[ Post a Response | The Yellow Board ]
Re: After Band Directing
I took about a 40% pay cut on salary but when I look at actual money it isn't as big as a cut as it sounds. Dropped a tax bracket, (that's a raise in and of itself). I now have virtually nil expenses on my personal vehicle as I will drive it less than 5k miles this year and will have only 2 oil changes. I also no longer spend much money on gas so that's a savings. My insurance is cheaper and better, (took my kid to the doctor. Doctor and 3 prescriptions cost me $22). Same prescriptions used to cost me $400 the first time each year until I met the deductible. I have a 401K now so free matching on my retirement.
I am not the primary income in our family so that certainly played in some. I have NO second thoughts about the change. My stress level is down and my quality of life is up which is a win for me. Plus I have another 15 to 20 years to work which means I will move vertically in my new career as well meaning I will catch back up to my teaching pay when I left it. I get normal 3 to 5 percent raises plus commission and will get larger bumps in salary as I climb the ladder.
I would offer this one unsolicited piece of advice - if you are in debt it will be tougher to take the pay cut. If you can live on a budget and STICK to the budget then you can make almost any salary work. We have always lived on less than we make. We have no debt and our retirement has reached the point that our investments make more than we put in. If you really want out, set a budget to get out of debt. You might be surprised on just how much money you could live on.
To take this a step farther, what about finding a non-teaching job without taking a pay cut?
I've done this long enough at a 5A program that I'm making "okay" money. Switching fields is often not possible for me due to the drop in pay it would create.
You guys that have switched careers--do you do this with a pay cut?