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Old 03-05-14, 11:19 AM   #1
cbr9927
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Making half of your income

I lost my job last year and will be facing a big pay cut. Probably 40-50 percent less than what I made as my old job was outsourced to a computer.
Now that I make so much less its actually more enjoyable to be with my new co workers cause they don't have 1st world problems like a little scratch on my car, will this LV bag match my shoes, whether Chinatown is too dirty to go eat at. They don't have time to worry about you, its all about the bare essentials.

And yeah, I bought 2 many bikes lately but its my gift for myself for 16 years of work. I don't have any real vices except spending 2 much on 2 wheel toys.

I worked in the Health care industry.
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Old 03-05-14, 11:26 AM   #2
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Sorry to hear about it. Computers and robots are moving up the food-chain job wise.

You're still ahead of me. One of my biggest sources of income this year was a birthday present from my ex.
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Old 03-05-14, 11:33 AM   #3
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Last year I made 10% of my peak earnings back before the crash, in a way it sucks but then I look at my friend's father who was diagnosed with ALS and I think why am I complaining I can't afford a Brompton.
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Old 03-05-14, 11:51 AM   #4
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I tookj a 20k/yr paycut 10 yrs ago to take a job I could commute on bike to. That job has since moved downtown, meaning no bike commuting and I'm still making 10K less than I was 10 yrs ago.
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Old 03-05-14, 11:55 AM   #5
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Good old Ned Ludd was onto this about 200 years ago... http://en.wikipedia.org/wiki/Luddite
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Old 03-05-14, 12:16 PM   #6
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Many people I know have also taken sizeable pay cuts over the years. I'm self-employed and I currently make only about 30% of what I used to make, say, more than a dozen years ago. The only good thing is that I've been completely debt free for the last few years. The only major expenses I have now are my medical insurance premiums, utility bills, and the $12,000 annual prop tax bill for my house.
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Old 03-05-14, 12:21 PM   #7
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Many people I know have also taken sizeable pay cuts over the years. I'm self-employed and I currently make only about 30% of what I used to make, say, more than a dozen years ago. The only good thing is that I've been completely debt free for the last few years. The only major expenses I have now are my medical insurance premiums, utility bills, and the $12,000 annual prop tax bill for my house.
Boy, I sure wish I could live in LA!
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Old 03-05-14, 12:36 PM   #8
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I quit a publishing job to be a bike mechanic and took a 60% pay cut. Did that for 4.5 years. Then an offer came along to get back into publishing at twice what I make as a mechanic. I very much took them up on that offer and now have the best of both worlds -- full time job that pays well and is only 4 days/wk; part time job at a bike shop so I can maintain my employee discount and spend all that extra cash on bike stuff.
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Old 03-05-14, 02:22 PM   #9
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We hit our peak earnings in the summer of 2008, when I had just gotten a raise (July) and before Mrs. A went part time (Sept). Between us, we were making $180k or so a year for a few glorious months. Then she went part-time, then we had kids, then we decided she could stay at home, then I took a new job and we moved cross-country for $10k a year less than I was making. We are currently at one income, two kids, one car, one mortgage, and less than half of our peak gross income.
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Old 03-05-14, 02:24 PM   #10
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Living on no income right now in the process of changing jobs. It isn't fun but it's worth it.

Everything is paid off right now, when I buy a new vehicle that and a mortgage will be my only debt.

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We hit our peak earnings in the summer of 2008, when I had just gotten a raise (July) and before Mrs. A went part time (Sept). Between us, we were making $180k or so a year for a few glorious months. Then she went part-time, then we had kids, then we decided she could stay at home, then I took a new job and we moved cross-country for $10k a year less than I was making. We are currently at one income, two kids, one car, one mortgage, and less than half of our peak gross income.
Half of 180k a year is still very nice money.
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Old 03-05-14, 02:32 PM   #11
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Tell me about it. I work in a place where we wonder how we are going to afford gas in our cars each week, yet our main boss--who eats lunch with us--goes on and on about how an obscure function on his radio in his new Volvo SUV doesn't work and how irate he is about it all the time. Puh-lease!
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Old 03-05-14, 02:55 PM   #12
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The current trend in corporate aviation is the closing of a corporate department and outsourcing to management companies. Management companies pay about half of a true corporate department and have none of the benefits. When my company closed the flight department two years ago, rather than take a 50% pay cut, I started working as a contract pilot and that has also led to the jet brokerage business. In a few years, I will give up the flying aspect altogether. Why didn't I catch on to the brokerage business 20 years ago?

