Looking for some courage/advice on leaving a job for a 40k pay cut per year?

[fngTony]

If I was in your shoes I’d ask myself the following questions.
Am I the sole provider?
Will being in a better tax bracket and lifestyle changes lessen the impact?
Could my spouse make a little more?
Could I make lifestyle adjustments now and invest my surplus income so that it becomes passive income and then take the cut a year later?

 

[Q child]

If you can live on your income after the pay cut, then make the switch and never look back.

 

[fngTony]

Another thought, money aside could you return to your previous job if you regret the new one?

 

[johnnycake]

While I generally think that more family time is worth a pay cut, I would caution making the change right away.

My two kids each ended up with a host of health issues that are well managed to the point it has very limited impact on their lives and most people would never know they had major stuff going on. But the reasons why they are able to live and be "normal" and healthy boil down to money. Lots of money. Even with good insurance, we're talking $30-80k/yr in out of pocket expenses.

Kids are rarely cheap, aren't getting cheaper, and you just never know what might jump out at ya around the corner.

 

[EdP]

Is a 40K cut the only option to gain more family time? Maybe keep your options open and find a job with a smaller cut that gives you the family time you need. You have a great paying job so you don't need to be in a hurry, but it does sound like you need to make a change. Have you talked to your employer about the situation to see what they would offer. Employers don't like to lose good employees, but if necessary look elsewhere. Sometimes the skills developed in one job that involves shiftwork are transferrable to other non-shift work roles in the same industry. I've seen mechanics and instrument technicians become planners and plant operators move into engineering specialist positions.

 

[Schmo]

@Elite,
It sounds like even if you take the pay cut, that you will be completely fine. To me, the time with family will be worth it. I would think you’d still have freedom to go and do things. I have my own business, and my goal in doing that is to have a more free life. A wise man told me this, “the definition of wealth is discretionary time”. It’s so true. Yes, you can have many toys, fancy cars, and big houses. But if you have to work like a madman to support it all, it’s worth nothing. Just my two cents.

 

[Corvus Corax]

You seem to have had this weighing on your mind for a while now. You know what you want to do, and you just want some encouragement to make the tough decision. If you and your partner are on the same page in regard to the financial implications and your family is taken care of. Go for it!

 

[*zap*]

Contrary to what most people believe $/possessions are not the most important things in life.

 

[Longtine]

OP seems like you already answered your own question. Go for it. It's what I would do ...........and did.........and it worked out better than I could have imagined........God thing!

 

[*zap*]

OP seems like you already answered your own question. Go for it. It's what I would do ...........and did.........and it worked out better than I could have imagined........God thing!

Luv the Sowell quote in your sig.

 

[sebastian.cassell]

Left the local utility company (Journeyman Lineman) after 7 years. Literally cut my earnings 50% ($250k to $120ish) because I was losing my soul to work. Started contracting doing the same thing but just 40 hours a week. Been able to do more traveling, hunting and family time than I thought I could ever afford even on my bigger salary. It’s been 2 years and can’t be happier with the choice to choose my family and my dreams over the almighty dollar. God will provide if you have faith. Bet on yourself and invest in you.

 

[def90]

Life is too short for shitty jobs

 

[Ross]

We can buy most anything, but cannot buy more time and life experiences. Good luck on the decision

 

[dirtshooter]

We sort of did that. My wife before we got married was probably making around $40k per year and right before covid/before we got married/before kid #1 came along she was miserable at her job so we decided she would quit and we'd see if we could afford it. That was December 2019 and 2 kids later she's still a stay at home mom. My income increased so we're doing alright. I love spending time with my family, the tax man would only take more of that 40k if he could.

 

[Longtine]

Luv the Sowell quote in your sig.

Yeah I kinda hang my hat on it . You got too on here sometimes.

 

[timekiller13]

I recently took a roughly $20-25k/yr pay cut to get out of crappy position and crappy company.

I chased money for the last couple years and all it has brought me was less time with my family and less time doing the things I love.

 

[Turkeytider]

If it is a 70k to 30k change, that could be difficult. If the change is 140k to 100k then that is a different story. As long as the new salary will not cause undue money stress, I think the family time is worth way more than 40k.

IMHO, this. Tough decision, but the fact that you know how to manage your finances ( as evidenced by your comment regarding living beneath your means ) would make me optimistic. By all means, get a good financial advisor. Well worth it in these types of situations !

 

[Desk Jockey]

@Elite

I had a pretty high pressure long hour job for about 10 years when I was single and for the first five years of my marriage. Made good money, burnt myself out a bit too. 10 years ago, I realized I wasn’t home enough with the family. Saw my wife and kids in the morning but they were in bed when I got home. Weekends depended on how much work I had. My marriage was heading to a bad place. So, when my kids got to elementary school, I shifted gears. Less hours. Less pay. My oldest is a Junior and youngest is a freshman. We will be empty nesters in 4 years and I find myself trying to find ways to spend time with my kids.

Some of my colleagues that stayed in those long hours have bigger houses, boats and more money in the bank. More than half of them are divorced or in marriages that won’t last. They barely know their kids.

Everybody has to make their choices. I made mine and I wouldn’t change a thing, if I were given the chance.

 

[Rotnguns]

The last several years I have worked my way up to a relatively high paying job but the 13 hour days and rotating night shifts have destroyed my personal life and energy when I am off work.

We also just recently had our first child and it’s making it that much more difficult now,

So am I crazy to look into a job with shorter days and no night shifts and home more often for roughly a 40k before tax pay cut?

I know a pay cut and a different job is a risk but we have lived well below our income and have saved the extra income for the last several years and are in a good position financially with investments and on track for retirement with not saving much more money then what’s in there now.

Spending more quality time with the child seems a lot more pleasing then big pay cheques now.

Just don’t want to make the wrong choice and regret it down the road


Sent from my iPhone using Tapatalk

I think that later in life, the time you devoted to your family will shine much brighter in your memory than the pay cut you took.

 

[jtevanMT]

I am flying across the Atlantic today for work, on opening day of rifle season in MT. I could be in a tent at 9000 ft with my kids anticipating what first light will bring.

If you can afford the pay cut and still do the things you enjoy, take it and spend time with your family.