3k+ pay cut for a move from banking to running clothing

I'm in the back office so it's not super stressful and hours are actually great. I just often don't have a lot to do and the stuff I do do is so boring, corporate and a drop in the ocean that is the multinational bank (is anything going to happen if I don't do this powerpoint in time?)

DGL54 wrote:

At 55, I am resigning from a high paying job (100K+) to move to Germany and take up a job with a German startup for a significant cut in pay. My current job is boring me to tears and I cannot contribute like I will be able to in this new job. I will have more control over my job and also help others. Giving up the $$ is worth it to me (and no, I am not well off).

My recommendation: Never stay in a job for money. If you are bored, it likely won't get better, so go with your heart and the money will come eventually.

I know that all sounds a bit sappy, but I have found it to be true throughout my working life.

Thanks, this was great to read. The longer I stay, the harder it may be to give up more and more money I feel

what would you do wrote:

London, UK. I translated my post for the american-heavy audience on LR. Yeah that is a concern admittedly - I'll be going up quite a lot. It's actually the head office I'd be working in rather than a store

I think something is lost in the translation. Why are you posting on this forum if you’re making less than $250,000 (US) a year. Also, post some pics of your model wife.

For that pay cut I would take it.

what would you do wrote:

Not single but atm that's saving money as we share it. We may get married in the future but have about 150k saved collectively. My partner is also in banking

Better forget it then. No chick in banking will tolerate a shiftless partner who eventually earns way less than her.

40-year-old Dad wrote:

It doesn't matter if your selling track spikes or mutual funds. You gotta make a dollar for the man and you have to decide whether this running company or the bank is going to make your life easier.

At least for me, my time at home with my kids is more valuable than what I do at work. I'm kind of at the point where I couldn't care less what I do at work as long as it provides what I need to make my time outside of work enjoyable.

No, you're far from crazy. This is a no-brainer. You'll spend more waking hours at your job during your life than you will doing anything else. Why "put yourself in jail"(so to speak) for more pay if you're going to be unhappy the majority of the time? Doing something you love in a positive environment with people you share interests with is something well worth a slight pay cut. And as has been mentioned above, if you do need to make up the salary loss that can easily be done with some part-time work elsewhere.

Don't Be A Bartleby wrote:

Why "put yourself in jail"(so to speak) for more pay if you're going to be unhappy the majority of the time?

Because people don't live to be 33 anymore. You need to make enough money during your working years to support your lifestyle (or at least buy food) when you can no longer work...

If you're working at a chill carefree running company, that probably is not going to support your retirement. You can ask them if they want to offer you a pension but I bet that's the exact moment they become less of a chill company and more like a bank.

uhhh because wrote:

Don't Be A Bartleby wrote:

Why "put yourself in jail"(so to speak) for more pay if you're going to be unhappy the majority of the time?

Because people don't live to be 33 anymore. You need to make enough money during your working years to support your lifestyle (or at least buy food) when you can no longer work...

This doesn't have to be a binary choice. Plenty of people -myself included- find ways to support a lifestyle they're happy with, and provide for retirement, without being miserable while doing it.

what would you do wrote:

60% is what me and my partner saved. The rest is a nest egg from my parents intended for a house deposit (yes, I'm incredibly lucky and will be taking them on holiday later this year)

Kinda doubt you saved 90K in less than two years making 44K before taxes. Try again troll.

total BS wrote:

what would you do wrote:

60% is what me and my partner saved. The rest is a nest egg from my parents intended for a house deposit (yes, I'm incredibly lucky and will be taking them on holiday later this year)

Kinda doubt you saved 90K in less than two years making 44K before taxes. Try again troll.

Okay, I’ll humour you.

At my current job I earn $46k. After tax I get $2,890 (£2,300) with no student loans/any debt repayments. My rent is $830 (£660) a month, we don’t have a car and we walk to work so I’ve been saving $1.5k (£1k-1.5k) a month for two years. There’s the first $40k. My girlfriend is on $55k a year. Scale it up and do the maths.

uhhh because wrote:

Don't Be A Bartleby wrote:

Why "put yourself in jail"(so to speak) for more pay if you're going to be unhappy the majority of the time?

Because people don't live to be 33 anymore. You need to make enough money during your working years to support your lifestyle (or at least buy food) when you can no longer work...

If you're working at a chill carefree running company, that probably is not going to support your retirement. You can ask them if they want to offer you a pension but I bet that's the exact moment they become less of a chill company and more like a bank.

True that retirement wouldn’t be as good. My bank pays 10% of my salary into the pension fund with no contribution from me. Potential new employer would give 3% on my 5%. Still, in the UK there are requirements for companies to have a plan in place.

