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WSJ.com Forums :: View topic - Changing Careers Without Breaking the Bank

Posted: Wed Mar 12, 2008 6:40 pm Post subject: Changing Careers Without Breaking the Bank column, I talk about my sister Melissa's burning desire to change careers, and go back to school and become a teacher.

Standing in her way?

Paying the mortgage. Did you change careers?

If so, how did you do it?

Is there anything stopping you from pursuing your dream job?

Join me and your fellow readers changing careers. Best, Terri

Posted: Wed Mar 12, 2008 11:23 pm Post subject: Re: Changing Careers Without Breaking the Bank (1 rating) Terri - This column strikes a cord as I'm working on changing careers now.

After 10 years in high tech I enjoy a pretty good salary.

My wife has a freelance business that doesn't pay the bills yet, and with two kids and a mortgage to cover it's pretty hard to find something that fits the bill financially outside the software industry. Two years ago, I decided to address the problem by earning my MBA.

I went to night school in a professional MBA program, got student loans to cover the entire tuition amount, and took the lifelong learning credit.

After enrolling I received gifts from a retired aunt and uncle who have no kids to help cover about 75% of the tuition costs.

They reasoned that as my grandmother paid for their graduate educations, they would pass the gift forward to me. At the end of two years I completed my education, and then refinanced my house getting cash out to cover the remaining student loans.

Because I switched from a 15-year to a 30-year mortgage, I now pay about $500 less per month and was able to consolidate all of my outstanding debt into the house while still retaining about 40% equity. These changes have given me flexibility to look for a lower paying job in a different career, although with my experience and the MBA I may not have to take a pay cut.

I feel very fortunate to have the support of my family and financial flexibility to exercise all of these options, and I mention them to illustrate what's possible when the circumstances are right. Good luck to your sister!

Posted: Thu Mar 13, 2008 7:41 am Post subject: Re: Changing Careers Without Breaking the Bank I'm a community college president, and I can tell you that your sister is increasingly the prototypical community college student.

First of all, she will be able to speak with career counselors who deal with 'returning students' on a daily basis.

She can also get up-to-date information on licenusre requirements ( as well as licensure changes that are coming in the next few years).

The majority of community college students are part time, so the services and support are organized in a way to meet the needs of those students.

And most importantly, your sister will be made to feel welcome by the other students - they all live busy, stressed, and financially difficult lives.

They provide great emotional and academic support. I expect she'll se her options much clearer after visiting the local community college. Bill Law President Tallahassee Community College

Posted: Thu Mar 13, 2008 9:26 am Post subject: Making less money (1 rating) Without going into a long story, I in essence switched to a career that was related to my last position, but still different in some key ways.

I did this because I was laid off from my last job and the industry I am in is downsizing in my area and jobs are limited.

Surprisingly, there are many things about my current job that are quite fulfilling compared to my "old" career.

The problem is that I make 30% less than I did at my old job and it is the toughest part of my job.

I am able to make ends meet, but not able to live the lifestyle that I want to live and save for the future.

Emotionally I am constantly uncomfortable over this, like I don't have peace of mind.

And that's the key...peace of mind.

If you want to change careers and can't get it out of your mind, then it may be nagging at you forever unless you figure out a way to make it work.

There's many books with stories about people who have changed and they can give you inspiration.

If you try something and it doesn't work out, chances are that you can go back to what you were doing before.

Posted: Thu Mar 13, 2008 9:27 am Post subject: Re: Changing Careers Without Breaking the Bank (1 rating) Terri, Perhaps your sister can find a payroll-based job with a private school for kids in the age group she'd like to work with.

Since it sounds like she would pass all background checks, she might be able to volunteer an hour per day as an unofficial teaching assistant (getting exposure to this type of environment) and simply make this hour up every day in the morning or evening.

She could earn the money & benefits she needs and evening school opportunities would still be available. -Mark G. http://www.affairsorganizer.com/

Posted: Thu Mar 13, 2008 9:28 am Post subject: Re: Changing Careers Without Breaking the Bank (1 rating) Terri - Thank you for such a comprehensive column that will help many people who are considering how to return to school for more training. I faced the issue some 20 years ago.

I chose the path of 'distance learning' - As it was in pre-Internet times, it involved courses via videotape courses and proctored challenge exams (I imagine the logistics are much easier now with the Internet).

There was another component: credit for life experiences.

