to take a 50k paycut

[RiddleyW]

Bit if a WWYD I suppose.

I currently earn lowish 6 figures and a really really interesting job has come up but it's a significant paycut, around 50k at least (and more if I assume I get my max bonus in current job).

It has a somewhat better pension and 2.5 days more holiday a year. Probably similar hours to what I do now and similarly flexible.

In many ways I think this might be complete madness but honestly it is working for my absolute dream organisation.

As a family we could afford it but would mean some cutting back and definitely saving less for DS' future.

Feels selfish to even consider it really but I'm sooooo tempted!

So, would I be unreasonable to go for this job?

How much of a net pay difference would it be?

This ^^. In the ‘low six figures’ you can be disproportionately affected by the tax bands so it might not be horrendous.

£120K to £70K, say?
At 120 you’re on just over £6,000 a month.
On £70K you’re on just over £4,000 a month..

Net difference of £24,000 loss.

I don’t understand the shock horror at the prospect that some people earn lots (people you don’t even know!) I assume most people work for, or have worked for, a business / company, and must know that senior people in medium/ large businesses regularly earn 6 figures. That’s hundreds of thousands of people. Why wouldn’t they be on mumsnet?

It would go against the grain for me to take such a substantial paycut. Plus the dream job might not turn out to be so dreamy in reality. If you are broadly content in your current role I wouldn't even consider it.

I think it depends on a number of factors.
How do you feel about your current job. If you're on low 6 figures (I assume you're talking 110-130K), that means you're going to a half to a third less salary. If you absolutely hate your current job, the sacrifice might be worth it. If you really like your current job, then it may not be.

Equally, if your family income is high enough that 50K is not a huge percentage, then it might be worth it if the cutbacks wouldn't hugely affect your quality of life.

Money isn't everything and if you can afford it, and it's your dream job, I'd say go for it.

Stealth boast alert

Personally I wouldnt take such a big pay cut when i have children, I want them to have the best standard of living I can afford and 50k is a huge step down

NoSquirrels those numbers are just about spot on - with pension taken into account its a net loss of about 1500 a month I think.

Some of these posts are actually very helpful. I don't think there would be much opportunity for advancement and I agree that if I lost the new job I'd really struggle to get something at the higher level. I think I need to be pragmatic.

I think some of it is jealously because DH has a really poorly paid but very interesting job whereas I earn well but it's quite boring. I used to love my job but I've become quite jaded in the last few months.

No way. You aren;t unhappy, you aren';t stressed and your current job is flexible!

Aside from the fact that is a huge salary, and one I will never achieve, I'd be worried that they are paying lower than the market rate. What will the rest of the working conditions be like? Because underpaying their staff does not scream 'we value our employees' to me.

No chance. That’s a massive pay cut - you willing to work your way up again? It’s insane. No one in their right mind would do that!

I’d apply! If you were offered it and still tempted despite the pay cut then I’d assess at that point.

It doesn’t make sense to take such a huge paycut. People who earn 6 figures often move between industries / countries on the same salary if they want an easier life. Try that first.

i would not even consider a 20% pay cut.

I'd be worried that they are paying lower than the market rate.

I’d imagine it would be something like a move from private sector to charity or similar. So this wouldn’t worry me.

Hypothetically, if you were the lower earner, OP, and positions reversed, would you support your DH going for his dream job at a £20K salary reduction (in real take-home terms)?

You should never take a job less than your current salary

I disagree, if it is going to make you happy. I did so last year - my mistake wasn't the salary but the commute.

If taking the pay cut still leaves you with enough money to have a nice lifestyle, why not? You live now, and you don't know what may happen in future.

As for future employers looking at your salary, you don't have to tell them what it is. If they ask what you are looking for, say market rate. If it asks for current salary, say the same. None of their business, in my view.

I think you’d be crazy.

Apply for flexible working in your current job and drop to 4 days then go volunteer somewhere doing something you love for that one day.

Only a 20% drop in income, greater flexibility and more job satisfaction/fulfilment.

Conditions might not be as good as you imagine in the dream job. You might not like your new boss, for instance.

This idea that it’s your dream organisation could fall apart very very quickly with just a few annoying policies, bad days, irritating colleagues or other things that come up in every workplace. What happens if it doesn’t live up to the dream? Might be better to seek ways to change your current job.

I’d imagine it would be something like a move from private sector to charity or similar. So this wouldn’t worry me.

Right again! Yes, I think I would support DH in this I think. Maybe I should just apply and the decision may be taken out of my hands in any event. The other thing I wondered is whether it might be worth trying to negotiate 4 days for the full time money, then I could do some contracting on the side potentially.

Phone in sick for 2.5 days and you'll get the extra time without losing a penny.

Once you downgrade it will be really hard to go back up to your previous salary in the next job just because employers typically base their offer on your current salary not what you'd like to earn.

What are your long term objectives and which job will help you get there?

That's about half my salary, and there's no way I could afford to take it, so for me it would be a no.

For you, I would wonder why they are offering a lower than market rate salary. What perks does the job have that justifies the lower salary? Are you really unhappy in your current role, or just restless?

If you can afford it and it benefits your life in non financially valuable ways (more family friendly hours? Less commuting time? Less stress? Etc.) then why not? Work-life balance is important, particularly if you aren't reliant on the ££ at the end of the month

I think the thing is, if you don’t apply, just to see what the offer is like and get a feel for the company, then you’ll always have the ‘What Ifs’. If you apply and don’t get it, then you’ll either be sanguine or it’ll push you to make a change in your current job to make it satisfying again. Or if you apply and are offered it and turn it down, you’ve made a definite choice.

Just because you are the higher earner doesn’t mean you need to give up all your dreams if doing so makes you miserable. A £70K salary is still brilliant, it just won’t be as much as you’re used to, and only you know your true opinions on economising and whether that’s worthwhile to you.