farmteam Posted August 5, 2012 Share Posted August 5, 2012 QUOTE (bigruss22 @ Aug 5, 2012 -> 01:41 AM) Got the central regional director position! Congrats! Is this one still based in LF? Quote Link to comment Share on other sites More sharing options...
bigruss Posted August 6, 2012 Share Posted August 6, 2012 QUOTE (farmteam @ Aug 5, 2012 -> 04:47 PM) Congrats! Is this one still based in LF? It's actually for my business fraternity, so it's a volunteer position on top of my normal career. I'm now in charge of 9 chapters throughout the midwest, very excited for the opportunity! Quote Link to comment Share on other sites More sharing options...
bigruss Posted August 6, 2012 Share Posted August 6, 2012 QUOTE (iamshack @ Aug 5, 2012 -> 11:32 AM) Congrats, Russ! I'm sure it was some kind of error and they will soon be on to their folly! J/K Thanks everyone! And Im sure they're already regretting the election results Quote Link to comment Share on other sites More sharing options...
farmteam Posted August 6, 2012 Share Posted August 6, 2012 QUOTE (bigruss22 @ Aug 5, 2012 -> 10:27 PM) It's actually for my business fraternity, so it's a volunteer position on top of my normal career. I'm now in charge of 9 chapters throughout the midwest, very excited for the opportunity! Right. You definitely mentioned this before. Oops! Quote Link to comment Share on other sites More sharing options...
bigruss Posted August 6, 2012 Share Posted August 6, 2012 QUOTE (farmteam @ Aug 5, 2012 -> 11:34 PM) Right. You definitely mentioned this before. Oops! No worries! I do wish that I had been promoted to a director position at my company after 3 months of fulltime work Quote Link to comment Share on other sites More sharing options...
Chisoxfn Posted August 6, 2012 Share Posted August 6, 2012 QUOTE (bigruss22 @ Aug 4, 2012 -> 11:41 PM) Got the central regional director position! Awesome; Congrats!!! Quote Link to comment Share on other sites More sharing options...
cabiness42 Posted August 8, 2012 Share Posted August 8, 2012 Has anybody ever left a job for a lower-paying job due to location, more interesting work, etc? If so, did you regret it? I applied for a job at a place that I would absolutely love to work in a location that I really desire due to family reasons. The formal interview/selection process hasn't begun yet, but I have connections telling me that I am their top candidate. They are also telling me that the salary is about 20-28% less than what I'm making now. Within 3-4 years, my kids will be in school and my wife will be finished with school and adding a second income to the family, and if I cash out some/most of my retirement savings instead of rolling it all over we can probably maintain the same standard of living until then, but I just wanted to know if anybody else has gone through a similar experience. Quote Link to comment Share on other sites More sharing options...
Y2HH Posted August 8, 2012 Share Posted August 8, 2012 (edited) QUOTE (HickoryHuskers @ Aug 8, 2012 -> 09:10 AM) Has anybody ever left a job for a lower-paying job due to location, more interesting work, etc? If so, did you regret it? I applied for a job at a place that I would absolutely love to work in a location that I really desire due to family reasons. The formal interview/selection process hasn't begun yet, but I have connections telling me that I am their top candidate. They are also telling me that the salary is about 20-28% less than what I'm making now. Within 3-4 years, my kids will be in school and my wife will be finished with school and adding a second income to the family, and if I cash out some/most of my retirement savings instead of rolling it all over we can probably maintain the same standard of living until then, but I just wanted to know if anybody else has gone through a similar experience. You may or may not like what I have to say here...but I will be honest about it. First, do not cash out your retirement savings...you will get penalized for doing so, and...it's retirement savings/emergency money. This is not an emergency, it's a choice. Second, 20-28%? Tell them no less than 20%, since they gave you a sizable window there...they shouldn't have told you that, so now your goal is to lose as little as possible if you make the move. Third, if it's closer to home, the gas or travel time savings can end up compensating your salary loss...that said, you have a family, which means having to sacrifice for the greater good of your family. This sounds more like a gamble to do something you'd "love" while mortgaging your future (cashing in retirement). If you think you can take this risk, without having to do something drastic such as cashing in retirement savings, I'd say go for it...otherwise it looks more like a shot in the dark for something you may get sick of doing after a few weeks. Keep in mind that while the grass may look greener, it may not be...so you have to weigh the risk of that happening versus what you have now. Edited August 8, 2012 by Y2HH Quote Link to comment Share on other sites More sharing options...
