I have been mentioning in my last several updates that I am leaving my current job to take a new one, but now I finally have some time to write about exactly what I am doing. If you have read any of my other posts on this site you know that I am trying to achieve Financial Independence in five years (when I turn 45). With that in mind I am going to discuss why I decided to leave my current job making approximately $85,000 a year for one that at best will pay approximately $75,000 a year. From a financial perspective this may seem like an ill-advised decision, but here’s why I will still end up ahead in the end.
For a little background if you have not been following my website, I am currently employed as an assistant professor at a private university in Florida. I teach exclusively in a graduate program and have a base salary of $73,832 a year and make on average an additional $13,000 – $15,000 teaching a couple of summer courses.
The new job is for a faculty position at a university in North Carolina (public, Research I) with a base salary of $63,000 and guaranteed summer pay of $12,000 if I choose to teach in the summer (I negotiated for the guaranteed summer pay). So at face value I am taking a pay cut of about $10,000 a year.
I could start with the non-financial reasons of why I am changing jobs and end up writing a short book on why I want to leave my current institution, but I will just highlight a couple of the non-financial reasons here that in some cases provides enough justification regardless of the financial implications……