The unemployment rate for everyone has been high for several years now and those who are 55 years old and older the numbers are even higher. That higher unemployment rate for those in midlife has had many of them considering taking their skill sets and looking for a career change. For many this could be the start of a second or even third career. This article will discuss the risks and the rewards that accompany the midlife career change.
The Risks of a Midlife Career Change
If you are approaching your midlife and contemplating a career change, you should be aware of the risks involved. For many, it is a great financial risk to make that jump into a career change later in life. Many of those people will use several different approaches to finance that career change including:
Severance money from a previous job.
Family savings
Credit card
Retirement savings
Investments including stocks, bonds and real estate.
The concern about using those monies to help fund a second career is that many of those who are approaching or are in midlife are looking to those funds to retire on. However, many people who need to get that second career started will find that they have no choice but to tap into these funds. It used to be that the value of your home would be a viable option; though with the current real estate slump that may not work out for many people.
The Rewards of a Midlife Career Change
One of the rewards of a midlife career change is that you may get to turn your passion into a business that makes money. Sometimes it is big money, other times it is enough to supplement your retirement savings. So how does one find that second career? Here are a few ideas:
Find out what you are passionate about and make it a business.
You need to talk with others who share your passion and ask them how they made it into a business.
Talk with those who might be your future customers and solicit ideas from them.
Start a blog and discuss the product or service you want as a second career.
Consider going back to school and get a certificate or additional education to build credibility with customers.
Connect with the local college; many are looking for professionals to help mentor students. In return you could receive free marketing, management and financial advice from administrators.
転職 大阪
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