cabiness42 Posted August 8, 2012 Share Posted August 8, 2012 First, do not cash out your retirement savings...you will get penalized for doing so, and...it's retirement savings/emergency money. This is not an emergency, it's a choice. I'd be leaving my employer, so there would not be a penalty for cashing out beyond the normal taxes. Quote Link to comment Share on other sites More sharing options...
southsider2k5 Posted August 8, 2012 Share Posted August 8, 2012 QUOTE (HickoryHuskers @ Aug 8, 2012 -> 09:10 AM) Has anybody ever left a job for a lower-paying job due to location, more interesting work, etc? If so, did you regret it? I applied for a job at a place that I would absolutely love to work in a location that I really desire due to family reasons. The formal interview/selection process hasn't begun yet, but I have connections telling me that I am their top candidate. They are also telling me that the salary is about 20-28% less than what I'm making now. Within 3-4 years, my kids will be in school and my wife will be finished with school and adding a second income to the family, and if I cash out some/most of my retirement savings instead of rolling it all over we can probably maintain the same standard of living until then, but I just wanted to know if anybody else has gone through a similar experience. I did a long time ago. I worked in crappy retail management jobs while out of college. I took a paycut and started commuting to Chicago to get into my desired field. You have to decide whether it is worth it, and adjust accordingly. Quote Link to comment Share on other sites More sharing options...
Y2HH Posted August 8, 2012 Share Posted August 8, 2012 QUOTE (HickoryHuskers @ Aug 8, 2012 -> 09:28 AM) I'd be leaving my employer, so there would not be a penalty for cashing out beyond the normal taxes. If you withdraw money from a traditional individual retirement account such as a 401(k) or other qualified retirement plan before you turn age 59 ½, you are subject to penalty of 10%. The taxable amount is also included in your taxable income. This 10% tax is in addition to regular income taxes. Quote Link to comment Share on other sites More sharing options...
southsider2k5 Posted August 8, 2012 Share Posted August 8, 2012 QUOTE (HickoryHuskers @ Aug 8, 2012 -> 09:28 AM) I'd be leaving my employer, so there would not be a penalty for cashing out beyond the normal taxes. Depending on what your retirement money is in, there will probably be a penalty. If it is in a 401k, you will be penalized an extra 10% on top of taking that money as income. Quote Link to comment Share on other sites More sharing options...
cabiness42 Posted August 8, 2012 Share Posted August 8, 2012 Depending on what your retirement money is in, there will probably be a penalty. If it is in a 401k, you will be penalized an extra 10% on top of taking that money as income. It's not in a 401k, and I've already checked into it and there is no withdrawal penalty for former employees. Quote Link to comment Share on other sites More sharing options...
Y2HH Posted August 8, 2012 Share Posted August 8, 2012 QUOTE (HickoryHuskers @ Aug 8, 2012 -> 09:33 AM) It's not in a 401k, and I've already checked into it and there is no withdrawal penalty for former employees. Oh, the no problem on that. At this point you have to judge whether there is a backside reward in this...and the chances of achieving it. If this will give you better future opportunities, it may be something to seriously consider...but if it's a permanent loss of money, I personally wouldn't do it. Does the job you have now have better future prospects? Is the new job perhaps a better future? Is the new job a stable company that won't be bankrupt in 2 months? You have to weigh all possible options. Quote Link to comment Share on other sites More sharing options...
StrangeSox Posted August 8, 2012 Share Posted August 8, 2012 My father took a lower-paying job a few years ago. It was the right move for him because it brought his work-life ratio much more into balance and because their kids were grown up and out of the house. The initial cut in pay was probably similar to what you're looking at, though I believe he's about equal to where he was now. Quote Link to comment Share on other sites More sharing options...
