brought this up. I can see that this is going to be a one way street. I may try leasing the truck from him. My insurance agent says he can cover me if I lease it.
08-17-2005, 04:40 PM
<blockquote><font class="small">Quote PoolFool:</font><hr> I have been offered a good job here in Dallas. It's an individual owned company with about 40 employees. I get a company pick up truck with all expenses paid. The deal breaker (to me) is the owner has one million liability insurance on the truck but no comp or collision. I had to sign a contract that says I must pay for any damage to the truck that is my fault, including auto accidents. Since the truck is not in my name, I can't insure it ( I tried 4 agents). The bottom line is, if I have an accident and it is deemed my fault, I could be out $15 - $20K. Would any of you take this job? Any other red flags come to mind?
Thanks for any advice.
I wouldn't do it. Even if you can cut a deal to lease the truck from him and pay the insurance yourself, he could demand that you keep in in pristine shape. With all that driving, you'd constantly be repairing dents, scratches, nicks, etc. Every time a pebble hits the windshield, it's a new windshield. Your insurance will eventually go up because of the extensive repairs, not to mention that each incident has a deductable, which would cost you money each time you fix something.
I think it could turn out to be a small nightmare for you.
08-17-2005, 08:47 PM
Tell the guy to take the job,and shove it. Do the math,you might be better off going for your retirement now. What does a good job pay?
08-18-2005, 06:32 AM
<blockquote><font class="small">Quote Drop1:</font><hr> Do the math,you might be better off going for your retirement now. <hr /></blockquote>
This is a very good suggestion. Working those extra couple of years may not add too much to your Social Security benefit, unless you are working a couple more years for another reason.
You mentioned another income from vending machines. You could continue doing that and, depending on the amount of that income, it would have a very small effect on the Soccial Security benefits, however, you would have to report that income to Social Security each year.
Contact your local Social Security office and they will be able to give you an estimate of your benefits now and at age 65. Keep in mind, it will just be an estimate, but it will give you another option to consider.
08-18-2005, 08:32 AM
Thank all of you for your input.The social secutity is a non issue. I was a marketing exec. with Mobil Oil for 22 years before the big downsizing in 1993 so I am maxed out but I don't want to start drawing it until I can get the full amount.
I had a sit down with the guy yesterday and he offered to pay me $650.00 per month car allowance and me drive my own vehicle. No restrictions as long as it is clean, good paint, and no large dents. I think I can make that work.
Again, thank you for the input. It is great to have a way to get the thoughts and knowledge of so many people.
By the way , the job is a warranty rep for a foundation repair company ( a big deal in this area with the constant moving soil ).
08-18-2005, 09:19 AM
To each ther own, but when I get to the earliest age to draw SS I will do so. Someone figured up once just how long you need to draw against it after waiting to 65 to get 3 years of "back pay" and it was seemingly counter productive IMO than it was worth, especially when you figure in the everyday danger of getting a life threatening disease or injury. I'll personally take the freedom of having three years of quality-life while I can. Just me...sid
08-18-2005, 10:06 AM
Suggestion: First talk to a tax accountant about the $650/mo. If my memory serves me correctly, you'll have to add that to your gross income and pay tax on that money. Depending on your income, it could boost you into a higher tax bracket as well. Plus, you may not be allowed to deduct all of your related auto expenses if you are an employee rather than self employed filing a Schedule C.
The IRS gets especially picky with work-related auto expense deductions.
...not that any of this is bad...just a good idea to know what you'll be up against come tax time.
08-18-2005, 11:33 AM
That is a good way of looking at it but I have two reasons I
believe I should wait and get the max .
1.My parents and grandparents lived to be 90+.
2.There will come a day when I won't be able to earn any money. That extra amount may be the difference between real tuna and cat food. At least (in today's money) it will pay for the taxes and insurance on my house. And, I don't mind working as long as I have nights and weekends free to play pool.
08-18-2005, 02:15 PM
All living into their 90s, very compelling indeed. My grandmothers and great grandmothers lived that long as best I can recollect, but for some reason their siblings didn't make the same tenure and Grandpa(s) both cashed in ahead of Grandma by more than a decade(cancer.) I dunno, maybe the preservatives in foods, pollution in the atmosphere and over abundance of inexpensive food, combined with the fact that we as a society are sedentary far more than in the olden days, we may just be back sliding a bit. You certainly have the odds in your favor PoolFool and if it was me, I'd possibly feel as you do. With the global danger in the world and the diminishing American way, i.e. we born Anglos are in last place it seems and losing in each battle, I'll still opt for the added three years of zestfull freedom. My wheels might start falling off of my ability to run around the pool table before or shortly after 65 and I'd feel I lost that window of opportunity. Call me an overly cautious optimist.
Curious,,,how long did your parents stay in the work force before retiring? It seems to me that a lot of retirees suddenly spiral downhill within years of retirement. I somehow feel that's what the government counts on in part within their foreward looking calculations. It almost sounds like a cruel joke of father time if the reality is that you'd stay alive longer if you retained a working career till you keeled over, OUCH! Of course we pool players will continue to get the healthfull, life giving effects from "exercizing" ourselves running around the table. HEY, it might be true...sid~~~feels the need for some exercize right this minute
08-18-2005, 03:36 PM
If it would give me any freedom to take the soc. sec. now I probably would too but that wouldn't be near enough.
My dad worked until he was 65 (Gulf Oil Co.) and lived to 92. He was still mowing his 1/2 acre yard at 90.
My brother, 79 now, was still flying corporate jets at 76.
But, one more thing I didn't mention. When I die my wife gets 1/2 of my social security. This way I can make sure she has the little extra.
I agree with you on the Anglo situation. But it is world wide. If it weren't for the middle east fanatics,I wouldn't have lost my job with Mobil, I could have lived very well on my IRA income before 9/11, and it wouldn't be costing me $6.00 to drive Bubba to the pool hall now. No place to hide that I can see.
08-18-2005, 06:20 PM
<blockquote><font class="small">Quote Sid_Vicious:</font><hr>Someone figured up once just how long you need to draw against it after waiting to 65 to get 3 years of "back pay" and it was seemingly counter productive IMO than it was worth, <hr /></blockquote>
Sid, the calculations "someone" did are correct, for most people. When the time comes to make your choice, contact your local SSA office and get the benefit estimates, to make an informed decision.
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