So you quit your job and now make less money. Have you made a terrible mistake?
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Consider the hypothetical case of Jo, a project manager at an IT company. He made good money but hated his job. He’d been there almost 20 years and, at 41, felt like life was passing him by.
So, he decided to pursue his lifelong dream of becoming a designer. He quit his project management job and signed up for some courses, discovering in the process just how much he enjoys combining creativity with usability in design work.
But after investing in the pivot and earning a certificate in design, Jo struggled to find a job. Entry-level positions paid poorly and he wasn’t yet qualified enough for better-paying mid-level jobs. He finally landed an entry-level gig after three months of job hunting, although it pays 40% less than his old job — a significant hit to his household budget.
Additionally, during the job search, Jo used up most of the money he had stashed in his emergency fund. And now, with a job that pays significantly less than his previous one, he’s had to adjust his lifestyle, which included canceling an upcoming bucket-list trip.
Jo has some retirement savings, but they’re not liquid — and he doesn’t want to touch that money until he retires.
While he loves design work, he’s now constantly worried about money. Has he made a big mistake?
Jo isn’t alone in his desire to leave an unfulfilling job. Gallup data shows that, as of midyear, only 32% of employees in the U.S. feel engaged in their work. (1) “U.S. employees remain emotionally detached from their workplaces and most are still watching for the next opportunity.”
Many Americans have career regrets, including staying at a job too long (58%), according to a survey by Resume Now. And more people regret staying at a job (58%) than quitting one (38%). (2)
People react to those regrets in different ways, according to a 2022 study published in the Journal of Vocational Behavior. Some people job hop to similar roles, while others switch their career altogether. Others simply detach from their current job, putting in the hours and redirecting their energy toward hobbies or leisure activities. (3)
