career change
Cruiser
Joined: Dec 2008
Posts: 109
Likes: 0
From: British Columbia, Canada.
I am 46 and worked for a lumber company as a millwright for 27 years. I switched last Feb to be a maintenance manager for a Pellet plant. They met all my demands so now I get more money,more time off, and more satisfaction. I since bought a Harley as well.
Road Master
Joined: Aug 2008
Posts: 765
Likes: 13
From: Bremen, GA
Mark, I'm in the same boat you are. I'm 59 in IT, Database programmer and SQL DBA. Like you I'm tried of doing the same thing and dealing with people who don't understand computers, databases and don't care.
I retired from the Navy in the late 80's so I have already changed carrers once but I thought about it doing it again but then I realized, like others have mentioned, that I'm really to close to retirement to think about changing carrers. So I decided to just stick it out for another few years and then when I'm eligble to retire make my decision then.
Then when you can retire the kids should be out on their own so expense should be down and if you and your wife work to cut other expense then retire and go into something else that you may enjoy but you won't have to worry about the money. My father-in-law did that, he retired from the teamsters so he had his retirement + SS so he started working part time for my Brother-in-law and has enjoyed ever since.
Hope things work out for you.
I retired from the Navy in the late 80's so I have already changed carrers once but I thought about it doing it again but then I realized, like others have mentioned, that I'm really to close to retirement to think about changing carrers. So I decided to just stick it out for another few years and then when I'm eligble to retire make my decision then.
Then when you can retire the kids should be out on their own so expense should be down and if you and your wife work to cut other expense then retire and go into something else that you may enjoy but you won't have to worry about the money. My father-in-law did that, he retired from the teamsters so he had his retirement + SS so he started working part time for my Brother-in-law and has enjoyed ever since.
Hope things work out for you.
Elite HDF Member
Joined: Sep 2006
Posts: 3,718
Likes: 11
From: Punta Gorda,FL
There is a lot of downfalls to having your own business. Where you work now, when the day is over you can go home and enjoy what ever hobbies you have. When you work for yourself it is a 24/7 job.
I think you would be very foolish to leave a well paying job, at your age, in todays economy.
Tom
I think you would be very foolish to leave a well paying job, at your age, in todays economy.
Tom
Intermediate
Joined: Jan 2008
Posts: 37
Likes: 0
own shop
Started a machine shop at 54 part time working in the garage. making parts for the company I work for. At home they pay machine shop wages. They give me a part on the way out, they have it the next day. Also take in outside work. Alan
Road Captain
Joined: Jul 2008
Posts: 532
Likes: 15
From: Shelton, WA
I changed careers at 45 (52 now) and have never looked back. I spent 21 years at an electronics manufacturer. Started out as a technician, then went into management after 6 years. At the ripe young age of 45 I was hired as a professional firefighter. Now, 7 years later, I absolutely love going to work everyday. Granted I only work 8 or 9 days a month 
. My schedule also affords me lots of riding time. I rolled my 401K from the other job and plan on going in this one until I am at least 60 (health permitting). My advice is follow your heart....if you can. My jump wasn't particularly risky. I have very little chance of getting laid off and the pay is very decent. Good luck in whatever you choose, but whatever you choose, don't do it half-a$$ed.
. My schedule also affords me lots of riding time. I rolled my 401K from the other job and plan on going in this one until I am at least 60 (health permitting). My advice is follow your heart....if you can. My jump wasn't particularly risky. I have very little chance of getting laid off and the pay is very decent. Good luck in whatever you choose, but whatever you choose, don't do it half-a$$ed.
Outstanding HDF Member
Joined: Oct 2007
Posts: 3,227
Likes: 5
90% of all new businesses that fail in the first twelve months fail due to under-capitalization. The only advice I can give is do it only if you have enough cash stashed away to survive without one cent coming in from the new business for the entire first year. Can you pay for your life as it is now for twelve months with no income? Can you also pay for any and all start-up costs and fixed expenses (business rent, taxes, etc.) for twelve months with no income? Keep in mind that you will probably want to acquire some kind of medical insurance during that time if the current job you're leaving pays for all that. If you cover all of the above, work hard and your business fills a niche, you'll make it. Those who think the money starts pouring in the day they hang their open sign are the ones that fail in the first year and if I'm not mistaken, that's about 60% of all new businesses. Having owned my own business for fifteen years, I can tell you that every single business that failed where I personally knew the owner failed because they were living paycheck-to-paycheck when they decided to change careers and go into business for themselves. Many of them used their home equity to do so and are so far up the creek without a paddle now that god himself couldn't save them. There's an old saying about going into business for yourself: No one plans to fail, they just fail to plan. Hope this helps. P.S. Giving up a tenured teaching position to open my own business was the best thing I ever did, but I worked for three years on it before jumping in.
+1 - what Cody said..It took a little over two years before I had a positive cash flow. I wasn't married and had saved a little money. What little money made was put back into growing the business.