With her professional background, your sister should be able to pick up many credits by creating a portfolio of what she has learned on the job.

If an education degree is not essential to her future plans and a business degree would be acceptable, she could even earn most of the credits in her major via Assessment of Prior Learning. One of the leaders in 'distance learning' then as now is in New Jersey - Thomas Edison State College, which has a worldwide student body.

There, while still keeping my demanding job as a reporter, I was able to complete 90 credits in two years through exams and the evaluation of my own professional portfolio - and the costs were very reasonable.

After graduation, I went on to complete a Master's degree at Harvard - I never felt any discrimination in the admissions process because my BA was not a traditional one. Best wishes to your sister, and to all thinking about making such a journey!

Posted: Thu Mar 13, 2008 10:33 am Post subject: Re: Changing Careers Without Breaking the Bank Thanks to all for your great suggestions!

Readers here and in my email bag have suggested that volunteering might fulfill my sister's need to work with children.

Another great idea was suggested by a reader who urged my sister to look for HR-related work at a college or university, to keep the salary while benefiting from the tuition breaks employees get.

Fabulous suggestions, please keep them coming!

Posted: Thu Mar 13, 2008 10:57 am Post subject: Re: Changing Careers Without Breaking the Bank (1 rating) I would definitely try the volunteer thing or if she can get enough college credits to substitute teach for awhile before finally deciding to teach.

When I substituted it paid something like $100 to $120 per day s probably even more now.

I think teaching sounds like a great career - I even considered it until I substitute taught.

After sub-ing I never thought about it again;

It was not fun at all.

Posted: Thu Mar 13, 2008 11:01 am Post subject: Re: Changing Careers Without Breaking the Bank (1 rating) Both my sister and I have changed careers more than once - she moved from being an actuary to a marketer to new product development, and I moved from law to journalism to advertising, then to a client-side marketing job.

There are a few things we've both learned along the way: -Try to find part-time work in the field you're considering moving to before quitting outright.

For example, when my sister was miserable as an actuary she thought that being a retail buyer would be a dream job;

So she got a weekend and evening job at a prestigious department store.

Suffice to say she quickly changed her mind about being a buyer (although she did benefit from an employee discount during the holidays!).

Many daycare centers must have evening hours when they need staff, or there may be some time of weekend activity program for kids that needs help that your sister could apply to.

She doesn't need to get the most prestigious job, just something that will show her what the experience is like;

And on the plus side, she can bank the extra income for paying tuition one day. -My sister also benefited from an established employer that paid her way through business school.

Seeking out a new employer that offers similar programs - or as other readers pointed out, actually working at a university - should be a big help. -Networking is key: When I was a bored and unhappy lawyer interested in a writing career, I met with several journalists to get a better understanding of what the career was like;

My sister also did as well when looking to switch to product development.

I went on at least one job interview as a result of my informational interviews, and my sister landed a job that way.

These contacts may be able to tell your sister about other jobs that could suit her desire to work with children without requiring a degree, or let her know about volunteer or part-time jobs that could help her explore her interest before taking drastic steps. -if your sister does decide to make a change, freelance or part-time work in her current industry could really help support the transition.

For example, if your sister could find a small business that needs some payroll help a few times a year or a few hours a week, she could have another source of income for the lean periods when she starts on an entry level at a new job.

During the post 9/11 recession, I was able to take a lower-level creative position at an ad agency since I knew I could count on five figures of freelance writing income.

Working two jobs isn't easy, but it's worth it for a career and a home you enjoy.

And it's also added insurance in case you're ever laid off.

Posted: Thu Mar 13, 2008 11:48 am Post subject: Re: Changing Careers Without Breaking the Bank Follow your passions and talents, and the money will follow.

I've heard that and read that many times over (see First Break All the Rules;

Now Discover Your Strengths;

What Color is Your Parachute).

My wife and I have invested tens of thousands of dollars in our education in both direct costs and forgone income.

The payoff was slow at first, as it is with all long-lasting worthwhile endeavors, but the "flywheel" (see Good to Great) is really taking off. While we waited for the financial payoff to arrive, in the meantime we got to do what we loved: teach, conduct research, consult, and now coach.

I got bored in every job I had at GM.

