Walking away from a high-paying job at the peak of your career can be incredibly tough. If you’re like many others who’ve considered early retirement or switching to a less lucrative but more fulfilling career, you know the struggle of leaving behind that potential extra savings. Imagine what it’s like a decade later, looking back on missed family time, unexplored travels, and passions never pursued.
Breaking free from “golden handcuffs” is no small feat. At 34, I was on a career trajectory that could have made me millions. But instead of sticking it out for a higher salary and bonuses, I chose a different path. Had I stayed, I might have earned upwards of $7 million by now—makes you think, right?
The truth is, the more you earn, the tougher it is to step away. But if your job isn’t bringing you joy, the trade-off becomes clearer. Once your basic needs are met, additional money doesn’t equate to additional happiness—unless you genuinely enjoy what you do.
So, how do you get comfortable with not making the maximum possible money? It starts with understanding your potential earnings across different career paths, from government roles with fixed salaries to the limitless potential of entrepreneurship. I had to come to terms with the fact that not pursuing top dollar was okay. It involved losing not just income but also status, which often felt harder than the financial adjustment.
To really evaluate if striving for maximum income is worth it, look at your boss—their lifestyle, happiness, and personal sacrifices. What car do they drive? What’s their family life like? Are they actually enjoying their success, or does it seem like a gilded cage? Analyzing these aspects can help you decide if the high-income chase is for you.
It’s crucial to determine the minimum you need to be content. Surveys suggest happiness plateaus once earnings exceed $75,000 (around $100,000 when adjusted for inflation), but this number can vary significantly based on your location and lifestyle.
In 2012, I calculated that a combination of investment income and my wife’s salary covered our essentials in San Francisco. This financial security allowed me the freedom to step back from the corporate grind. If you find your expenses are well-covered by your income streams, perhaps it’s time to consider if continuous money chasing is truly adding value to your life.
Finding joy in something you’d do for free is the ultimate way to detach from financial motivations. For me, writing for Financial Samurai started as a passion project and turned into a fulfilling venture that connected with many others.
Lastly, make sure that stepping back from a high-income role truly gives you back your time and reduces stress. A friend switched from banking to baking, only to find the demands of her new role just as taxing, if not more so, without the financial compensation.
Remember, if you’re considering a shift from high earnings to something more fulfilling or balanced, it’s about finding what truly makes you happy—not just what fills your bank account.
