Have you ever taken a massive pay cut?
Have you ever taken a massive pay cut?
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Discussion

Chris71

Original Poster:

21,549 posts

273 months

Thursday 21st August 2008
quotequote all
...Voluntarily, in order to switch careers to something you really wanted to do?

If so, how did you find it? What sacrifices did you have to make and were they worth it?

Chris.

_Batty_

12,268 posts

281 months

Thursday 21st August 2008
quotequote all
yup.

was an Architectural technician for 5 years.

then joined with my father to become a developer.
i do enjoy the outside, but doing my own Tax, NI H+S etc are a pain.
i didn't i choose a good time rolleyeshehe
still the work made it worthwhile (even if i stepped from a TVR to a MR2 frown)

Big Rod

6,265 posts

247 months

Thursday 21st August 2008
quotequote all
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.

Sprouts

865 posts

220 months

Thursday 21st August 2008
quotequote all
Yes, I left England to live on a kibbutz.Best thing I ever did.

Wigeon Incognito

3,274 posts

249 months

Thursday 21st August 2008
quotequote all
It's exactly what I'm doing now so I can't tell you how it works out just yet.

I'm taking a 40% cut, so significant rather than massive I suppose.

The end result is a job doing something I care about though, so hopefully that'll make it worthwhile.

davemac250

4,499 posts

236 months

Thursday 21st August 2008
quotequote all
Yep, but with a view to more freetime, better prospects later on and not getting shot at.

Sciroccology

29,908 posts

261 months

Thursday 21st August 2008
quotequote all
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.

Edited by Sciroccology on Thursday 21st August 16:08

Incorrigible

13,668 posts

292 months

Thursday 21st August 2008
quotequote all
Yep,

Probably 75% cut to go from computers to mucking about with cars

I only thing I miss is the money

Chris71

Original Poster:

21,549 posts

273 months

Thursday 21st August 2008
quotequote all
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.

Landlord

12,689 posts

288 months

Thursday 21st August 2008
quotequote all
Yep. Well paid job in IT. Jacked it in to run a pub earning... well, nothing really. No regrets though, at all. Well, aside from the number of chicks my job used to bag me, plus the kudos/envy/admiration amongst my peers.

walm

10,644 posts

233 months

Thursday 21st August 2008
quotequote all
Took a 35% cut to move abroad so in real terms (PPP) wasn't that bad.
Best move I ever made.
New career with faster promotions which meant short term pain for long term gain.
Plus lived a far better lifestyle.

off_again

13,917 posts

265 months

Thursday 21st August 2008
quotequote all
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.

Zod

35,295 posts

289 months

Thursday 21st August 2008
quotequote all
when I moved firms, I went from salaried to equity partner. My monthly drawings reduced by 50%. My overall earnings were higher, but my first part of profit share didn't come until over around 18 months later.

Hoppy2008

2,496 posts

226 months

Thursday 21st August 2008
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I heard Kerry Katona took a big cut when she went from Girlband "star", to bannkrupt fat st.

Don

28,378 posts

315 months

Thursday 21st August 2008
quotequote all
Yes. I went from a well-paid career in IT Consultancy to....


...run my own IT business. And earned nothing for eighteen months.


Now - some years I earn far more than I ever did. Others - far less. The less years ain't so good. frown The good years are fun!

Thudd

3,100 posts

238 months

Thursday 21st August 2008
quotequote all
I dropped £23k once tho reduced costs recouped a lot.

Glad I did or I'd never have found out that she was only with me for the money and subsequently met my wife lol

Took a LONG time to recoup tho. Probably 5 years or so, and i'm still not quite there.

Chris71

Original Poster:

21,549 posts

273 months

Thursday 21st August 2008
quotequote all
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! smile

jeff m

4,066 posts

289 months

Thursday 21st August 2008
quotequote all
I've had prolonged periods of zero, happiest days of my life.

As long as you get something worthwile in return for the cut, then ok.
e.g. time, better location or doing something you like.

RobM77

35,349 posts

265 months

Thursday 21st August 2008
quotequote all
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 eek, and the lack of holidays frown 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! smile

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.

B19GRR

1,980 posts

287 months

Thursday 21st August 2008
quotequote all
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 frown

I suppose strictly speaking I've already taken a 100% pay cut as I haven't actually invoiced anything of late, joy.

Cheers,
Rob