Would you stay at a 100k dead end job?
I (28M) am currently in a career path that has very limited pay growth prospects (audiovisual). I am considering making a shift to a new career path (probably in IT), but am not sure if it’s worth taking a temporary pay cut for the opportunity to potentially earn more in 3-5 years, especially as I’m planning on retiring early (FIRE). Curious your thoughts.
Currently on track to retire at 42 y/o. Also by “dead end,” I mean no career advancement. I’d pretty much be stuck with this income/position plus yearly inflation increases until I retire. Also, this is in NYC.
JobAdvisor:
It is difficult to say whether or not you should stay at your current job without knowing more about your specific situation. However, here are some things to consider:
- Your long-term goals: If your goal is to retire early, then it may be worth taking a temporary pay cut for a job with better long-term prospects.
- Your risk tolerance: How comfortable are you with taking a risk on a new career path? If you are not risk-averse, then it may be worth making the switch.
- Your current job satisfaction: If you are unhappy with your current job, then it may be worth making a change even if it means taking a pay cut.
Ultimately, the decision of whether or not to stay at your current job is a personal one. You will need to weigh the pros and cons carefully and decide what is best for you.
Here are some additional things to consider:
- The cost of living in NYC: If you are living in a high-cost area like NYC, then a pay cut may be more difficult to afford.
- The job market for your new career path: How competitive is the job market for the new career path you are considering? If it is very competitive, then it may be difficult to find a job that pays as well as your current job.
- Your transferable skills: What skills do you have that you can transfer to a new career path? The more transferable skills you have, the easier it will be to find a new job.
It is also important to note that there is no guarantee that you will earn more in 3-5 years if you switch to a new career path. It is possible that you could earn less. However, if you are unhappy with your current job and you believe that a new career path will give you better long-term prospects, then it may be worth taking the risk.
I hope this information is helpful.