Okay, the question in the title of this article isn't as easy or even as clear as it sounds. I'm sure everyone would take a job for more money if there was nothing different between the two jobs.
My question today though is a little different.
Would you follow your passion if it meant you were to make less money? Or would you rather work in a position that you really hate so that you can earn more money?
When I decided on my college major, I decided on something that I thought would bring me to a corporate job so that I could make money. I really had nothing else on my mind. I thought having a “safe” major would make me happy enough in life.
Boy, was I wrong! Yes, I had a comfortable job, but I wasn't happy.
After three years of working as a financial analyst, I knew it just wasn't for me. Yes, even though I make a very comfortable income right now, my last job was much “safer.”
I was on track to become President at the company, I had a good salary, I received good benefits, and I knew the job and the company weren't going anywhere.
However, even with all that safety, I wasn't happy. Instead, I wanted something that I actually enjoyed. I also wanted to do something that would allow me to have a flexible schedule and do other things that I enjoy outside of work.
Even though I love working as a financial blogger and freelancer, I don't think I could ever go back to a financial firm as an analyst (or any position at a firm). It's just not what I enjoy. In fact, yesterday I received an email from a headhunter asking me if I would like to take a senior level position at a local financial firm (it's a big firm with over 100 employees). I had to laugh and file the email away because even though they were offering a hefty salary and even a signup bonus, I knew I was not interested.
Not everyone is the same, and I know many people who are pursuing jobs with a higher income. I also know of many people who are pursuing jobs that they love that pay less.
Below are a few positives and negatives for each side of the argument.
Less money may mean a delay in reaching financial goals.
If your main goal right now is to pay off debt as quickly as you can, then you may be interested in working towards making as much money as you can. That may mean working a job you hate, working long hours, working multiple jobs, and so on.
When I wanted to get rid of my student loans as quickly as possible, I wasn't interested in pursuing my passion. I was interested in eliminating my debt as quickly as possible so that my life could actually “begin” on my debt payoff date.
I was working 100 hour weeks for years. I was going to college, working my day job, and working my side hustles for what seemed like forever. In the end, it all paid off. Luckily, I didn't have too much student loan debt, so I didn't have to struggle for a very long time.
However, if you are interested in pursuing your passion, then it may mean that you have to delay your financial goals or even put them on hold. It may take you a little bit longer to reach your goal, but you have to weigh the positives and negatives and you may find it worthwhile (or not).
A lesser paying job may mean more time.
Following your passion can also mean that you take a job that allows you to pursue your passion in your free time. Even if it's not a job that you absolutely love, you might decide to take a job for less money because you are able to pursue your passion outside of your normal work hours.
You might have more vacation time, a better and/or more flexible schedule, a less stressful job, or something else.
For me, I'm all about having a flexible schedule. That is one of the biggest positives for me of the freelancing that I do right now. I love freelancing, but I also love that it allows me to be in control of my day.
If I want to ride my bike on a beautiful trail at noon, I can. If I want to go out to lunch with my friends, I can. I am no longer bound by my work day.
Following your passion may mean that can't retire until later.
If you are wanting to retire quickly, then choosing a job with less money will not get you there as quickly. I've heard of many people taking a job that they absolutely hated, working it to death and then retiring very early.
I don't think that route is for me, but I can understand why others would choose it. If you “only” have to suffer for a decade or two and then you get to have the time of your life, that would be very tempting.
If you decide to work your passion, you may find yourself working for much longer. Following your passion doesn't always equal less money, but in many cases it does.
This leads to…
You may never have to work a day in your life though.
Following your passion might mean that you never actually work a day in your life.
If you truly love what you are doing, is it actually work? Or are you just having a great time?
Following your passion can be great because you are doing what you love to do, and you actually look forward to work. If you are going to spend one-third of your life working, then why not do something that you love?
What would you rather do? Take a job you hate for more money, or take a job you love for less money?
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I have definitely traded flexibility for more money and I’m completely happy. I’m able to keep a good balance between work and the time spent at home with my husband and kids. It’s true that the money would be nice, but when would I enjoy it? When my kids are gone and out of the house? I would much rather enjoy the time with them now. I work about 30 hours/four days a week and it allows me to be home to make dinner from scratch which is something I love to do and it saves us money.
