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I haven't but my best friend did. She was working a miserable, high-paying yet highly stressful job and took a 30% pay cut to become a guidance counselor at her old high school. She is now a million times happier. She gets out of work at a reasonable hour, has summers off and is able to spend more time with her son. As far as finances, it was just a matter of cutting back on unnecessary spending.
The first time was early in my career and I took a job with a 20% pay cut. It had somewhat better benefits and better career advancement potential. I learned a lot and it gave me a great foundation for future advancement.
The second time I sold my share in a business for a job with less responsibility, less, risk, in a lower COL area. I took roughly a 15% pay cut. It was a good move though, in that it gave me experience in a different area of my career industry that I lacked.
The third time was a job that I hated. I quit without lining up another position, but I knew that I would have a tough time making the same salary. I took a position that paid about 40% less, but with far greater benefits in a much lower COL area. My take home was only about 15% less due to lower health insurance contributions, tax withholding, etc. combined with the lower COL my quality of life has dramatically improved.
It is not always a bad idea to take a pay cut, but you should be strategic about it if at all possible.
Couple of times. First time I was laid off. Took me almost 3 years to find a full time "real" job again, but during that time I worked many part time/odd jobs and i really enjoyed it. I had signed up through a number of temp agencies as well, so I was always getting calls for contract work. I had a PT night job and a 2 day a week waitressing shift. I actually had a set schedule that included one day a week at the beach! I answered an ad for a PT office manager right around the 3 year mark, and it was at this time that my then-husband was really starting to harass me about my "lack" of work, so when the guy offered me a FT job, I unhappily took it. It was actually a miserable job that I only stayed in for 3 months, leaving for a 6 month temp job about $5 more per hour. That set me up for my next 3 full time jobs - I really wish I hadn't caved to the ex as it took me over 10 years to get back to the "freelance" schedule that works so well for me!
When I took another contract job, it was my first time in a big corporation and I was so unhappy it wasn't funny. But I was making more than I'd ever dreamed of. That lasted 3.5 years and by the time it finished I was so burnt out that I took the unemployment and spent 3 months recovering. I then took a PT job at a local shop at 1/3 the hourly pay and only 28-30 hours a week. I've been in similar jobs like that for the past 10 years now and also run a couple of side businesses. I average over 40 hours a week, but most of these hours are on my own schedule.
People are amazed at the types of jobs I do and what I may apply for (jack of all trades) but I find keeping myself flexible opens up a world of opportunity to me and makes me a happier less stressed person.
I have little in the way of employer benefits but the flexibility I get is priceless. Plus, I am not dependent on just one job to pay the bills, so if I lose one, I've got some backup until I find something else.
Any specifics on jobs that are out there, but not known. Remember how in school as a kid, they had jobs like, Lawyers, Doctors, Teachers etc . Very direct stuff they would talk of. Now its insane, and job titles arent what you actually do.
I make very good retirement money, live in a pretty reasonable COL area in SC, but there arent allot of jobs out here. Pros and Cons to everything.
I took a lower paying job to get much needed experience in a facet of my job. At first it was a great relief not being on the hot seat but the pay cut eventually played too much havoc on my finances. As long as you can handle it financially, then great. Otherwise you need to be extremely careful.
Taking on a lesser paying job with another company is not an easy decision. If the new company offers advancement and better pay long term, the change will be worth it.
After being in the work force for 50 years money is one of the least important things to consider once basic needs have been met.
Today on $35/hr we can live fairly well in our South Georgia location and I can honestly say I would stay at the $35/hr job that I enjoy doing and have fun with than opting for a $75/hr job that I hate. I can honestly tell you this because I've been there and done that.
In my whole life I never made as much money as I did in 1985-1989 and on top of that I had perks that exceeded my income. All that said I was never more miserable and in 1990 I simply told my partners to shove it and I simply walked away.
Absolutely and no regrets whatsoever. I worked as an occupational therapist at a nursing home and despite the sign-on bonus, I bailed ship after 10 months. I was getting paid $36/hr right after grad school and that was very competitive. I love working with the geriatric population, but the Director of Rehab was so incompetent and the nursing home administrator was about as shady as you can get without wearing an orange jumpsuit. It was so understaffed and the patients were suffering for it. The rehab department was the bread and butter of the facility but we had so little autonomy and were so micromanaged it was ridiculous. I ended up leaving for an outpatient clinic position with less pay, but at least now I can sleep at night. My new coworkers are happy, my rehab manager doesn't bring drama to work, and the nonprofit hospital is a breath of fresh air. Sometimes money isn't everything.
I think a lot of people would do this, at least if they had the chance to experience what it was like to make lots of money but be miserable at work.
I worked a remote job (from home), which I know is many people's dream, but it was terrible for me. I felt like my home became a prison and I could never fully focus on either work on home life. I got terrible depression and anxiety. Anyway, I was MAKING a lot for only being in my mid twenties... I was also living in a very low cost of living area, so I was banking so much of my earnings...
Long story short, the cash was rolling in, but I was miserable. I'm now making like 75% less and fairly happy because I don't hate my job. I don't love it either, but it's a good balance of ups and downs.
This.
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