At the moment I’m writing this entry, 85% of respondents to an informal CNN Money survey say they’d be willing to take a pay cut if the situation was right, while the other 15% would not consider such a move.
According to Jeanne Sahadi, who speaks from personal experience, there are situations where taking a pay cut pays off in the long run, financially or otherwise.
It might make sense to take a job offering less money than you’re making now in one of the following situations:
* The new job is in an area where the cost of living is lower and your money will “go farther.”
* The new job offers non-cash benefits of value, such as health insurance, matches on a 401(k), etc.
* The new job offers growth and training opportunities.
* The new job could save you from being stuck in a mid-career rut.
* The new job might fulfill some of your long-held desies.
* The new job provides you with less stress.
I would consider taking a pay cut at some point in my life if I believed there were other benefits to taking the position being offered. I’m hoping that I won’t take a salary reduction any time soon, however.
Are there any other situations in which a person might be willing to take a pay cut?
Published or updated November 29, 2005. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.