Dinner from scratch sounds wonderful. That is one thing I am able to do now as well and we’ve never been healthier!
I am so lucky…..I love the career I chose and am fortunate enough to work for a great company who not only appreciates what I do for them and who doesn’t hesitate to reward it’s employees with bonuses and other perks.
Sounds like a great company Irene! 🙂
Well, I use to be a paralegal, which was a lot of work all the time. I really didn’t make what I was worth either. Then I had an accident and fell off my brother’s porch, which lead to Spinal Stenosis & 2 operations later, tons of therapy and a life of pain I’m home collecting disability & semi-retirement. I’ve been a blogger five years now & I have been trying to make money with my blog for a very long time. I love doing reviews & give-aways, but I love making the money more, but just don’t know how to go about it. With hubby being laid off since last thanksgiving I have been looking everywhere to making money or getting products for free that normally I would pay for. So yes, I would love to make more money at home.
Follow Passion… I have whole lot of degrees to last for 2 lifetimes I worked for 3 n half years in the career I chose which was “safer” as you referred… I left it all for about 2 years I was just following my bliss (passion) and finally I am starting to see how perfectly I was guided to different things that I was in those 2 years now I am learning new stuff in art to start offering it as a service or something I am still figuring that would be most fun to work on ~ which would be more so fun and I am starting to feel bliss not knowing where I am going even though I am not seeing it clearly… I do still trust following my passion is the only choice and its got to take me where I need to be at the right moment… 🙂 It was a great read for me <3
I would rather have a job I like than one I hated.
I’ve actually turned down a job that paid substantially more, but involved a two hour commute each way. I divided the total hours spent on my current job from the time I left my house until the time I returned home (9 hours/day total round trip), and compared the same to the potential job (12 hours/day round trip). This brought my comparison pay down to an hourly basis. Even though the potential job still paid a bit more after that calculation, I decided that the four hour commute was not worth it. Just the physical, mental, and emotional stress of the commute was not worth the additional money.
I’m still figuring out what I want to do in life, but what I figured from having part time jobs and an internship was I’d prefer something that I actually enjoy doing even though I have to turn down a boring job that pays substantially higher. For me work life balance is important and having more money doesn’t mean you’ll be happier and satisfied in life.
I definitely think this is quite a difficult question to answer as each of us is different and has different priorities. When I was paying off my debt, my focus was on purely maximizing my income so I took a job I loathed purely because it paid more.
The goal was to get out of debt so my outgoings would drop considerably and then I could go into a field that paid less but I was more passionate about.
As it turns out (story to follow on my blog in the next few weeks) I actually lucked out and just landed a new job that I’m passionate about *and* pays the same as my old job – because I managed to leverage the experience I’d gained in the job I hated and applied it to a new field.
I’m happy as can be right now seeing as I seem to have landed on my feet and (finally) after years of working in a job I hate I’ve got both a job I enjoy *and* a decent salary; personally I was only expecting one of those to occur at a time 😉
I am computer STUPID!
Money talks and bread needs to be on the table so dont see much choice
I’m doing it now. Doing what I’m passionate about for not a lot of money. But I can’t go back to working for someone else for many reasons. I do think that the money will come as I’m focused on creating something that my audience needs and wants. How about having the best of both worlds? Doing what you’re passionate about and making a lot of money, like what you’re doing? =) It is hard to get there but I’m on my way.
At least you guys freaken have a job :-(. I am a new graduate and I don’t know whether to spend a long time looking for my dream job or go into another field that starts paying big bucks. I feel like I might have wasted my years of studying because matric students just finish school and get immediate well paying jobs…it sucks, its so unfair. I don’t even have a car yet. Well, I don’t have bills to pay either…Advice pretty please :-)?
I’m currently in a difficult situation, although I have worked a bit in the field where I wanted to work after graduating from my masters degree in university. However, it was only casual work, so you don’t expect much work. I was introduced to a job that paid a lot. Now I’m in the situation of thinking of whether to choose the new job that has a high pay, which I may not be happy working at, or continue to pursue a career where I have studied so hard for and am passionate and enjoy a lot, but doesn’t pay much as the introduced job. I don’t have a debt, don’t have a car either or pay rent. What should I choose? Please give me some advice.