Taking a pay cut ??

[Ratbeetle]

I made a lateral move or what some in my career field may even consider a step down a couple years ago. While not a direct pay cut, my current position tops out at a lower salary than had I stayed on the track I was on.

No regrets at all. I have much more autonomy and the flexibility in my schedule to spend much more time with my family. I like money, but I like my freedom more.

 

[SummitsCalling]

Lots of great advice, in my opinion comes down to state income tax comparison, which tax bracket you'll be in, the state your moving to cost of living. Not sure what state your coming from but some states in the west, housing prices have gone nuts, looking at you Idaho.

I'm sure you thought of this, but depending on your financial situation, could also ways rent out your current home to gen up some more income depending on the going rates and buy a home in the new state if you don't need to pull equity. Numbers have to work though, what I did moving from Nevada to Alaska.

Good luck!

 

[Jbxl20]

I did it! It was scary and took a lot of time to make the switch. And even the first couple months afterwards it was scary. But it’s been fine. I’m used to the financial adjustments now and I have more time to spend with my family and of course hunt. I was an automotive technician working lots of hours and getting paid flat rate. I would work weekends and 12 hour days. When I did have some time off it was hard to leave the kids and wife to hunt. Bottom line... do it. Can’t put a price on happiness

 

[MThuntr]

I don't know where you live currently but recent boom in "work from home" real estate has made the west expensive compared to a lot of the country. I think I've seen a 50% bump in housing prices in the last year.

That being said it's just money

 

[JGross1]

A lot of variables to consider when making this decision but at the end of the day, money cannot buy you happiness. A step back in pay may be an enormous step up in life.

 

[dreamingbig]

You only get one chance at this life. You can find ways to make up the $10k difference.

Cost of living matters. What can you sell your house for vs. what you will have to pay in new market? Does commuting time/cost change?

Resident tag vs non-resident is almost $1000 cheaper on average.


Sent from my iPhone using Tapatalk

 

[HuntHarder]

FWIW, I took a 20k a year cut 4 years ago to start into a new trade. Similar field, but a little more advanced. 4 years later, I make 100k more than I did before I started this new career. Sometimes taking less is scary, but if you are at all financially responsible, 10k a year is really not a big deal, especially if there is room for advancement. Good luck with your decision.

 

[roadrunner]

Depends on the state out west. Move to NM and you'll regret it...

 

[FLAK]

I wish I had years ago when I was younger and had no anchors.

 

[TN2shot07]

I was in a similar situation about three years ago. I left a great job that had me stuck in a big city where I couldn’t do everything I hoped to. The pay cut only hurt up front a little bit as you said debt free except a mortgage is a big plus. I can now hunt on my days off without burning several days or go after work. I’d do it again in a heartbeat!

 

[Nomadx2]

I will go against the grain here ... earn as much as you can (then save) for as long as you can because a day may come when you can't.

 

[cnelk]

Use this website to do some comparisons

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[Finch]

Depends on the state out west. Move to NM and you'll regret it...

Why is that?

 

[PNWGATOR]

A wise friend once asked me “Is the money you make worth the price you pay?”

 

[hflier]

Always chased the dollars. Probably my biggest regret in life.

 

[Berksbowman]

I jumped off the hamster wheel about 25 years ago. I was always chasing the bigger piece of cheese in the corporate world. I found ways to add to my income that I enjoyed greatly. Till one day I’m making more money then I ever thought and I’m happier then ever.

 

[MuleyFever]

This thread is making me want to pack up and move again. I need a new adventure in my life.

 

[JLane330]

Depends on the state out west. Move to NM and you'll regret it...

Yep, he speaks the truth!

 

[nam1975]

At 10k, maybe a side gig would help that out too.

 

[Base14]

Lived in Houston Texas for 15 years. Made decent money hunted the coast for ducks on weekends but finding a lease within 4 hours that wasn’t outrageous money was impossible. Then 4 years ago decided to move back to north west Texas to my hometown. Took a 30% pay cut. Best decision I ever made. Hunt Texas,Oklahoma , New Mexico and Arizona now. Picked up some side jobs and watched my spending. You will be surprised how much you can save by cutting out little expenses you didn’t realize drained your account. Do it it will be different for a year but it was the best thing I ever did.