For a lot of people, their professional lives consist of either two things: they’re in a high-paying job but they absolutely detest it or they’re in a low-paying job but they love what they do. What a quandary! One person is making a lot of dough, while the other is barely making enough. One person hates their job, while the other adores their job.
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The goal for many of us growing up was to find a career we would take great passion in but at the same time earn a decent or lucrative living. Unfortunately, life doesn’t necessarily come up all wines and roses for us and more often than not, we’ve got to compromise. You either take a job that is fulfilling but you come to terms with receiving a smaller paycheck or take a position you’re indifferent towards but earn a big paycheck.
Although the cost of living is soaring in today’s economy and price inflation doesn’t seem to be slowing down, sometimes it’s a better idea to accept a low paid job. There are a wide variety of reasons why you should take on a low-paying job, particularly if you’re a minimalist and your standard of living isn’t too high.
Of course, if you’re someone who is infatuated with BMWs, a McMansion and constant trips to the Hamptons then perhaps taking on a lower paying job isn’t the best course of action to take.
Here are nine reasons why you should accept that low paid job and possibly be happier for it:
1. A Change in Your Career
It’s been twelve year since you’ve enter the field of corporate law. This past decade has opened your eyes to how mundane, tedious and lackluster this area is. Although you’re being paid a nice chunk of change each week, it doesn’t make you happy and you cringe every time Sunday evening rolls around. Now, you have the opportunity to work in community law but the pay is low. However, it would be a nice change of pace while it would also diversify your experience. Let’s face it: you could be a big fish in a small pond by working in community law.
2. You Have Been Demoted
The company you work for is undergoing a corporate restructuring. Therefore, management has decided to demote you and slash your pay and benefits. Remember when you turned down a job offer last year that offered pretty much the same pay you’d be given in this demoted position? Well, perhaps you can contact those employers and see if they have any other opportunities available. You might as well since you could be doing a job you like for the same level of pay you’d be given in this demotion.
3. Lower Pay Means Higher Benefits
Sometimes, businesses will offer lower pay but give you an array of benefits and perks. If you have a family then the benefits alone could lure you into the company. And why not do it? Sure, you’re getting paid a smaller amount, but the dental or eye benefits would clearly offset the money you would spend anyway. Go for it!
4. You've Moved to a Cheaper City
Right now, you’re living in a city where the cost of living is through the roof and soars about two percent every single year. Most of your budget is going towards housing costs - rent, utilities, property tax and so on. You have to keep your high-paying job. But what if you made a change of scenery? What if you move to a cheaper city where the cost of living is moderately lower?
The jobs there may only pay 65 percent of what you’d normally earn in the big city, but at least you can work less hours and even out your earnings and disbursements at the end of each month.
5. A Better Job Title
At the present time, you’re earning $90,000 but your job title is pretty lame: junior clerk or assistant to the executive assistant. Meanwhile, you could be earning $55,000 for titles like account executive, production manager or head of global growth, which could also have more meaning and purpose than your current role.
6. You Save Money on Taxes
Here is what twentieth century economic philosopher, Henry Hazlitt, wrote regarding how taxes discourage production in his groundbreaking book Economics in One Lesson:
"People begin to ask themselves why they should work six, eight or nine months of the entire year for the government, and only six, four or three months for themselves and their families."
The idea behind this is that a high level of taxation will discourage a person from working more hours or going above and beyond when they know a large portion of it will go to bureaucrats, politicians and cronyists. It makes sense.
Perhaps this is a good reason to start taking on a low-paying gig. If you’re being taxed 45 percent because of your salary then maybe now it’s time to think about lowering your pay grade and transfer over to another job that pays less and has less responsibilities.
Everyone notices that when they receive a raise, whether it’s a quarter or a buck, the increase is hardly noticeable because that pay raise just went to the government. Bah! You were better off before!
7. Remote or Telecommuting Perks
Akin to health benefits and company perks, a business that provides you with a low paid job may offer you remote, telecommute or work from home perks. Simply put: you get lower pay but you have the opportunity of working flex hours.
Instead of working at the office all of Friday afternoon or going into work in the midst of a blizzard, you can simply do your work at home or at a coffee shop.
8. You're Desperate and Need a Job Quick
Unfortunately, you’ve lost your job and you need a paycheck quick to pay the rent, put gas in the tank and cover your child’s field trip. You’re desperate. This is reason enough to take any type of job, even if the paycheck is rather low. Don’t get yourself down.
9. It Could Mean Better Work-Life Balance
Finally, a low paid job may offer you a chance to improve your work-life balance. Think about it: today, you’re spending one hour in the morning to commute, eight hours working and another hour in the evening to return home. Not to mention the work you have to complete at home sometimes. This isn’t a life to live.
With a lower paying job, you may not necessarily have to spend all this time away from your home or family. In the end, a low paid job may result in a better work-life balance.
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The old adage is that before people would work to live, but today the adage has become people live to work. In a general sense, people define themselves based on their titles. This is apparent in coffee shops when customers, who are sporting $500 suits or designer handbags treat servers like dirt.
But our jobs don’t truly portray who we are. If you decide to take on a low-paying job that doesn’t come with the same title you shouldn’t be ashamed. If it accommodates your lifestyle and pays the bills while providing for your family then you should still be satisfied.
Have you turned down high-paying jobs for low-paying jobs in the past? Let us know about your experience in the comment section.