The Money Mustache Community
General Discussion => Throw Down the Gauntlet => Topic started by: mastrr on December 31, 2015, 03:50:04 PM
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I am embarking on a financial journey in 2016 as a result of taking a 50% pay-cut. I was making $70k (salary + bonus) but felt as though I hit a ceiling with my career. Even though I was successful I no longer felt the hunger that I had earlier in my career. That coupled with having a type A personality I made a switch to an industry and career with a lot of upside. Its a bit unmustachian but I jumped off the deep end into the unknown. It's a bit scary but its up to me to be successful.
I have used December as an opportunity to negotiate a few things:
1. homeowners insurance on my rental
2. cut cable
4. switched phone provider (verizon to cricket)
In early January I will be negotiating auto insurance and selling some extra things that I have on Craigslist. I will be negotiating rent with my landlord of 3 years when my lease is due to renew since I am an all-star tenant and believe I have some leverage.
My goal is to streamline everything and cut back as much as possible. I just recently purchased YNAB and will be using it religiously. As my career progresses and income rises I will take the frugality skills that I learn with me throughout the rest of my life.
I wish everyone much success to achieve their goals in 2016!
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Congratulations to having the fortitude to get off of a treadmill job and onto a path that you find more satisfying. I hope that the pay cut is temporary.
You're taking effective steps to cut your expenses and generate small side income.
But I have doubts about you reducing your rent. I think most landlords won't cut your rent just for being a great tenant.
You might be better off looking for something cheaper that is closer to your new job.
Of course, for your sake I hope I am wrong. Maybe you could post the rent negotiation results.
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Congratulations to having the fortitude to get off of a treadmill job and onto a path that you find more satisfying. I hope that the pay cut is temporary.
You're taking effective steps to cut your expenses and generate small side income.
But I have doubts about you reducing your rent. I think most landlords won't cut your rent just for being a great tenant.
You might be better off looking for something cheaper that is closer to your new job.
Of course, for your sake I hope I am wrong. Maybe you could post the rent negotiation results.
Thanks for the support, yes there will be the ability to make much more. Adopting mustachian strategies has allowed me to make this jump because of the financial cushion to make this change.
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That is so encouraging. I've been wanting to try a different career path for a long time, but couldn't justify it in light of the great benefits and salary I'm receiving now. Hoping to hit 100K NW in the next 18 months and right now I believe that will be a sufficient cushion to feel comfortable giving up my "firehose of money." It does feel like ripping up a winning lottery ticket, but being chained to a desk is no way to work for 30 years, either.