Chisoxfn Posted August 8, 2012 Share Posted August 8, 2012 QUOTE (Y2HH @ Aug 8, 2012 -> 07:26 AM) You may or may not like what I have to say here...but I will be honest about it. First, do not cash out your retirement savings...you will get penalized for doing so, and...it's retirement savings/emergency money. This is not an emergency, it's a choice. Second, 20-28%? Tell them no less than 20%, since they gave you a sizable window there...they shouldn't have told you that, so now your goal is to lose as little as possible if you make the move. Third, if it's closer to home, the gas or travel time savings can end up compensating your salary loss...that said, you have a family, which means having to sacrifice for the greater good of your family. This sounds more like a gamble to do something you'd "love" while mortgaging your future (cashing in retirement). If you think you can take this risk, without having to do something drastic such as cashing in retirement savings, I'd say go for it...otherwise it looks more like a shot in the dark for something you may get sick of doing after a few weeks. Keep in mind that while the grass may look greener, it may not be...so you have to weigh the risk of that happening versus what you have now. To answer your specific question, I took a pay cut about 2 years ago to go back to Deloitte (and work more hours) (where I had started my career). However, the reason I went was for the opportunity to move up pretty quickly and with the way raises work at the firm, I knew if I did well, I'd be in a better position going forward. I have zero regrets but the pay cut, while relatively substantial (16%), was hard to swallow. However, I also wasn't in a position with a family (just married at the time) and the loss of income wasn't going to prevent my wife and I from eating, etc. Looking back I'm very glad I did what I did. I feel like I've became far more marketable in the couple years I've been back with Deloitte, have went through promotions, and thankfully within a year was in a spot where I was out-earning my previous job. So I guess the key to me is that a strategic pay cut, while risky, can be right, but I think you have extra homework that you have to do on the company, etc, to ensure that you really think you are going to get what you want out of the job. The other question is, whether there are other companies who would pay more in-line with what you are looking for and if that is the case, maybe it is better to continue to look (depends on the market in the specific industry/area you are looking at). I will echo Y's comment. Whatever you do, unless it is a total emergency, make sacrifices to your lifestyle before you go into your 401K. It is something you will be penalized to take and something that you won't ever put back (even though lots of people have great intentions, its easier said then done). Quote Link to comment Share on other sites More sharing options...
RockRaines Posted August 8, 2012 Share Posted August 8, 2012 I took a pay-cut to stop traveling and also to start at a company with a better comp plan after a year. However I left that too for much bigger money. Quote Link to comment Share on other sites More sharing options...
chimpy2121 Posted August 9, 2012 Share Posted August 9, 2012 If this new opportunity works out I will be taking a pay cut to stop traveling as well. Quote Link to comment Share on other sites More sharing options...
SoxFan1 Posted August 10, 2012 Share Posted August 10, 2012 Finally starting to feel like my hard work is paying off. Got responses on back to back days and now I have two interviews next week. Quote Link to comment Share on other sites More sharing options...
southsider2k5 Posted August 10, 2012 Share Posted August 10, 2012 QUOTE (SoxFan1 @ Aug 10, 2012 -> 01:09 AM) Finally starting to feel like my hard work is paying off. Got responses on back to back days and now I have two interviews next week. Keep this in mind... http://deadspin.com/5933467/i-would-like-t...est-letter-ever Quote Link to comment Share on other sites More sharing options...
farmteam Posted August 10, 2012 Share Posted August 10, 2012 QUOTE (southsider2k5 @ Aug 10, 2012 -> 08:33 AM) Keep this in mind... http://deadspin.com/5933467/i-would-like-t...est-letter-ever Way better than that Wall street cover letter from a year ago. Quote Link to comment Share on other sites More sharing options...
SoxFan1 Posted August 13, 2012 Share Posted August 13, 2012 I'm 4 for 5 in my life in job interviews. Hoping to continue that trend tomorrow morning. Wish me luck! Quote Link to comment Share on other sites More sharing options...
iamshack Posted August 13, 2012 Share Posted August 13, 2012 QUOTE (SoxFan1 @ Aug 12, 2012 -> 07:34 PM) I'm 4 for 5 in my life in job interviews. Hoping to continue that trend tomorrow morning. Wish me luck! Good luck! Quote Link to comment Share on other sites More sharing options...
Chisoxfn Posted August 13, 2012 Share Posted August 13, 2012 Kick some ass Slav! Quote Link to comment Share on other sites More sharing options...
southsideirish71 Posted August 13, 2012 Share Posted August 13, 2012 QUOTE (SoxFan1 @ Aug 12, 2012 -> 07:34 PM) I'm 4 for 5 in my life in job interviews. Hoping to continue that trend tomorrow morning. Wish me luck! Good luck man. Quote Link to comment Share on other sites More sharing options...
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