When Would you say I'm Done? (jobs, companies, taxes, salary)
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Let's say you work in a high paying job, but it also has high stress (fast paced, long hours). The salary you are making (and what you could further make) is a once in a lifetime opportunity. Once you leave, there is no going back. When would you feel comfortable leaving for something with a better work/life balance? Would it be according to a certain amount of money saved or net worth achieved? Some other metric? A new job would provide better work/life balance but the pay would be much less (although still good).
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Quote:
Originally Posted by bobsell
What's more important to you?
Money?
Or work/life balance?
Yes, while we would all like both, that's not always possible. Can you manage your normal bills, save some money, and have some vacation/entertainment funds left on a lower salary? It seems like your current job will have prepared you well for less stressful work, but unfortunately, hiring managers might wonder why you are downgrading if you disclose your current salary.
You ask that, or those questions and you'll get different answers. It's all depending upon the individual.
For example, I play the state lottery. If I hit 1 million. I'd end up with 300-400K with all taxes.... that's enough for me. At $3,500 a month, that's 7 years at that rate.
For what its worth, I left a good paying job to become self-employed. I've been fortunate to nail down a few clients and the money has been good thus far, however the hours can be kind of brutal. With that said, I'm much happier. I'm my own boss, I set my own hours when I don't have multiple deadlines on my shoulders, and I have more pride in what I do. Running my business has kind of become a job and hobby at the same time. I'll likely make less this year than I did at my job last year, but I'm still making a good living. And again, I'm happier. So I'm gladly making less money. I've gained so much more as a result of quitting that job. That's just me.
Further, I have a buddy who worked 5 years in a high pressure job. He made well over $110k per year (not including bonuses and stuff) and worked 80 hours a week. Literally, this was weekly. It took a toll on him, he went in one day and said screw it, he quit. He's now working a 40 hours a week M-F job and making $52,000. And you know what? He's so happy. He has more time to himself, he's joined a softball league, and now has a girlfriend, something that was impossible for 5 years.
It depends on you. The $52k I just mentioned may be living poor for your standards, or that could be 100% feasible. For my friend, he chose less money for a happier life. I think it was a good route for him to go and he agrees.
I've heard of friend's of family do this. They put in 60 to 80 hour weeks in these "high powered" financial companies or law firm. They're paid REALLY WELL. But the really long hours means it's much better suited for those who are young and healthy, don't have any family obligations, and can put their social leaves in 2nd gear. They save their money, and move on to jobs that are "more normal".
I've met many old timers (40 to 65yo) who used to do these types of works, including in Silicon Valley. No more. They got enough money saved up, and they have no desire to go back to such work environments.
And for $, look at your income needs, consider the interest/dividend income figure from an amount saved that will achieve that need, and maybe make that your goal for blowing that particular popcorn stand?
Mine was 80% income replacement. I put in my papers the next month after achieving the "deferred compensation" savings goal. Now I'm working again in a lower paid but much-more-satisfying job for only as long as I want to do it - and achieved about 120% income replacement as a result
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