Would you take a pay cut from $110k to $80k to transition to an industry I am more interested in (and will be good at) long term? 25 years old living in Manhattan

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Having made 250k last two years. I can tell you that your purchasing power between 110 and 80 is relatively the same. I think that if it increases the likelihood of being more successful in the future then go for it.

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Yes EYP, diminishing returns!

Consider carefully your lifestyle, budget and what you’re used to spending money on at $110k. While the $80k job may be in a “more interesting industry”, your bills don’t care. So make sure you can live without that $30k and reduce your expenses accordingly.

You’re taking a >27% paycut, at once. It will take you over 3 years of 10% pay raises just to get back to where you are now. PR is an internal function in every company. So raises and promotions would likely be lower and harder to come by.

Make your decision with both your heart and wallet in mind.

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Hard no

likefunny

Personally, I will not. 30 K is a lot of money to give up unless I’m very miserable in my job.

likefunny

I recently took a 10k cut to get out of consulting at 30yo. But for perspective that was less than a 10% cut

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Financial services. At the end of the day I felt the 10k trade off for my sanity was worth it. Especially considering it’s more like 6k after tax.

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What industry? I have to disagree with everyone here. If it’s a good industry with good earning potential, you can make up the gap and more if you enjoy your work and excel in it.

likefunny

I’m no expert but I feel like PR will be some of the first places where ai is heavily used. It’s essentially psychology. Psychology that an AI bot can be taught and help executives decide a course of action. A bot can know every piece of psychology, every case study, every anything PR related and help guide executives strategies in the way an analyst and senior analyst would’ve normally helped.

That’s just my two cents. I’m a lowly consultant who doesn’t really know much. You have to make this move ensuring you and your skills won’t be left obsolete.

likesmartfunny

Please no

likefunny

Hard no. The drop in quality of life between 110k to 80k is significant esp in Manhattan. I would not mind getting an easier, more chill job if the salary cut was 210k to 170-180k because you can still sustain a similar lifestyle, and actually prefer a job with better WLB going from 310k to 250k. But not for 110k to 80k.

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@D2 I couldn’t agree more with you. I switched from 80K to 115k bc my financial services job didn’t pay me enough to have a nice lifestyle in Manhattan. I make less that 130k and it’s still not enough.

Not in Manhattan. And probs not anywhere unless I was absolutely desperate.

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No, and hell no in manhattan

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Hell no. The stuff you’re passionate about in your free time dude. Get paid every dollar you can.

likehelpfulfunny

I would take a pay cut but not at your salary in manhattan. You will have a terrible time relative to your peer group. Now if you were making like $160K and you went to $130K that’s a different story.

You should move to Brooklyn

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Idk thinking of doing the same from $125k to $100k

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Too big of a pay cut for Manhattan in my opinion

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Yes!

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If you’re willing to make the sacrifices needed to make it - this is the time to do it. You have a long time to work and it’s going to be a lot harder to do each year that passes.

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Hell no.

funny

If you really understand the new career path, and have a passion for it - yes.

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Do what makes you happy but remember that a job is still a job and will likely be a pain in the ass regardless of what it is you do

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Probably not. Unless being good translates to rapid salary growth or you have financial means to take a pay cut that may take years to close.

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