I'm Scared to Make a Career Change Because of the Massive Pay-cut!

I'm Scared to Make a Career Change Because of the Massive Pay-cut!

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[BittermanAndy]

Best advice I heard from this: live 12 months on your current salary, but pretending you're on the new (lower) salary. Put the difference straight into savings as soon as you get paid, so you build up a safety net, and can know for sure whether you can cope with the pay cut, with no risk.

[j.mney]

Being scared is a healthy thing. It can give you the urgency and passion to move toward your goal. Just make sure you have a plan.

[RandomFandomDragon]

To The Money Guys - I love your content. It's fun to watch, practical, and consistent (which is important!). I made every possible money mistake in my 20s and 30s, and for a long time it felt impossible to recover. I turned 40 this year, and while I know I won't have the same results as the money-smart 20-30 somethings out there today, I feel more hope for the future after watching your videos.
To whoever brought up YNAB in the comments one of the previous videos - you are my hero.

[MillennialMike]

I remember when I quit my job as a general contractor and took a huge pay cut to become a police officer. I knew it was going to take me significant time to build back to where I was. But it was a great choice! I was more fulfilled in doing what I do now as a cop. Combining that with YouTube and beginning to invest in real estate I now make three times as much as I did as a general contractor. But there was definitely a lot of uncertainty for a year-and-a-half there. And a good 3 years before I got back up to my previous income.

[MillionaireMindsetClub]

Hope whoever is reading this accomplishes financial FREEDOM, wealth, and is blessed with true happiness!

[michaelswami]

Try 15 years before our business turned the corner, but we all had a shared vision, a belief in ourselves and our mission, and the willingness to stick with the plan. I remember many late evening conversations where we wondered how to keep the doors open and more than one of us was ready to quit and only kept going through the encouragement of the others. We came out on the other side and our dream has been realized, but there were some dark days.

[Je.rone_]

If you're only purpose of working is to make money than this may be scary

[crazyahhkmed]

At 32. I left my personal training business to go back to school for electrical engineering. Fortunately I had a post 911 GI bill to cover that cost. So far it's worked out great. I now work as an electrical engineer for a major battery company and I'm the happiest I've ever been!

[unknownt]

I wish I could switch career in a different industry, but it'll be less than half of my current pay with no chance of earning the same. :/

[juselara]

Ma career changes are hard. I am 29, 7 years of experience in IT and software and I have alwasy wanted to work in Finance. I did a Master in Finance to increase my chances and it is not that I am afraid to take a lower pay job (which I am), It is that I cannot get any job offer. I go to the interivews and get discarted because of my lack of experience in finance.

[paigekirk]

Currently bingeing all your content! Really good, stuff, thank you so much :))

[patriceava-like]

Wealth is actually a function of your investments

[nickdoyle-achievefinancial]

Good advice looking at the worst case scenario.

[agigcbo]

Looking at the possibility of making a massive change into investment management, likely for a bank first. Coming from not a total-zero finance background (understanding basics of finance and some valuation), do you think prepping for and taking the SIE would be a good first step at establishing credibility for prospective employers? For context, doing this in my late 40s and doing a worst case preparation as you suggest by having a cash cushion prior to actually submitting resumes to anyone.

[wrekkingcru]

If you're scared to make a career change - you need to read "Who Moved My Cheese?" - he who sticketh around too long doth guarantee that "The Cheese" is not only no longer with them, but hath already left long, long ago....