1. Marry someone in a high paying and mobile field (law or accounting are perfect). This is crucial. It gives you the flexibility to choose the position that you really want, in a place that you really want, rather than having to chase an extra $20K by going to some crappy R1.
2. Three years out, honestly judge whether you are a star in the making. If the answer is no, then say “f**k it.” There really isn’t much professional difference between a tenured prof the 40th best school in the country and a tenured prof at some place nobody has ever heard of. Neither will make any serious impact on the world in any way. So why work the extra hours and bear the extra stress in order to be the former?
3. Underplace. Having realized that you are not going to make tenure at MIT, go somewhere where you can be a big fish in a small pond. You get the better students, don’t have to sweat P&T, can hike 40 hours a week and are more likely to get away with banging students, if that is your thing.
4. Publish at crappy journals. At my old R1, I would wait up to a year to hear back from top journals. Having realized that my research is just intellectual masturbation, I am now instead content to publish in much lower ranked journals. Due to step #3, hitting at MD instead of JME has no discernible impact on my life whatsoever, except that the process is 10 times quicker.
5. Hire new colleagues based primarily on their ability to join the departmental poker game and scotch tastings. Why would I really give a s**t whether our new environmental economist publishes in JEEM or Js**t? I am not going to read it either way. But helping build a department of laid back colleagues who I enjoy hanging out with has major benefits.
So as some of you consider multiple offers, try to avoid the temptation to pick the flashiest offer that you have by default. There is a good chance it will make you miserable.