is it crazy to consider halving my salary to do something more interesting?

[Anonymous]

I stumbled across an exciting new job opportunity. It is pretty neat in and of itself, and it could open doors to what used to be my dream job. The people I would be working with seem fabulous. The hours would (probably) be better/more flexible than my current job, allowing me to see more of my kids and spend less on childcare. It would allow me to work in a supervisory capacity for a change and learn some new skills, and do some interesting and high profile work. I am, if anything, a bit overqualified, and highly likely to get an offer.

There are two BIG downsides.
1) Pay is half what I make now and the job is funded for 2 years only. Seriously, half. Benefits are good, flexibility is good, but pay is HALF my current salary. Think, going from GS-15 to a do-gooder job.
2) I have a good job. There is no opportunity for advancement, but I am also pretty happy where I am and could stay here, doing the same thing for another 20 years until I retire. I've been here over 10 years already, and well, I'm getting bored. But it is hard to imagine giving up a pretty good job for the unknown . . . at half my current salary. Also, if I leave for 2 years, realistically, I cannot come back. Situation is complicated, but basically I worked out a remote work arrangement from outside DC that I wouldn't be able to come back to.

I have 2 kids and a spouse and have been primary earner, although DH just got a raise. But we actually have a ton of savings, small debt (about 25k left in student loans), and our oldest is about to enter kindergarten in the fall; so expenses are about to go down. We recently sold our house and are renting, living well beneath our means, and sitting on a pile of cash while we try to decide how much house to purchase. Spouse (quite reasonably) is not keen on this option of cutting my salary in half but would probably go along if I decided it was really important to me. I don't know if it is!

Is there anything I am not considering here? Is this crazy?

[Anonymous]

It’s not crazy - I work in a field that’s insanely hard to break into and see people form finance/consulting willing to take 60% pay cuts to break in.

The difference is they usually do it when they are single and before 30, certainly before 35

If I were you I wouldn’t do it because you have two kids.

Cutting your pay by half could affect the opportunities you could provide them - private school, enrichment camps/classes, sports, fully paying for private undergrad for them, etc

[Anonymous]

You need to look at the numbers and decide if you and your spouse are okay with the lifestyle change.

[Anonymous]

Anonymous wrote:I stumbled across an exciting new job opportunity. It is pretty neat in and of itself, and it could open doors to what used to be my dream job. The people I would be working with seem fabulous. The hours would (probably) be better/more flexible than my current job, allowing me to see more of my kids and spend less on childcare. It would allow me to work in a supervisory capacity for a change and learn some new skills, and do some interesting and high profile work. I am, if anything, a bit overqualified, and highly likely to get an offer.

There are two BIG downsides.
1) Pay is half what I make now and the job is funded for 2 years only. Seriously, half. Benefits are good, flexibility is good, but pay is HALF my current salary. Think, going from GS-15 to a do-gooder job.
2) I have a good job. There is no opportunity for advancement, but I am also pretty happy where I am and could stay here, doing the same thing for another 20 years until I retire. I've been here over 10 years already, and well, I'm getting bored. But it is hard to imagine giving up a pretty good job for the unknown . . . at half my current salary. Also, if I leave for 2 years, realistically, I cannot come back. Situation is complicated, but basically I worked out a remote work arrangement from outside DC that I wouldn't be able to come back to.

I have 2 kids and a spouse and have been primary earner, although DH just got a raise. But we actually have a ton of savings, small debt (about 25k left in student loans), and our oldest is about to enter kindergarten in the fall; so expenses are about to go down. We recently sold our house and are renting, living well beneath our means, and sitting on a pile of cash while we try to decide how much house to purchase. Spouse (quite reasonably) is not keen on this option of cutting my salary in half but would probably go along if I decided it was really important to me. I don't know if it is!

Is there anything I am not considering here? Is this crazy?

I wouldn't for that reason. But that doesn't mean you shouldn't. Kids are expensive even after daycare period.

[Anonymous]

Sounds like you're talking $150k to $75k?

It depends a lot on what your husband is actually making (eg $75k vs $40k). $225k to $150k is doable considering you're already well within your means. $190k to $115k is a different story, IMO.

The added flexibility of the new job sounds like a nice perk, but you won't know until you actually get to negotiations. Why not apply for the job and see if you make it to the interview process? You can ask about benefits, flex time, telework at that point and see if the whole package sounds good.

Also, you may find you are overqualified and they are not interested.

I don't think you are crazy for looking into it, but don't let your excitement cloud your judgement of the whole picture.

[Anonymous]

Make sure you go in with your eyes open. If you give up your sweet set-up, there's no going back. Remember that for all the perceived advantages, the new job is still a job and some elements of it are bound to suck. That can be harder to take when you are making half as much.

[Anonymous]

I wouldn't do it. Find outside interests OP. Unless you have someone else who can fund your kid's college, then you are going to need all of the money you can save for tuition.

[Anonymous]

Anonymous wrote:Sounds like you're talking $150k to $75k?

It depends a lot on what your husband is actually making (eg $75k vs $40k). $225k to $150k is doable considering you're already well within your means. $190k to $115k is a different story, IMO.

The added flexibility of the new job sounds like a nice perk, but you won't know until you actually get to negotiations. Why not apply for the job and see if you make it to the interview process? You can ask about benefits, flex time, telework at that point and see if the whole package sounds good.

Also, you may find you are overqualified and they are not interested.

I don't think you are crazy for looking into it, but don't let your excitement cloud your judgement of the whole picture.

Op here. Yeah, I would be going from about 150k to 75k. Husband makes about 80k now, with variable bonus.

[Anonymous]

If you are switching to a non-profit, consider how compatible you are with the working environment. Even compared with the fed gov, non-profits are more dysfunctional.

[Anonymous]

Hmm.

My husband is a research scientist and tried a stint at a for-profit biotech start-up. Then he found himself pressure to crank out poor quality data for clients who were paying through the nose. When he protested, he was let go.

So now he's back where he belongs, which is government-funded research, paid half of what he used to be paid. Curing cancer, and all that good stuff

[Anonymous]

It is only funded for two years. Then what?

[Anonymous]

You are kidding yourself if you think child expenses are going down. Bigger kids = more money and bigger problems.

Personally I wouldn't do it based on what you describe. You aren't that well off. And it's only funded for 2 years. That seems like a long time, but it will fly by and then you could find yourself without your dream job.

[Anonymous]

Funded for two years means you will be doing fundraising and or you will need to start looking for a new job after 1 year. Can you accept that along with the known financial loss? You will also be resetting your salary at a far lower level for any subsequent job.

[Anonymous]

honestly I would not do it if you are a high earner (100k+) your family will really feel it and your finances will suffer in the long run.

[Anonymous]

I wouldn't assume you'll get the job. It usually works against you if you are overqualified. Just a warning.

That's a risky gamble. A small pay cut is one thing, but half is a lot. And no matter what skills you gain, what supervisory experience you gain, it will be hard for you to move back up to the salary you are making now, especially if you are in government (where salary is public knowledge). Future offers will be based on the most recent salary.

And being in a supervisory position usually adds a lot of stress, no matter how flexible the hours supposedly are. That's why people usually want a salary increase to take that on.

The only way I would do it was if I could see a clear path to a higher salary and more opportunities. But it doesn't sound like that, especially given it's a temporary position.

Most employers see taking a pay cut as a step down, no matter how much you can talk up the "experience." There are some exceptions, and I suspect the PP who say people take a cut to break into her industry is one of those exceptions. But you really need to do some research to see if this gamble will pay off.