How to Change Your Career in Middle Age

When I find a new topic relating to personal finance, it seems like I discover articles on the issue in droves. I've recently talked a bit about changing your career later in life and here's another piece that covers the same issue. This one is from Parade magazine and they give three tips for how to switch from one career to another:

• Open Your Mind: Think about  the things you enjoy and what you liked to do as a child.

• Be prepared: Figure out how much time, money and training you’ll need to pursue your goals. Speak with your family about how your plan will affect them.

• Get sound advice: Ask your family, friends and professionals for input. Check the library for books about your new career.

I'd especially like to emphasize #2 since your career is your most valuable financial asset. You don't want to do anything crazy with your chief (only?) source of income -- especially if it's something that dramatically impacts your overall financial situation -- unless you really, really, really understand the impact it will have on you and your family. That said, if you go into the decision knowing that you'll take a big hit financially and you're ok with that, a career move can be something that's very fulfilling. And what use is it to have $2 million in the bank if you're miserable?

That said, I'd recommend changing careers and INCREASING your salary as a better alternative. ;-)

Unfortunately, that's much easier said than done.

Comments

[Monty Loree]

Hey FMF,

This is a Tag in the game of Financial Tag!
SEE: http://www.canadian-money-advisor.ca/archives/2007/04/financial+tag+tell+us+about+more+yourself.html

Looking forward to hear more!

Best,

Monty Loree

[Minimum Wage]

Every time I disagree with this guy I get censored. Sheesh!

[FMF]

MW --

Say something new and your comments won't get deleted. But I'm tired of your "woe is me, I've been handed the short end of the stick" comments. They do nothing to add value to the conversation and make you look pathetic. I'm sure you've had a lot of hard knocks in life, but at some point you need to get over them and live/work in the present/future -- not be stuck in the past.

So if you make comments that pertain to the posted topic -- in favor of what I write or not -- then they will be left up. If you simply post "I've got a minimum wage job and my life is a bummer" sort of comments, they'll be deleted. We've heard them all before. Let's move on.

[Christine]

Sounds so easy to say, "Do what you love to do." The reason for this is that most people do what they are good at, not what they like to do. I know very few people that love their jobs. Doing what we like to do only will cause us to take a huge pay cut. I've been told to stick with what I'm doing because I have "experience" in what I do and I will make more money in the field. Career change sounds very tempting to most of us, but we just can't afford to do so in today's soaring economy. With the high demands of jobs, working overtime, who has time to go back to school to learn something new? Who can afford it anyway? Career change is a very difficult challenge unless you have a second income in your household that will help balance your expenses. Then, perhaps, you can afford the change.

[Smile Baby!]

I was actually contemplating this idea. My comment would be for you to go to a college career counseling office- take some tests- then see if it aligns with your goals, likes, dislikes. If you are like me- I really had no idea of what was out there because I have been in the same type of business my whole working career. I found it very helpful- & as if a coincidence: while I was waiting for my counsel session- I picked up a college continuing education brochure- & that was actually what I needed! I took a few courses to become better at what I was already doing- & it was a blessing in disguise. I am still contemplating it- but at least my mind is more open with new ideas. Good luck to all who can actually do it!

[Gary]

After 27 years of selfemployment in a small sales and service business going from 5 employees to just myself,I hated the last 3 years of it. One day I realized that by purchasing the property and owning it out right for the last 5 years I was content knowing I had no mortgage or rent to pay then I realized I could be collecting the rent from someone else so I sold the business with-in 4 months and over the last year I have been living on the rent and have been working on an invention that I have tinkered with over the last 10 years. Today I get my prototype from China after a few corrections from the last one we are hoping (my partner is my wife of 37 years) to have something to sell in the next 3 months.
Yes we are going into debt again but, I still have the rent.This process has taken a long time and we are both 57 years old do-not have a lot of money Yet!