Author Topic: Significant career change, risky??  (Read 2229 times)

Sdrarcher

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Significant career change, risky??
« on: February 05, 2017, 07:05:06 PM »
So I'm I've been doing the corporate thing for about 10 years, with a nice little side hustle as a coach.  I now have the opportunity to turn the side hustle in to a full time role at the same amount I've been making corporately.  I'll be down about 10k a year as the new job will include coaching the people I've been getting side hustle money from.  So here's the catch, the new job will be a year long contract with could be extended for a decade or maybe not at all.  I've got 200k in the stash and no significant debts.  Is this a reasonable risk to take, or has my peach fuzz mustache given me too much confidence and I should really be staying the course in the corporate world?

bugbaby

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Re: Significant career change, risky??
« Reply #1 on: February 05, 2017, 08:46:50 PM »
If you turn down the full-time coaching, will you also lose it as a side hustle? If so will you be devastated?

Is it possible to keep a part time corporate position just to keep your foot in the door and go back full time if needed? Or how would you feel if after a year you need to find a new job & potentially diminish your stache?

Also how old or how far from planned retirement are you? And is there family whose opinion counts?

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Sdrarcher

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Re: Significant career change, risky??
« Reply #2 on: February 06, 2017, 07:18:05 PM »
Thanks for the response.

I would be able to keep the side hustle if I turned down the full time gig.
Part time corporate unfortunately isn't an option and I don't think there would be any option for contract work at the mid management level. 
I'm 39 with no kids so could go a little while looking for work in a year if need be.

samsonator54321

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Re: Significant career change, risky??
« Reply #3 on: February 06, 2017, 08:20:31 PM »
What controls whether the contract is renewed? Is it performance or is there some predictable reason? If there is a good chance it renews it sounds like a good gig!

bugbaby

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Re: Significant career change, risky??
« Reply #4 on: February 06, 2017, 08:28:11 PM »
I agree with Sdracher. Myself, i left my job at 38 to pursue a passion. It didn't work out and I returned after 2 years. I'm very glad I took that plunge when I did. It was a learning experience and the move wasn't irreversible.  Best wishes in your decision.

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Guesl982374

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Re: Significant career change, risky??
« Reply #5 on: February 07, 2017, 07:56:31 AM »
Do it. There's always a 'corporate' you can go back to in a year.

AZDude

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Re: Significant career change, risky??
« Reply #6 on: February 07, 2017, 08:55:48 AM »
I agree. Take a chance. If you are even remotely good at what you do now, you can find that job again. The chance to coach full time would be much more difficult to find.

Just based on probabilities, you need to make the switch. I would rate it as low risk, given your stache, debt situation, etc...

Sdrarcher

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Re: Significant career change, risky??
« Reply #7 on: February 07, 2017, 07:09:37 PM »
Thanks for the responses. Even thinking about this has been a result of mmm.  I was speaking with a good friend who had been inquiring about my frugalness and I mentioned to him that I was saving money with a plan to be out of corporate and coach full time in ten year's, really just invisioning a side gig level of income.  My buddy then asked why wait ten years could I not do it now?   Then the opportunity to keep a similar level of income has potentially come up. 

It's exciting to think about but makes me nervous. 
One of the key drivers is the opportunity to work with a couple of people I I think can teach me a significant amount; not just about coaching, one is a business prof which should help a return to corporate if need be.  Going to be careful not to burn any bridges on my way out.