Facebook M1 or tax-free retirement in 10Y?
Hi blinders :) I received an offer from FB in London which is fairly decent, but lower than my current TC: I live in a country with a very relaxed tax regime with loads of cash available and so I knew it would have been hard for FB to match. I currently work at a local startup as VP where the work is fairly exciting, I get to be hands-on as well as have a high-level input but I go home at 9/10 PM every day and that's not going to change in the next 5 years. I'm here because the work is fairly interesting and the prospect is to be able to retire in 8/10 years (I'll be 40) since my partner and I can save and re-invest around $200k a year (she also enjoys a great salary). Current TC: $245k after tax Offer: $190k after tax (RSU is $600k over 4 years and included in this figure) (posting after-tax and USD to be able to do a fair comparison) Now, I have a few doubts: * is the bonus a regular thing at FB? I haven't considered it in my TC as I always worked at companies where the bonus is something that happens 30% of the time, and it's not something you really rely on * how is WLB for an M1 in London? I understand it depends from team to team, but any first-hand experience you'd like to share? * is it really worth uprooting my family to move to FB London for that kind of money? I'm scared that I'll get there, end up on a team that's not exciting and feel like I'm gonna take home less money and do less meaningful work. Any great feedback out there on the impact you've had at FB as M1? * how is career progression for an M1? Is there a good chance to land a much better salary at director level in London within 3/4 years? That would really help with my early retirement goals... :-)
What is your base and sign on bonus in GBP?
130 / 20
Where do you live tax free? I don't know any other country than UAE. If it is UAE, do you like living there? Because life could be different in the UK
Like it where I am now. Life is going to be "tougher" in the UK, and the fact that FB can't come closer to my current take-home makes this decision harder. There are some pros compared to my current location (I'm originally from the EU block so I somehow know what I'm going to appreciate and what I'm going to hate :-)).
Is it UAE or another country?
You go home at 9/10 pm and are concerned about WLB ? Also does the startup 245K after tax include illiquid stocks/Equity ?
> You go home at 9/10 pm and are concerned about WLB ? Yes, because I don't want to do the same for much less money :-) > Also does the startup 245K after tax include illiquid stocks/Equity ? Options, a significant amount. But my take is that I prefer to live thinking that's 0, and if it becomes something then it's a surplus.
It can almost never be as bad as your current WLB! Also, comparing FB liquid TC with your options filled startup TC is not fair at all ! Will the startup IPO soon ?
Oof...I dunno about this one. Your new role at fb will be much more narrow and focused. There's a good chance you won't love it. And why would you throw away retirement in 10 years???
What scares me as well is the fact that I'd be light years removed from the coding bits as, from my understanding, the role is very much people based with very less left for work from the trenches; that is something I enjoy so it leaves me wondering if I will miss the more software engineering bits. I am a manager and don't want to code 70% of my time, but I worry that I'll only be able to spend an hour every couple of weeks on code in this role. It's an adjustment...
Friend joined FB and got assigned to a shit tier team and left right after orientation. It could happen to you too, and then you'd have no great work and not great take home pay. I'd avoid it if I were you.
I'd be preallocated to a particular team, so I get the "luxury" of talking to some hiring managers and pick the one I would like the most after I accept the offer. I know, still... :-)
I would prefer the latter.
OP, what are the tax rates for the stocks/RSU in UK?
51%
Are you not adding the RSUs as a part of the TC?
Sorry if it wasn't clear, RSUs are included in the TC ($600k over 4 years). My gross TC is around $330/360k, but taxes in the UK... :-) The only thing I haven't added to the TC is the bonus as I'm not sure whether that's a certain thing or not.
Ok. I don't know the translation from US to London, but this is on the low range for M0 in US. So I suppose you could push for 50-100k higher (may be ask for 25k increase in base and 200k extra equity). M1 to director isn't guaranteed at FB (it's 2 promotions and each of them is harder than the other), and can happen in 4 years if you are a rockstar and stars align perfectly, but is very rare.