Career move that pays much less but fulfills personal ambition
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Anonymous
| DW currently makes $1.75 million/year, and I am a SAHP. DW has been approached for a well-respected public sector position in their field which would pay between $150-175K/yr. I am fully encouraging them to pursue their ambition, but I would be lying if I said that I am not nervous about how we will continue current QOL, including private school for three children. |
Anonymous
| Bottom line. You won't be able to keep your same SQL by reducing your income by 90% (unless you were only living on 10% of his current income.) Are you willing to make the sacrifices? |
Anonymous
| "Nervous" is not a financial plan. Get out a pen, paper and calculator. |
Anonymous
| Is this a political appointee position? If so, I'd skip it. |
Anonymous
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I am willing to make the sacrifice because I know DW would really like to undertake this career accomplishment.
We have to move for the position, selling a dream house that we bought two years ago -- so the sale is either a loss or a financial break-even at best. We also have enough savings so that we can purchase a more modest house, and continue to send the children to the private school -- while otherwise living more modestly (e.g., a driving summer vacation to the beach, no splurge purchases). After five or six years, DW can return to a more well-paid private sector job with an impressive credential. |
Anonymous
No, but an otherwise impressive public service position. |
Anonymous
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SEC? Probably more worth it, but still....
Will her hours be better? I wouldn't do it. But, I don't think it would be cool for you to tell her not to. |
Anonymous
The position is not what you may be thinking, but it will be demanding and knowing DW's devotion to her work -- I would anticipate that the position and associated outside duties will mean hours close to what DW already puts in -- 8:30 a.m. - 8:00 p.m. It will likely also involve travel for duties and obligations pertaining to the position. You do not get this type of well-respected public-sector position unless you are willing to put in the hours. |
Anonymous
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5-6 yrs is a long time. And it must not very high-ranking, because that's on the lower end of the SES pay scale. Some agencies can make adjustments for those coming from very high paying jobs, too.
Hard to help without specifics, and I can understand why you might not want to post those. But I'd be inclined to say no. 1-2 yrs with a guarantee back to my job--yes. (Like some BigLaw partners who take Ambassadorial appontments and then go back). THey have a great lifelstyle, all expenses paid, low salary but everything covered. Sure. But Undersecretary of Chickens and Cows at Dep of Ag....no. |
Anonymous
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She only works 8 to 8 right now but makes 1.75 million? That's a pretty good deal.
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Anonymous
First, let me say that the credential is impressive -- I am not in the sector and even I recognize the prestige of it. DW would not otherwise consider the move. I have no idea why the job pays what it does, especially considering the work and hours involved. Five to six years is a long time, and there are no guarantees in this world, though the position is one that would certainly maintain or likely increase DW's earning potential. Many posters on this forum say that they would always take personal fulfillment or a real "love" for their work over financial gain, and I agree with that sentiment. It is just a little more difficult when the difference in salary is so big. |
Anonymous
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I posted before that I didn't think it was worth it,
However, if she is a partner at a law firm, her salary could change based on how much business she brings in. Law firms can be ruthless these days, so perhaps having this extra credential could boost her further. Would suck if she gave I the opportunity, lost a client or two, and firm jerked her salary down or she lost her job |
Anonymous
It is a pretty good deal, although DW is "on call" 24/7. They try to be home by 8:00 p.m., but that does not mean that they do not continue to work late into the night and on weekends. We have never spent a non-working vacation, by which I mean free of several work hours a day. |
Anonymous
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And it must not very high-ranking, because that's on the lower end of the SES pay scale
I don't think this is necessarily true |
Anonymous
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I would encourage her to do it. It sounds like it will be fulfilling to her, and that you guys already have plans in the works to survive the pay cut. 5-6 years isn't that much time, provided you have planned for it.
In 25 years will she look back with regret that she didn't do it? |