Sometimes you have to sacrifice a higher salary for your personal satisfaction.
- Warren Buffett says personal growth at work is important.
- In some cases, however, this could mean having to make big financial sacrifices.
- It’s a big decision to make, but in the end, you deserve to be happy.
Billionaire Warren Buffett is known for his investment prowess. But it’s also loaded with life lessons that he’s happy to share with the public. And recently, he offered key advice to recent college graduates: love what you do.
Ideally, says Buffett, workers should pursue the type of work they would like to do even if they didn’t need the money. That way, it may not even look like work.
Of course, this is good advice in theory. But in practice, it’s not always so easy to get by.
Most of us have nothing to do with Buffett’s estimated $126.3 billion net worth. And with such cash reserves, Buffett can afford to do whatever work he wants, or not work at all.
The rest of us, however, have bills to pay, like our mortgage payments and groceries. And so there comes a time when money has to play into our work-related decisions.
If you are unhappy with the work you are doing, you may be thinking about changing careers. But what if it requires a pay cut? Should you go down this path in search of more meaningful work, or stay where you are for higher pay?
A really difficult choice
Enjoying what you do at work could really improve your quality of life. But you might also have enough money to pay your bills and enjoy some leisure spending on the side.
That’s why quitting a job you don’t enjoy for one that’s more fun (but with lower pay) is such a tough decision. What you gain on one point, you give up on another.
Still, it may be possible to get the best of both worlds, so you’ll need to consider your financial situation. Maybe changing careers will mean a pay cut for just a few years. If you have a good amount of money in your savings account and are able to reduce some of your expenses, you may be able to absorb this pay cut without hurting your finances or subjecting yourself to a life of short of money.
Likewise, you may have to take a pay cut for a new job, but if you’re not particularly attached to your neighborhood and there’s a cheaper one you can move to, you may find be that you can make ends meet at a lower rate of pay. (That kind of thing is easier to do as a tenant than as a landlord, but it’s possible even in the latter situation.)
You deserve happiness
Being stuck in a job you can’t stand — or find boring or meaningless — can really mess with your outlook. And you deserve better.
Now the reality is that if you don’t have a lot of savings and you’re used to living on $75,000 a year, you can’t just trade that income for a $30,000 salary and think that things will work like magic financially. But what are you box to do in this scenario is to save, save, and save some more so you can eventually switch fields and move on to a job you love.
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