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?

Can you push for more money on the new job, if they want you, that's usually doable to a degree. I'd try that & see how the new figure feels. But in short, yes, I'd do it & have done similar. If you have enough, then money isn't everything & cutting your spending should see you cope okay & be much happier for it.

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.

I can't speak for other posters, but to my mind this is not a good comparison, in that being a SAHM and having a job are very different qualitatively, whereas the two jobs the OP is comparing don't seem to me to be that different in any respect but the salary. (Also, 50K is a rather different kettle of fish to £20K.)

I actually think it's quite interesting that the OP hasn't really been able to explain why this lower paid job is so much more attractive to her than her current job, but perhaps she just doesn't want to give out too many details, in fairness.

You may have to sack 5 of the downstairs maids - I’m sure that they’ll find other work - I hear t’mill is taking on again.

No I wouldn't. Too much money to give up. You're talking about a big lifestyle change and loss of security that money brings.

You don't seem particularly unhappy in your current job so I'd keep a look out for something else or change your life in another way.

I think taking such a big hit on pay would be madness, no matter how dreamy the new job.

@RiddleyW

Sure, why not take a pay cut of £50K a year?!

I had a stressful career (that paid £775,000 a year,) and I changed jobs, and cut down my hours by half. I took a pay cut, but easily manage to live on just £350,000 a year.

You'll manage.

I’ve done it. There does come a certain level of income where you can make decisions like this. I did it for better work life balance and having a more ethical career. We could have been better off financially, but are still very comfortable so it wasn’t a hard decision to make.

I did it, only for a 60k paycut, which sounds ridiculous written down. It meant that I would no longer commute 3k miles each way weekly, and could finally sleep in my own bed instead of hotels 280 nights a year. It was well worth it. Scary, but worth it. I have to say that I was a bit scared, it was a huge step to go back so far, but it has been well worth it. Still at the job I moved to, and have more than made up the difference in pay over the last years, more with bonus included.

Must add that I did not 'need' that amount of money. Yes, it was nice, but not necessary to live a good life. Losing that amount we were still fine - but that's down to my family spending habits, not for everyone.

Do what you feel is right.

Our children are young still so I did as you are considering a few years back when we were a family of 4 now we are 6. But, I took the pay cut with easily identifiable gains such as a less pressured job and therefore less stress, closer to home, shorter days part time and more holiday.

From what you have mentioned to date your gains are far smaller, you may enjoy the work more however you don't know that.

Try to get something out of the role which is a defined improvement to your current before considering taking it. It's too high risk charities are not always nice pleasant workplaces so don't hang your decision on that.

What I would say is I am back where I was again now in terms of role but I am now more controlled myself in terms of how I work. You could try just changing how you work where you are now prior to jumping shop would be my advice.

I took a pay cut, but easily manage to live on just £350,000 a year.

Presumably by making a chicken last a week and always checking the discounted shelves in Tesco - can’t see how you’d do it otherwise

would your DH consider looking for a higher paid role, to cushion some of the shortfall if you go for the new job?

he’s had some time with a lovely, but poorly paid job, as you have been the main earner. is it time for you to change ends, as it were?

at the moment, your household will take a £50k hit if you decide to go for your dream job. if DH accepts that his stress-free, low-salary, high-income-household time is up, that household pay cut could be reduced.

worth pursuing? i think so. it shouldn’t fall to you to just keep plugging away to keep the money coming in and the lifestyle that goes with it. i think it’s a discussion you should have.

I don’t think there are enough benefits to take the chance. This isn’t about a work/life balance or better location - it’s literally just that you’d like to work for that company.

What if you get there and your boss is a arse? What if it’s less flexible than you’re assuming etc. I really wouldn’t risk it

I took a big pay cut (not quite as big as yours but not far off) and I don’t regret it. Was working in a very toxic culture though and needed to get out. Sometimes I look at jobs on my “old” salary level and am tempted but then I remember they want your soul for the money.

I would have though that a 'somewhat better' pension on £50k less than you currently earn would be a less good pension overall. You have to build up your pension in a new scheme, and staying in your current job, well, you have more disposable income to make other pension arrangements.

People become slaves to money so do whatever makes you happy.

Kids are way too pampered now anyway and you will still be able to help them through uni etc on £50k plus.

I work in a job where lots of my clients have shitloads of money when they retire and still have shitloads of money when they die.

It is not money that makes you happy. Yes it makes life more comfortable but it’s not what brings real happiness

I know someone who worked in the city, quit and retrained as a vicar, they were much happier. I would support my OH if it meant they were doing what they enjoyed we are working such a long time now.

@IrisAtwood

Presumably by making a chicken last a week and always checking the discounted shelves in Tesco - can’t see how you’d do it otherwise.

Are you kidding me right now? A week??????????

I make a chicken last 3 months.

Grind the bones down for broth and everything! 🐔🐔🐔🍗🍗🍗🐓

Go for it. You will still be earning enough to live the life you want and you'll be happier for it. I'm assuming you're an additional rate tax payer so 50 is only 27,500 take home. You'd probably be able to negotiate up a little from the 50 deficit and life is too short to be unhappy if you have the luxury of taking the role that would make you happier then go for it .

I took a pay cut, but easily manage to live on just £350,000 a year you should write a lifestyle book on how to live frugally on so little money, I'd totally buy it. You're my inspiration for surviving on the poverty line!

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

Nobody is saying that. However, money is a factor, particularly at lower salary levels.The more you earn, the less important a factor it becomes.

If you are going to reduce salary significantly (and losing 40% of your salary is significant) then the differences in work conditions and lifestyle need to offset that. Given the op is the main wage earner, it is even more important to consider whether the drop is worth it.

If you can afford it then do it.

You are not being unreasonable. If you get paid a lot employers expect a lot. Word of warning though I took new role, dropped a few levels and took a big salary drop. New employers kept asking me to work at the higher level for the lower pay. Ended up going back to similar role as before on basis if doing the hours and taking the responsibility, might as well get paid for it.

I did it. I'm a lawyer and left the high paying world of law firm work for a much lower pressure role that paid less. A lot less. For the most part it was a good decision, it has worked out well while my kids were young. The only downside is there isn't much room for advancement in my current job and my kids are older and I feel a bit stuck and moving back to something higher paying is very very hard. The flexibility has been great but the cost to my career path has been high. Just something to think about.

I was in a similar position 2 years ago, 1 year ago, and 4 months ago. Dream jobs - all the same industry and projects btw so I wasn't being flippant. Just could not (as a single Mum) justify the pay cut.

@RiddleyW my plan is to keep on working where I am right now (the consultancy world) yet edge in to the public sector world at some point later, which is where my dream job would be, but at a higher level, which would pay less than where I am now but it wouldn't be that much of a cut. Does that make sense? DM if you want to... I kind of get where you are coming from.

You will still be earning enough to live the life you want and you'll be happier for it.

But how do you know that? There’s no guarantee of that at all.