Changing Jobs?

Is it crazy to accept a new job for less than you are making in your current one? I'm being offered something that's way below what I'm making now. I could probably talk him up to close to what I get now, but probably still lower. It would be a career change and lead to a totally new career path. But some people, namely my parents, think I'm out of my mind for even considering a salary that's lower than what I make. I could certainly live on making a little less and the bonuses offered can make up for much of the lower base pay.

I know it's totally based on the circumstances, but would any out there consider this?

you decision really depends on how much do you love your job now, and how much you will love your new job. if they are both the same, then i would probably go for higher pay. but if you completely hate your job, then a switch may be in order.

I gave up a 6 figure job to go back to being a very poor student supported by my DH (what a shock for him :eek: :D ).... i havent had a moment of regret :)

I left a stressful job in banking to a job at a non-profit. My pay (and benefits :( ) went down. I certainly have moments of regret about the "losses," but I am much more relaxed... and I have time to do fun things like ride my bike and my horses! So...

If I may... I think your tag-line says it all...

It's only worth it if you're having fun.

Unless you plan on spending a lifetime in your current career any job change will most likely result in some loss of income. The question then...is this the right time and the right job to make a switch? If so, leap and enjoy.

I agree with han-grrl - it depends on the situation.

If you're like me, you spend a lot of time at work. So, if you've realized your career isn't making you happy and you've figured out a career change that will set you back on the right path, even if it pays less, the better quality of life is probably worth a lot more than the bigger pay check (so long as you can actually manage on the smaller salary).

On the other hand, if it's just a new job, but more of the same, I'd wait for something that paid at least the same.

I too left a good career to go back to school full time while working part time. The change in my financial situation was astronomical! Now I'm in a brand new career and I'm 100% happier with my life. (and I'm also finally making more than I could have on my other career path).

If the career change is one you want to make, then it's 100% worth it.

In fact, it's very tough to make a major career change and not see some initial loss of compensation. If the new path is correct for you, the money will come (or other rewards will make up for the lower pay).

If you think you're going to enjoy the new job/career more than you enjoy your current job/career, why not go for it? Worst case, you hate it, and you have experience in your current field and can go back into it. Best case, you love it, you excel, you make more money AND are happier. :)

You might want to lay it out in a realistic pro/con sort of way. What do you like/not like about your current job/career, and what do you like/not like about the new one? Are the risks worth the potential reward? Even if some of them are hard facts (dollars) and some are less hard facts (feelings), you have to weigh them all. The "best" decision on paper based only on hard facts may not be the "right" decision for you.

Good luck. And, who cares if you're crazy? :D

"There is a fine line between genius and insanity. I have erased this line." -- Oscar Levant

The three things that are most important to me in my work:

- Who I work for (respect, trust, etc)
- Who I work with (good folks, not political, common goals, fun)
- What I do (fun, growing, opportunity, etc)

WHen those things are in place, everything else (like money), falls into place

Congrats on having a choice to make...but you should still negotiate him up...

Salary is important, but gee, if you can live off what they're offering and it's a lot more like what you want to be doing, go for it. In 10 years, will you be happier, more accomplished, more satisfied?

Just agreeing with some of the others...

Its about quality of life, not quantity of money.

You should enjoy your job, plus there's room for advancement...

Take the new job if you are able to cope with the cut in spending power. I would.

Eight years ago I left the school district I thought I would be with until I stopped working. After 7 years, I felt like I was no longer respected and there were changes coming I couldn't live with. On a whim , I applied for another job. Now, most systems don't hire teachers with 22 years of experience (too much $), but after 3 grueling interviews, they offered me a job. After some negotiating, which normally never happens in a public school, I was offered a salary about $5,000 less than what i was making. My older son was 2 years from starting college. I sat down and did the T chart with "plusses and minuses" and I had too things in the plus column. I never regretted it and I am glad I am ending my career in a place that made me feel appreciated.

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Originally Posted by CycleChic06

I know it's totally based on the circumstances, but would any out there consider this?

