Would You Rather Be Working in a Different Profession?

Here's an interesting question:

If you had to do it all over again, would you go into a different line of work than you're in now?

I came upon this question while reading Money's May issue when they talked about people shifting careers from one profession to another. Along the way, they shared these stats that really stood out to me:

• 51% of 1,700 executives said they'd likely choose a different field if they could start over.
• 3 in 5 said they anticipate making a major career change.
• 63% of older adults are happy in their careers, the most in any age group.

Wow! I didn't know so many people were unhappy with what they were doing for a living.

This issue impacts you finances in a pretty major way. As I've said before, your career is your most valuable financial asset and anything you do to mess with it will change your finances -- maybe even pretty dramatically. In addition, if you've spent quite some time in one field and want to switch to another, you could be looking at a steep pay cut (especially if the two fields are not related closely and your experience from the first career won't transfer -- and thus won't be rewarded -- to the second career.)

But what about happiness? If you've been in a career for 15 years, let's say, that means you still have 25 years or so of your working life left. If you're miserable, do you really want to spend 40, 50 or 60 hours a week for 25 years doing something you hate? But how much is doing something you love worth -- especially if you've established your lifestyle on your higher-paying current position.

Of course, the win-win would be if you could change your career and keep your income at the same level (or maybe even higher.) That would be a no-brainer, wouldn't it? Maybe so, but what if the new career wasn't really what you expected it to be and you disliked it as well?

See how many issues there are associated with this topic? And I've barely scratched the surface.

For me, I don't think I'd make a change. I love what I do, I love the industry I'm in and I love the company I work for. It's a great place to be and I'm blessed for it as I know this is an unusual situation compared to what most people think about their jobs.

So what about you? Would you like to switch careers? Are you happy in your current field/job? What are you doing about it?

Comments

[Finance Article Guy]

I'm in the military and about to get out so I guess I would say, No, I'm not happy with my line of work.

I enjoyed it in the beginning but deploying every other year isn't my idea of a life.

ANYWAY, :) That is an interesting survey. Something that we all need to work on I think. If we can't be happy with our job, it makes it hard to be happy in life.

[plonkee]

I like my job enough that if I won the lottery (which I don't play) I'd probably only cut down to 4 days a week.

On the other hand, I can't really envisage myself doing sort of thing for another 40 years so I guess at some point I'll change or transition into a new career.

Overall, I'd rather not spend 40+hrs a week doing something I didn't like - I couldn't work just for the money.

[Lord]

One of the difficulties is you may really like your work, but be very unhappy with the industry, or dislike your work, but enjoy your industry. The latter is easier to fix than the former. Every advantage has its tax. You may like most of it and hate the rest, and in a different industry like a different set, and hate something else. Rarely is anything black and white.

[Teri]

I absolutely love my job. Very blessed to love a job that pays extremely well, has much job security, etc.

Actually, MOST people I know do not enjoy their jobs. I will never *get* going to a job I hate 40 hours plus of every week; what a sad existence. I am with Finance Guy though, if I won the lottery I would push for a more flexible schedule, but I would not quit my job. I look forward to having more time and flexibility later in life and in retirement, but not to leaving the workforce.

[db]

FMF-

NO, I don't like my job or my career field. I try every day to change that about myself. Some days I succeed a little bit and for a little while to find happiness in the moment. Other days its all I can do not to go out of my mind.

It's really my own fault.

Anyway, I'm trying a few things -- first is trying to make a lateral move to a different sort of job in the same area and company in the hopes that maybe my talents will better flourish there. This still feels like a compromise.

Second is trying to get my own business going so I could leave the job behind at some point in the future. The trick is I don't have any money anymore to throw at school (what? $191K isn't enough student loan debt?) so it has to be something I'd enjoy that also has a low barrier to enter.

Third is taking seriously the need to get financially solvent. This means killing debt AND ramping up savings to weather a career change.

Fourth is working on my attitude. Frankly this is the biggest. I've tried numerous ways to get out of the career situation in the past with no real luck. Also some of the experiences and choices that got me to this point haunt me. So I'm fighting my self-esteem and willingness to think positively about what I'm trying to do.

Anyway -- I've really learned the truth in the saying that finding work you are passionate about is a key to wealth.

DB

[Minimum Wage]

My career is not a valuable financial asset!!!!!!!!!!!!!!!

I am SO SICK of hearing "your most valuable financial asset" repeatedly.

If I had it to do over again I would never have set foot on a college campus and I would have taken the $4K I had saved up in high school to start a business.

[db]

OK, I have to ask since MinimumWage keeps bringing up his/her woeful state: when you got your education, what exactly did you study?

See -- I don't really buy that you HAVE to be a minimum wage earner if you have a college degree. Perhaps that's true, depending on what you studied. But what did you study?

The absolute truth of my existence is that my salary IS a result of my education. I may not enjoy the job and it may give me a roller coaster ride of uncertainty, but I'm highly employable and I command a decent salary. My career is absolutely my biggest asset.

So MinimumWage, what did you study that wasn't worth it? And how do you know you would have been better off starting a business? Lots of business fail too.

DB

[FMF]

Minimum Wage --

Then stop listening. And do somthing with your life other than remain defeated and depressed. Is this sort of "woe is me" attitude you have about everything really getting you anywhere?