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?

I'm not very driven by money and I would (hypothetically!) consider this sort of pay cut if the circumstances of each job were significantly different, e.g. you were currently stressed out of your skull in a job with a long commute versus something local and relaxed. Or a job that allowed you to spend more time with your children versus having to be out of the country on business trips constantly, etc. But it doesn't sound as though your actual life would be that much changed, just that the organisation appeals to you for reasons that have no direct effect on your day-to-day existence. Unless there are compelling ethical reasons why your current employer is no longer someone you want to work for, I think I would skip it tbh. I wouldn't even apply because I feel strongly you should make your own decisions instead of 'letting fate decide'.

Assuming you're in the UK, OP, I think the current political landscape would also inform my decision. A financial cushion could make a lot of difference if one of you loses your job down the line, if you want to leave the country, or if the housing market crashes and leaves you in negative equity, for instance.

trust me you will miss it - I was made redundant last year & now work for a new company where I earn around half of what I previously earned. Still a decent salary & it will get back up there as the company establishes but I certainly miss the easy life that extra money allows you

Be careful what you wish for. I defined my ideal role, level and organisation. 4 years ago, I achieved it. Didn't have to forego salary as I'm earning at my personal potential but I don't get a bonus here.

The whole experience has been a nightmare. I've worked in very complex, large fast paced change organisations. I looked at my current role and thought. Lovely. This is a piece of cake in a rewarding sector. WRONG! Transformational change required, no board level appetite to support it. Daily frustrations and no capital investment has dragged me down. Let's not mention the legacy problem staff. I've pushed through a restructure and am making myself redundant!

MY Dh took a similar cut last year- more interesting job, more travel (to some great places).

On paper it is fine- in practice we miss the money and have had to trim our lifestyle. It is about £28k less a year take home due to high tax and NI.

1 million pound pension cap was a factor as well.

My experience in the public sector will lead me to never Consider working in it again.

I’d think you were nuts - £300k to £250k maybe, but £120k to £70k? No way.

You can't really make a sensible choice until you are offered the job

Apply, and find out as much as you possibly can about the role. It could be your dream role ,?it could be not what it's cracked up to be.

Only by applying can you find out any more.

Good luck.

There's more to life and work than money and as you can afford the drop then it may well be worth working for your dream organisation.

If you think it will make you happy then go for it.

We aren't meant to save for our DC's futures. We are meant to rear them and give them the tools and build resilience in them so they will be able to make their own way in life. Don't save for them and take away their ability to achieve for themselves.

You don’t know if the job will turn out well in reality, £50k pay cut is massive, not worth the risk IMO.

Oh, (pressed send too soon)

Meanwhile, see what could be done to adjust your current role to suit you better.

I started in a toke where cash was about the only thing going for it. Over the years and with some luck , I have picked up more of the fun bits and have shed the things I don't enjoy.

Always worth a try.

This is so odd, on MN there are always threads about should I give up my £20k job to be a SAHM, it's what I want to do or should I go part time so I can wash my husband's socks and go to sports day, and the overwhelming response is, as long as you can afford your bills do what makes you happy and is right for your family. So why is it different for OO because she has a higher salary?? If you can afford your bills OP and you really want to do it, do it. The net loss isn't as big and IME most organisations recognise a role in the charity sector pays less, but gives you different experience so won't automatically affect any salary in future job applications

Do what makes you happy. Why not just apply and take it from there. My husband has a high wage job but took a pay cut and reduced his hours to 3 days a week and the other 2 days he does something he loves but is a much lower wage. He is much happier now and is the best thing for dc as he now has a much less stressed daddy.

We aren't meant to save for our DC's futures. We are meant to rear them and give them the tools and build resilience in them so they will be able to make their own way in life

What’s all this ‘meant’ stuff? You can do whatever you want. I intend to have a decent chunk of savings for my DC when they’re 18.

I really think you need to do your research if you are considering a move from the private to voluntary sector.
I've worked for four charities, two of which are large household names. Here are some points to consider:
Autonomy. In some charities you answer to a board. In others your work may be controlled by an actual volunteer.
Lack of infrastructure eg a tiny hr department, no it support
If you work outside actual delivery your role may be very much resented and seen as an extra and money which should be spent elsewhere
Precarious finances . Even the big ones relentlessly pursue funding grants and fundraising to keep going
Politics. Many people work for charities to satisfy an inner drive. These people can make your working life hell
The constant restructuring
Distance from the cause in most roles
Resentment from volunteers if a volunteer led charity

You already know about the lower pay!

Go for it but if you are offered the job you should try and speak to people who have left and research everything!

How do you know this dream organisations is as good as you think it might be? It can be different looking from the outside in than vice versa.

