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I actually just took some downgrade in December when I moved from CA to NC. I moved from Telecommunications to IT and lost about $4k annually, but the COL difference makes up for all that. I took a downgrade to get in the field I wanted to and be able to get promoted faster.
You'll be living like a king in Metro Detroit on $120k. I'd probably do it in a heartbeat. Then again, I have family roots there.
I worked in Metro Detroit from 1987 to 2016. $120K is a very good salary for that area. I say who cares what the job title is, show me the money. As others have said, it is your high salary that is important to future employers not your title. Your title can be downplayed, and titles vary greatly as to the job responsibilities from company to company. Go for the money!
I worked (many years ago) for a large national bank. I started as a teller and within 6 months I was promoted to Assistant Branch Manager. After a few years I was asked to interview for a Branch Manger position at a different location. I wasn't interested at the time. I few years after that, my boss wanted to promote me automatically for a Branch Manager position at another location and I turned it down. Why? Because as an Assistant Manager I made more money than I would have as a Branch Manager. I had more time to sell investments which the commissions supplemented my annual salary by ALOT!! If I was a Manager I wouldn't have time to do any of that. I stayed an Assistant for 10 years until I quit to become a SAHM. I'm now a happy insurance agent
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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If you want to live there, go for it. Taking a pay cut to live in a place with a far lower COL is an improvement in your financial situation. Then work your way back up again.
When I was about to retire from the military, a mentor gave me this advice:
Decide what is important to you: The money, the location, or the job. When you know which is your priority, go for that and don't worry about the others.
If you want to make money, do whatever job it takes and live wherever necessary to make the money you want.
If you want to live in a certain location, be happy with whatever job and whatever income allows you to live in that location.
If you want to do a specific kind of work, be happy with wherever you have to live and whatever money you make to do that work.
Decide what you want to achieve and achieve that, because if you wind up having never achieved anything you wanted, your life will be regretful.
If your forward motion is thwarted because of a lack of positions available in your area, or the particular structure of your organization, than a lateral or somewhat backwards move may be warranted if you can see a clearer path forward from your new position. Think of the game with the frog trying to cross the road (for some reason C-D won't let me enter the name)....Sometimes they way forward is blocked, but a back or sideways move is necessary to eventually move forward again.
Also if you've reached a level where you no longer are happy with the extreme stress or demands made upon you by that level, a move back or to a different position can offer needed temporary, or permanent, relief. Also, many people approaching retirement prefer to put the career on cruise control until the big day, forgoing competitive or higher stress moves.
When I was about to retire from the military, a mentor gave me this advice:
Decide what is important to you: The money, the location, or the job. When you know which is your priority, go for that and don't worry about the others.
If you want to make money, do whatever job it takes and live wherever necessary to make the money you want.
If you want to live in a certain location, be happy with whatever job and whatever income allows you to live in that location.
If you want to do a specific kind of work, be happy with wherever you have to live and whatever money you make to do that work.
Decide what you want to achieve and achieve that, because if you wind up having never achieved anything you wanted, your life will be regretful.
Good philosophy and I’ve found that to be the case in my own career path where I’m currently going with the love where I live option, but I’ll very likely change course in a year or two and go with pursuing something more aligned with my interests or chasing $$. Some are lucky enough to be paid well to do what they love and love where they live, but often there’s a sacrifice along the way. Finance workers in NYC and tech workers in the Bay Area are likely chasing the dollar.
I also second John_Kirk's advice. Once I was exposed to work I truly enjoyed, for me the priority became the job. I took a step down from an audit manager to a sys admin/dba. It was involuntary but the best thing that ever happened to me. I'm retired now, but for me, job satisfaction was the most important thing, more important by far than money or position. At one point I was offered a promotion, and was warned I might not have a position if I didn't accept. I told my boss I'd rather do what I loved at another company, than get back into management at my present company. He dropped the request. Truth is I wasn't cut out to be a manager, my forte was in problem solving and working alone, with virtually no supervision. I got to do work I loved, be constantly technically challenged and make a good living. When I retired with a pension, I got offered two additional years of consulting because I was an expert in my field. I was surprised there was no age discrimination. My employers just wanted someone who could do the job.
I would encourage you to visit the location first before making a life changing decision. Congrats.
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