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A New Career After 50: Are You Starting Over or Finally Getting Started? · Rock My Finances

• 0:00
  Speaker 1: Welcome to the Rock My Finances show on K4HD Radio
• 0:03
  Speaker 1: and Talk4TV, where we put the fun in finance. Join
• 0:08
  Speaker 1: powerhouse Jennifer Jost, CDFA, CMC, and private wealth advisor, as
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  Speaker 1: she collaborates with you to create clarity, control, and confidence
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  Speaker 1: with your money, your way. It's not about the zeros.
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  Speaker 1: So what is it all about? Let's find out. Now,
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  Speaker 1: here's your host and weekly friend, Jennifer Jost.
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  Speaker 2: Hey y'all, welcome back to Rock My Finances. Okay, today
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  Speaker 2: we're gonna talk about a whole new career starting over, right?
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  Speaker 2: A new career after, are you starting over or just
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  Speaker 2: finally getting started? Have you ever looked at your career
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  Speaker 2: and wondered, is this really what I wanna do for
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  Speaker 2: the rest of my working life? Maybe you've spent 20
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  Speaker 2: or 30 years in the same industry and maybe you've
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  Speaker 2: worked really hard, you've built great relationships and you've developed
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  Speaker 2: some really good expertise. And you've gone through all of
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  Speaker 2: the motions of changing, right? Because it always is changing.
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  Speaker 2: And maybe you've created a really comfortable routine. You know
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  Speaker 2: your job. You know what's expected of you. You do
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  Speaker 2: it really well. And you know exactly what your money
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  Speaker 2: is going to look like. But somewhere along the way,
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  Speaker 2: something changed. Maybe you're no longer excited about it. You know,
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  Speaker 2: just maybe the company's.
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  Speaker 3: Changed a lot or your employees have changed a lot
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  Speaker 3: of the people around you. Maybe you've just reached the
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  Speaker 3: point where you're earning good money, but the work itself
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  Speaker 3: is just boring, just not fun anymore.
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  Speaker 2: Or maybe you're simply wondering if there's anything else that
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  Speaker 2: you'd rather be doing. And then comes a little voice.
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  Speaker 2: I'm too old to change careers. Nobody wants to hire
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  Speaker 2: somebody at my age. I can't afford to start over.
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  Speaker 2: What if I lose everything I've worked for, right? I
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  Speaker 2: want to challenge this thinking because changing careers after 50
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  Speaker 2: doesn't necessarily mean starting over. It can mean taking a
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  Speaker 2: different approach to things, right? It can be meaning take
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  Speaker 2: everything that you've already learned and applying it in just
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  Speaker 2: a different direction. You're not starting from zero. You are
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  Speaker 2: starting with decades of experience. So when did the comfort
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  Speaker 2: become the goal? And is it still the goal?
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  Speaker 3: Let's talk about something that I think happens to a
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  Speaker 3: lot of many successful women. We just become, and men too, right?
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  Speaker 2: We just become comfortable. We know our jobs, our people,
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  Speaker 2: all that. but I want you to consider the difference
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  Speaker 2: between comfortable and being fulfilled. Comfort can be wonderful. Financial
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  Speaker 2: stability matters. Predictability often reduces stress and there's nothing wrong
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  Speaker 2: with that. And if that's what you want, that's great.
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  Speaker 2: You might have a side hustle that you want to
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  Speaker 2: spend more time at, or you might have family or
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  Speaker 2: other responsibilities that fulfill you instead of just the working,
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  Speaker 2: which is totally fine. But if for some reason you've
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  Speaker 2: stopped growing in all areas of your world, and you
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  Speaker 2: would maybe like to learn something new.
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  Speaker 3: Let's take, let's look at this.
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  Speaker 2: Maybe you've actually even stopped learning anything new in years
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  Speaker 2: in your current job, or maybe even asked for promotions
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  Speaker 2: because you just did not want any additional responsibility. Or
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  Speaker 2: maybe you're completely underpaid, but the thought of interviewing and
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  Speaker 2: trying to prove yourself just makes you completely uncomfortable. Or
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  Speaker 2: maybe you've convinced yourself that you should simply be grateful
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  Speaker 2: to even just have a job. And here's where I
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  Speaker 2: want to challenge y'all. When did gratitude become the reason
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  Speaker 2: to stop wanting more? Just because we're happy and joyful
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  Speaker 2: and grateful for what we have does not mean that
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  Speaker 2: we can't have more, right? You can appreciate the opportunities
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  Speaker 2: that you've had and still want something different. You can
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  Speaker 2: be grateful for your salary and the people and everything
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  Speaker 2: that you've learned and still want more. You can respect
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  Speaker 2: your employer and still recognize that the organization just no
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  Speaker 2: longer fits your goals. Those ideas can exist together. The
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  Speaker 2: fear of being too old jumps in there too often.