Go on then!
Tell us your current salary.
Tell us the new job salary.

Just for a giggle!

Voluntary sector jobs can be a nightmare!

“the overwhelming response [to lower earning mothers on MN] is, as long as you can afford your bills do what makes you happy and is right for your family”. Disagree with this - plenty of posters (including me!) advocate staying in paid work!

DH did something v similar to this: he was working as X high earning professional, took an absolutely massive paycut to do a PhD on a stipend of about 15k/year for four years and now works as a lecturer earning more in line with the 50k paycut you're describing, though in reality he'd be earning closer to 250k if he'd stayed doing what he was instead of 50k now. He is much, much happier.

I think ultimately it depends on quality of life. DH was in a job that was boring to him, that required ridiculous hours. He's not especially motivated by money. However, if he ultimately ended up on 15k forever, that would have been miserable. On his current salary, we live in a smaller house than we would have otherwise, we probably would have nicer holidays and clothes, we possibly would plan to have a third child. He still works very long hours but not all the time, and it's more rewarding work, and there's more flexibility. None of the negatives are dealbreakers for us, none of them make up for routinely working till midnight about things you don't care about.

I think it might be harder if it was leaving a job you were unsure about but didn't hate, if it was entirely irreversible, and if it was going to a role you didn't have experience of.

I work in the charity sector. My last move also involved a salary cut, basically moving from a large NGO to a tiny one in a management position. I've worked with quite a few people who've moved from the private sector and only lasted a few years: they often come in expecting everyone to fall over themselves because they used to earn more money only to find they're actually not up to date with the way the sector works and that ultimately the day to day doesn't have immediate rewards.

Think seriously about what you lose and what you gain. In terms of your children: I think they'll gain more from a happy parent now than a few more grand in a savings account in the future. But it all depends on what trade offs you're happy to make.

She’s not planning to give up paid work!

I took a pay cut to move to my 'dream' organisation, away from Financial Services which pays much better for the same role.

I lost about 10% pay, a week's worth of holiday and private medical.

I'm much happier here ; Ihave good long term prospects, shorter commute and much better flexible working but the grass isn't always greener. There are also niggles with my new job and I certainly wouldn't recommending taking such as massive pay cut. 10% seems about the limit really. There is no way I'd recommend losing 50% off your salary.

Ime I wouldn't advise it. I moved from a very interesting rewarding job to a more mundane role with a similar pay rise. The extra money takes a lot of the edge off a less than ideal job and if it isn't challenging there is scope to do extras to retain your interest.

Re your earlier suggestion to take the new role with the intention of negotiating reduced hours to freelance up your salary, the alternative would be to downscale your current role and do something more to your interest on the side.

I think job satisfaction is very important but I wouldn't do what you're suggesting. Moving from the private sector to the charity sector can be a massive cultural shift. It isn't for everyone and if you make the leap then don't like it, you've effectively scuppered your chances of progression and will be re-entering the private workforce from a much weaker position.
I'd work out a five-year-plan instead. Stay where you are, focus on growing your savings, etc, so you have a cushion and volunteer/offer your services pro bono in the sector that you're considering. See if the reality seems as though it could match the fantasy you've fallen in love with.

What makes you happier, money or being fulfilled on a daily basis? What makes your family work, money or something different?
Obviously there are further considerations but I'd start there.

It's no shame to understand the importance of finances to the family but also no shame to want to feel fulfilled and to enjoy work.

As the main earner at home I understand your predicament and have personally made the decision that when we can afford it I will be taking a more enjoyable job which will see a big drop (for us which is about £20k if I lost £50k I may as well not go in at all!) in earnings.

Good luck with your decision, it can't hurt to apply and see what they have to offer at interview.

There are many ways of moving forward, wage is only one.

Will you be learning new skills/ gaining new knowledge?

That's important too.

I'm really shocked at people who feel that wage is the most important factor in a job.

Have a look at the research done by 80,000 hours- they have identified 6 markers of happiness in a career- wage is but one.

This is about values OP. Only YOU can decide if happiness, and your net impact on the world will be improved with the new job.

Is this new job something that you could do voluntarily for a while whilst your still in your current job? Eg it's something to do with animals a lot of people work in more boring jobs but get paid better and then volunteer a couple of times a month. I think 50K is way too much to give up ( I earn less than half of this) and sometimes the grass always seems greener on the other side until you actually get there!

Money isn't everything.....until you've got less than you need/want/are used to.

Also, you can't possibly know this is your dream job because you haven't actually done it yet. You might think it is looking through rose-tinted glasses but the reality could be very, very different.

If you were bitterly unhappy in your current job I would think it might make sense, otherwise I think you'd be mad to even consider it.