How much of a paycut would you take?

How much of a paycut would you take?

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NCMedic

NCMedic

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Have a opportunity for a change in career trajectory.Comes with a significant decrease in pay. That being said, aligns more with how I'd like to find my career, plus opens opportunities for the future.

Biggest con is decrease in pay. Potential for pay to increase after some pay studies.

Pros are no more shift work (new job M-F with ability to telework 2-3 days a week) No rotating nights or weekends, holidays off, etc. Less stress, etc. Much more flexible schedule.

Anyone ever done a career change with big pay drop? All signs point to yes, but it's a lot of money to walk away from.

Tell me I'm crazy.
 
I guess that depends how stressed out you are to begin with. If your mental state is deteriorating quickly id say yes, make the move at any cost, assuming you won't lose your house or something drastic.
 
GeorgeBush said:
I guess that depends how stressed out you are to begin with. If your mental state is deteriorating quickly id say yes, make the move at any cost, assuming you won't lose your house or something drastic.
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To be fair, less stress is subjective. Taking a new job and everything that is associated with it comes with it's own stressors. There is also no going back to other job once I decide. However this is not working nights, weekends, holidays or dealing with stressors associated with my current job.

My mental state has deteriorated each day for the last 30 years...🤣
 
Amps 13 said:
Is it going to make you happy or are you just gonna stress about the lower income?
If yes to happy and no to second then there’s your answer.
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The decrease in income is concerning, especially with the increase of inflation, but also there are ways that I can make up the difference if needed.

I'm not going to say I wouldn't have some "WTF did I just do feelings“ about it, but think it would be a positive change.
 
Well you could always pick up some little enjoyable side job for more money. Are your benefits getting worse too or just take home pay?
 
NCFubar said:
How’s your debt to earnings ratio? If I were on the higher end of the debt the less pay cut I would take. If I were more to the no debt end I’d be looking at quality of life … the old work to live don’t live to work thing.
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I COULD payoff my truck and most of my debt today, but would decrease my "safety net".....our house is paid off.
 
NCMedic said:
To be fair, less stress is subjective. Taking a new job and everything that is associated with it comes with it's own stressors. There is also no going back to other job once I decide. However this is not working nights, weekends, holidays or dealing with stressors associated with my current job.

My mental state has deteriorated each day for the last 30 years...🤣
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I’m gonna follow this one.
 
GeorgeBush said:
Well you could always pick up some little enjoyable side job for more money. Are your benefits getting worse too or just take home pay?
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I failed at being a male gigalo (kept giving it away for frees...)so that side job is out. But yeah I could find a side job.

Benefits stay the same, same employer, just different department.
 
IMO depends on your adjusted budget with the decrease in pay taking into consideration double digit bidinflation.
 
I took what ended up being a 6k pay cut with the knowledge of having a lot higher long term pay. That was 15 years ago but I went to shift work 24/7/365 if I work I work. But less stress.
 
It's pretty hard for anyone on the outside to say what's right since we don't know what your whole situation is.

If that decrease in pay does nothing for your lifestyle and makes you happier... it seems like a win.

if you're giving up lifestyle, and hoping happiness at work makes up for it... it's a toss up.

I took a 40% pay cut to leave a really 'good' but crazy stressful job for another one that didn't work out. I eventually got back to my original pay level at a 3rd job, got out of that one due to stress and took a 30% pay cut. 5 years later I was making more than I ever had before with a lower stress level. Then I took a 100% pay cut because the money wasn't needed anymore. Unclear if that was the winning move or not, but it's the path I took.
 
Chuckman said:
I have taken a pay cut, twice, to move into jobs with a better culture and better leadership. I did not regret it and I made it work.
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48ptz6.jpg
This is from EMS to Emergency Management......
 
NCMedic said:
I COULD payoff my truck and most of my debt today, but would decrease my "safety net".....our house is paid off.
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No mortgage is big unto itself! If you can continue to pay your other debts on the new job (don’t drop you safety net) and still have enough household income to live as you want and possibly add even a few dollars here and there to existing safety net … your urge to change gears is easier to see as going towards the working to live side away from living to work.
 
I have a different view on work than most people. I’ve never wanted a career in anything.

I want to make as much money as I can with as little work so that I can afford to do the things I want to do with the people I want to do them with.

So I wouldn’t take a decrease in pay unless the work load was commiserate and I could still afford to do those things.
 
Diablos said:
is it a "break even" reduction level given the near elimination of driving?
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So still would be driving 80 miles round trip 3-4 days a week but would be using some else's gas for most of the trip
 
NCMedic said:
And a take home vehicle, so spending less of my money on gas
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This alone can make up a good bit pay wise not having to put gas in your vehicle and maintain one. Years ago it was figured roughly 10-12k year bonus and probably more than that now.
 
I took a pay cut to move here. My wife took a new position at the bank that more than cover my cut. I can't complain. Everything is paid off, and life is significantly better here. I was really stressed at work before I left. Now I log off after a few hours and go shooting or something.
 