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  Speaker 2: Let's address it. Age discrimination exists.
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  Speaker 3: It's real.
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  Speaker 2: It would be unrealistic to pretend otherwise. Some employers make
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  Speaker 2: assumptions about older workers, their technology skills, their adaptability, or
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  Speaker 2: the willingness to learn. But I don't want you to
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  Speaker 2: make these assumptions about yourself before anybody else has the
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  Speaker 2: opportunity to do that. I've heard women say, nobody's going
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  Speaker 2: to hire a 58-year-old woman. And my response is, how
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  Speaker 2: do you know that? I literally have a client in
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  Speaker 2: her early 60s that changed positions, got paid so much more,
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  Speaker 2: loved their boss, and decided to keep working. So that's
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  Speaker 2: just not true. Have you researched the opportunities out there?
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  Speaker 2: Have you spoken to recruiters? Have you even looked at
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  Speaker 2: other industries or maybe even your industry to see what
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  Speaker 2: is more of what is expertise is valuable. You might
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  Speaker 2: have that expertise. Or have you already just rejected yourself?
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  Speaker 2: Because there is an enormous difference between recognizing that a
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  Speaker 2: job search may present challenges and deciding that success is
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  Speaker 2: just impossible. And I've also seen women so bored at
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  Speaker 2: work and so not liking their job, they take it
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  Speaker 2: out of their spouse, which is not fair to the marriage.
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  Speaker 2: So I want you to think about what you bring
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  Speaker 2: to the table. You have experience handling difficult situations. You've
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  Speaker 2: worked with different personalities. You've navigated changes in leadership, technology,
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  Speaker 2: business environment. You've even developed a judgment that comes from
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  Speaker 2: making decisions and seeing the results. You've actually been there
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  Speaker 2: to see the results. So you have all of that knowledge.
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  Speaker 2: Those are very valuable skills. And sometimes the very things
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  Speaker 2: that make you feel older are the things that are
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  Speaker 2: actually going to make you more qualified. So the identity trap,
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  Speaker 2: one of the most difficult parts of changing careers isn't
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  Speaker 2: actually finding their new job. It's letting go of the
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  Speaker 2: identity attached to the old job. Maybe you've been an
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  Speaker 2: executive for 25 years. Maybe you've worked in health care, education, finance,
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  Speaker 2: corporate management, something like that. Your professional title has become
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  Speaker 2: part of how.
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  Speaker 3: You introduce yourself.
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  Speaker 2: And when somebody asks you what you do, you know
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  Speaker 2: exactly how to answer that. But what happens when you
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  Speaker 2: want to do something completely different? Suddenly you may feel
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  Speaker 2: like you're giving up everything you've ever accomplished. And sometimes
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  Speaker 2: the fear isn't really about the money. It's about the
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  Speaker 2: status or it's about being respected. It's no longer about
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  Speaker 2: being the expert any longer. It's about being the beginner again.
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  Speaker 2: I want you to ask yourself something. Are you staying
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  Speaker 2: in your career because you love the work or because
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  Speaker 2: you love the identity it gives you? There's no wrong answer,
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  Speaker 2: but there is a value of being honest to yourself
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  Speaker 2: because your professional title is something you do. It's not
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  Speaker 2: the entirety of who you are and changing your career
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  Speaker 2: does not erase the accomplishments that came before it. Your
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  Speaker 2: experience is transferable. Let's say you've spent 25 years working
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  Speaker 2: in corporate operations. You're excellent at organizing teams, Improvising, improving
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  Speaker 2: on processes, managing budget and solving problems. You might be
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  Speaker 2: the one that they bring in at the last minute
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  Speaker 2: to handle all the crisis. You might assume those skills
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  Speaker 2: only apply to your current industry. But if they could
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  Speaker 2: translate to consulting or to a nonprofit leadership or to
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  Speaker 2: project management or to business operations or to training, or
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  Speaker 2: perhaps maybe you've spent decades in sales. You know how
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  Speaker 2: to build relationships, understand customers, negotiate and communicate really the
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  Speaker 2: value really, really well. Those abilities can transfer across many industries.