Aviation on the whole has been in a race to the bottom since deregulation. More time in the seat, fewer days off, fewer benefits, lower pay etc. We do compete with Greyhound after all..
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Old 03-05-14, 03:03 PM   #13
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Half of 180k a year is still very nice money.
I didn't say I was eating the grass out of the front yard or anything***, the bills are all paid and Home Depot is getting its share. But there is definitely not as much play money laying around as there was during our halcyon "dual income no kids" days in the Silicon Valley. But we have a real house and a little land that would have been completely impossible there.

*** But I am going to start of setting up the garden this weekend.
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Old 03-05-14, 03:28 PM   #14
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Half of 180k a year is still very nice money.
Depends on where you are. In many parts of the country, taxes have been skyrocketing making it hard to find any real progress. In metro NY, $90K for a household wouldn't go very far - especially if you have kids. We're becoming a country with no middle class and I'n not sure why people aren't outraged.There are interest groups and activists looking out for the rich, the working poor, etc. But no one talks about the middle or realizes that in many areas, that $180K for a family would not be what you think because of skyrocketing property taxes.
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Old 03-05-14, 03:45 PM   #15
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I didn't say I was eating the grass out of the front yard or anything***, the bills are all paid and Home Depot is getting its share. But there is definitely not as much play money laying around as there was during our halcyon "dual income no kids" days in the Silicon Valley. But we have a real house and a little land that would have been completely impossible there.

*** But I am going to start of setting up the garden this weekend.
And when I say "definitely not as much play money laying around", I mean to say it's close to zero. Going from a paid-off mobile home in the Silicon Valley to a real house in NC was a big shocker.
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Old 03-05-14, 03:45 PM   #16
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The existence of a middle class has, and always will, trouble the powers that be. Education, leisure time, and some money to burn are a recipe for social discontent and rebellion. Most folks are too tired and overworked to care about anything more than getting by these days.
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Old 03-05-14, 04:01 PM   #17
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I took a pay cut back in October to move to another company with the hopes it would lead to a better position in the future, well it has not yet, but since that time I have met a wonderful new woman that I am thrilled to have met, she makes 25% or so more than me, and is more than happy with her job, we have talked of marriage. So if I get a better position within the company that is fine, if not that's fine too, I'm happy with my job now and so is the future Mrs. Bikeguyinvenice. I guess the saying money can't buy happiness might really be true.
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Old 03-05-14, 04:38 PM   #18
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Average income in Canada is, I believe, mid 20k or mid 30k range. Not sure but that seems right to me.
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Old 03-05-14, 04:54 PM   #19
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I don't know anyone who hasn't taken a loss somehow, and I'm just glad I ended up with a life that doesn't require a lot of "stuff" to be worthwhile.
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Old 03-06-14, 09:39 AM   #20
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The existence of a middle class has, and always will, trouble the powers that be. Education, leisure time, and some money to burn are a recipe for social discontent and rebellion. Most folks are too tired and overworked to care about anything more than getting by these days.
Perhaps that's true, but if you look at any civilized, modern society, you'll see a vibrant middle class actually brings stability. Granted, lots of politicos don't buy into that or foster dischord for their benefit, but all that just masks the real issue.
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Old 03-06-14, 09:42 AM   #21
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I don't know anyone who hasn't taken a loss somehow, and I'm just glad I ended up with a life that doesn't require a lot of "stuff" to be worthwhile.
It's true that a lot find "happiness" in things, but the cost increases today aren't just coming from buying things. Educating your children, paying taxes and other major costs are skyrocketing. College costs alone are a major problem for many families.
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Old 03-06-14, 09:46 AM   #22
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I am currently earning about what I was making in 1988. Not a great place to be in, but back then I had 2 small children, a big mortgage payment and 2 car payments, along with child care expenses and everything else that goes along with raising a family. While I'd rather be earning good money today, I don't think I'd like to go back in time. Life is a lot simpler now, and I've learned to make do.
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Old 03-06-14, 10:36 AM   #23
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My longest bout of unemployment was 7 months. I got by with unemployment and living off my savings. The job I got after that was a 25% pay cut, but after scrimping for 7 months it seemed like a bonanza. I had learned to cut out a lot of unnecessary extras that I really didn't need and once I was employed again I was careful to not fall into the trap of just buying stuff without really thinking about it.
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Old 03-06-14, 10:41 AM   #24
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Since 25% of my income goes to child support and 25% goes to taxes I already take home half my income.
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Old 03-06-14, 12:08 PM   #25
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I just got off the IRS website. I don't have to pay any tax for last year. I didn't earn enough.
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