Graduate school was tons of work, and very low pay for five years (we each spent five years in grad schools). I wouldn't trade my career as a business-school professor for any other one, with the possible exceptions of directing movies or being an astronaut (what I wanted to be when I was a kid). Life is too short "working for the Man." I love working for myself, and the students and clients I serve. Aneil Mishra

Posted: Thu Mar 13, 2008 11:54 am Post subject: Re: Changing Careers Without Breaking the Bank The suggestion that she look into business management/payroll jobs at a school was an excellent one.

The other place to look is at local school districts and even community colleges or colleges.

She could transfer her payroll/HR skills to higher education and get free tuition, plus maybe some flexibility to attend classes during the day, or at the very least after work and not have to commute from job to campus after a full day of work. If transferring her skills to an educational organization is still too much of a pay cut she can also set a timeline of say 2-5 years and focus on living on one income and banking hers or as much of hers as possible.

Then at the end of the time period she can quit and go to school or cut back. My last observation is totally unrelated to the first two, which is that money is not an unimportant consideration in selecting a career.

I sometimes get bored with my job and feel like I want to go into something that would allow me to work with students, but I have to balance my desire for "fun" work with my desire to live where I live, send my kids to the schools I'm sending them to, and travel and enjoy the other advantages my income affords me.

If I am honest with myself I admit I do not want to live on half of my income.

So teaching is on my "when I retire" list of things to explore.

Posted: Thu Mar 13, 2008 12:19 pm Post subject: Re: Changing Careers Without Breaking the Bank Balancing the financial demands of living the lifestyle you want against the desire to work at a job that may be lower-paying is tough.

Many readers have written in to say they followed their dreams and then eventually went back to their drudge jobs because they couldn't live on the lower salary.

Counseling my sister to try and live on less to see if they can deal with the change is a great idea. I knew what career I wanted to pursue from a relatively early age -- I've been writing newspaper stories (school, hometown papers, etc.) since I was in middle school.

I'm curious, though, to learn how many of you knew what you wanted to do with your life before leaving college, or even high school.

Did you follow a passion, or one of your parent's professions? Last edited by Fiscallyfit on Thu Mar 13, 2008 12:21 pm;

Edited 1 time in total

Posted: Thu Mar 13, 2008 12:19 pm Post subject: Changing Careers Without Breaking the Bank (2 ratings) As a certified Career Facilitator for a University of Wisconsin campus I teach a class on career & life planning.

We encounter hundreds of non-traditional aged students returning to school & many times their desire to do something they would really like to do in life conflicts with the reality of just meeting their current obligations in life: the mortage, kids, and the need for health insurance. One tool I use is a two page legal size planning chart where one can assess where they are in life and then plan the steps towards moving in a new direction.

I am willing to share it with others at no cost - you can e-mail me at chris.beloin@uwc.edu Chris Beloin, mba, mse, gcdf University of Wisconsin - Washington County http://washington.uwc.edu

Posted: Thu Mar 13, 2008 2:03 pm Post subject: Re: Changing Careers Without Breaking the Bank (1 rating) I changed careers in 1990 to return to graduate school.

I worked full time and attended graduate school 100 miles away for one semester to see how much I really wanted to make the change.

When that semester went well, I left the full-time job. I cashed out 50 days of accrued vacation and that pretty much paid for the balance of tuition.

However due to distances involved, I had to maintain an apartment at the school as well as paying the mortgage.

To do this, I worked three part-time jobs and my wife picked up a part-time job on weekends.

While it was rough, it allowed us to complete the schooling debt free.

And in the process, it really helped both of us improve our time management skills. My recommendation is to find a school that you can afford, especially if the targeted profession pays lower salaries.

After the interview, no one really cares if you went to a first tier school or the average university.

Also, find a school that will help you plot a course so that you can complete the coursework as quickly as possible.

In my quest, one university required me to spend 3+ years getting an undergraduate degree in accounting while another told me that I could finish a master's degree in only two years. I will say that we could never had done this if we hadn't always lived well below out means.

Posted: Thu Mar 13, 2008 4:43 pm Post subject: Re: Changing Careers Without Breaking the Bank Terri, What's Joe's position?

As you have very well documented in your weekly columns, once your married every decision is a family decison.

After years of crushing (just kidding) Gerry's dream of a corvette (my dream also) you finally said yes, but Gerry knew deep down that this was not right for the family at this stage in the game.

Your sister needs to check her marriage moral compass before she follow her dream.

As a disclaimer, I checked my career advancement (I still work) at the door for my wife's and I could not be happier.




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