When we think about our careers, we generally think More is Better: More responsibility, more exposure, more opportunities and – obviously – more money. But times exist during a career lifecycle when LESS is MORE. Less money, that is. This may cause you to stop breathing - momentarily - or to sigh in agreement. But yes, less salary can be appropriate during your career.

While it seems counterintuitive, four situations may occur during your career when a pay cut could be expected:

4. You choose a job that actually pays less.

1. Struggling to stay afloat: The entire company is receiving a pay cut

What you need to know: During a financial crisis, companies need to reduce expenses. And that means reducing big costs like compensation. One option is to institute an “all employee” pay cut. Every employee may receive an equal pay cut (as a percentage of annual base salary) to save jobs. During the recent economic recession, pay freezes or pay cuts became common practice. When everyone receives a pay cut, remember: it is not a reflection of your personal performance.

What You Should Do: Additionally, assuming the company stays afloat, pay levels should return to “normal”. Unfortunately, pay cuts may last indefinitely – employers are careful not to promise when salaries will be readjusted. There are warning signs that the company won’t recover. One clear signal the company is heading for the bottom: executives start jumping ship. If you learn about a significant senior management exodus, it is time to look elsewhere. When you do decide to leave and are answering questions regarding salary expectations, reference the pre-cut salary levels.

2. You’re changing industries

What you need to know: A few years ago, my client – a head of marketing – switched industries and needed to swallow a pay cut because the career advancement and growth opportunities outweighed the pay cut. Later she accepted an offer with another firm and received significantly higher pay because of her newly acquired job experience.

Compensation practices are not “one size fits all”. Some industries pay better than others. For example, technology, professional services and investment banking pay more than manufacturing, utilities and not-for-profits. This is due to a host of reasons: they have different business models, require different skill sets and talents, generate larger profit margins, etc. Understanding these compensation practices will greatly improve your ability to earn more money.

What you should do: Realistically, if you have decided to change industries, you have reasons (location, better work/life balance, different career opportunities, etc.). Only you can decide whether the new role is genuinely worth less in the marketplace. If you have transferable skills and know those skills are valued, you may decide you should not take a pay cut. If you do decide to move forward and take a cut, there are other areas of the compensation package that can be negotiated to “compensate” for the base pay cut. You can request a sign-on bonus, higher annual bonus, equity (stock options or restricted stock), extra vacation, or elimination of any benefit waiting period, etc. Compensation packages are more than just pay. The intangibles can be just as valuable as the tangibles.

Taking charge of how you are perceived will significantly improve your pay. You can learn how to do this by reading Rise to the Top. This book explains - in a manner you can put into practice - how to leverage how you are perceived to earn more money. Compensation comes down to perception. You need to be perceived as invaluable.

3. You pursue a new career

What you need to know: While changing careers provides personal fulfillment and professional opportunities, starting over might mean actually starting over. Sometimes your skills aren't transferable. This does not mean you have to start at the bottom from a pay standpoint, but you might expect a haircut until you get up to speed.

What you should do: Even when chasing a new career path, you still add value and bring important skills to the new role. Intrinsic or qualitative skills such as leadership, project management, people management or execution are valuable – you might start with lower pay but should increase more quickly. Minda Cutcher, owner of Senior Services Provider, got laid off at age 51. “I started my own business helping seniors navigate the financial challenges of aging! It was born of my personal journey with my parents,” she explains. “I’m using all the skills I learned in the corporate world but putting my own twist on the personality of my business. I’m not making as much money, but I’m having the time of my life and doing good in the world!”. To leverage your previous career experience and get the best pay package possible, signify a commitment to the role by asking to have both performance and pay reviewed in six months before accepting the offer. Previous experience should launch you up the learning curve faster than a “newbie”. After six months, if your progress significantly exceeds expectations, revisit the salary discussion and request a base pay increase. Even better - agree upon what performance expectations would trigger a salary increase BEFORE starting. That way, both you and your employer agree on what is expected and what is deserving of more money.

4. Switching from a high-paying job to a low-paying job

What you need to know: Low-paying careers exist: marital therapists, radio announcer, firefighters and private investigators. “I spent 20+ years working in the back office of Wall St firms and as CFO of a hedge fund,” adds Linda Heffernan, a business and economic librarian at UMASS Dartmouth. “I went back to grad school in my 50′s to get a degree as a librarian. I earn almost nothing now, but I really enjoy working with students as an academic librarian.”

What you should do: Options are limited for maximizing earnings but the trade-offs (e.g., better work-life balance or increased personal fulfillment and satisfaction) should offset the compensation differences. Make a Top 10 List of your Career "Must-Have's". Ensure the career meets those goals so that you are personally fulfilled. Otherwise, the lower pay levels will make you feel less valued and end up hurting you in the long run.

Other than when a company faces financial ruin, if a pay cut looms on the horizon, explore other options for receiving a comprehensive package to feel “whole”. Accelerated performance reviews, additional bonuses or equity, more comprehensive benefits, work-life balance or other ongoing training and development can be negotiated to bridge the pay gap and "compensate” you for the lower pay.