Stick with a job I hate for 3 years to pay off mortgage?
I'm 46/M. Two years ago I took a state government job that seemed all upside: they offered 30% more than I was then-currently making based on my prior experience in another state. They made it clear that they wanted me based on my expertise in specific areas. I happily accepted and turned down several other offers which, in retrospect, might have been more fulfilling.
Last year my wife and I bought a house. We were able to pay most of it with 14 years of savings and are on track to pay it off in 3 years. My wife really wants to go part-time at work after that.
In the past two years, the staff budget at my work was slashed dramatically due to the state budget crisis, and rather than look at overall productivity (there are many here who are genuinely unproductive), they started putting more duties on the more productive staff. I was asked to take on more and more duties, until now, where I am doing the equivalent work of three jobs, without a promotion or non-incremental pay increase.
There was an open spot for a position staffing the area I have expertise in, which I applied for. Frankly, no one else in the office knows this area well, so they asked me to staff the area the past two years as one of my three roles. Instead, they filled the position with a young staffer with no experience in the area, who will now be my supervisor but will basically rely on me for much of the work. If they had selected me, they would have had to increase my pay to the next category and let me do one job instead of three. By selecting this staffer who earns significantly less than me, I suspect it was purely a cost-saving move. They made a B.S. excuse to me that it was because I did not volunteer for this mentorship program last summer whereas this staffer did.
I have been looking for other jobs but the market is much smaller than a couple of years ago. I have one offer on the table and possibly another that I think I can get, but both would require a 10-15% pay cut from my current salary. Of course, there is no guarantee that the new job will be better, but I've lost all motivation at my current job.
My wife is supportive of me taking a new job at such a pay cut, but it will delay the time when she is able to cut back at her job, which is stressful for her.
Do I suck it up and keep doing this job? This year I became pretty depressed and stopped socializing outside of work because of it. I basically spend all of my free time shut in at home.
Appreciate advice from others who have been down this path. Thanks.