I work at a large accounting firm and I hate it. I make $60k and I would still leave in an instant if I found something that made me happy. My rent is only $800 (live in US). It's a long life if you are unhappy. I finished school last year and started working here in October. Get the hell mate, do what you love. Cheers

You gotta just go for whatever job that you can acquire the skills, network, etc. so that you can leverage it all a few years down the line to get the "dream job."

So for instance, I'm a software engineer. I'm working on a dry project at a big bank. But I'm getting pretty solid and maybe in a year I could call myself almost senior dev status. Maybe I can get a remote job after and make 6 figs while working from the Canary Islands or Argentina or Brazil or something. That'd be schweeet.

I took a massive pay cut of about 25,000 in 2015 because I was unhappy with my job, I moved out and worked for a friend for a year or so(still work on and off as contractor for him) working road races, I spent a lot of time with the running community and enjoyed it a lot. Then I worked for a landscaper for a bit to make ends meet, yes there was days I didn’t eat, I had to bike 40 to 50 miles a day, work outside for up to 13 hours a day and still found time to train , then after that took on a contractor job at one of the fastest growing pharmaceutical companies in the world, a year and half later, about 2 months I landed an entry level position as a full time employee for the pharmaceutical company. When I quit my job on a split second choice everyone laughed at me and thought I was stupid, and now I’ve set myself up working for the best pharmaceutical company and have endless opportunities there. You only live once take risks.

Thanks all for great perspectives. I had a think overnight and decided to stay put for another year or two as my job, although boring, gives me plenty of flexibility to run and exercise and gives me the money to fund international races. I also looked at the travel updates for the route I’d have to take to the new job and there were severe delays on the two subway lines I’d be needing (meaning it would take me 2 hours). I’ve taken that as the universe giving me a sign.

Again, thanks all and I greatly enjoyed reading everything.

A lot of good advice so far (strangely). Good summary of pros and cons.

One area I would recommend you think more about is your future in each of those jobs, not just what the current job is. If I read it right and you are making $44K in a bank doing analytics, you are at the bottom of the bottom. If the work is easy and you often don't have anything to do, then look around at what more could be done. Talk to your boss, or if he/she is a moran, talk to his/her boss. Tell them how you could improve analysis or processes. That's how you get noticed, get raises, and get promoted. You do NOT just wait your turn for a promotion. You might have ideas that can be applied to a number of banks or a whole region.

At a small athletic company, you may be able to rise even quicker. Or, there might be a handful of existing employees that will always be above you and you'll be stuck. Ask them not just about the job they are offering. Tell them you want to do more and want to see how you could grow and improve the brand. Again, don't wait, you have to grab it.

Finally, think about how each of those career paths will look on your resume in 5 years, in case you change jobs. Do you want a reputable bank job on there? Or something else? Are there senior people that would give you an amazing recommendation today if they had to? Make smart short-term decisions, but play the long game.

what would you do wrote:

runrincerepeat wrote:

I work for an athletic brand ... wicked fun, would never want to do anything else.

Def would go for it.

Thanks! I'm meeting with them tomorrow, defo leaning more towards it

There's a difference though. If your current job is "just boring", that's different than being super stressful and making you hate life. My wife has a job like that--makes great money, but is always stressed out and hates, like really cannot stand going to work each day. That to me is not worth any amount of money. My job is somewhat boring at times and I don't feel like I'm breaking down barriers here.. but it allows me the freedom and financial ability to do most things I want to do.

On one hand, I say stick with your current job and enjoy your running outside of work. I say that mainly because you might not like running/athletics anymore once you work in that industry. I was obsessed with cars and loved them, but after working in the industry for so long.. they bore me to death. Running is what I daydream about during the day and keeps me going. I fear that if you work around it all the time, you will be desensitized to it and it will no longer be interesting. Then you'll be making less at a job you aren't interested in anymore.

However, I would imagine banking jobs will always be there. So it could be worth the jump just to try it out, and then you can go back to banking someday if it doesn't work out. I am an advocate of saving lots of money and being financially sound, because that seems to be all women care about these days.. but looks like you already have that covered.

what would you do wrote:

total BS wrote:

Kinda doubt you saved 90K in less than two years making 44K before taxes. Try again troll.

Okay, I’ll humour you.

At my current job I earn $46k. After tax I get $2,890 (£2,300) with no student loans/any debt repayments. My rent is $830 (£660) a month, we don’t have a car and we walk to work so I’ve been saving $1.5k (£1k-1.5k) a month for two years. There’s the first $40k. My girlfriend is on $55k a year. Scale it up and do the maths.

Unless i'm mistaken, your salary in London is ~£37k ($46k). If he saved $1560 for 24 months, he's at $37,440. So he spends ~$500/month on everything else outside of rent. Seems like a pretty boring lifestyle for living in London. Add in the Daddy & Mommy fund and it works out.