Career/Life change at 42

abitlost

I've worked in retail since young, then owned my own business which didn't work out after a decade or so and now in a sales role. I lost my shirt in the business as a sole trader, still paying it back and currently in a low place where I feel I can't see the wood for the trees, and generally working myself up into panic.



I feel like I'm a decade or more behind everyone my age with no kids (yet) no savings, no pension, no house of my own (I live with my partner in a 2 bed apt with a nuisance neighbour which is making the situation worse) and I'd like to get life back on track, and am open to a new career, or taking a college course.

I took home approx 45k last year so my current job is ok, but not much room for salary growth, and most of it is going to paying revenue and other outstanding loans. I need to be earling more in order to get rid of my current debts and in order to start making a life.



I'm utterly petrified about where I'll be in 10 or 15 years, nevermind 20 or 25 years.



I've booked in to speak with a financial advisor, but who can I talk to about what career options are in front of me, or what I might be good at.
I see jobs and careers with nice large salaries, but what courses set me in that direction, and at my age have I enough runway to land?!


Thanks for reading

That's a fine salary to be taking home at 45k. What is it about your current role you are unhappy with?

Starting again will see you drop what you take home.

BrianD3

Yes, 45k net is a good salary, some would say very good. That is nearly 70k gross which would be top 10-15%. if you change to an entirely different career you could be years getting back to that level. At age 42 you don't have a massive amount of time and are also likely to run into age discrimination in certain sectors.

Given the good salary, lack of savings and age I would be looking to build on what you are already doing. For instance, for someone working in sales, would an accountancy qualification assist them with moving up.

Someone who has owned their own business (even if it failed) and got back on their feet and is now earning that salary probably won't learn much from asking strangers on the internet for career advice.

Be very wary of reports of "huge money" in the likes of software development. Yes there is great money to be made for SOME people if they are very good.

There are some careers where I think you could get to your current salary relatively quickly but there is always a price to be paid. Barriers to entry etc. For example, pharmacists seem to start on good money but it is 5 years to qualify and if you are paying full fees (i don't know if you would have to) that would be over 10k per year.

boardlady

Is there any way you could get out from under Revenue? Maybe getting a good financial planner or accountant on board (or even a solicitor who works in this area) would be a step towards making a deal with Revenue. It sounds like you have a particularly onerous set up there ..

abitlost

Thanks for the taking the time to comment folks.
I realise the current wage is decent, but I feel that the company isn't going to be around as long as I am.
The other staff members, who are there a lot longer than I, have a hard time getting on with each other which isn't inspiring confidence. I'm generally positive myself and I get on well enough with everyone, but all this in the background isn't great for my already bruised mental health.

Asking the internet for advice is just where I am at the moment. My self esteem isn't great so I'd like to have something behind me. I do see there are guidance councillors for adults out there, I might give one of them a shot if anyone had any good experiences with one in particular?

I'm not particularly great with numbers unless I've a spreadsheet or calculator to hand, so the accountancy road scares me also.
I'd like to get revenue out of my life, so I'm going to press on with their payments. I have other loans also which are helping me clear my debts which will take time.

Diziet

I suggest you talk to a career coach on optimising your career and future direction. Sort out a good LinkedIn profile, get networking and be ready to move jobs.
If you have no savings and debts, I would focus very strongly on living below your means and clearing your debts. This is the key priority and will make you feel a lot richer!

niallers1

You have plenty of time to turn this around and you don't necessarily have to change job.
You take home decent money , Is it correct to say your partner also works?

if you want to get out of the debt and get some good financial direction then your only man is Dave Ramsey. if you listen to a few of his shows on youtube or podcast you will get excellent advice. If you 100% follow his "baby steps" then it will be almost impossible for you not to come out financially secure in the future. But you need to commit 100% to the baby steps. It will cost you nothing but will change your life. His show is Americanized and a bit preachy but who cares , His advice works if you follow it. I can attest to that.

You could also go to https://www.askaboutmoney.com/forums/money-makeover.62/ and put all your income and expenditure details in. You will get good advice.

Very little information to go on here so it's hard to give good advice but with your take home pay you should be ahead more than you are. I'd say with very little guidance you could turn this around and flourish.

If it's a spending issue then you will need change your behaviour. i.e stop spending , get rid of credit card, no more loans. Having consumer debt will almost guarantee you will be living pay day to pay day for the rest of your life.

Dean3y

Don't work yourself into a panic. You've many years ahead before retiring. Time for a whole new career or two.
You have very valuable experience.
Don't compare yourself to others, who APPEAR to everything in order in their 40s. You have a happy relationship, plenty of time and you have some great advice here. Make a plan and take it day by day.

Rikand

45k at 42 is a good salary. But working in a toxic work environment is horrible. I'd stay going as you are and on the quiet at home start looking for work elsewhere in a similar field but at a more senior level. Fire out CVs but dont be too committed to their outcome. You've worked for yourself, so you already have demonstrable experience of having a drive to succeed which would be a big positive for you in almost any environment.

shootermacg

If you were to go back to uni, you'd be nearing 50 when finished. Not realistic really. Sure you might earn more money, but you'll have less time to accumulate it plus the financial hit of paying your fees etc.

abitlost

Thanks again for all your advice again, once upon a time I let a credit card get away from me and then I was forever chasing the debt. It went and so did my credit rating at the time, no credit cards for me anymore after that.
Have a linked in that my boss is friended in also, but must start posting.
I'll give Dave Ramsay a listen, thanks for that also. Due to personal issues my partner works part time and we pool everything to try and get ourselves on the level as one.
I'll give AAM a shot, thanks for lending some positivity, it's been a pretty emotional week.