Should one remain in their current industry and strive for further growth or should one take a modest reduction in salary in order to obtain a work/life balance?

4 Comments

1. AnonymousJune 13,2022 at 7:28PM UTC

   There are a couple options that I see: (1) If you remain in your current industry and are being paid well - keep upgrading skills and save the extra money. Perhaps you can be one of the FIRE group - Financial Independence Retire Early. (2) Save less for retirement with reduction but enjoy free time now. Both options have benefits and drawbacks.

2. AnonymousJune 13,2022 at 7:31PM UTC

   Thats an internal question the person needs to ask themselves. Some factors to consider are the following:

   1) Maybe a reduction in salary or job is not what you need, maybe what you need is to work at a larger company where the workload for the same job function is spread across more people to lighten the load. I would consider this first before even thinking about taking a lesser role

   2) is your wellbeing, health, happiness adversely impacted by your current job function?

   3) If you were to take a lower paying job, can you still cover your bills and enjoy activities? Can your ego handle the change?

   4) Before you switch to a role, make sure you are absolutely sure it will give you more time and peace that you need. A lower paying job does not always translate as such. Unless you plan to do so in the same company and already have a sense of what the workload would entail.

   5) pray over it, and explore all of your options.

   Good luck

3. AnonymousJune 13,2022 at 7:51PM UTC

   It really is a question of personal goals which change over a lifetime.

   Early in my career I strived to move ahead on build as much momentum and earning power as possible. Later I had a family to raise so my focused was more on them and the kind of life we wanted. Later I refocused my efforts on career and fulfilling my retirement goals. I expanded my efforts on maximizing my career and earning potential.

   Now at the end of my career, I am reaping the rewards of a successful career and planning how I want my next chapter to be lived.

   So it all depends on your short term and long term goals, your level of comfort and your priorities. I've always had a ling view of life and didn't want to lock myself into one way or another way of life. Things happen, you grow and learn more about who you are.

4. E CJune 13,2022 at 11:35PM UTC

   It depends on several things.
   First, can the person live on the reduced salary, and still save for retirement? Second, what will better work/life balance bring? I personally would value more time with kids who will grow up too fast, rather than more time to pursue personal hobbies.