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Old 02-08-2010, 06:36 PM   #21
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I have no idea if you can afford to retire change careers but if you can, do it. Life is about living on your terms. If you can, do.

BTW, welcome to the forums.
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Old 02-08-2010, 08:36 PM   #22
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I would make little to no money in the first year, but the theory is that I could get a good amount of upside while at the same time having peers and colleagues with a common goal, which would be good for my spirit. So option one is big job with big money. Option two is big job with minimal money at first and a lot of work to create something new. I still think the former sounds like the better option right now given my long-term goals. Let me know if you disagree.
I don't think we can either agree or disagree with what is best for you. Only you really know that. If your time frame is three years than maybe just sticking it out with a job you know pays really well and has benefits may be your best option.

If you want to move away in three years then your heart may not be in starting a building a business in your current location.
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Old 02-11-2010, 09:23 AM   #23
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Please post updates for us occasionally.

I am at a similar cross-road in my career; and, it is helpful/comforting/something to see how others are handling this phase. (I am assuming others feel the same or we would not spend so much time on this forum.) I will be posting my own details later once I get a bit of time to myself and overcome my natural lurker tendencies.

Good luck.
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Old 02-14-2010, 01:05 PM   #24
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Thanks again to all of you for the great comments. It's been a few weeks, and I still have no resolution on what I'm doing next, but I am trying not to rush it. I'm still exploring and talking to people.

The big agency gig is still a possibility, but the interview process is going pretty slowly. Other than that, I really haven't pursued any other jobs, which probably should tell me something.

I also went to four high schools (two public, two private) over the past few weeks to observe teachers in action (through friends) and I have to say it was pretty motivating. I didn't run away screaming, and in fact most of the kids seemed really great and many were very eager to learn, especially the Special Ed kids. Most of the teachers actually seemed happy to be there. I also am going to a New York City Teaching Fellows interview on Tuesday. Extremely competitive, but I figured I'll try it. (They put you in a NYC classroom quickly and pay for you to get your Master's over two years). I also spoke with a local university advisor who told me I could go full-time for a Masters in Ed and be done within 18 months, in time for the 2012 fall semester.

The really scary part about this is that I would essentially be giving up my PR/marketing career for a new career where I'm not guaranteed a job or that I will even like it. The classic leap of faith decision. But in addition to being drawn to the field, the lifestyle of teaching seems like a nice way to earn some money without too much craziness (even though I know it's a ton of work) and with plenty of time off and to even get a little pension going for some extra retirement security. It's also a portable career that I could take anywhere after my partner retires (every town needs teachers). Financially, I was thinking that after taxes I would end up making 3k to 4k a month teaching (in this area, anyway, where teachers are paid best) so I could supplement that with a 1.5% or 2% withdrawal on my portfolio, which wouldn't risk depleting it in any way, but would give me an income beyond the typical teacher salary.

Will keep you posted. Thanks for any further ideas.
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Old 02-18-2010, 10:47 PM   #25
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Saw this article in Kiplinger on how to switch careers (it includes a focus on teaching). Thought it might interest you.
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Old 04-09-2010, 02:35 PM   #26
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Well, it's been a while since my last post, so I figured I'll close the loop on my situation. It turns out I have accepted the 300k job. Actually, I was offered another job at same salary level too, which was nice, but it would have been a stuffier environment. So, the plan is i will stick to the new job for a couple years or until I burn out AGAIN. And when my partner retires, we'll sell the Westchester house, leave New York, and ride off into the sunset to start my new life as a teacher, or move to Latin America, or both. But here's what I'll be doing financially in the meantime: 1) I'm going to keep my 5k per month "paycheck" coming from my portfolio (my advisor says it's entirely covered by interest and dividends, so my base portfolio can keep growing with the market, hopefully. 2) This 5k, plus my partner's salary, will cover all of our expenses, plus now that I am working for Megacorp I will have an expense account. This will be a great way to test if 60k really is enough to meet our needs as one of you suggested. 3) My entire paycheck will be direct deposited into my portfolio - about 10-11k per month after taxes - and will be invested according to the conservative asset allocation my advisor has set up for me, which is 60% equities. 4) If I last three years working, that's another 350k added to the retirement portfolio, plus whatever gains. I'm feeling really good about this, and I also think going back to the work life will do me good emotionally for a little while until I'm really 100% ready for a life change.

Thanks for all your words of support.
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Old 04-09-2010, 09:41 PM   #27
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I'm glad to hear things worked out so well for you, Midlifeguy. It sounds like a great plan.
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