And I've been at it 22 years....
At what age are you eligible for your pension? Or do you have one? Borrowing from your 401K should not enter your mind. Taxes and penalties will eat you alive.
Banned
Joined: Sep 2008
Posts: 1,578
Likes: 1
From: AZ
After 17 years of being an A.S.E. Master Certied Automotive Technician I wanted a change. So in 2006 I went to school to be a Real Estate Appraiser, graduated w/4.0 gpa. Coudn't find a mentor for my state mandated 1800 training hours in not less than 18 months because the market was dead here in az (and still is!). When I was in school for the appraisal course I also took the Real Estate Sales and Loan Officer classes as well (took the sales course to get a better understanding of the whole real estate process). Since the market was dead I took a job as an L.O. did that for 6 months, watched 55 lenders and banks close their doors, lost over 30 loans which would have been close to 100k in commision, closed 6 deals and went home, dusted off the toolbox and went back to working on cars as the market was at the all time low.
Now that the market is picking back up here in AZ (refi's and keep your house programs) I have 2 offers to go with either Wells Fargo or Counbtrywide mortage. I also contacted the leading Appraisal Co. here in az and my old teacher now owns it and said he might be able to squeeze me in to start getting my training hours done so I can get State Certified for Commercial/Residential Appraisal (which was what I wanted to start my owm business doing). In the meantime i'll probaby go with the Wells Fargo L.O. position and do my training hours for the Appraisal stuff at nights/weekends as it's starts with Data Entry, traveling to measure houses and paperwork.
Eventually.. i have my own Co.
.... I just hate working on cars now 20 years later, my Harley.. fine, cars NO!
Good luck with what ever you choose cause my transition has sucked *** lol
Now that the market is picking back up here in AZ (refi's and keep your house programs) I have 2 offers to go with either Wells Fargo or Counbtrywide mortage. I also contacted the leading Appraisal Co. here in az and my old teacher now owns it and said he might be able to squeeze me in to start getting my training hours done so I can get State Certified for Commercial/Residential Appraisal (which was what I wanted to start my owm business doing). In the meantime i'll probaby go with the Wells Fargo L.O. position and do my training hours for the Appraisal stuff at nights/weekends as it's starts with Data Entry, traveling to measure houses and paperwork.
Eventually.. i have my own Co.
.... I just hate working on cars now 20 years later, my Harley.. fine, cars NO!
Good luck with what ever you choose cause my transition has sucked *** lol
Tourer
Joined: Jan 2007
Posts: 374
Likes: 0
From: The Sunshine Coast of BC
Good Luck with whatever you decide upon. I'm almost 47 and just received word that due to restructuring I no longer have a job come end-month. I've been a professional in the forest industry for 15 years now, and I'm still not sure what to do when I grow up. Oh well, this is just the nudge I needed to move on to better things.
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Road Master
Joined: Apr 2008
Posts: 1,230
Likes: 1
From: Oak Park, IL
I can really relate so I will share my own story. I grew up with a father who was a IBEW master electrician as well as a general jack off all trades. He taught me a lot of his skills and we always talked about going into business restoring houses. Unfortunatly he died suddenly a couple of months before his 60th birthday.
I started out as a maintenance electrician in a factory and later when the numeric controlled machines came out, went to schools for computers. I then decided to follow computers and 20 years later ended up as upper IT management.
Eight years ago I had a windfall profit on some investments and decided I had enough of big business and started the home building business. I was profitable after three years and building my own designs. Then three years ago, just as I was finishing a 1.5 million dollar home the market crashed. It took me over 18 months to finally sell the home and I basicly paid someone to take it. In the end I spent all of my retirement saving, as well as tapped about $50k worth of my home equity to get out of the business.
All that said, we are still better off then most, I have gone back into IT at the same pay rate I was at when I left, and we have no debt other then our house. For what it is worth, each day I wish I was still building houses, but at least I had the 6 years where I was my own boss, and I got to spend an unbelievable amount of time with my youngest daughter!
Whatever you decide, good luck to you!
I started out as a maintenance electrician in a factory and later when the numeric controlled machines came out, went to schools for computers. I then decided to follow computers and 20 years later ended up as upper IT management.
Eight years ago I had a windfall profit on some investments and decided I had enough of big business and started the home building business. I was profitable after three years and building my own designs. Then three years ago, just as I was finishing a 1.5 million dollar home the market crashed. It took me over 18 months to finally sell the home and I basicly paid someone to take it. In the end I spent all of my retirement saving, as well as tapped about $50k worth of my home equity to get out of the business.
All that said, we are still better off then most, I have gone back into IT at the same pay rate I was at when I left, and we have no debt other then our house. For what it is worth, each day I wish I was still building houses, but at least I had the 6 years where I was my own boss, and I got to spend an unbelievable amount of time with my youngest daughter!
Whatever you decide, good luck to you!
