Author Topic: What was largest pay cut you took / biggest career change?  (Read 570 times)

IsiahJLoya

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What was largest pay cut you took / biggest career change?
« on: June 09, 2019, 01:30:08 PM »
My current position: Currently on track to make 40k gross, expenses 21k/y. Im looking into a career where I may only gross 25-30k as a first year, but then scales much much faster than my current career and I can expect to make near 70k+ in 4-5 years while developing an in demand marketable skill as well. Do you guys think this is something I should do? For anyone who wants specifics, Im torn between staying at my current job that scales slower while i pursue my construction management degree, or taking a pay cut to become an electrician but has the ability to scale much faster and more linear all while developing a skill I can market. Though this might require me to put the degree on the back burner while I work on the apprenticeship.

MrThatsDifferent

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Re: What was largest pay cut you took / biggest career change?
« Reply #1 on: June 09, 2019, 03:07:04 PM »
My current position: Currently on track to make 40k gross, expenses 21k/y. Im looking into a career where I may only gross 25-30k as a first year, but then scales much much faster than my current career and I can expect to make near 70k+ in 4-5 years while developing an in demand marketable skill as well. Do you guys think this is something I should do? For anyone who wants specifics, Im torn between staying at my current job that scales slower while i pursue my construction management degree, or taking a pay cut to become an electrician but has the ability to scale much faster and more linear all while developing a skill I can market. Though this might require me to put the degree on the back burner while I work on the apprenticeship.

Only you know what you want to do with your life and which career youíd enjoy more. Are you saving your money currently? If you drop pay can you drop expenses? Iíve only really gone backwards once, through a weird set of circumstances. It ended up being a great move cause I was able to get promoted and within 6 months was making more than the job I left. Psychologically itís chslle to go backwards, but if you have a plan and youíre on a mission, you can do it. Look for every opportunity to shorten the timeframe and get to where you want as quickly as possible, while keeping your financial plan.

ender

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Re: What was largest pay cut you took / biggest career change?
« Reply #2 on: June 09, 2019, 04:35:17 PM »
I took a 10% compensation cut for my current position.

It's absolutely worth it as I not only love doing what I do now much more but the financial upside is so much better!

Apple_Tango

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Re: What was largest pay cut you took / biggest career change?
« Reply #3 on: June 09, 2019, 05:10:24 PM »
A year and a half ago I went from $100,000 take home pay (using my degree in a healthcare field) to $36,000 take home pay (only need a high school diploma). I am so much happier!!! And am on track for a new position in the company for about $60,000 take home. If I could make $100,000 in my new role of course I wouldnít turn it down! Haha but healthcare was wearing me out, and I still have a 60% ish savings rate so I just look at it as a temporary back step. I canít imagine being in my first job 20 years from now, with a house, kids, dogs, more bills, and being unable to escape due to the lifestyle creep.  Iím so glad I cut that job loose.

Here are the things that I did:
1) made sure I could live on my new lower salary
2) had a plan to increase said low salary (you donít want to downgrade to a dead end)
3) kept my options open in my old job field in case I change my mind- i am keeping all of my certifications and I could go back to my high paying job tomorrow if I wanted.