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Would you take a 50% pay cut to pursue your passion?

Discussion in 'Business, Careers & Education' started by gladhands, Apr 29, 2011.

  1. in stitches

    in stitches Well-Known Member

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    Definitely. Money is meaningless to me as long as it is over a certain bar. Luckily, 50% of my current income is > than the bar.

    sadly that is not the case for me, on both counts

    I think about changing the avatar now and then, but i suspect the protests would be vehement

    you would get death threats in your pm box, and people would be much more critical of your posts, dont do it man, dont do it.
     
  2. NAMOR

    NAMOR Well-Known Member

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    Yes, as long as that 50% is over what I need to live comfortably. I can see myself doing this in about 40 years after I retire.
     
  3. Rockwell

    Rockwell Well-Known Member

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    Actually that is my plan in the next few years. I pretty much hate my life right now. My 16 year old son is battling Cancer (doing pretty well at the moment), I don't like my job, don't see any value in my marriage any more... I am trying to figure out what I can live without and whether I can find happiness doing something I enjoy. My fear is that I won't be happier and I'll be poor. [​IMG]

    I was going to post a smartalex reply but I just read your post and it was extremely deep and profound. I feel for you...I have had cancer hurt people very close to me (knock on wood). Best of luck to you and family.
     
  4. edinatlanta

    edinatlanta Well-Known Member

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    I have no desire to live in poverty so no.
     
  5. smartxtai

    smartxtai Member

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    In a few months, I plan to leave my six figure salary and very stable job for a commissions only position in commercial real estate brokerage that on average, pulls little to no income for the first two years. But I'm making this crazy move because my passion is real estate investments and by diving into commercial investment brokerage, I know I will gain the necessary network, knowledge, and resources to personally invest and make wise investments in commercial real estate one day.

    So to your question, yea I would and am planning to take a 100% paycut. Money is not what's important to me right now since I have a financial cushion to sustain myself sufficiently for an extended period of time. I know I will make the money back ten-fold with the knowledge and network I'll acquire by being actively involved in this business. However, I will say that my personal situation has also allowed for me to take on such a risk for I am still in my late 20s, currently have very little debt, and have no personal obligations.
     
  6. MetroStyles

    MetroStyles Well-Known Member

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    I respect you making the leap - but in all seriousness, how can anyone's life passion be real estate investments?
     
  7. Mr. White

    Mr. White Well-Known Member

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  8. Bentley

    Bentley Well-Known Member

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    I believe that if you follow your passion, success will find you (financially and otherwise).
     
  9. MetroStyles

    MetroStyles Well-Known Member

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    I believe that if you follow your passion, success will find you (financially and otherwise).
    This is naive. Doing something you like makes you more likely to be successful at it, but it does not follow that professional/financial success will necessarily be achieved. If you are making the argument that "success" is defined as "inner happiness" then perhaps. But not using external benchmarks. It ups the probabilities, but that's about it.
     
  10. Bentley

    Bentley Well-Known Member

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    This is naive. Doing something you like makes you more likely to be successful at it, but it does not follow that professional/financial success will necessarily be achieved. If you are making the argument that "success" is defined as "inner happiness" then perhaps. But not using external benchmarks. It ups the probabilities, but that's about it.

    I disagree. If you love what you're doing, you'll probably be happier and make more money than if you are doing something you hate.

    Conversely, if you hate your job you probably won't be very good at it and will wind up making less money.

    Not a hard and fast rule but, generally speaking, I find that it seems to be true.
     
  11. MetroStyles

    MetroStyles Well-Known Member

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    I disagree. If you love what you're doing, you'll probably be happier and make more money than if you are doing something you hate.

    Conversely, if you hate your job you probably won't be very good at it and will wind up making less money.

    Not a hard and fast rule but, generally speaking, I find that it seems to be true.


    This simply is not true. For example: I do not like my job but I make a lot of money. If I switched to a career I liked, and I was *wildly successful*, I would still make less money than I do now.

    Like I said in my first reply - you will LIKELY be RELATIVELY more successful within the SAME profession if you "love what you do" vs. "hate what you do". That is about as much as you can say with confidence. The rest is simple bullshit.

    So in conclusion:

    Regarding financial success, love of job is 90% uncorrelated. It will likely skew you toward financial success within the same job. However your overall income will be 90% tied to your occupation/location/luck, while 10% of it will be tied to how much you love it.

    Regarding professional success (i.e. how 'successful' you are within your specific field as deemed by peers in the same field), love of job is probably highly correlated.

    Regarding happiness - that is difficult to measure. Doing a job you love is likely to improve your happiness in terms of what you do on a day-to-day basis. However it is possible that switching to a lower-paying, less-socially-respected career will also hinder your ability to provide for your family, provide your children with a top education, have the respect of society, make your wife happy, etc. I am NOT advocating that societal validation should be the primary source of our happiness - but I am also taking the realist/empiricist approach that it usually is a large component of overall happiness. This must be kept in mind when saying that "doing your dream job will make your happier". That is counteracted by other forces when your dream job does not pay big. If your dream job is being a lawyer or a banker, disregard the above. But in that case, you have some other problems to deal with.