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I have considered it and have done it (twice). You just need to be sure it is what you truly want. Many years ago I left a great non-profit preschool with nominal pay to begin a career in a large for profit childcare company for a substantial higher salary, more headaches and lots of pressure (yes in childcare). After two years I left to go back to non-profit, less money, more respect and lots of appreciation. Remember its okay to make a mistake. Good luck with your decision.

I work for a large law firm, and am burning out fast. Billable hours rule my life, and I have no time to do what I care about (bike, hike, etc). I am seriously considering several positions which will literally be a 50% pay cut (or more). But...I'll do work I believe in (I don't always sleep well right now), I'll have a very short commute (could probably bike) and I'll have time to do what I love. I don't have the answers yet. I had hoped to hang in there until my loans are paid off, but I'm not too far away on that front. And I know I can't do my best work where I am too much longer (there are major changes underway which mean more $$, but less free time and much more stress).

So no, I don't think you're crazy (unless I am too). Just make sure the time is right for you and that if you don't love it, you have options.

Good luck!

I was in a job with a very homophobic clinic manager who made my life a living hell. She was so awful to me that my patients were even commenting on how she treated me. The regional manager offered to move me to another clinic staffed by the same company, but it would've meant a much longer commute and I would've had to stay for another 3 or 4 months with the rotten clinic manager.

I left that job (making more money than I'd EVER made, which still isn't much) and took a job in a small private clinic for less $$. (Another private clinic offered me more, but the place felt kind of creepy.)

Now that small private clinic is facing big financial problems. I'm still, years later, not making what I did with the large company.

Sometimes I regret my decision. I will likely "jump ship" soon anyway.

Finances are very important, especially if you are single. Worry about your own financial health, but also CAREFULLY check the financial health of the place you are thinking about working!

I left the corporate world and a nicer paycheck because I could no longer handle the Los Angeles commute. As traffic worsened over the years, a 1-hour trip turned into a 1-1/2 trip, which became a 2-hour trip. If I had to cover a game (I worked in sports media) it would mean an additional 90 minutes to travel 15 miles to the stadium. I found myself filling up my gas tank every three days and spending 15-18 hours a week stuck in traffic. I was miserable, frustrated and exhausted. No amount of money was worth that!
Now, I work at home, and although I don't make nearly as much as I used to I couldn't be happier with my decision. My off-time is my own again! :)

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Originally Posted by KnottedYet

Finances are very important, especially if you are single. Worry about your own financial health, but also CAREFULLY check the financial health of the place you are thinking about working!

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Very good advice - I'm lucky - the place I'm looking is state government:) Seems like that *should* be pretty secure!

CA

CycleChic, all of this advice is good. One thing I haven't really seen said....nothing has to be permanent. In other words, if it doesn't work as well as you'd like, you can always change it up again. You might have to plan for sticking to it for a minimum period of time - whether that is months or years - and it's a good idea to have an exit strategy. If you can handle the drop in pay and it's time for a change, I say go for it!

Hugs and butterflies,
~T~

Ask how much other people in the position make in bonuses and other compensation. Sometimes the whole package can beat the salary at the old place.

For instance, my husband took a job making almost $30k less in salary than he was making at his other job (same field), but he knew he could make more with the profit share that they were offering. Further, he found the idea that he could control the amount of money he made by working harder and smarter very motivating.

One thing he did that you might try. He told his prospective employer that he wanted to make at least x amount a year, and that the salary reduction would be tough. So, they negotiated a deal for the first profit share cycle, during which he made more than the usual salary, and they guaranteed a certain percentage of the location's profit for that year.

This helped ease our cash flow transition. We relocated for this job, so we arranged our life (mortgage, etc.) so we could live on just the lower salary. It has worked out well, because the profit shares have been twice what his salary was, and therefore about half-again what he was making before. They are like icing on the cake. I get new furniture, vacations and bike stuff every March! ;)

So look at the whole package. If they won't give you the salary, ask for a guaranteed bonus for a period of time to make up for the loss in pay.