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  Speaker 2: Maybe find one that interests you.
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  Speaker 3: Sometimes the biggest.
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  Speaker 2: Obstacle isn't that we lack qualification. It's that we've become
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  Speaker 2: so accustomed to describing ourselves in our job titles that
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  Speaker 2: we've forgotten how to describe our abilities. Instead of saying,
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  Speaker 2: I've been a regional manager for 20 years. What if
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  Speaker 2: you said, I know how to lead teams. I know
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  Speaker 2: how to improve performance. I know how to develop relationships.
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  Speaker 2: I know how to solve operational problems. And I know
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  Speaker 2: how to keep my staff happy. How about that? I
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  Speaker 2: know how to share my staff that I value them.
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  Speaker 2: And I know how to create valuable employees. Anything like that, right?
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  Speaker 2: Now you're describing value.
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  Speaker 3: You can add value.
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  Speaker 2: You can value and you can travel with that value
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  Speaker 2: from job to job, position to position, company to company,
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  Speaker 2: industry to industry. Here's a coaching question I want you
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  Speaker 2: to consider. What problems do you know how to solve
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  Speaker 2: that another organization would gladly pay someone to solve? That
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  Speaker 2: question can open possibilities that you may not have considered.
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  Speaker 2: The financial side of changing careers has to be looked
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  Speaker 2: at as well. Now let's talk about money because I've
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  Speaker 2: never want women making major career decisions without understanding.
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  Speaker 3: The financial implications.
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  Speaker 2: If you're 55 and earning $ 150, 000 a year, changing careers
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  Speaker 2: may involve some financial trade-offs. Maybe the new position pays less,
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  Speaker 2: but offers greater flexibility. Maybe you need additional education or training.
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  Speaker 2: Maybe you'll lose certain benefits. Maybe you'll need to relocate.
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  Speaker 2: Or maybe you'll need to discover that your experience qualifies
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  Speaker 2: you for a position that pays substantially more.
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  Speaker 3: You never know.
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  Speaker 2: I always tell my clients that when they're feeling undervalued
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  Speaker 2: at work and they want to either ask for a
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  Speaker 2: raise or a different position, I always have them look
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  Speaker 2: around to see what's out there. Sometimes they find out
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  Speaker 2: that they're actually being paid really well. And sometimes they
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  Speaker 2: find out that they're really getting screwed. Either way, you
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  Speaker 2: need to know what's out there. You're not cheating on
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  Speaker 2: your employer when you're getting educated on what's out there.
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  Speaker 2: The important thing is to evaluate the entire financial picture
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  Speaker 2: rather than focusing just on salary. Consider your compensation, health insurance,
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  Speaker 2: retirement benefits and bonuses, Paid time off. I had a
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  Speaker 2: client that also would not go to the next company
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  Speaker 2: because she liked her four weeks off a year.
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  Speaker 3: Okay. Commuting expense. I'm from California. Commuting expenses are big.
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  Speaker 3: And job stability.
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  Speaker 2: Last one in, first one out, right? And if you're
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  Speaker 2: considering taking a lower paying position, understand what that means
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  Speaker 2: for you for your long-term financial goals. Sometimes your financial
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  Speaker 2: advisor jumps in on that, right? They can do a
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  Speaker 2: plan for you with this new industry and this new
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  Speaker 2: income to see if you're still going to meet all
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  Speaker 2: your financial goals.
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  Speaker 3: Let's say you.
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  Speaker 2: Currently earn $ 120, 000 and you're considered taking a position.
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  Speaker 3: That's $ 90, 000.
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  Speaker 2: That's a $ 30, 000 difference in gross annual income. But what
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  Speaker 2: if the new position allows you to work remotely, eliminates
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  Speaker 2: your commute, and gives you more time for your side
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  Speaker 2: hustle or your family or just playing pickleball like me?
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  Speaker 2: Those benefits have a lot of value. And if you've
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  Speaker 2: already reached your retirement goals and you're already there at
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  Speaker 2: your planning phase and you only have to save a
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  Speaker 2: little bit more, you can totally do that, right? On
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  Speaker 2: the other hand, what if the lower salary means you
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  Speaker 2: can no longer make your retirement contributions that you need?
