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?

You only live once.

Job satisfaction and happiness are far more important than money. You’ll still be on a good wage and have a good pension.

My Dh did something similar in that he gave up a very well paid job, with a lot of perks, to run his own business. It was bloody hard work, and rather a struggle initially, lots of people said I was mad to “allow” him . But we’ve never regretted that decision and are now in much better financial situation than before we had our own business.
Interestingly we know a lot of lawyers, working in the City, on huge salaries in their 40s/50s. They envy Dh and the freedom and satisfaction he has in his day to day life.

Be happy OP!

The move from private to charity is really significant, to everyone who is saying ‘you’ll never earn as much again.’ I think it’s definitely possible to move back the other way and get back to higher earnings.

If you would genuinely support your DH doing this if the roles were reversed, and he is happy for you to do it, and you can afford it, then go for it.

Otherwise not worth the risk of losing a good job. 4 days a week for the salary would be a better compromise

Do it. You don’t need to worry about finances. You can do it and still provide for your kids. It’s everyones dream to do a job that they love but most either can’t afford to or the opportunity never arises. You are in an extremely lucky situation.

Seems like a no brainer.

It's nice to have an interesting job, but ultimately you don't go to work to be entertained or even fulfilled, you go to earn as much money as you can for you and yours. Anything else is a bonus.

If you were single, you could perhaps justify it, but to take a £50K cut, so your family will be worse off, no way.

Don't lose sight of the whole point in going to work.

DH took a £40K pay cut about 10 years ago, fewer hours, less stress; although it was tough at first, we soon got used to tightening our belts.
I never actually realised how much money we wasted until we complied a spread sheet.

I've done this but for work-life balance, not a one second have I regretted it. But if I dropped 50k to do the same job, same stress THAT would be different.

I would think carefully about this. I took a £35k pay cut for my "dream" job and almost instantly regretted it. The company was a dream from the outside but staff were unhappy and felt taken advantage of on the inside. Luckily I got experience I couldn't get elsewhere so while it was stressful and depressing, at least I learnt some new skills. Unless you're learning new skills, changing into a sector you've always wanted to work in, or getting a higher position than your current place, I wouldn't do it.

If you're still set on this being your dream job, then see if you can talk candidly to someone you trust who works there. Money isn't everything but you wouldn't want to lose the job you have now for something significantly lower paying, when you have no guarantee that you'll be happier or gaining in other career aspects.

Oh the dilemma!

If you're a team and have enough anyway. We had a similar situation where I could have moved to a role equivalent to what I do now, but for a charity. It was a wonderful team and organisation but for us the 50% cut wouldn't have been worth it, as I'm the main earner and DH has had an illness that could recur, so we need to be able to manage on my salary alone in a crisis. Also, the work life balance would still not have been great, and to me if I have to work full time, I want to have enough money to outsource all I can and focus the rest of my time on family, so earning more makes a big difference.

However if you are financially sound and gave other support, then I'd say go for it. If you hate it, chances are you can change back and people do understand that salaries aren't straightforwardly comparable.

*Lifecraft

It's nice to have an interesting job, but ultimately you don't go to work to be entertained or even fulfilled, you go to earn as much money as you can for you and yours. Anything else is a bonus.*
This is so not true for me. I want to earn enough for my family. But whether I enjoyed the job is a huge factor. As is whether I found it a meaningful occupation. You spend a lot of your time at work so you need to enjoy it, in my opinion. I wouldn't do something I hate just to be able to afford more material luxuries for my family.
Of course though I wouldn't choose a job that meant my family couldn't afford what I consider a good standard of living. But that is fairly moderate.

I'd apply and find out more about the job. Then decide.

How burned will your bridges be if you go for it, get it and its really not what you thought it would be and you absolutely hate it?

I would stay where you are and look for something more interesting with similar pay. You don't know what it would be like to work at that place - everywhere has problems and sometimes boredom is one of the better problems to have.

Look for a new job ASAP

My take is the exact opposite of @Lifecraft’s. When you spend more than 25% of your life at work it has to be fulfilling and satisfying. Life’s too short to be ambivalent about what you do and extra money is soon swallowed up in all the little luxuries you buy to compensate.

At one point I took a pay cut to work in the place of my dreams, one of the attractions was that I no longer had to commute, the difference that made was indescribable. I also gained experience over the time I worked there that I’d never have got elsewhere.

Maybe you need that old school pros and cons document, OP.

Yes, I think I would support DH in this

What did you mean by that OP. Is this a reverse or was that a typo

That is quite a lot of earning potential to give up.

Neither Jen - someone asked me upthread if I would support DH if the positions were reversed.

Flexibility is key when you are a working parent and I wouldn't give that up lightly. I am in a position where I am paid well but new entrants less so or work is offshored which is even cheaper (but that is a whole different issue!).

I am a highish earner and PP are right. The more you have the more you spend and not always wisely.

Chatham is right. Apply, find out more and then decide. I applied for an internal role a few months ago and honestly when I went for the interview not in a million years would I have taken it. It involved man managing over 20 people. That would be a hellish role. It wasn't mentioned in the ad!

I also think from the outside often jobs do look like dream roles. Just remember that the best bits of that role might well have been carved off already by people with inside knowledge. Its not likely that this role is perfect and dream like without someone internally snaffling some of the good bits of it.

What did you mean by that OP. Is this a reverse or was that a typo

Try reading the thread - OP was asked a question and this was her answer.

@heidbuttsupper

"No. You should never take a job less than your current salary"

I think this is terrible advice. Sometimes, a considered switch to a lower paid role will bring development opportunities and experience that the higher paid role didn't have, or just fit in better generally with lifestyle- shorter commute, lower transport costs, better benefits, fewer hours etc- if folk stuck to your advice they would literally be slaves to the money.

I moved from a £150k(ish) a year job to a £60k one. It gave me a chance to live where I wanted to, work from home 3/4 days a week, get a dog as I'm home for one, not have to commute 3+ hours a day and a shit load less stress.

The grass is definately greener (and surrounding my house) for me.

I nearly did this earlier this year - was bored, hormonal and a bit depressed in January and applied for something that paid less than half my current salary becasue I fancied a move away from the private sector. I didn't get it (think they thought I wasn't serious) and am hugely relieved it worked out that way. Have needed money unexpectedly this year which I would have struggled to find on that salary and also heard stuff from various people who work there suggesting it might have been a poison chalice. I would be very wary about a move into public/charity sectors thinking that job satisfaction will be higher - the monetary stakes may be lower but, if anything, I think that can really amplify disagreements, feuds and general workplace unpleasantness.

You’re very brave to ask that here. Shame it’s too hot for popcorn

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