Karen

I left my career of 12 years just this past April. I was very unhappy and stressed all the time. I also started back to school. DH says that I am a much more relaxed person than I was. He says that he was beginning to get concerned about the person that I was in my previous career. No regrets, just experiences.

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Originally Posted by Haudlady

I
If I may... I think your tag-line says it all...

It's only worth it if you're having fun.

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What Haudlady said . .. .

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Originally Posted by Tuckervill

Ask how much other people in the position make in bonuses and other compensation. Sometimes the whole package can beat the salary at the old place.

For instance, my husband took a job making almost $30k less in salary than he was making at his other job (same field), but he knew he could make more with the profit share that they were offering. Further, he found the idea that he could control the amount of money he made by working harder and smarter very motivating.

One thing he did that you might try. He told his prospective employer that he wanted to make at least x amount a year, and that the salary reduction would be tough. So, they negotiated a deal for the first profit share cycle, during which he made more than the usual salary, and they guaranteed a certain percentage of the location's profit for that year.

This helped ease our cash flow transition. We relocated for this job, so we arranged our life (mortgage, etc.) so we could live on just the lower salary. It has worked out well, because the profit shares have been twice what his salary was, and therefore about half-again what he was making before. They are like icing on the cake. I get new furniture, vacations and bike stuff every March! ;)

So look at the whole package. If they won't give you the salary, ask for a guaranteed bonus for a period of time to make up for the loss in pay.

Karen

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You hit the nail right on the head. These are some of the scenarios being offered to me. I was offered something that would be a 20% reduction in base salary, but a signifcant 'signing bonus' after 6 months and then profit share at the end of the year. I could end up making out really really well in this situation, but the huge reduction in base salary is nearly impossible for me to live on! As was said before, I'm a single girl with no other source of income and I need a high enough base salary to pay my bills...It's really unfortunate because the job was really really interesting.

CycleChic because this sounds like you are quite interested in the change, explore some options before you let the opportunity go.

For instance, can you negotiate like Tuckervill's DH did for a higher salary that will mean a lower signing bonus/profit share in the first year or two?

Or, can you restructure any of your debt to lower your monthly costs, even for a temporary period.

If the change in your career is something you want, sometimes you have to be creative to get there...

DH and I made significant changes to move to my new job. Yes, there are two sources of income, but there's also a lot of debt we've had to manage. Yesterday I just managed to transfer the last of my slightly higher interest rate credit card debt (10% or so) on a balance transfer deal at 2.9%. This will help us pay it down that much faster. We're still paying old debt off using our savings, but our current income covers our current expenses....just! My income did not decrease with this job, but the increase was minor. Our expenses went up - $100,000 more for the house we bought here than the house we sold! And DH went on EI (he could do that because he followed me to another city for a job) so he's bringing in less than 1/2 of what he used to. He's almost finished plumber pre-apprenticeship training and has one job offer already. We're not sure if the job will net us any more per month than EI. We hope it's not less!! In the long run, he'll make way more when he's a journeyman plumber, but for now we have to be very careful with our funds!

Now, with only one income I know this is different for you. And if you're already super smart with your money, have no consumer debt, and are just getting by on what you make now, then this advice is not very helpful. It's like the times I see a news report about someone who has lost 100 pounds and they reveal the way it was done was by cutting donut intake from 4 to 1 each day, eating less deep fried food, and not having a second dinner at midnight. That advice isn't going to help me lose 15 pounds, either!

Now, if you're interested in trying to run the numbers and see if you can do it...I bet all of the girls here have some excellent suggestions for reducing your monthly expenses. You might already know everything we come up with, but you never know who has the gem that will help out that little bit extra that you need....

Sorry for the long-winded advice.

What I know is that the regrest in life are always about the things we could have done, but didn't. I wouldn't want you to regret the decision!

Good luck!

Hugs and butterflies,
~T~

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Originally Posted by crazybikinchic

I left my career of 12 years just this past April. I was very unhappy and stressed all the time. I also started back to school. DH says that I am a much more relaxed person than I was. He says that he was beginning to get concerned about the person that I was in my previous career. No regrets, just experiences.