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  Speaker 2: That's important as well. Financial freedom isn't always about earning
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  Speaker 2: the highest salary. It's also about understanding your choices. And
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  Speaker 2: I want to encourage women to stop assuming that changing
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  Speaker 2: careers automatically means taking a pay cut. You may have
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  Speaker 2: more negotiating power than.
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  Speaker 3: You actually realize.
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  Speaker 2: So ask yourself this, are you being paid what you're worth? Ooh,
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  Speaker 2: here's something I frequently see with women who feel that
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  Speaker 2: they love their organization and they've been in the same
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  Speaker 2: place for many years and they just have never looked
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  Speaker 2: anywhere else. They've received modest annual raises, accepted additional responsibilities
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  Speaker 2: and became incredibly valuable company, but they never evaluated their
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  Speaker 2: skills and what they're worth in today's marketplace. And sometimes
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  Speaker 2: they're shocked when they discover that the other organizations what
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  Speaker 2: they're paying for their similar expertise. And maybe if they
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  Speaker 2: just did a little bit more of this or that,
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  Speaker 2: they could get paid so much more. Now, compensation varies
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  Speaker 2: by industry, geography, of course, experience and responsibilities. But the
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  Speaker 2: point is that you shouldn't assume your current salary accurately
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  Speaker 2: reflects the current marketplace. Do some research, talk to recruiters.
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  Speaker 2: You don't have to apologize for wanting to be compensated fairly.
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  Speaker 2: And if you don't have to accept the first offer,
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  Speaker 2: that they simply give you just because you're grateful. I
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  Speaker 2: want women to become comfortable discussing money professionally because every
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  Speaker 2: dollar you earn can affect your ability to save, invest,
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  Speaker 2: pay down debt, create financial independence, and basically your empowerment.
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  Speaker 2: And those decisions become especially important when we approach retirement.
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  Speaker 2: What if you don't know what you want to do?
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  Speaker 2: Sometimes women know that they're just unhappy, but they're just.
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  Speaker 3: Not sure what they'd rather do. And that can feel
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  Speaker 3: frustrating sometimes.
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  Speaker 2: And then we start blaming work, blaming employees, blaming our friends,
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  Speaker 2: blaming our spouses, when really it has to do with us.
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  Speaker 3: We're just not happy. We also can have so.
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  Speaker 2: Much overwhelmness from our personal lives that we start taking
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  Speaker 2: it out on the wrong things.
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  Speaker 3: We can be so overwhelmed. Like I was caring for
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  Speaker 3: my mom, you know, whatever it could be. We could
• 13:00
  Speaker 3: have a lot of animals. We could have, um, our
• 13:02
  Speaker 3: friends are sick. I mean, it could be anything, right?
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  Speaker 3: Our car's breaking down. Like it could be anything.
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  Speaker 2: Then we always blame something else from rather than what
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  Speaker 2: it is because we can't control that. So we start
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  Speaker 2: blaming that work or the people at work and we
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  Speaker 2: start blaming that. And it's like, wait a minute, I
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  Speaker 2: need to look at me and how am I liking
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  Speaker 2: this job, where I'm at, this career, what's happening? You
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  Speaker 2: need to give yourself permission to be curious. What topics
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  Speaker 2: interest you? What kind of work gives you energy, makes
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  Speaker 2: you fulfilled? What activities make time pass? Like today, I'm like,
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  Speaker 2: you know, oh, like this, this is fun. Like I'm
• 13:39
  Speaker 2: going to be off. I did a lot of pre-recording today.
• 13:42
  Speaker 2: So it's like, I'm going to turn like, oh my gosh,
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  Speaker 2: my day is gone because I've been talking to you
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  Speaker 2: all this whole time.
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  Speaker 3: It's so fun.
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  Speaker 2: What problems do you really enjoy solving? What kind of
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  Speaker 2: people do you enjoy working with? Do you enjoy working
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  Speaker 2: with people? What kind of lifestyle do you want your
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  Speaker 2: career to support? And maybe you don't need an entirely
• 14:00
  Speaker 2: new profession. Maybe you just need a new environment or
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  Speaker 2: maybe fewer management responsibilities, or you want to do some
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  Speaker 2: more meaningful work. Maybe you just want some more flexibility.
