Education & Work Leaving a higher paying job for a lower paying job

Has anyone left a higher paying job for a lower paying job for lifestyle reasons etc? If so, what impact did this have on your life?

 

Yes I have. It had a very positive impact on my well being. There was a time when I sold my time for money and now buy my time with money.

 

YES.
In my case the higher paying job was a dead end one anyway. I worked full time for a CBD bank. When I found a part time job at a different bank at my local shopping centre, the reduced hours and wage was negligible once commuting time and cost was accounted for. I got back four to five hours of my life each day for a negligible reduction in take home pay.

 

I'll add that when our progeny came along, being a full-time Mum meant I was not spending my entire income on child care. Sending very young children to day care does my head in!

 

My wife changed jobs for a not-insignificant reduction in pay. She is a lawyer, and was allegedly working 3.5 days per week, but the old job was demanding significantly more than that (late nights and working the days she was not supposed to). The new job brought back some actual work/life balance - rarely works late at night, and minimal work on her days off. Its been about 3 years since she changed, and her salary has just gotten back to where it was before. The old job paid significant bonuses though, so that probably made more difference $$$ wise.

Cheers,
Inertia.

 

Yes.

I about halved my income at one point to leave a job that I hated to do something I had an interest in. Great decision, felt happier and had more time and energy for life. The impact on mental & physical wellbeing of going to do something you don't enjoy or even hate every working day is huge (always exceptions).

Why do you ask?

 

Yes. Included a move to a different city where I later found opportunities in another field also of interest where income recovered.

But important to have low living epenses, investments to be neutral to positive geared and for these to (on average) throw off more capital gain than you'd save from the higher paid job.

 

Sometimes less is more.

 

I having been thinking of making this change but it is likely not the right time for us in terms of our financial commitments but will need to further consider the sums. Was wondering if I am having a bit of a mid-life crisis! I like the idea of simplifying life, doing something I may enjoy more and being less rushed all the time.

 

Well, I have but only slightly (less $2k). I left a job that was super stressful and pretty bad culturally to one that was remote...i.e. the core team was in another state and I worked away from the group. Worked wonders, still in the latter job after 13 years!

Having said that, the former job, if the person was a good fit for the role would have produced way more opportunities than my current - former was for a much bigger company (international) than my current (national). However, funnily enough 4 years ago the former company ran into tough times due to bad decisions and basically had to downsize the Australian arm and pretty much removed all but 3 employees in my group.

A lot of people chase the money and status but when you think about it, the real resource we all have a limit on is time. That's what I've been valuing most these days. The old job was just not a good fit for my skills or personality whereas my current one is to a decent extent.

 

One impact is you regretted it as the lower paying job over time neither leads to a better lifestyle nor less stress. If any, it could be the opposite.

 

I recently jumped ship for double.

Spoiler: New pay packet

Double nothing is still nothing

 

That is the worry!

 

Then you’d switch again to another job?

 

The exact same reason that I come back to high PAYG job....
I guess money does make me a bit happier

 

Hmm maybe off topic, but can people actually live poorer (financially worse off) but happier? I've always pondered this question into our mostly endless cycle of materialism. I personally know of 3 families - one not well (A), one well off (B) and one who was well off/fell into hard times due to a financial mishap (C) but family A and C just appear to be happier than B - on the surface, anyway?

Can you really go from a world of "luxuries" to the bare necessities? I have a funny relationship with money. I dislike extravagance and in my head I've always lived pretty "lightly" i.e. I don't buy unnecessary goods only what I deem essentials. In my head I have thinking I can live like frugally but reality may be something else.