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Wednesday, June 24, 2009

Career Change at 40, 50+ (3)

How to change career? Points to consider and mid-life career change advice

Before you make your decision changing your career, here are some points you can take into consideration:

1. You have a lot more to lose because your current career profits and benefits are good. On the other hand, your long-term career development is not satisfying as you are missing out the learning experience.

2. The financial risks of
changing careers cause you to stay too long at a job. However, bear in mind that the financial risks of staying at a job you do not like are often greater than the financial risks of making a well-planned career change.

3. Be realistic – You should forecast your new career income stream. This new income stream has to replace your current pay. Ask yourself: Do you really can handle the financial and other obstacles until seeing the fruits and benefits?

4. Be Practicle and Start a research – What career plan fits your needs? What risks factors to consider? Do you have a backup plan in case of a failure? What will keep you safe from the risks involve on this dramatic career transition?

5. Assuming that you have already explored the new career advantages, have you taken tests or some steps forward to experience the new
career change?

6. In any change, putting a clear career path planning combined with a business plan (and a financial plan) is the key to success. Your midlife career change is not exceptional, you need to seat and write down these plans.

7. The nature of the human is to explore, learn and making changes. So, it makes sense to pursue a mid-life
career change.

8. Career change at 50+: The earlier the career changes the better, as time passes and the available career options become fewer.

9. If you already gained a level of financial freedom, your have much more choices.

10. At the end, making the decision of a mid life job change is challenging and is unique. There will be several aspects of it that you will know about only after you have taken the leap.

Make sure that you have taken a well thought of decision at the end of the day.

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1 comment:

  1. Overall it's a good article. However, I disagree with two points. First, it is not harder to learn new skills as you age (unless you develop a sickness that interferes with your intellect, but those are not common). You might be less inclined to learn new skills, but actually you should find that your years of experience can help you learn faster than when you were young. Second, you're more likely to have the financial freedom to take chances and change careers at middle age because you've learned budget management and probably have paid a lot of debt down. You might have kids in school, but other expenses like the mortgage are probably getting close to paid off. You do have to make a lifestyle change (be willing to make time for classes and studying, and adjust the budget), but if you plan it out (as recommended by the article) there is no reason why you can't do it.


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