Thinking about making a big change. What do you think?- warning looooong

I am almost 39 years old, and have never had a job that I loved. I am looking to make a change.

Background:

1) Teaching Degree Elem Ed.
Back when I graduated there were no jobs, so I subbed. Got tired of that and needed medical benefits and more money.

2) Worked at Geico in auto claims and subrogation. Low salary, but I got medical benefits.

3) Went into Advertising Sales. Great Sales training, decent money and medical benefits.

4) Got a call from a recruiter for Pharmaceutical Sales. Great training, good salary, bonuses, car, gas, corporate card and benefits. Good job, but stressful at times. Did this until I had DD.

5) When DD was 2, went back to Pharma part time. No car, no benefits. Had DS, stayed home for a little while and then went back part time.

This is where I am now. It is 24 hours a week, with no benefits, car, etc.. The area that I work in is about 1-2 hours away from my home with traffic.

Since it is part time, while it is good hourly pay, it is capped at 24 hrs a week. So after I pay for day care, after care and car, I have very little profit. But, while I don't end up with much money, I figured that it is a good way to stay current and hopefully get something full time. I have been searching for several months, and have not been able to find anything full time. The industry is changing, and not for the better. If I leave this current position, I will not be able to go back.

Here is my thought: I have a 401k that I could cash out. If I did, I would use the money for day care for DS and after care for DD for about 6-8 months. During this time, I could attend Real Estate School and try to get myself up and running.

While it is risky and not a great market, it is something that I have always been interested in.

What do you think???

Message edited 11/8/2011 9:48:35 PM.

Re: Thinking about making a big change. What do you think?- warning looooong

I say go for for it. Getting licensed in real estate and going to the classes is only, what, 45 hours? it can't hurt. I believe it's doable for most people to take the classes and then work under a broker.

Even if the market is tough, you can do it. And rentals are generally quick money and quick transactions, as opposed to home buying, too.

Good luck!

Re: Thinking about making a big change. What do you think?- warning looooong

I would never touch your 401k. Especially at 39 years old. The penalties you'll pay will be about 30% (I think?) of what your total is, and then state taxes on top of that. You'll have a lot less than what you think.

If you are interested in RE, I would find a way to do it while still working PT. There has to be a way to do it without touching your 401k.

Re: Thinking about making a big change. What do you think?- warning looooong

Re: Thinking about making a big change. What do you think?- warning looooong

I would definitely change careers if you are unhappy and have found a passion for something, but I absolutely would not touch my 401(k) at this point.

Is the school work on-line or in person somewhere? If you aren't working for a bit and just focused on school work to finish up quicker, do you still need daycare & after care? Can't you save that money? If you aren't netting much now anyway, can you survive not working?

Message edited 11/10/2011 7:24:34 AM.

Re: Thinking about making a big change. What do you think?- warning looooong

Personally, I would not touch my 401k. I will most likely be unemployed shortly and am thinking about what to do next. I've considering additional schooling, but the 401k is not even in the picture. I think most financial advisors would tell you to never touch the 401k unless you absolutely have to. Maybe there are classes you can take when someone else is available to watch the little ones?

Re: Thinking about making a big change. What do you think?- warning looooong

I would never touch my 401K. You get hit with too much tax for it to really be worth it.

I am all for changing careers but you are going from one ( you say isnt great right now) to a field that is incredibly tough to make money right now.

I'm not sure right now is the time to get involved in real estate. I have plenty of friends that do it and it is not easy to make a sale these days.

Re: Thinking about making a big change. What do you think?- warning looooong

Why did you leave GEICO? I am friends with some of their claim reps and they all started at low salaries but after 3-5 years, they all moved up and are now making decent salaries (60-80k)... Looking at your resume, you have worked in Teaching, Insurance and now in Sales..not very consistent..what is it about RE sales that interests you ans why do you need to go to school for it? Are you referring to the short term courses offered to secure a Broker License in NY state? I have a RE broker license and can tell you, the area is not doing very well right now...plus so many brokers do well regardless of schooling a lot of success in this area is based on who you know, not just what you know..and being at the Right place at the Right time...

Also agree with not touching the 401k. You are too young to even consider making withdrawals, and it should never be considered an emergency savings account....

(Sorry if any typos..i am posting from my phone...)

Re: Thinking about making a big change. What do you think?- warning looooong

Re: Thinking about making a big change. What do you think?- warning looooong

I would not touch my 401k. This money should never be looked at as an option unless its for a major emergancy.

Can you take two weeks off from work and take the class then? Can you continue with your part time job and do real estate on the side? It seems to risky to leave a job these days.

Re: Thinking about making a big change. What do you think?- warning looooong

I agree with the other ladies who said not to touch your 401K.


I also would speak with some of the other ladies who do RE. (Beth immediately pops into my mind).

I am sure they can offer you some great advice without having to quit your job and touch your 401K.

I would also venture to guess that you may appreciate having this PT job to fall back on until you start making $$$$ in this new career.

Are you married? What does your DH think about this.

Re: Thinking about making a big change. What do you think?- warning looooong

Being in real estate myself it really depends on your situation. If you can afford to have no income then try it. It can be very hard getting started. You need to be able to get your own listings and buyers especially when starting out.
Maybe you can look into getting your license while keeping your current position. If you find you are doing well in real estate then make the switch. You might not need to have your kids in daycare if you do real estate because the schedule can be very flexible.