Contemplating switching careers, seeking info

[Anonymous]

I am cross posting this here and on the Careers page, hoping to reach more people and get some good, solid advice.

I am considering leaving my soul-sucking job and would like feedback from others who have changed careers lately. Are you happier since you switched or do you regret it? How hard was the transition? If you had to do it all over again, what would you change? What do you wish you knew before you took the leap?

I currently make a low 6-figure salary and have excellent benefits, but I hate my job and the company has been laying people off for years, so my position may disappear later this year. A little piece of my soul disappears every time I walk into my office. I am exhausted, rarely see my husband (work nights and weekends) and want to spend more time with my toddler. But the money and benefits are great and the economy isn't. I have been working on a little artistic side thing to preserve my sanity. If I can get a severance package, I intend to spend a few months trying to make that artistic thing blossom into a full-time career. The money wouldn't be as good initially, but I could spend more time with my family and do something that I love. Plus I am 38, so if I am going to switch careers, I feel like the time to jump ship is now. My husband has a government job that pays in the low-6 figures, so we could probably scrape by on his salary for a year. If things don't gel within a year, I would try to get some kind of job that brings in some money. We have socked away a good amount for retirement, and we anticipate receiving a government pension when my husband retires, but we just started putting money in a 529, so that would take the hit and of course we worry about the unknown. My head says, "you are crazy to consider this," but my heart says "life is short, go for it. The company is in trouble, you are going to get laid off at some point, you might as well control your own destiny."

If you have walked a mile in my shoes, I'd love to hear about your experiences (good and bad).

[Anonymous]

it really depends on a few things:

how much of an emergency fund do you have?
could you survive for more than 1 year on DH's salary if you had to?
could you go back to your current profession easily if things didn't work out?
how profitable is your current artistic hobby? Where would you like to take that eventually, and how much does that provide?

most importantly--how supportive is your husband?
Also will you continue daycare/costs? do you want a second kid?

[Anonymous]

Really think about the artistic prospect, plan it out and project how many of x you would have to see to make x dollars a year. Does that seem possible? Would you care for toddler while you pursue it and be a SAHM to save on daycare costs?

[Anonymous]

to 14:34:

emergency fund - about $25K cash on hand

still running numbers to see if we can survive on husband's salary only

current profession is going through contraction so once I leave I am very likely finished, unless I do some contract/freelance work, which would pay a bit but nothing like my current salary

the artistic hobby is not very profitable right now, but with work and luck it could take off, but nothing is guaranteed.

husband is supportive but practical. shares concerns but believes in me, knows I am serious/focused individual who needs time/severance package to let this grow

while we would love a second child, we know that is not going to happen for a variety of reasons. we will keep child in part-time daycare so i can get the hobby to the business stage. We have to run the numbers on that.

If things don't take off I may try being a SAHM for a year while I try to re-enter the workforce.

Thanks for your thoughtful response.

[Anonymous]

You ain't going to make 6 figures with a little artistic thing. There are so many more artists than people willing to pay them to be artists.
On the other hand you are absolutely right life is short. This is one of the reasons we bought a boat now rather than wait until our retirement, and take vacations that are a little more splurgy than budget. You do not want to be one of those people who have a heart attack at your desk or look back on life as a long grey tunnel of workdays.

[Anonymous]

I am trying to do this now, not a complete switch though, lots of transferable skills and experience (at least that is how I see it), the problem is lack of network in the new field, so my main advice is start networking now, and build a clear bridge into the new area of work from what you are currently doing, I mean something that logically can come out of your current filed into the next.

[Anonymous]

The question is: Are you a risk taker or risk adverse? Me, I'm risk adverse and there's no way I'd quit my job with only 25K in the bank. Some people just wouldn't be stressed about it, not me.