Advice/thoughts on how to cut my hours and still get same pay

JoeCrystal

soulman247 wrote: »

Hay,

I am 19 and work 45 hours a week, I am looking to quit my job or reduce my hours any help on how I can go about doing this and still be able to live/get same pay or more.

Bah, you are still young, lucky to have a full time job at tender age of 19 with good 45 hours and you want to give up your job? Well, look for new job with less hours/more pay, good luck. Could be quite difficult in the ongoing recession.

Give it a few decades and you might get to the position of living off your savings.

Cheers

Joe

R_P_W

I think you need to sit down and rethink your expectations! I'm sure 99.9% of the population would love to work less hours and earn more money - however in the vast majority of cases that is a fairy tale!

There isnt any easy way and I'm afraid your probably looking at 40-50 years of hard slog before you can take your foot off the gas and retire. Hopefully, overtime your earnings will increase as you gain more experience and move into different jobs, but again as you start to move up the career ladder it tends to come with more responsibility and demands on your time.

Ony advise I would give is do not quit your job unless you have a new one in place to go to! As you are only 19 I'm guessing you still live at home with parents so have very little in terms of financial commitments?

nonnatus

Soulman, you're only just starting out in the world of work really and you want to retire already?
Whilst I admire your ambition, I feel you're going to be waiting a long time.
Maybe get some extra qualifications to enable you to earn more money in a job you truly love? And there are plenty of those around for the right-minded people. You should be aiming towards finding a job you love rather than avoiding work altogether before you're 20.
It's a long life and the novelty of doing nothing on a daily basis (because you have little or no money to fund a decent lifestyle) will quickly wear off...

evenasus

soulman247 wrote: »

Wait 2 years for isa to mature (1500 with 4% a year), save up 350-500 a month 2 years (3.20% month) take the money to put after 2-3 years on a rental property rent house save money and some rent for 2 year the cut hours done. (need to pay mortgage or do with my dad as he said he would)

Rent will pay for mortgage

The regular saver may pay interest monthly but the 3.20% will be the yearly interest rate. The monthly interest rate would equate to 0.266%

Gromitt

Well, if you can find a nice niche and fill it (like Mark Zuckerberg did with facebook) then yes, you can earn a lot more money with a lot less hours (but will be a lot more hours to start with).

But if you just want a job that pays you £100/hour, then good luck!

grey_gym_sock

well, there *are* jobs that pay very high hourly rates. you either need skills which are highly valued, or relevant qualifications, or relevant experience (in a not so highly paid job), or to know somebody who'll give you the job, or all the above. so this may (or may not) be a realistic aim, but if it is, it's something that will take some time to achieve. you have to look into what abilities you have, how they might be applied, what opportunities are open to you, etc.

jimjames

soulman247 wrote: »

i want to live but work less hours and not change my job

It is impossible.

To get more money you will have to change your job. Why would your employer pay you double your current rate to do exactly the same thing.

At 19 your main concern should be earning enough for the future not trying to stop earning at all!

fiesta04

soulman247 wrote: »

Wait 2 years for isa to mature (1500 with 4% a year), save up 350-500 a month 2 years (3.20% month) take the money to put after 2-3 years on a rental property rent house save money and some rent for 2 year the cut hours done. (need to pay mortgage or do with my dad as he said he would)

Rent will pay for mortgage

I really think you need to have a chat with your Dad to explain to you waiting for your ISA to mature will give you £120 in interest.

So not quite enough for your plans yet.

F4

xylophone

I am 19 and work 45 hours a week, I am looking to quit my job or reduce my hours any help on how I can go about doing this and still be able to live/get same pay or more.

Contact Harry Potter?;)

JoeCrystal

Speaking of which, if you are still working at Marks & Spencer, are you paying into pension scheme? That would be worth doing... In fact, after reading pension scheme booklet, it seems to me unbelievably stupid not to.

Annual Management Charge is 0.05% and only applies to £30,000.
Employer's contribution is 6% for first two years if you pay in 3% and 12% if you pay in 6% after two years service.
Fund Charges are between 0.08% to 0.55% at the moment.

I am still stunned at how better some workplace pension scheme are... *sulks about his employer's minimum standard pension scheme*

It would help you a lot when you finally retire with nice pension pot in few decades.

Cheers

Joe