[USER]

I don’t see this posted very often, so I wanted to share my experience. I am at a Director level at a Fortune 100 company and make about $250k/year all in. There are rumors of layoffs coming, and while I’m feeling good about my odds of keeping my job, there’s no guarantee.

So I’ve been looking at roles at other companies and it is clear that I am at the top of the pay range for what I do.

I’ve had these golden handcuffs for a while and was feeling good about the accomplishment, but now it’s becoming a problem.

Just wanted to share the other side of these situations.

[Jordan]

Yepp. I went from $18.50 / hr to $115k in 1 year. Then I moved for my own personal happiness and mental health. Took a demotion to $85k so I could move. Now I hate my role and cannot find anything remotely close that $115k or even $85k…

[Julie]

Time to look for a VP role.

[Colin]

For anyone reading this on the way up, this is another reason to avoid lifestyle creep. If you keep your expenses low as you earn more, not only will you invest more and grow more wealth, but it will be less of a shock with more of a buffer if layoffs or other tough life events happen.

Suggested: Is there a way to invest in real estate without becoming a landlord?

[Annabelle]

Wait to get laid off so you can collect the severance.

[Sid]

Hopefully you have been saving and investing so if you were to be laid off, you can enjoy the time and pivot to a new role or endeavor of your choosing.

[Bo Avakian]

Not seeing a problem here. As a Director I would expect you to be able to articulate your situation with more clarity. If you get laid off apparently there are roles at other companies with commensurate pay so off you go!

Don’t miss: Is everyone still as disappointed in their investments as I am?

[Eric]

Knowing that you’re at the top of the pay scale for your job classification is something that many workers experience. Be thankful that your compensation is significant. Many workers hit that pay ceiling and are still struggling.

[Helen]

If you’re over 45, it’s better to go job search when you still have a job then when you’re unemployed. I would polish up the old resume and start looking at other opportunities. Be prepared. In time of consolidation, cost cutting, technology change & strategy change, anyone including middle management are fair game.

[Brianna]

My husband is also a director (not close to that salary) and another issue is limited job openings period, an extremely lengthy interview process that can take a month or more, and the downright stress of the job.

He would still rather be here than where he was though.

Explore these too: Are there services that help people search for and apply to jobs in adjacent/new career fields?

[Tonia]

I understand as well. I make 100,000 a year. Now need to find new job. Nothing in my area makes this. Makes it difficult.

[Kathryn]

I’m in a similar position re layoffs looming – but also recognizing that salary is high while work life balance is terrible over here.

I am looking at this way — I work around 60-70 hrs each week. Although I’m salaried around $250k, when you break that down to an hourly rate, it’s about $70-80/hr (eg, $250k divided by 52 wks, divided by 60-70 hrs each week). If I wanted a reasonable 35-40 hr/wk job, at $80/hr, the salary would be $150-175k.

The salary is lower, yes, but the work life balance substantially better and the hourly rate (eg the value of my time on an incremental basis) is the same.

So I am considering any job $150k+ if the work-life balance makes sense (no expectation for weekend work, fewer work trips, if working with international teams the time zones and cadence of calls make sense, etc.)

[Jay]

It’s never been about how much you make but rather how much you save and invest, living near the line keeps you pay check to pay check regardless of your salary, learn to live on less and you will likely be a little secure.

It’s tough but everything starts with a budget.

[Erin]

Do not leave. Wait for them to lay you off. You will get a nice severance package and get paid while looking for another job.

I’ve worked for 4 fortune 500s and survived many layoffs. I see they ALWAYS give severance, unless you are in bad standing for behavior or performance.

Good luck!

Don’t forget to take a look at: My husband (age 31) recently was forced to resign from his job – So..

[Hin]

Wish I had golden handcuffs. A guided cage wouldn’t be bad either. LOL.

[Matthew]

I live in Hawaii and recently got the opportunity to move to Alabama and take my “island” salary. I’m jumping at the opportunity to save even more and really start making big money moves…

[Charlotte]

Save save save now whilst still earning, look at where you can make spending cuts now, however small, as a just in case.

[Jules]

This is why you don’t spend as much as you make… especially at an income level where it’s completely unnecessary.

[Ross]

Finance is relative. Thanks for sharing.

I’ve worked with clients who have millions, and still have the same wants, needs, concerns, and problems as everyone else.

[Author]

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