I received a newsletter in my email inbox tonight that got me to thinking about changing careers.
I’ve written about this before. I know a lot of people that are my age (ahem, heading toward that forty mark) who have burned out on their careers and are now interested in making some changes.
At age twenty-five, this may not be such a big deal. If you’re a college graduate you probably just graduated, have not invested a ton of time on the job and have some flexibility when it comes to pay, benefits and the other necessities that at this age really do make or break a career.
At age forty, or even mid-thirties and up, making a change in a career can really be a huge investment. Not only have you likely spent the past decade perfecting your skills in the career area that you first chose, but you have made contacts, you’ve risen on the pay scale, and you have probably invested quite a bit of money in some type of IRA and retirement fund. Changing careers at this point can be a little scary, and it may not be the best idea.
If you are thinking about changing jobs at this point, after having spent ten or more years at your current position, you need to ask yourself a slew of questions, and you should answer them honestly in order to make the most informed decision.
For one thing,what is your pay now versus what it will be when you start the new job? If it is a lot less, can your family afford this cut in pay? If it is similar, have you also looked at your benefits now versus what they will be when you switch?
What happens to your retirement? Your annuities? Other investments that you have made over the years on your current job. If you leave will you be able to take out that money, and if so, what will the penalty be?
Do you need additional classes to change positions? If so, how many and at what cost? If you have to tackle an entirely new degree, do you have the money to do so or will you have to take out money for student loans?
Changing careers can be an excellent way to change your life. If you are unhappy with what you are doing now and you feel that you need to get out in order to make yourself happy, then it is important that you begin looking at alternatives to your current job. Yet if switching careers entirely means losing a lot in pay, you may want to think about swapping companies or trying something new within your field before embarking on an entirely new career path.