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That is kinda like me and my dh. I took 2 p/t jobs in the same field last august(they're 2 blocks apart) and I go to college too. Dh works(f/t) at p/t job #2 which makes a big difference in our family life(we can plan things now-holidays, vacation etc) I got job#2 unconditionally(no interview) and job #1(interview). We had our finances planned that if job#1 fell through, that we could live on job #2. So if job #1 ends this summer w/o a new contract, I still have a job, and can still go to school which is why I left my f/t job to begin with after 8 yrs there(also burned out-liked the job and the people). I gave up some good benefits, but I've regained tons of family time and peace of mind. was it worth it?? YES I'd do it again. Jennifer

I took a job at the office I work for now, leaving a retail job that I hated. I started out making $.50 less than I was at the bookstore. However, I knew that I would have more opportunity to move up at the office job. So, it was a good thing to leave my old job. My dad always used to tell me that I should never love a job so much that I wouldn't leave it for a new and better opportunity. He was a wise man. :)

Cyclechick...have you made a decision?

Sorry I haven't been able to respond yet...everyone has given me some really good tips and insight. I turned down the original offer, it was a 20% paycut, and just competely unrealistic to me. I was open and honest and said I just can't afford to take the job at that base salary. Even though I was being offered bonuses here and there, it's the monthly salary that's going to pay the bills. I told them the minimum that I would take, which is still a slight pay cut, but I think it's managable, and they came back to me and offered me that.

They called me today with that offer saying they really want me for the job and I told them I need to think about it and will get back to them on Monday. It's a really big decision now, but I think I could handle the paycut and the job would be a really interesting career path and I'm excited to start working at this new company and moving down this new path. I just need to take a good hard look at my finances and make sure it's definitely a move I could take.

Thank you all for your advice and support, it's really interesting to hear all of your individual stories and very helpful. I'll let you all know what I decide!

Also remember, bonuses are just that, bonuses...there are no guarantees that they will be there. It is wise that you are looking at this realistically and considering it from all angles. I have taken pay cuts many times and they have worked out for me except my last job were I was laid off. I then had to find work and was lucky to find something at less than half what I use to make. For some reason, I think the economy these days is "scary". Good for you for taking the weekend to consider your options...it is nice to have options....

Well ladies (and gentleman), I took the job. It ended up being a slight paycut and I'm going to have to figure out how to pay for my masters. But this job was just too good of an oppurtunity to pass up. I'm not giving my two weeks notice until I get back from India in the begining of March. I just have to keep my mouth shut for the next week until I leave. I'm so excited about this new venture, but also a little sad to leave my old job. The people there are just so great, its the only reason I've stayed in the job as long as I have. But sometimes you need to go it alone, so it's time for me to leave.

Thank you all again for all your support and advice!

Congratulations CycleChic! Those who take risks reap the greatest rewards...I wish you all the best.

Yahoo! Way to go CycleChic!

You've got to not tell anyone for a whole week??? Yeesh, I barely made it the three hours I was asked to wait when I go this job! If you feel like you want to tell somebody....just go on about how cool it all is, just post again, k??

Hugs and butterflies!
~T~

High Fives to CycleChic:D :D

Congrats! I bet it was the hose with the Ann Taylor suit :D . Good for you for sticking through this process, making a tough decision, and following through! I hope you LOVE the new job!

SheFly

It's definitely been really hard to stay quiet. But I've had so many other things to keep my mind occupied, like my upcoming month long trip to India. The hard part is, I'm going there with three of my best friends who I also work with. I completely trust them, but I don't want to take the risk and tell anyone. Maybe I'll tell them when we get on the plane to leave, and there is no way they'll be able to say anything to anyone. I'm so pysched about everything that's happening right now, stressed, but psyched!

Congratulations Cyclechic! :D

well done cyclechic... way to go :D

Congratulations on your decision. Given everything you've said on this thread, I think you did the right thing.

Enjoy your trip - a full month - wow!!!

Emily

Way to negotiate, CycleChic! ;) Congrats on the new job, and enjoy the trip!!