You might want to start writing that resignation letter.
- You may be earning a living wage given your job title and level of experience.
- But money isn’t the only factor that should determine whether you stay put or seek a better job.
The US job market is teeming with jobs, which has caused many people to quit in recent months in search of better opportunities. You may be thinking about getting a new job yourself. But what if you are paid really well where you are?
Having a good salary could not only help you live comfortably, but also help you achieve different financial goals, from saving for a home to aggressively funding your IRA to build a retirement nest egg. It might not be easy to give up that generous salary, even if you’re ready for a change.
Now in some cases it Is pay to keep a job that pays well – especially if you’re confident that no other employer will match your salary and you have specific short-term goals to achieve, such as paying off expensive credit card debt. But if any of these four situations apply to you, it might be time to move on to a new job, even if it means giving up a solid salary.
1. Your benefits leave a lot to be desired
You can get paid well for what you do. But if your employer benefits suck, it devalues your higher salary. Imagine your job earning $5,000 more than any other comparable job you’ve seen, but you also have little paid time off and terrible health insurance that costs you dearly. A different job with stronger benefits might work better for you financially, even if your salary itself is smaller.
2. The job is too demanding
Maintaining a good work-life balance is important for the sake of your mental and physical senses. But if your job requires 70-hour workweeks, you might want to look elsewhere for an opportunity — an opportunity that doesn’t chain you to your desk. Even if you’re hesitant to give up your generous paycheck, when you break your pay down into an hourly rate, you might find it’s not that impressive – and another job that makes you work a lot less might better pay on an hourly basis.
3. The atmosphere is toxic
It’s one thing to pull off a tough job with the help and support of a great manager and co-workers. But if your workplace is extremely toxic, this might not be the place for you. Even if you have the personality to deal with this kind of atmosphere, if you work for a company or a manager that doesn’t support you, you could, at some point, find yourself on the chopping block for no good reason. You might want to look for a much less ruthless job.
4. It’s just not what you want to do
Some industries pay more money than others. But if you’ve landed in a field that pays well but just isn’t what you want to do, then that’s reason enough to ditch your generous salary and pursue something different. You may still have 10, 20 or 30 years in the job market ahead of you. And you deserve to spend your days doing meaningful and engaging work.
It’s hard to quit a job that comes with a giant paycheck. But in the long run, you may be doing yourself a disservice by staying. There’s nothing wrong with holding an unsuitable high-paying job for a few months while you work to build up an emergency fund or pay off unhealthy debt. But once you’ve achieved those goals, it’s worth starting to write your resume and network to find a job that’s a better fit for you.
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