Frack N Cylons said:
That has been a huge benefit around here. Between my take home vehicle and my wife working at home, we have been able to put off a new car for years. I end up having to change the oil “just cuz.”
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I have a 2017 Tacoma that has 80K on it.... probably 75% of that is commuting to work...so I get it.
 
NCMedic said:
So still would be driving 80 miles round trip 3-4 days a week but would be using some else's gas for most of the trip
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Jp8819 said:
This alone can make up a good bit pay wise not having to put gas in your vehicle and maintain one. Years ago it was figured roughly 10-12k year bonus and probably more than that now.
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that can quickly make up for the wage reduction. i did a rough calculation on my commute (double yours) and came out to $5-6k a year in gas and maintenance. 30 days of time spent behind the wheel!

some things to consider...

quality of life has been much better for me as a teleworker
 
Cowboy said:
I took what ended up being a 6k pay cut with the knowledge of having a lot higher long term pay. That was 15 years ago but I went to shift work 24/7/365 if I work I work. But less stress.
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This is kinda the strategy. In the next 10-15 years I could take a "retirement" position making 90-150K a year
 
NCMedic said:
And a take home vehicle, so spending less of my money on gas
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depending on how far your commute is i usually factor having a take home vehicle as a 10k or so a year savings.

you also have to factor in the wear and tear on your personal vehicle
 
Chdamn said:
I have a different view on work than most people. I’ve never wanted a career in anything.

I want to make as much money as I can with as little work so that I can afford to do the things I want to do with the people I want to do them with.

So I wouldn’t take a decrease in pay unless the work load was commiserate and I could still afford to do those things.
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I would tend to think of this to a shift to spending 80% of my time doing less work, or at least less stressful work...meetings, planning, teaching classes, etc.
The other 20% would be wild open.... it's currently backwards now. 80% of the time I am wide open and non stop for 12hrs at work.
 
Timfoilhat said:
I took a pay cut to move here. My wife took a new position at the bank that more than cover my cut. I can't complain. Everything is paid off, and life is significantly better here. I was really stressed at work before I left. Now I log off after a few hours and go shooting or something.
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It was the opposite for us to move here, it was a 15-20k increase for us to move here... but we are in a much better position than we were in 2007
 
Jp8819 said:
This alone can make up a good bit pay wise not having to put gas in your vehicle and maintain one. Years ago it was figured roughly 10-12k year bonus and probably more than that now.
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NCMedic said:
aligns more with how I'd like to find my career, plus opens opportunities for the future.

Potential for pay to increase after some pay studies.

Pros are no more shift work (new job M-F with ability to telework 2-3 days a week) No rotating nights or weekends, holidays off, etc. Less stress, etc. Much more flexible schedule.
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NCMedic said:
And a take home vehicle, so spending less of my money on gas
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Jp899's right, make sure you're adding ~$12K to the income by having a company car. I haven't had a personal vehicle in the 26 years been driving a company ride. We've been a single car family and have been able to put the money into our home and life.
You posted several significant positives. As mentioned upstream what are your financial needs and goals? When I had seven mouths to feed, I put in 55-60 hours a week for 20+ years. It's nice to know I don't have to work that hard anymore.
 
Too many subjective moving variables for me to say. In the end you have to go with your gut. I took a huge pay cut to pivot and accommodate my wifes career path. I went from being the primary bread winner to the minor partner. Within 5 years I did not have to work at all. I am happier and she does a job she was born to do.

I think @Jayne is pretty spot on. It is all about your current lifestyle and what amount keeps you at that level. If it will still basically stay the same the potential upside might be worth the risk. If you are going to have to really cut back and change how you live you have to consider the time table and its effect on you. 2 years is very different than 5 to get back to where you are now. You also have to consider how hard is it going to be to reach your goal.

We as a couple recently passed on a promotion which would have been a pay raise but would have caused major disruptions in our lifestyle. The location was crap and we would have not been happy even with more money from the job so the wife passed. Each opportunity needs to be analyzed and then you make your best guess.
 
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I guess it depends on how much of the income came from shift diff/OT/weekends/callout. If that accounts for the difference then do it. You already listed the absence of those things as pros.
 
Well since I am two Gin and Tonics into the evening and have been listening to Julie London for the last two hours, I gave it the 15-20% vote. If you think this better aligns with your happiness, then the cost doesn't matter. You can make adjustments to spending and living standards if you are very happy in your work. We spend a third of our lives at work, a third sleeping and a third with family and getting to/from work. Be happy. (That is about the most gushy "follow your heart" response you will ever get out of me).
 
I took a pay cut for my current job. But it cut my commute of an hour each way in half and gave me more time back with family. It was also a job with less stress.

I am able to attend my son’s baseball games, which I would have likely missed had a stayed in my previous job and I can’t put a price on that.

I am far happier now then I was before. I have zero regrets. I would be a vote for taking the new job, unless as others have mentioned you would lose your house or not be able to pay the bills.
 
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