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To cut to the chase: I was making $70,000/yr in my last job and I recently accepted a job for $15/hr. And no, I'm not a retiree who's just taking a job for fun or side cash. This is what I depend on. It's a long story how I whirlwinded into this position. But I'm curious to know if any of you have ever went from having a very high paying job to a very low paying job? What were the biggest challenges for you in terms of lifestyle? Were you happier?
I'm not asking for advice or anything. I just want to hear stories.
I don't think the vast majority of people would take a paycut from $70k a year to $30k unless they just completely hated what they do and what the job entails. Especially in high COL areas.
I went from roughly $70k as a civil engineer to $20/hr as a Math tutor. Sucked. I had to give up some expensive sports and had to relocate back to a the city I grew up in, which I hate beyond measure.
It worked out though. I met my wife, am going back to school for something that I actually enjoy and I've actually come to like the freedom of being my own boss as a tutor.
Yeah, because due to budget cuts, outsourcing, multiple lay offs/reductions in force, position eliminations, age discrimination, over-saturation, and the restructuring of health care there are very few jobs , very many applicants, and most way younger THAN ME in the field I used to work in.
So I work for way less doing something else. That ''something else'' is part-time, sometimes contract work, and part self-employment. Anything to survive.
But you know what? I am much happier and have learned to live frugally.
It's a good thing because the days of having a ''high paying'' job are over for me.
But I do have a lot of free time to spend as I wish and time trumps money everytime at my stage of life.
Yeah, because due to budget cuts, outsourcing, multiple lay offs/reductions in force, position eliminations, age discrimination, over-saturation, and the restructuring of health care there are very few jobs , very many applicants, and most way younger THAN ME in the field I used to work in.
So I work for way less doing something else. That ''something else'' is part-time, sometimes contract work, and part self-employment. Anything to survive.
But you know what? I am much happier and have learned to live frugally.
It's a good thing because the days of having a ''high paying'' job are over for me.
But I do have a lot of free time to spend as I wish and time trumps money everytime at my stage of life.
I did it to move from Chicago to SC. We moved for family because my late husband was unable to handle cold and snow as he got older. My story is quite like yours, FeelinLow, and I expect it to continue just as you've described. I've got 5 years before I can collect my husband's social security and I think I can make it in this state on what I'll be getting when I turn 60. As long as the bills are paid and there is food in the house, I can live this way and be happy doing it. If I can get to the beach a few times a year, it will all be worth it.
I got laid off in 2009 and when I finally got a job 11 months later, it was with a 30% paycut. But by that point we were used to having less money, and had made the necessary adjustments while I was receiving unemployment payments and working freelance whenever I could. So when I got the permanent job, the only difference was that now I had benefits again.
Yes, I plan to draw my SS early in 1.5 years and still keep working part-time. This will be like winning the lottery in our household!
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