How to change careers with finance problems?

In summary: Thanks for the reply. I kind of figured but thought it could hurt to ask. Yes we are working on the rest of the debt, funds, and our credit, but at 40 were focusing on trying to have some sort of retirement since my wife is 56 and her legs are getting bad. Just wondered.
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Gadgett
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I have to admit i am inspired by the number of people posting about changing careers but my question is how does one change careers when the first one has destroyed them financially?

In short I would like to pursue something like this but the idea is impossible. My credit is destroyed, I took the loan repayment instead of the GI bill and am working just enough to keep our heads above water.

So if anyone might have a suggestion, I would be greatly grateful.
 
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That's a good question, and often one that there are not a lot of good answers to. If you're in debt, you're in debt. A lot can depend on the details, but in most cases you're expected to pay it back and the people/program you owe the money too are often not all that forgiving if you haven't found your true calling and want to explore other options.

That said, there are always options. One idea might be to start small. Take a night school class or two to see if the new field is something you're really into before diving head first into another potential mistake. Another option it to introduce intermediate step. It there some way that over the next year or two you could put yourself in a better position financially? Concentrate on paying down your loan and maybe building up a financial cushion. Then begin the re-tooling process.
 
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Choppy said:
It there some way that over the next year or two you could put yourself in a better position financially? Concentrate on paying down your loan and maybe building up a financial cushion. Then begin the re-tooling process.

Thanks for the reply. I kind of figured but thought it could hurt to ask. Yes we are working on the rest of the debt, funds, and our credit, but at 40 were focusing on trying to have some sort of retirement since my wife is 56 and her legs are getting bad. Just wondered.
 

FAQ: How to change careers with finance problems?

1. How can I change careers if I have financial problems?

Changing careers can be a daunting task, especially if you are facing financial difficulties. However, it is not impossible. The key is to create a detailed plan and be willing to make sacrifices. Consider taking on a part-time job or freelancing to supplement your income while you make the transition to a new career.

2. What steps should I take to change careers with financial problems?

The first step is to assess your current financial situation and determine how much money you need to make in your new career. Then, research the job market to find in-demand industries and roles that align with your skills and interests. Network with professionals in your desired field and consider getting additional education or training to make yourself more marketable.

3. Is it possible to change careers without taking a pay cut?

It may be possible to change careers without taking a significant pay cut, but it will likely require some planning and effort. Look for transferable skills and experience that you can highlight in your resume and during interviews. Negotiate your salary with potential employers and be open to starting at a lower level and working your way up.

4. How can I financially prepare for a career change?

Before making a career change, it's important to have a financial plan in place. Start by saving up an emergency fund that can cover your expenses for a few months. Consider cutting back on unnecessary expenses and paying off any high-interest debt. It may also be helpful to consult with a financial advisor.

5. Are there any resources available to help me change careers with finance problems?

Yes, there are many resources available to help you with a career change, even if you are facing financial difficulties. Look for career counseling services, job training programs, and networking events in your community. Additionally, there are numerous online resources and support groups that can provide guidance and advice for changing careers with financial problems.

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