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Love my job - but not the pay
After a long career in IT, I struggled to find a new career and finally took the leap and made a change. I am now working for a social service agency as an Educational Advocate. I love the job. I love the agency. I love the people. I just can't survive on less than 1/5 of what I was earning. I am a single mom of 3 teen girls. I have been doing this for over a year now and I feel torn. I thought that I had to bite the bullet and get the experience but now what? A year later, a year poorer.
I don't know what to do.
Congratulations on finding a job you love with an employer and colleagues you love.
Next . . .
Almost all of us have been mistrained about money, because almost everyone before us were also mistrained: our parents, teachers, clergy.
One of the most important lessons we can learn (and teach our children) is to stop being dependent solely on a salary--whether that is from one, two or, even, three jobs. That will always leave you (anyone) dependent on what someone else thinks you are worth.
If you seek out even one form of leveraged income that enables you to make "money while you sleep," you will start getting ahead. These days, there are so many possibilities available through the internet, such as selling on Amazon or becoming an Amazon Associate. That is their affiliate program, that enables you to market products you believe in and if someone buys as a result, you make money.
Here's an example of what Warren Buffett did as a teenager. He and a friend bought a pinball machine and put it in a barbershop. All they had to do each month was collect the money and put it in the bank. The wind up buying 10 pinball machines, putting each in a barbershop. Then, they sold the business. So, these teens made money on people playing pinball and on selling the business--while taking very little of their time.
In his autobiography, Ben Franklin mentions something that he did that also produced a stream of income. You probably know that Franklin was a successful publisher. A woman that he knew (made an employee?) wanted to start a publishing company in another location. He provided her with the wherewithal to get started. Then, he took a reasonable percentage of her revenues (or profits, don't know which) each month for a period. She got a solid business and he made a little passive income.
So, as you can see, this is a idea that has been around for a long time. And there are a huge number of variations that can fit everyone's lifestyle, finances, and interests.
You can learn a little more of how this works from the book Never Eat Alone by Keith Ferrazzi.
(You might want to enlist your teens in this process as you learn. Kids seem to pick this up more easily. They could even earn enough to pay for college.)
It is not easy to take a leap into another industry after a while, so I commend you Susan for following your heart and finding something you love! But I can agree, after taking a leap myself, financially I did take a hit. However, I knew that upfront and prepared accordingly. Even with that, it doesn’t make it any easier.
I would try to stay the course, and as Markita suggested, look into ways to make more money. Maybe that is moving to another company or maybe that is part time work that is flexible. Working on a promotion at your current job may not come fast enough, and it sounds like you need an immediate solution.
With so many people working from home now, is there a part time opportunity in your old industry you can work temporarily? Is there anything you can downsize or down grade in the interim to make it work? Do you have a hobby that you can turn into a side hustle to bridge the gap?
Finding work that you love is a blessing not everyone gets to have. I would hate for you to go back because of money. However, as a parent and having a family to take care of, you have to do what’s best. If you do end up stepping back to your old world, get an exit strategy in place right now so you can move out and stay out next time. Take what you learned this time and build on it. Get that savings account up and expenses down so you can handle it. Maybe your teens will have jobs and won’t be as financially dependent on you the next time. Whatever you do, dreams don’t have an expiration date. You only fail if you don’t try.
Best wishes for you in working this out.
Hi Susan, that's fantastic that you found a path that you love and enjoy! I would encourage you to consider exploration both within the organization and perhaps externally to learn about opportunities that might be more closely aligned with your financial expectations. I strongly believe that we can have both, it just takes some time getting there. My degree is in social work and I remember feeling similarly however after my first year of work experience I saw substantial growth financially and it continued each year. It did require moving to a new organization at times but it was worth getting access to both work I love with appropriate compensation. I would also research anticipated compensation for the role you have so you can align your expectations and identify organizations to consider for future employment.