A big change in life can take many forms. Whether you decide to move location, switch lifestyles or change career, these can all be very intimidating at first. Knowing that you want and need to change in your life is a powerful decision to make, but it can be the start of a long journey. Doing this later in life – whether you consider that to be in your late 20s and 30s or in middle age – can feel daunting. Whichever path you take, and whenever, there are a few options to consider before you start making changes.
Changing education or career in later life can certainly be more risky when it comes to your finances. Taking time out to study, or climb the ranks in a new industry can see you start on a lower pay scale, or even have to eat away at your existing savings. If you are worried about launching yourself into financial dire straits, here are a few things to consider:
- Have you been saving regularly? If you already have a savings account of some description, you will need to ask yourself whether you would be happy to access it for either education or to boost any outgoings as a result of your career change.
- Is your savings account earning enough interest? If you have managed to put money away for a rainy day, one of your main concerns should not only be adding to it regularly, but also ensuring that you get the most of it. Investing in a bank account with high interest will get you more bang for your buck in the future. However, you will also need to consider how regularly you will need to access it; savings accounts with access restrictions will earn more interest, but you will also be penalized for accessing them early.
If you haven’t started saving for your career change, there’s no time like the present to make a difference. By printing out your transactions for the month, you can get a sense of what to save and what to keep as part of your monthly budget. Organizing your budget into categories is also said to help.
Part time and online education
Online education could be hugely beneficial to you if you are unwilling to start sacrificing your earnings. For example, an online Masters in Finance would provide you with access to plenty of resources, while allowing you to study around your current profession. If you are considering taking up part-time, online education, then click here for more information.
Don’t be humble about your skills
Chances are, if you are deciding to change career in later life, you have already built up a wealth of different skills over the years. Don’t put yourself down before you get the ball rolling; while your new path might seem intimidating, it doesn’t devalue the skills you have earned and worked hard for over the years. Make a list of your important skills and draw a diagram that explains what they would be useful for. It’s also important that you pair these with achievements for your new resume.
Whether you’re re-entering education, work or both, remember that you have a unique advantage over younger applicants – confidence. Confidence isn’t the same as misplaced arrogance; confidence is built through knowledge and weathering the changes that affect you throughout the years. This will bring you gravitas in job interviews and a sense of reliability. It is also associated with intelligence and competency.
A chat with relatives
You may be aware that it’s not just you that has concerns about your new career path. Family members are likely to have their own questions and anxieties about a career move. However, by addressing these you are more likely to resolve them. Having a calm and collected meeting with loved ones and relatives will help to reassure them that you are on the right path and that you have a strategy in hand. If you have yet to build a plan on how to save and study for your new career path, a family chat is a great way to get the ball rolling.
When it comes to changing career in a later stage, whenever that might be, it’s important to communicate well and plan effectively. Having a safety net for if things go wrong, or to fund and training or education will provide you with some reassurance. Talking to loved ones for support is also an important factor to consider when making a drastic change.