Things to Consider Before You Make a Career Change at 40

You don’t necessarily get to work one day and say “That’s it, I’ve had it” and quit your job on the spot. No. That would just be silly. Instead, most women who make a career change at 40 or later have usually been mulling it over for quite some time.

Has the thought of changing careers ever crossed your mind? Perhaps you’ve lost the passion for your current work and are dreaming of pursuing something that can excite you once again. You may sit in your office or cubicle each day contemplating questions like “Why am I doing this?” or “What purpose am I fulfilling?” If you said yes then you’re in the majority.  Over 60% of Americans in the Job Happiness Survey conducted by PARADE and Yahoo! Finance said they’d love to hit the reset button on their career path.

But you may be wondering how to make a career change in your 40s without destroying everything you’ve already worked so hard for.

Common Reasons to Make a Career Change at 40

Anyone who has ever thought of switching careers has a unique set of reasons and circumstances. There are plenty of reasons why you may be thinking of changing careers. You may want to change your career path to:

• Increase your income
• Get better working conditions
• Deal with burnout
• Shorten your commute
• Do something meaningful or rewarding
• Escape a toxic work situation
• Have more personal satisfaction
• Have better work/life balance
• and many other reasons

Why We Stay in Jobs We No Longer Love

But there are also many reasons why – despite thinking about changing careers – you may also be hesitant to actually make the switch. These might include:

• Thinking you’re too old
• Already having a satisfactory income
• Fear of losing your current employee benefits
• Being “comfortable”
• Not wanting to relocate
• Leaving your co-workers behind
• and more

All of these reasons for staying in a job that no longer fulfills you are very valid and real. Fear of the unknown or being comfortable with what you already have can keep you locked in a job that you may dread going to every single day.  So even though you may be dreaming about the grass being greener on the other side, there’s probably a part of you that is reluctant to actually hop over the fence.

When you look at the big picture, you’ll realize the need to weigh your options carefully if you’re thinking of making a career change. After all, changing careers may lead to a dip in salary until you have some experience behind you. You may even have to tap into savings or take out loans if you’ll need to further your education to make the career change possible.  All of this sounds very costly, doesn’t it?

But there are ways to mitigate a career change without a severe blow to your finances. Being prepared and putting together a good career transition plan are the keys to changing careers while keeping your financial situation intact.

How to Prepare for a Career Change at 40

While you may be eager to get out of your current profession, be sure to prepare. Here are a few tips to help set you up for a seamless transition.

1. Do your homework.

Spend some time researching trends in the new industry you’re considering. Use resources like the Bureau of Labor Statistics’ Occupational Outlook Handbook to do some digging on your future profession. Become an expert in your new career before you make the switch. Learn things like what skills and/or training are required, the job trend, and salary potential.  

2. Create a budget.

Financial planning is not only for CPA’s. If you are considering a career switch you’ll want to do a careful assessment of your budget to ensure that you have the financial means to make the transition.  So get your finances in order by creating a family budget. Take a look at your spending and locate areas where you can cut back or eliminate expenses or impulse purchases.  Know that there is a very big difference between things we want to buy and the things we need to buy. This will be essential if you want to get to your eventual goal of transitioning out of your career while maintaining financial security. Work to create an emergency fund for unexpected expenses. 

3. Use your current benefits.

Even though you’re thinking of hightailing it out of your current job, don’t overlook the opportunities that may be available through your current employer. Be sure to take advantage of any in-service or company sponsored training events. Continue to grow your skills until the time comes that you can make the switch with confidence. If your current employer offers educational reimbursement, take a look at the terms. Can you take courses that are either related or unrelated to your current position? Many employers will fund certificate programs of study or continuing education credits too. So be sure to know what your company offers and use any benefits that could help you to take your career further or make a transition into the position of your dreams.

4. Prepay upcoming expenses.

If you are a homeowner who has already paid off your mortgage, you are among the fortunate few. Not having a monthly mortgage payment to deal with is a definite plus when it comes to positioning yourself for a career change. Most people who are trying to make a career change, however, still have the responsibility of making a monthly mortgage payment or paying rent every month. Look for ways to reduce your housing costs in anticipation of your upcoming career change. 

5. Network your way to a new career.

Networking is something that should be done consistently throughout your career, but it becomes especially important if and when you’re thinking of changing careers. We’ve all heard the saying, “It’s not what you know, it’s who you know.”  And this phrase is certainly true in helping you to get in the loop of your future profession (and potentially shorten how long you are job-hunting). You have many options when it comes to networking. You can search online for business sites like Linked In. Other ways to connect might be in-person (yes, people still do meet in person) events at your local Chamber of Commerce or other business organizations. You can learn so much by participating in conversations online or offline to help give you insight into your new career path. 

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