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  Speaker 2: Talk to your boss, like have that conversation. Maybe you're
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  Speaker 2: ready for something completely different. So you don't have to
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  Speaker 2: figure everything out right now. It's just time to explore.
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  Speaker 2: Sometimes clarity comes from conversations or research or just trying
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  Speaker 2: something new. I want you to have the courage to
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  Speaker 2: become a beginner again. I think the hardest things to
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  Speaker 2: accomplish for women is to allowing themselves to be inexperienced.
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  Speaker 3: Especially me, I have a big ego. Yeah, I just do.
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  Speaker 2: It's just one of those things, right? I want to
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  Speaker 2: be good. I want to be perfect. I want that,
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  Speaker 2: you know, my perfectionism, all that stuff. So to start
• 14:45
  Speaker 2: over and to start, I'm doing something brand new again.
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  Speaker 2: You gotta be okay with that, right? We've spent decades
• 14:52
  Speaker 2: becoming competent. We don't know, we do know how to
• 14:55
  Speaker 2: do our jobs. We know people come to us for
• 14:57
  Speaker 2: answers and for work. And suddenly now we're considering something
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  Speaker 2: that we're not gonna know anything about. This can feel
• 15:03
  Speaker 2: very intimidating. But learning something new doesn't diminish your experience.
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  Speaker 2: It expands it. You may need training. In my industry,
• 15:10
  Speaker 2: I'm training every year. We always have new training. And
• 15:15
  Speaker 2: I swear, since COVID, stuff has happened so quick. I'm
• 15:20
  Speaker 2: now going to be learning two brand new softwares again.
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  Speaker 2: Like I just did this a year ago. But it's
• 15:25
  Speaker 2: just like constantly, right?
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  Speaker 3: And that's okay.
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  Speaker 2: Being willing to learn is important. is not a sign
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  Speaker 2: that you've fallen behind. It's actually a sign that we're
• 15:33
  Speaker 2: smart and we want to keep those brain juices flowing, right?
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  Speaker 2: It's a sign that we're still growing. And I want
• 15:39
  Speaker 2: you to stop comparing your beginning in a new field
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  Speaker 2: with somebody else's 15 years of experience in that field.
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  Speaker 2: Give yourself permission to develop yourself in that new place.
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  Speaker 2: Now ask yourself this, what if you stay where you are?
• 15:52
  Speaker 2: We've talked a lot about change, but consider the cost
• 15:54
  Speaker 2: of not changing. What will happen if you stay in
• 15:57
  Speaker 2: your position for another five years? Are you going to
• 15:59
  Speaker 2: feel fulfilled? Can you still grow somehow? Is your income
• 16:02
  Speaker 2: going to support your financial goals? Do you have the
• 16:05
  Speaker 2: flexibility you want? If you spend five more years feeling
• 16:08
  Speaker 2: frustrated or bored or undervalued, or can you just spice
• 16:11
  Speaker 2: it up somehow? Just ask for maybe one more duty
• 16:15
  Speaker 2: or something, right? And then you want your career to
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  Speaker 2: support your life. All right, here's your coaching homework. Your
• 16:22
  Speaker 2: career reinvention plan. I want you to take some time
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  Speaker 2: this week to reevaluate where you are and where you
• 16:29
  Speaker 2: might want to go next. Exercise number one, your career
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  Speaker 2: satisfaction audit. Rate these areas from one to 10. Number one,
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  Speaker 2: income and financial security from one to 10.
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  Speaker 3: Number two, enjoyment of fulfillment and fulfillment.
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  Speaker 2: Are you happy there? On a scale of one to 10.
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  Speaker 2: Opportunities for growth on a scale of one to 10.
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  Speaker 2: Flexibility and work-life balance, scale of one to 10. Recognition
• 16:54
  Speaker 2: and appreciation, scale of one to 10. Alignment with your
• 16:57
  Speaker 2: personal values. Scale of one to 10. Now look at
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  Speaker 2: your lowest scores and what would need to change to
• 17:03
  Speaker 2: improve them. Exercise number two, your transferable skill inventory. Write
• 17:09
  Speaker 2: down 10 skills that you've developed throughout your career. Don't
• 17:12
  Speaker 2: just list duties, but think about problems you solve, decisions
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  Speaker 2: you make, relationships you manage. Write down these 10 things
• 17:19
  Speaker 2: and then identify three industries or positions where those skills
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  Speaker 2: might be valuable. Healthware, outside of where you're at now.
