But if we get a chance to take up our true calling, we should be aware of how to go about it and think through in terms of a financial perspective as well. The chance could come due to taking a break or working post retirement or a job loss or burn out in the current job. Here are some tips to help one sail through this situation –
Identify your interests and talent – You might be interested in something like playing the guitar but if you are not really good at it then it is better to keep it as a hobby and focus on something that you have the skills or the talent else it will be a struggle to earn money. You might get frustrated knowing that you are not the best. It will lead to financial insecurity and burnout. You can also try to think of the games that you played as a child or your favourite things to do as a child. It will give some direction to your ambitions.
Training – You have to plan in advance ideally when you are in your first career to get into the second career. You have to identify training courses/certifications if required and take them when you find time while on your first career. You should be committed to constant learning and complete attention to the demands of the new field when you are already in it. You have to ensure that you are qualified enough or have the relevant skills/talent so that the transition to the second career is smooth as far as capability goes.
Financial Security – Are you prepared to compromise on your lifestyle to some extent? Have you thought about your dependents, their needs and wants? You should be aware of your financial stance and financial implications of the move on you and your family.
You should start planning, researching and acting on this move when you have the financial security of your first career. If you are retired and thinking of a second career, it will add to the income planned. But if you are considering an alternate career, then check how many months you can live without the current steady flow of income/earnings. If you are starting a new business, then you have to factor the investments involved in that in your financial plan. Check out the availability of loans/venture capital that you can get in your new profession/business. You have to ensure that your loans etc. can be being paid off and if you should add to them, you should have a concrete plan to repay them. Basically you have to extend your financial plan to consider this move.
A second innings can provide you opportunity to add to your retirement kitty, stay productive and fulfil your dreams. It is imperative to plan for it so that it is productive and fulfilling.
It is a great idea to embark on a second career but one should be aware of various factors to consider like skills, financial constraints and opportunities before one leaps into it fully. #gettingyourich