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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Just turned 40. Haven't read all 11 pgs of this thread but I will. It is illuminating as this is one of my biggest fears -- needing to make as much money as we need NOW bc who knows about the future.

Lawyer. Didn't make partner so I just had the 8-9 yrs in biglaw. Ended up in gov't after which I know is the antidote to job security issues but I hate it so much and NEED to go back to private sector, KNOWING the job security problems will follow. This is really why I'm thinking I should either go to the private sector/make money for a number of more years and then start my own business (a non professional business like buying a franchise) so I am not dealing with being another laid off lawyer at 50.

OR I'm thinking of transitioning from law to a business type of job sooner rather than later to gain some experience there -- that will come with layoffs on and off but I feel like business/finance/mgmt people do land someplace even if it's at a lower salary. I just don't want to be in a situation in my middle 50s where I'm not working AT ALL -- I mean it didn't work well for my psyche at 33, I can't even imagine in my mid 50s. I feel like if I've made my money/invested properly, then even a lower salaried job in my mid 50s will be better than NO job.

Thoughts? WWYD in your 40s to plan for this?[/quote]

I left law in early 30s to start a non-professional business. Together with my partner I built a small real estate company from scratch, now have about 2.5mm of own interest (fully repaid income producing real estate). It's not what I always wanted to do professionally, and now I am looking for a legal or business role in a larger company. I have no "corporate" job but already earned my retirement. There are so many opportunities for property development in DC area, it's easy to buy and repay a few multi-unit townhouses in 10 years. This will provide some job security and better than buying a franchise. [/quote]

PP here - thank you. Real estate is one of my ideas but seems more "overwhelming." But yeah I do agree with you it would be better than franchises etc. How old are you now? Why are you looking for a legal/business job now -- is it bc real estate is a passive type of investment job and you're looking for more of a day to day go to the office thing? Or something else if you don't mind saying.[/quote]

I went to real estate development at 37,  just turned 43. It was very time consuming and interesting in the very beginning (construction, licensing, zoning, procurement). But now that the project goals are achieved, it became as you said a passive investment that leaves me with plenty of time in my hands. I don’t want expand the business further as it requires hiring more people, taking on more loans and the same repetitive business pattern. 
In my 20-30s I was in international consulting, traveling, structuring management buyouts, opening banks. It didn’t pay as much as my 5 years of pure money making in DC real estate but it was a rewarding career. I am hoping to return to bigger corporate world now, even if it doesn’t pay as much. I still feel I can do so much and I don’t mean just the money. [/quote]

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