Have you ever taken a massive pay cut?
Discussion
I switched from contracting to a permanent position just after the arrival of my son. Does that count?
My income dropped by 66% or thereabouts but I do have stability and my job's as secure as it gets in this day and age and I've found myself to be less financially motivated but I do miss having the disposable income.
My income dropped by 66% or thereabouts but I do have stability and my job's as secure as it gets in this day and age and I've found myself to be less financially motivated but I do miss having the disposable income.
Yep. Well-paid, but rather boring job in local government. Jacked it in to run off to Wales and run a pub on barman's wages.
Basically, the wife was the manager of the pub, but I did as much (and, as it turned out much more) work as she did. However, the company wouldn't recognise us as a "Management Couple" so she got the salary and I got whatever hours were left after the full-time bar-staff had been paid.
Basically, the wife was the manager of the pub, but I did as much (and, as it turned out much more) work as she did. However, the company wouldn't recognise us as a "Management Couple" so she got the salary and I got whatever hours were left after the full-time bar-staff had been paid.
Edited by Sciroccology on Thursday 21st August 16:08
I realise this is probably small change to some PHers, but I'm looking at taking a cut of around £25k to go from engineering (on a contract basis via my own company) to publishing. I'd also lose a lot of the tax benefits associated with contracting, so my 'take home' pay is going to be less than half its current level.
I've done my sums to make sure I can still pay the rent, fuel the TVR and buy the occasional round, but it's going to be pretty marginal. I'm not a very materialistic person - I like things that give me the opportunity to do stuff (a car to drive or a guitar to play or something... I don't bother with bling) and as long as I can still do the things I enjoy I don't think it'll be an issue.
I just want to make sure I'll feel the same way a few months down the line. At the moment, although I don't spend that much, it's nice to know I can comitt to a night out or a cheap weekend away without having to check my balance first.
I've done my sums to make sure I can still pay the rent, fuel the TVR and buy the occasional round, but it's going to be pretty marginal. I'm not a very materialistic person - I like things that give me the opportunity to do stuff (a car to drive or a guitar to play or something... I don't bother with bling) and as long as I can still do the things I enjoy I don't think it'll be an issue.
I just want to make sure I'll feel the same way a few months down the line. At the moment, although I don't spend that much, it's nice to know I can comitt to a night out or a cheap weekend away without having to check my balance first.
Maybe not massive, but my current job has dropped my total earnings by quite a lot. Does this matter? Not really at the moment. Much happier and have plenty more time at home (as in not travelling or out). Also, got handed some shares too. Not worth a bundle, but should be in a few years which will make up for the short fall....
Fingers crossed at least. Speculate to accumulate as they say.
Fingers crossed at least. Speculate to accumulate as they say.
t.Ah well, I'm heading off to the final part of the selection process in a second, so this may not be a dilema any more in a few hours, depending on the outcome!
On the whole I think the 40 or 50 hours I spend a week working are at least as significant as the brief fleeting evenings and weekends, so job satisfaction has to be a major thing. I'm comfortable at the moment, but a lot of my outgoings are spent on the sort of things I'd get paid to do if I got the job. I guess we'll see.
At least my OH can't complain - it was me who encouraged her to go from a 'sensible' job to being a freelance musician, so I think it's pay back time if I have to borrow a tenner the next time I go to the bar!
On the whole I think the 40 or 50 hours I spend a week working are at least as significant as the brief fleeting evenings and weekends, so job satisfaction has to be a major thing. I'm comfortable at the moment, but a lot of my outgoings are spent on the sort of things I'd get paid to do if I got the job. I guess we'll see.
At least my OH can't complain - it was me who encouraged her to go from a 'sensible' job to being a freelance musician, so I think it's pay back time if I have to borrow a tenner the next time I go to the bar!
Yes. I had this big dream of becoming a teacher when I was younger, and took a job in a Tech college as a teaching assistant whilst I waited to start my PGCE. Finances started to feel the squeeze and I had to sell my Celica Carlos Sainz for a mk1 MR2, which I actually preferred so that was ok. Then came the possibility of giving up motor racing 
, and the lack of holidays 
There was no chance of ever owning my own house and I was being bullied in the job anyway, so I jumped ship back to a better paid job!
In short, it depends what you do with your money and how much your happiness is dependant on it.
I love motor racing (which costs about £6k a year for half a season) and I'm learning the cello, which is over £70 a month in lessons - therefore I'm staying in a better paid job for now so I can do those things. If it wasn't for those expensive hobbies though I'd change my career immediately for something more rewarding, like going back to science, teaching/lecturing or maybe retraining in something medical.
, and the lack of holidays There was no chance of ever owning my own house and I was being bullied in the job anyway, so I jumped ship back to a better paid job! In short, it depends what you do with your money and how much your happiness is dependant on it.
I love motor racing (which costs about £6k a year for half a season) and I'm learning the cello, which is over £70 a month in lessons - therefore I'm staying in a better paid job for now so I can do those things. If it wasn't for those expensive hobbies though I'd change my career immediately for something more rewarding, like going back to science, teaching/lecturing or maybe retraining in something medical.
I'm most likely going to going through this experience very soon as I'm sick to death of what I do now - shock horror, another jaded computer contractor type!! Only problem is I can't for the life of me think of what I really want to do and any idea that comes up is usually crapped upon by reality - ill girlfriend, mortgage to pay as no one wants to buy our house so we can downsize, that sort of crap
I suppose strictly speaking I've already taken a 100% pay cut as I haven't actually invoiced anything of late, joy.
Cheers,
Rob
I suppose strictly speaking I've already taken a 100% pay cut as I haven't actually invoiced anything of late, joy.
Cheers,
Rob
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