    There. That should clear up my view.
     
  12. JoelF

    JoelF Well-Known Member

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    Personally I do best financially when my job is basically tolerable - no particular love or hate for the situation. Makes priorities clear, a job serves to finance lifestyle and assorted goodies and that is it. But not distracted by any driving need to do something different.
     
  13. rocks

    rocks Well-Known Member

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    I'm passionate about making more money which is why I am always open to new opportunities provided the pay is commensurate with the effort I put forth.
     
  14. MetroStyles

    MetroStyles Well-Known Member

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    I'm passionate about making more money which is why I am always open to new opportunities provided the pay is commensurate with the effort I put forth.

    lol.
     
  15. in stitches

    in stitches Well-Known Member

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    I disagree. If you love what you're doing, you'll probably be happier and make more money than if you are doing something you hate.

    Conversely, if you hate your job you probably won't be very good at it and will wind up making less money.

    Not a hard and fast rule but, generally speaking, I find that it seems to be true.


    i disagree.

    the liklihood of making serious money as public school teacer, clergyman, nurse, zookeeper.... no matter how passionate you are is very low.

    however if you decide to be a lawyer, investment banker, trader, businessman.... even if you abhor it, if you are smart in those fields and get good opportunities you can make a killing, a killing. then retire at 55 and spend the rest of your life doing what you love and not worrying about money
     
  16. Prince

    Prince Well-Known Member

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    Would love to answer yes to this question, but I have to say no. The money is just to important I guess. I wish it wasn't that important for me, but I just love to have a bit of financial stability and the money to buy nice things (that I am passionate about).

    I basically tolerate my job and I am good at it. Growth potential is there too. Still I only see corporate jobs as finding out what you're good at (what niche) and trying to make some money doing that. I don't love my job though.

    If only it would be through that if you would follow your passion, you would eventually do well financially.
     
  17. Mr Herbert

    Mr Herbert Well-Known Member

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    This simply is not true. For example: I do not like my job but I make a lot of money. If I switched to a career I liked, and I was *wildly successful*, I would still make less money than I do now. Like I said in my first reply - you will LIKELY be RELATIVELY more successful within the SAME profession if you "love what you do" vs. "hate what you do". That is about as much as you can say with confidence. The rest is simple bullshit. So in conclusion: Regarding financial success, love of job is 90% uncorrelated. It will likely skew you toward financial success within the same job. However your overall income will be 90% tied to your occupation/location/luck, while 10% of it will be tied to how much you love it. Regarding professional success (i.e. how 'successful' you are within your specific field as deemed by peers in the same field), love of job is probably highly correlated. Regarding happiness - that is difficult to measure. Doing a job you love is likely to improve your happiness in terms of what you do on a day-to-day basis. However it is possible that switching to a lower-paying, less-socially-respected career will also hinder your ability to provide for your family, provide your children with a top education, have the respect of society, make your wife happy, etc. I am NOT advocating that societal validation should be the primary source of our happiness - but I am also taking the realist/empiricist approach that it usually is a large component of overall happiness. This must be kept in mind when saying that "doing your dream job will make your happier". That is counteracted by other forces when your dream job does not pay big. If your dream job is being a lawyer or a banker, disregard the above. But in that case, you have some other problems to deal with. There. That should clear up my view.
    this also, im not sure whether i should be depressed or buoyed by the fact that every year i learn to love my job a little more (or dislike it a little less). as i get promoted i become more important and being important is nice.
     
  18. Rangoon

    Rangoon Well-Known Member

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    I'm planning on doing it. I've always dreamed about living in a fading elegant city in Europe and opening a book shop there. After years of procrastination,family commitments and to be honest, fear, I've decided to take the plunge while I'm still relatively young ( 37 next month ). Better to have tried and to have failed etc.

    Anyway,I looked at St.Petersburgh,Moscow,Kiev,Prague,Bucharest etc. but finally decided on Budapest as it's stunning and not overly expensive ( and the women still seem to be impressed by foreigners for some reason ) . I'll go apartment hunting in the Autumn and plan to make the permanent move late next year. I have a comfortable lifestyle here in the UK but I feel I'm surviving more then living if you know what I mean. Second hand bookshops don't make money in the UK so can't imagine how little they make in Eastern Europe but since I will be able to buy a cheap apartment outright I won't have as many overheads as here. Of course the days of being a brand whore will be over but that might not be a bad thing.

    Time will tell if I made a mistake or not.
     
  19. ALFAMALE

    ALFAMALE Well-Known Member

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    my passion is to get a 50% pay raise...
     
  20. mr.orange

    mr.orange Well-Known Member

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    No, buying stuff is my passion. [​IMG]

    +1

    I think about changing the avatar now and then, but then I realize how stupid that would be and I just leave it alone.

    FTFY [​IMG]


    my passion is to get a 50% pay raise...

    hahaha fuck that is sooo alpha male.
     

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