Many people experience a mid-career crisis after dedicating around 30 years to their work. A lack of excitement for the job or exhaustion from long work hours can cause this crisis. If you are feeling uncertain, know that you are not alone. Suppose you're experiencing insomnia due to doubts about your job, feeling anxious about going to work every morning or spending your weekends browsing job listings. In that case, you may need to take action and explore the possibility of changing careers.
Things to Consider:
It’s a marathon, not a sprint.
It's not surprising that planning to change your career is similar to planning for your first career. It's a process. From taking an inventory of your skills to networking (both on and offline), there are various moving parts to stay on top of. Make sure to tailor any resume, portfolio, or cover letter you plan to send out as best you can to this new career path in this new field. Also, if there are any special certifications or prerequisites you might need, develop a game plan for how you will secure those.
Age is a factor.
While we wish we didn't live in an ageist society, the unfortunate truth is that we do. However, age can be an asset—you just need to learn how to position yourself properly. While mid-career, it can be challenging to strike the right balance with your age. While you want to demonstrate a willingness to learn and grow, your extensive professional background also positions you as a valuable mentor. Try to balance both points during the application and interview process.
Money is too.
A positive aspect of getting older is the increased financial stability that often accompanies it. When you were in your twenties and just starting out, making a career change may have been less daunting because you weren't as experienced in your field, hadn't built your reputation, and your salary was likely lower too. Being at your mid-career point, the prospect of having a gap in your income or taking a pay cut is a real consideration. And while it shouldn't necessarily be why you decide not to switch careers, it is most certainly something you should plan for ahead of time.
Here are a few things you should do pre-career change to ensure that you are financially prepared:
- Review your budget. While there's no guarantee that you'll have to take a pay cut, it's very possible that you will. After all, you might have less experience in this industry than in your current field. Look at your current income versus your expenses and consider if you can continue living the same way. If not, you may have to sacrifice to tighten your budget. Again, a pay cut shouldn't necessarily deter you from taking a job that will make you happier overall; it's just something to be prepared for.
- Make sure that you have an emergency fund. We're not saying something will go terribly wrong, but if things don't work out according to plan, it's better to be safe than sorry. Your emergency fund should cover around six months of expenses.
- Consider your retirement plan. If you are in the middle of your career, retirement planning might be a more significant concern than if you were just starting out. When considering a new job, carefully examine the compensation package to see if it includes retirement benefits that will help you stay on track with your savings goals.
Plan Your Career Change with Moscaret Investment Advisory
At Moscaret Investment Advisory, our planning process has a single purpose: to manage your wealth so that you may live fully and confidently – in possibility. Let us be your sounding board if you're toying with the idea of a career change. We are devoted to seeing our clients thrive, both financially and personally. If you have questions, reach out to us today. We look forward to connecting!