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  Speaker 2: Let your mind wander.
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  Speaker 3: Do a little bit of research.
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  Speaker 2: It's fun. Exercise number three, your financial career comparison. Compare
• 17:33
  Speaker 2: your current position with a possible new opportunity. Consider salary, benefits,
• 17:37
  Speaker 2: retirement contributions, taxes, community expense, you know, all this stuff
• 17:41
  Speaker 2: that we talked about. What would you gain financially? What
• 17:43
  Speaker 2: would you have to give up?
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  Speaker 3: Compare those.
• 17:45
  Speaker 2: Literally do a whole sheet, a sheet of current and
• 17:48
  Speaker 2: a sheet of looking at the new thing. Exercise number four,
• 17:51
  Speaker 2: your career courage challenge. Choose one action to complete within
• 17:56
  Speaker 2: seven days. Maybe you update your resume. Maybe you contact
• 17:59
  Speaker 2: a recruiter. Maybe you research for a certification that you
• 18:03
  Speaker 2: could get paid more in your current job, attending a
• 18:05
  Speaker 2: networking event, or have a conversation with somebody who's working
• 18:09
  Speaker 2: in the field that interests you. The goal isn't necessarily
• 18:12
  Speaker 2: to change jobs.
• 18:13
  Speaker 3: It's just exploring. Have fun with it.
• 18:15
  Speaker 2: Exercise number five, your five-year career vision. Imagine yourself five
• 18:20
  Speaker 2: years from now. How much are you earning? How much
• 18:23
  Speaker 2: hours are you working? What's your typical day look like?
• 18:26
  Speaker 2: What kind of responsibilities do you have? And how does
• 18:28
  Speaker 2: your career support your personal life? Write down these answers.
• 18:32
  Speaker 2: Then ask yourself, what would need to happen over the
• 18:34
  Speaker 2: next 12 months to move closer to the vision that
• 18:37
  Speaker 2: you really, really would like? Here's my closing thought for you.
• 18:40
  Speaker 2: I want you to leave you with something. You've spent
• 18:43
  Speaker 2: decades developing skills, knowledge, relationships, judgment. Every single one of
• 18:48
  Speaker 2: those experiences have value. and why you might think about
• 18:52
  Speaker 2: changing careers after 50. It comes with practical and financial
• 18:56
  Speaker 2: consideration that you should look at as well. But don't worry.
• 19:00
  Speaker 2: You're going to find what's best for you. You're going
• 19:02
  Speaker 2: to find, maybe you'll find something that pays you more
• 19:05
  Speaker 2: or has greater flexibility, or maybe you can travel now.
• 19:09
  Speaker 2: Maybe you're empty nest or now you want to travel.
• 19:11
  Speaker 2: Maybe you'll just have.
• 19:12
  Speaker 3: More passion for this new profession. Or maybe you're going.
• 19:15
  Speaker 2: To say, you know what? I love where I'm at.
• 19:18
  Speaker 2: Love exactly where I'm at. I'd love to know what's happening.
• 19:20
  Speaker 2: I hope this is helpful for y'all. Here's my final
• 19:23
  Speaker 2: coaching question. Are you staying in your career because it's
• 19:26
  Speaker 2: where you want to be or because you've forgotten that
• 19:29
  Speaker 2: you have choices because your experience did not expire when
• 19:33
  Speaker 2: you turned 50 y'all and neither did your ambition. Thank
• 19:37
  Speaker 2: you so much for being with me today. Here's some
• 19:39
  Speaker 2: more episodes. I think we've got some really good content
• 19:41
  Speaker 2: out there. I want you all to be able to say,
• 19:44
  Speaker 2: I rock my finances.
• 19:47
  Speaker 1: We appreciate you joining us today and don't forget to subscribe.
• 19:50
  Speaker 1: to the Rock My Finances YouTube channel for more engagement
• 19:54
  Speaker 1: and bonus content. Tell me, what is your money story?
• 19:58
  Speaker 1: Let's find out with Jennifer right here on K4HD Radio
• 20:02
  Speaker 1: and Talk4TV. It's not about the zero. It's about the
• 20:06
  Speaker 1: F word, feelings. feelings Jennifer can't wait to explore with
• 20:10
  Speaker 1: you next week. Until then, let's all say, I rock
• 20:14
  Speaker 1: my finances.