Job Satisfaction

What do you do when you hate your job,
but make lots of money?

“Escaping the Golden Handcuffs”

What do you do when don’t have job satisfaction and even hate your job, BUT make lots of money?

Often, you can't just quit and go somewhere else without taking a substantial pay cut. Many affluent employees face an enviable, but difficult challenge. Securing jobs with high salaries and attractive perks can become a trap to finding job satisfaction.

That was the problem facing a very unhappy man. Paul had quickly risen through the ranks of a major bank, but his career plateaued, and he felt unchallenged, desperately bored, and trapped. His six-figure salary had him in the "golden handcuffs."

Early in life, Paul had other plans. He loves to delve into peoples' psyches and analyze the dynamics of their relationships, and often participated in personal growth work. He had hoped to find job satisfaction if he could lead similar workshops or counsel couples in troubled relationships.

His well-meaning father didn't understand--and was horrified. Paul's aspirations were outside his understanding, and he wanted a stable and lucrative career for his son. Through a connection at a major bank, Dad learned about an opening, and set Paul up with an interview. Paul knew that this would not bring job satisfaction!

That was twenty years ago. The new work was initially interesting, but it had been several years since he could honestly say he enjoyed his job. Although he was on good terms with nearly everyone at work, they aren't his kind of people, and the relationships were superficial. He'd often noticed co-workers eyes glazing over when he tried to share his passions with them. So he stopped trying.

As Paul surveyed the career landscape for a way out, all he could see was a big pay cut. He didn't want to give up his salary and fine lifestyle but frankly his current job wasn’t working and giving him real career / job satisfaction.

I told him that he could make similar money as a therapist in private practice, but it would take several years and lots of effort to equal his salary. Fifteen years ago, it would have worked, but not now.

What's the solution? There are two paths to escaping the golden handcuffs--both of which require some effort and sacrifice.

Job Satisfaction Option 1. This path is the opposite of the popular slogan, "Do what you love and the money will follow." Sometimes, it makes sense to "Get the money first, and then do what you want."

With Paul's income, he could cut back on his expenses, and carefully invest and build financial independence. This means having an income sufficient for your basic needs and comforts from a source other than your paid job. Going to work then becomes a choice, not a necessity. Once he achieved financial independence, he could pursue psychology or whatever interested him, without concern about the money.

Job Satisfaction Option 2. This path is to explore within the area of banking and finance--and possibly outside of it--to find challenging work. An astute executive like Paul has the skills to contribute in many companies. Especially in a smaller company, he should be able to negotiate an equity position. It might require a short-term pay cut, but in the long term, he should be able to rebound beyond what he had been earning as a salaried employee.