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A little known fact about McDonald’s is that founder Ray Kroc was a milkshake device salesman, and he only bought the fast food restaurant at age 52. From that clever career change, he went on to grow the world’s biggest fast-food chain!
Similarly, Taikichiro Mori of Mori Building Company switched to real estate investing when he was 51. His new career path led him to become ranked by Forbes as the world’s richest man for two consecutive years.
These are just some examples of those who have achieved roaring success from a late career change. Are you inspired yet?
Longer Career Span
It used to be normal to think of winding down when one hits 50. These days, however, there is a real case for re-thinking your career. With the statutory minimum retirement age raised to 62, many continue to work beyond the age of 50. Increasing life expectancy rates means that people are now living much longer and healthier. With more time on your hands, you are finally free to explore your dream career.
While you may be tempted to jump ship after hearing about Ray Kroc or Taikichiro Mori, remember that the grass may not always be greener on the other side. Changing careers on impulse may land you in a position not much different from the career you just left. Not everyone needs a career change; fully assess your situation before you make the move.
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Carefully consider the job satisfaction you are pursuing, your area of expertise, and your financial situation. Take into account how your career change might affect your loved ones, and whether they are able to accept the adjustments. If you are going into unfamiliar territory, do not discount the possibility of a pay cut or even having to go back to school!
Be Mentally Prepared
Research shows that mature job seekers only had a 31% chance of getting hired when interviewed by someone younger. Their chances of landing the job was doubled when the interviewer was around the same age or older. The truth is that older workers can struggle to get hired. Be prepared to face a few rejections.
Carefully consider the job satisfaction you are pursuing, your area of expertise, and your financial situation.
Given the challenges of seeking employment, it is no surprise that many venture into business. This is the time to use your passion to generate income. Banish the misconception that entrepreneurship is reserved for the young and daring. In fact, a study unveiled that there were twice as many founders over 50 than those who are under 25!
Making A Successful Shift
Whether you are switching jobs or starting a business after 50, recognise that the road can be bumpy but it can be navigated successfully. With careful assessment of your situation, draw up realistic goals for your potential career. Talk to people who can give you insights, such as someone who is in the field you wish to enter. Don’t hesitate to get help.
Preparation is essential, too. Equip yourself with the relevant knowledge and skills for your next career through training or doing volunteer work. Jobseekers would also need to refresh their resume that’s been left untouched for years. Finally, a positive mindset is the spring that will start off your new career!