Dear Kim,
I’m going through a divorce after 20 years of marriage. I’ve been a stay-at-home mom for years, and now I’m thinking about going back to school or getting certified in a new field. But I’m overwhelmed by the cost and uncertain job prospects since I’m already in my mid-forties. How do I know if this investment in education makes sense for me at this stage in life? What specific questions do I need to ask myself to make a good decision?
Sincerely,
Investing in Me
Dear Investing in Me,
If you are still working on your divorce, see if rehabilitative alimony is a possibility. This can provide funds to update your credentials and bring you current in today’s workplace.
If you need to pay for the education yourself, research how long it will take, what it will cost, and how much of an income increase it could bring. Then consider how long you plan to work after completing the training, and see if it will pay for itself—and how much additional income it might provide beyond the cost. Look into the field you want to enter and talk to people already working in it about typical income levels and where your education might place you, income-wise. You may have to start in an entry-level position and work your way up.
Your school counselor may also be able to offer insights into the job market for your specific field, and you might be able to land an internship while you’re still in school. You want to arm yourself with as much information as possible to make the most informed decision.
Good luck with your new career and your new life.
Kim
If you need help navigating your finances, talk to Kim Spencer by clicking the link below!
Ask Kim