Courtesy of Mish.
Reader Mark has a career question. Mark writes …
Hi Mish: I am 45 years old. I have worked in the grocery business for 20 years. I am starting to have back problems. I would like to move on. Do you have any suggestions as to a suitable career for someone my age. I do read your blog, and I can relate to the money business. Thanks, Mark
Formal Education is No Magic Wand
Hi Mark
Unfortunately, and in spite of what the education industry would like you to believe, I present a sobering reality: A career change at age 45 or even 55 is possible, but extremely difficult.
Traditional education is highly unlikely to give you the skills you need. Occasionally someone hits the jackpot, but most likely you would waste money, and lots of it trying. Don't believe hype from places like the University of Phoenix.
From information technology (IT), to banking, to writing, to market analysis, to dog catching, corporations will want experience. Even college interns have difficulty finding jobs.
In IT, there are hundreds of thousands of skilled workers out of a job and competing with programmers in India or Russia.
In banking or finance (if not everything), my honest assessment is that someone would look at your age and experience and pass you over for someone younger, someone with more experience, or both.
Your safest plan is to make an effort without spending much, if any money. I suggest some free courses at the Khan Academy, Coursera or elsewhere. That would put something on your resume of relevance, and more importantly would show prudent motivation.
Instead, if you drain your savings on training, the most likely thing is you will be exactly where you are, but without your savings.
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