Preparing for Your Midlife Career Change

Finding Second Careers After Unemployment

The unemployment rate continues to be in the double digits and looks to stay that way for some time. That unemployment rate is even higher when you look at those age 50 years and older. Those in that age range are many times looking to start a second or even a third career change. Experts have said that the average period of unemployment is over 34 weeks for those middle aged. At this time and in this economy, the chances that a middle age professional finding a want ad that states they are looking for someone “at least 50 years old” is not likely to happen. Midlife professionals are realizing that they now need to start considering taking their skill sets and learning new careers.

How Money Impacts Midlife Career Changes

A second career during your midlife usually means a greater financial risk. Severance money, family savings, credit cards, and even retirement savings often fund midlife careers. Making use of those financial reserves to start a new midlife career can cause a family great concern, even more so when you are so very close to retirement. Many midlife career adults have learned to tap into the value of their homes to finance their changes. Beware that in a real estate slump, that option is not a very viable one.

Finding Your Passion in a Midlife Career Change

When exploring your midlife career change you should be looking for something that will turn your passion into a profit making business. It that is not possible, then hopefully it becomes a supplemental income to your retirement investments. In a midlife career change, you need to find what you love to do and then investigate how that can become a business. Talk with people who have a similar interest and discuss with them how viable that passion can be as a business.

Exploring Other Midlife Career Changes

Another way to find what your passion about and how you can make it into a business is to solicit ideas from those who might be possible customers. You could start a free blog and talk to others about your second career. You may want to participate in conventions and conferences that are in the field of your passion as well. Adults going back to school start many midlife career changes. Look into getting a certificate in the field you are interested in and build credibility with possible customers. Also, look into reconnecting with your old alma mater or the local college for mentoring opportunities. This could lead to free marketing, financial and management advice for your second career.

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