Career change with a pay cut…

[Fishndude]

Massive hair cut. .

Did it ever grow back?

[STX_Shooter]

Looks like I’ll be taking a $5 pay cut. I got the call yesterday. I have till Tuesday to accept the offer.

[BarW]

Lot of this depends on your place in life.
Ex: no kids, young kids, grown kids, house paid for, rent, truck notes etc
I got out of the oilfield when my kids were grown owing nothing but taxes, utilities, and ins. Wasn't a big deal. Initial pay cut was over 100k a year.

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[jaime1982]

Im looking at about $14 per hour pay cut but I HATED and DESPISED the co I worked for.

[Tuffbroadhead]

In 2010 I decided to make a change and be around my family more often and the Dad/husband that my kids and wife needed me to be. It was a hard learning curve and took a 70k a year loss but I cut out the things / wants we didnt need and kept the things we needed, over the years it got easier and I would have not done anything different.

[Dejashoot]

Looks like I’ll be taking a $5 pay cut. I got the call yesterday. I have till Tuesday to accept the offer.

I hope it all works out for you. Hopefully the money loss is temporary and like others have said there is an upside to your future. $5 is a lot of a little depending on what the percentages you are looking at. Changes to better insurance or a better 401 match can help shore up the differences.

I took a big pay cut 25 years ago to leave a company I wasn’t appreciated at. It was worth it in the end.

Good luck.

[Hogmauler]

If you can afford the loss of pay in exchange for the peace of mind then do it.

Yup. You may live longer with a little less money. Run the numbers. Bet you can make it up somewhere else.

[easeup]

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.................................................. .................................................. .....…. The only thing that I look back on & ponder is why I didn’t do it sooner…. Chasing the dollar is not the best way to live/enjoy life IMHO

this

[bakin7005]

Nah...the guy with the biggest check always wins![emoji12]

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[Shu]

I took a 50% pay cut 10 years ago to work less hours. I have never regretted it.

[BlackoutRam2500]

Depends.... first and foremost have you prayed about it?

2. Is your wife on board with the change?
3. Are you gonna have to sell your house to do it?
4. Are there better "opportunities" with the new position?
5. Are you going to be using the extra time wisely?

Only you know the real answer to all these questions.

If your wife is against it don't do it. If you are gonna have to drastically change your life, like sell your house or start living on credit cards to supplement, don't do it. If it's a dead end position and you won't be able to transfer those new skills into something better should another downturn happen, then don't do it. If you have no plan for that extra time other than, "I get to be home every night/more free time".... don't do it.

I am all for risk taking. But I do calculated risk taking. I quit my job to open up my own business once upon a time and we did have to make some adjustments financially, but my wife was onboard, I had savings so we didn't have to sell anything, and finally I wasn't betting on a company to come along and make me whole someday I was betting on myself.

Now if your marriage is on shaky ground, you're having mental health stuggles, or your kids/parents are sick so you NEED to make that change that's a different story altogether.

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[CabezaBlanca]

If you can afford the loss of pay in exchange for the peace of mind then do it.

Absolutely! My income is half of what it used to be. But I’m much happier and healthier, mentally and physically!

[Restaurateur]

If your employer has lowered your wages, he will change your working conditions. Since you are the sole breadwinner in your family, you do not have to agree to these working conditions. You can terminate your employment contract and think about changing careers. Half a year ago, I did, and I am delighted. Currently, I'm working in utilities because it's a stable and safe profession. Utilities tend to be large and well-established, so there is little risk of layoffs, also, is public utilities a good career path. I am sure you will succeed, but most importantly, do not be afraid to take the first step.

[Texas452]

AntlerCollector has the best and simplest answer. I took a pay cut to change careers one time and we just kept driving our recently paid off cars, stopped eating out as much and made some more small changes to make up for most of it.

I do this while getting raises.
This is good advice, it’s easy if you don’t need it, don’t buy it.
Good luck.

[Copanocruisin]

For what it is worth, I did it about a week before Christmas in 1993 a the age of about 40. We still had a son just his second year of college at A&M. By all means,it all worked out as planned. Best move ever for our family, mentality, physically and financially. Was it easy for the first few years? Absolutely not!Actually I was able to get away from my burnt out career path working 3400+ hours year plus quiet a bit of driving time, but now I am probably making approximately 3 times more plus great Benifit’s/insurance getting ready to retire financially secure. Best of luck with whichever path you choose. Just saying...cC