“I hate my job but it pays well”. Are you highly paid but dissatisfied with your work? Could you imagine another 10 years of doing your job? Does the thought of this fills you full of dread? Is the thought of Monday mornings getting too difficult to bear?
If this is you, you’re not alone in this predicament. Many well paid executives suffer from work dissatisfaction and burnout. But by the time you realise you’re in a trap, you’ve become accustomed to the lifestyle your income affords you.
This is also known as the “golden handcuffs” of a well paid career. With a mortgage to pay and children to look after, the possibility of escaping a job you hate seems even more remote.
I Hate My Job But It Pays Well – The Sunk Cost Trap
Sunk cost trap refers to a tendency for people to irrationally follow through on an activity that is not meeting their expectations. This is because of the time and/or money they have already invested. With a well paid job, this is not so irrational of course because you’re being well paid for your misery! Often by the time you want out of a well paid career, your lifestyle is already meeting your expenses and you don’t have any buffer to build your way out. Are you already living to your means?
To build your way out of a well paid career can take some time. One of the first things you can do is to lower your outgoings and pay yourself first. Paying yourself first is a strategy of the wealthy use to build up savings over time. Most people pay their bills and spend what’s left. The wise know to pay themselves first. They pay 5-10% of their income into a savings account before spending any of it; paying any bills or buying anything.
This does two things which can help you escape a job you hate:
- Allows you to create a savings account which can later be used to start a business or invest in money producing assets.
- Gives you the self discipline to live on less than you earn
I Hate My Job But It Pays Well – Confirmation Bias
If the statement: “I hate my job but it ways well” applies to you, you are probably quite well sucked into your job/career and the people within it. People around you are probably feeling stuck too, but too afraid to leave, or they don’t know how.
As you look for solutions from within the organisation, you’ll probably ask others what they think. They will then feed back what you already know and believe. “Yeah it sucks but it pays the bills eh?”, “What other job will you get on this salary?”, “I don’t want a pay cut, do you?”, “Who’s going to support your lifestyle, family etc.?”, “You’ll be starting again if you leave.” Etc. etc.
Confirmation bias is the tendency to search for, interpret, favour, and recall information in a way that confirms or supports your prior beliefs and values. So even though you are feeling utterly miserable about your job, your environment supports you staying in it. Only when the pain becomes so great you cannot tolerate it any more will you take any action. When will this be? 5 years, or 10? Consider stepping away from your work colleagues, when you can, and looking for another environment and other options.
Shift Sideways & My Story
Consider also the possibility of shifting sideways from a position rather than totally quitting, if you can. Shifting to part time hours can give you more space even though it will reduce your income.
But within that space you can create another income which can eventually replace your existing one. I started an online business and was eventually able to replace a lucrative income from the film industry. This can be done alongside a full time career too.
I worked as a stunt performer in the film industry. Over the course of 10 years I became utterly dissatisfied. Some years I didn’t work at all and I needed many other “fill in” jobs – see jobs with independence and freedom. Then other years it was so busy I was miserable because I was constantly working.
Nothing paid as well as the stunt work, but I couldn’t guarantee the work. So I felt trapped by the money. Many others in the industry claimed to want out too, but they were also trapped by the money or the kudos of the “stuntman” image!
Plan Your Escape
If you’re in a well paid job, you can build an online business much more quickly than someone with no money. Access free training videos here to learn more.
Save your income and sell things you no longer want. Set aside 10% of your monthly income for savings or put aside whatever you can. Use that money for investment or for building an online business.
Start to live below your means and eliminate debt. Once you build a buffer of cash in the bank you’re in a much better place to leave or reduce your hours. You can also build a side hustle income from the internet alongside a business, working flexible hours to suit.