- Introduction
- What’s Good About Making a Career Change?
- What Makes It Difficult?
- How to Make the Change?
Introduction
You’ve been working for almost two decades at the age of 40. If you’re stuck with the same job since the beginning, you’ve accumulated a significant amount of experience. You might have even made some progress climbing up the ladder.
If you stay in the same field, there’s no telling how far you’ll get. Unfortunately, you don’t enjoy what you’re doing anymore. Or perhaps you’ve recognized you can’t go any further and, while you enjoy your job, you don’t want to get stuck in a rut.
You might be in constant turmoil about what you can do now. You might also be worried that it’s too late to bring in changes. It’s never too late, even if it sounds trite. How much ever effort you put in, it will be right to say that the change won’t be easy even if it was planned ahead. Changes are meant to be difficult.
It won’t be wrong to say that changing careers at 40 will be easy or that you will be able to accomplish it without putting in a lot of effort. Even if you plan ahead of time, change is difficult.
Going to work every day to do something you don’t enjoy or that isn’t fulfilling, on the other hand, is significantly more challenging. Weighing some of the benefits and drawbacks of changing careers at 40 can assist you in starting your decision-making process.
What’s Good About Making a Career Change?
When people reach the age of 40, they often perceive an improvement in self-assurance. Is there a better moment to change careers than when you feel ready to take on anything that comes your way?
If you expect to retire at 65, as many people do, you still have 25 years of labor ahead of you. Even if it takes a couple of years to prepare for changing careers at 40, you’ll still have more than two decades to have a fulfilling career if everything goes according to plan. And if you have to work until you’re 65 due to financial constraints, you’ll be grateful to be doing something you enjoy.
A career change will have an impact on your life, health, and relationships. Not only is being in the wrong career unpleasant but determining whether or not to change careers can be difficult. It will probably come as a huge relief once you figure out what you’re going to do.
What Makes It Difficult?
Forty-year-olds have a lot of obligations, which could make this transition more difficult than it would have been if they had changed occupations at 30. You are more likely to have children under the age of 40 for whom you are financially responsible. You may have recently acquired a home and are responsible for a mortgage payment. According to the National Association of Realtors, the median age of first-time homebuyers was 32 in 2016, according to the National Association of Realtors (“First-time Buyers, Single Women Gain Traction in NAR’s 2016 Buyer and Seller Survey.” National Association of Realtors. 2016).
Annual expenses for people aged 35 to 44 are higher than for people aged 25 to 34. Food costs $7,900, housing costs $20,600, and healthcare costs $3,200 (“3 Reasons You’ll Spend More at 40 Than at 30,” CNN Money, August 3, 2016).
A 40-year-old may have to delve into savings if they intend to take time off from work to prepare for a new job instead of a 30-year-old who may spend $6,200 on food, $17,900 on housing, and $2,200 on healthcare every year. Alternatively, one may be required to continue working in their current position while preparing for a new one.
How to Make the Change?
Are you changing for the right reason?
Are you looking for a new job because you’re bored with your current one? You can’t do it because you’re not good at it? Is it because you’re unsatisfied and wish to pursue other interests?
Make sure you’re not simply fleeing. One of the best reasons is if you’re doing it to advance your profession, use your abilities better, or get on a better emotional or financial track. This training may assist you in making an easier transition if you are a mother trying to restart your career.
Make sure you’re clear on why you’re doing what you’re doing. It’ll go a long way toward assisting you in navigating the ups and downs ahead.
Take your family into confidence.
You most likely have a family or other dependents by now. You can’t back out of your promise to them. Any changes you make in your career will have an impact on them as well. Take them under your wing right away.
Explain why you believe you must make these career changes, as well as the chances for growth they will provide. With them, go over your risk-mitigation strategies.
Make sure your finances are in order.
Changing careers means you’ll be the new kid on the block or the odd man out in your new work, at least for a while. They’re not likely to pay you as much as you were earning at your former work, where you were a senior.
That means your revenue will decrease, at least temporarily. So, before you jump in, make sure you spend the time and effort necessary to get your finances in order. Make arrangements to pay your mortgage.
At your current lifestyle, save up an emergency fund or even an expense fund comparable to six to twelve months of living expenses. You don’t want to be nagged about late bill payments while you’re learning the ropes of your new field.
Realistically evaluate your strengths.
You might not have the luxury of leisure to go about in random fields. Choose a new professional sector that best leverages your strengths to ensure you’re not starting from scratch.
Don’t simply enter a new field because it “looks fascinating” or because it’s the newest hot topic. You may not want to wind up in the trenches for years. Spend some time realistically assessing your abilities and qualities.
Which one is the most marketable? Determine which fields or types of occupations might be a good fit for your talents and abilities. Make the most of what you have.
Recce the new territory.
You must speak with as many people as possible who are already working in that profession. Inquire about their experiences. What does a typical day look like for them?
Would you truly want your life to be like that every day? What are the most crucial abilities you’ll need to thrive in your new field? Are they a good fit for your current skill set? What is the projected growth rate?
Does that describe where you want to go in a few years? You might not enjoy being stuck in the same rut five years from now. So, before you move, do your homework well.
Compliment your skillset.
You should have made up your mind about whatever field or career you wish to pursue by now. Is your existing skillset adequate for the job? If that’s the case, my buddy, you’re on the right track.
If not, you might want to take a step back and enroll in some relevant courses. This will assist you in gaining experience in the new field. If you’re considering a career in engineering, have a look at this list of engineering jobs.
Plan out your transition.
It is in your best interests to make the transition as smooth as possible for all parties involved. You should have gained the trust of your family by now. If you haven’t already, now is a terrific time to start.
Depending on the type of policy in place at your current company, give your manager a heads-up a few days before the deadline you’re required to meet. Once you’ve put everything in order and submitted an official letter of resignation, offer to help your boss with the transition by finishing your existing tasks.
Be professional and offer to assist in the search for or ramp-up of your replacement. It’s always preferable to leave on a positive note rather than to burn bridges. It’s a small world, after all.
Gather Job Information.
Learn about work obligations, the economic prospects for your selected position, and typical salaries, in addition to learning about educational requirements. On the U.S. Bureau of Labor Statistics (BLS.gov) website, you may discover a lot of this and other related information.
After you’ve gathered all of your information, examine it to see which jobs are the best fit for you. Compare job responsibilities to see which ones you enjoy and which ones you don’t. Remove any occupations from your list that you can’t see yourself doing—remember, you don’t have to like every one of them, but you must be willing to do them.
Check to see if the job’s income will cover your costs, allow you to save money, and allow you to do activities you enjoy, such as travel. You should also evaluate the job outlook because if your work prospects are limited, another profession may be a better fit.
Embrace career change at 40
After you’ve run both tracks for a bit, you’ll come to the last stage, which MUST be completed: Embrace the new and abandon your old method of working.
If you want to be somewhere else than where you are in a year, take one thing from this article and start working towards changing careers at 40. Check out the various online courses offered by Great Learning and power ahead your career now!
