I finally got my first paycheck, and wonder of wonders, it is NOT less than the paycheck I was bringing home before as a contractor. For those who do not understand the significance of this, contractors typically earn 30% more than full-time employees, because of the benefits they don’t get. A full-time employee (FTE) has insurance coverage of several kinds, retirement savings, flexible savings plans for extra health expenses, and a number of other perks that usually skim off the top of the paycheck, making a sizeable dent in one’s take-home pay.
With this full-time job, that is not happening. Even with a percentage of my checks taken for the pre-tax flex savings plan, as well as my retirement savings (which my employer is matching).
I was nervous… with good reason. But wonder of wonders, I am bringing home the same amount of money I was before — AND there is quarterly performance pay for another little boost.
What an enormous relief this is. I can breathe again. I wasn’t sure how I was going to explain to my spouse that I bring home less money. They count on me “making bank” — and so do I.
I can rest tonight. I’m having some supper, then it’s off to bed.
This is very good.