I could use some perspective.
I had a job paying around 50k. I switched to a new one at 61k, but they ended up terminating my probation period. Now I’m back on the market, but most jobs in my field pay between 20–30k.
I have about 20k in savings (plus 50k in investments), but honestly, the loss of lifestyle and financial security is hitting me hard.
Has anyone here gone through something similar? How did you handle it and adjust?
Thanks !
PS : I’m a woman, 32 years old
Huge pay cut after a failed job switch?
byu/ComfortableHoney5106 inpersonalfinance
Posted by ComfortableHoney5106
11 Comments
> I had a job paying around 50k. I switched to a new one at 61k, but they ended up terminating my probation period. Now I’m back on the market, but most jobs in my field pay between 20–30k.
can you go back to your old job?
I’m sure this is very scary for you. The good news is you have a great amount of savings to lean on. I just changed jobs as well and I don’t like the new job at all. I’m in contact with my old job about coming back in six months after a cooling off period. I’d encourage you to reach out to your previous employer and see what they say because the worst they can say is no. What is your job field?
Get 2 jobs. I split it m-f and a weekend job.
File for unemployment and start applying
What field are you in ? That pay range seems really crazy to me
You were making 100% above the median market rate for your job?
unfortunately shit happens. File unemployment. You can reach back to your old employer to see if they can take you back. Doesn’t hurt to ask. I made the jump for higher pay for the job to not work out. My old job was happy to take me back and I worked at that firm for another 2-3 years. 20-30k is poverty levels pay less than minimum wage. Suggest you look at more lucrative/promising careers. Otherwise apply to retail or service jobs paying 20-25hr. Tip based professions such as waiting tables or Bartending can pay more than your former career.
I was laid off from a Tech management job making $62k a year in 2010. I was unable to find anything for 9 months in my field. I was starting to panic and savings were getting thin. I finally looked outside my field and started selling cars. I made $85k in my best year. However I was working 60+ hours a week most weeks. After almost 3 years I burned out and took a huge pay cut to have a more stable and less demanding work schedule. I now manage a small sales team and only make about $50k to $54k depending on OT and bonuses, but there is much less stress.
It definitely put a hit on my finances and mental health for a while. It also seriously impacted my original retirement and savings plan. However, after getting settled back in I just adjusted my budget and expectations. I’m doing ok now and you will be too.
What job/field are you going in that pays $20k/year? Assuming this is full-time work, that’s under $10/hr. This makes no sense.
Need WAY more info. 20k is under minimum wage most areas.
Need job title, education level, location, if you have dependents, if you can move, etc.
Perspective? Move for better work in your field or change fields to something that pays better. In no way would I accept earning 20-30k as it sets you up for a life of poverty and even worse old age.
Thankfully, I’ve never been in that situation, but I’ve thought about what I’d do if I did since I have sort of a niche job. It’s best not to pigeonhole yourself into one specific career unless you’re willing to move anywhere or it’s super common and well-paying. At that salary range, what do you have to lose by switching careers? You might not make quite as much as your previous job, but you couldn’t make any less than 20-30k.