...to wonder whether it’s best to invest in a career or home first?

[Ubertasha2]

Hi guys,

This might sound like a really daft question, so please be gentle! Also v, tired, as on 24/7 duty!

Basically, if you were late 30s, still not on the property ladder (I’ve lived and worked abroad on a off), and now decide to have a career change (when the current career really ain’t going anywhere fast!), what would you focus on first- property ladder or career?

I really sound naive and young (neither are true), but what is best: invest in a good career (dental hygienist for example or journalist training, then try to buy when established in said career?

Or: buy a home, then later retrain?

My current job is a live-in carer; a huge change of scene and pace after a very stressful decade as a teacher!

I am also unsure as to whether it’d be sensible to buy now, maybe a buy-to-let, staying in this current job for a while. Help! Clueless ftb here, buying on their own!!

My first thought is that dental hygienist and journalism training are massively different. So it really depends on the career plan.

I would say if it was journalism you were looking at going in to to forget it tbh. It’s insanely competitive and I know some incredibly talented writers who really really struggle

Tricky one. If you're looking a getting a 25 year mortgage, you might be better off focussing on property now given that you're late 30s. If it wasn't for that, I'd suggest go for career first if that career will be higher earning. (Journalism doesn't pay well so hope you're not considering it for the money).

lastqueen, I know it’s v competitive, but I have blogged and submitted articles to small publications for years- just no qualification in journalism as of yet.

Thanks, Upslide and Hundred, have many an idea and interest!

Uber I don’t think a qualification would help. I know several people with journalism degrees one sends emails for a hospital telling people not to park in stupid places
One is a travel agent and they are the more successful ones.

I know one successful journalist (works for a broadsheet) he did English at Cambridge and had family in London so he could do the unpaid intern thing.

Journalist training? Are you having a giraffe? That isn’t a career investment.

Highly sought after profession where they can afford to pay people shit all and demand a lot.

If you’re going to invest in a career pick something with decent barriers to entry, strong demand and future proof!

Also with the rise of peer to peer sharing the role of professional journalist is decreasing

You can see my struggle, Sushi- I’d love a challenging career but torn between a creative one or one in healthcare somewhere. I’d love to help others but to be fulfilled creatively and artistically if that makes sense.

I'm 40. I'm different to most but my order would be

1. career
2. savings
3. pension
4. kids (if you want them),

And House a distant last. For some reason in this country people make it the priority, but I never bought - and definitely wouldn't at these insane prices - and feel a lot more secure in my life because I earn well (and can earn more if I chose), know I can survive any downtown in the economy and will be sorted for retirement.

A house is a pile of bricks secured by debt in this day and age.

Also, my current position is lovely and ticks many boxes- free rent and food, decent salary that I am able to save, but there is only so fat for me to go here, and I am in a bubble, isolated from the real world, so reality is a shock to the system whenever I leave the house (in beautiful lush, green countryside atm).

Oh and there is no ladder, not for new entrants and but to let is a societal abomination.

I think you’ve set up a bit of an odd dilemma here. You’ve picked two really random-seeming possible careers and then can’t decide whether to do one of those or buy property as if that was the most important choice. Surely, the most important choice is what career to pursue?

Do dental hygienists get paid much? How much would the training cost? Would the potential pay justify the cost of training and support property ownership? Do you want to be a dental hygienist?

Do you need to a qualification in journalism to work in journalism? Are employers likely to take on someone of your age or would you be better off continuing to try and build your freelance work whilst working at something else?

Personally, I’d be inclined to wait until after Brexit before I ventured into the property market.

healthcare somewhere. I’d love to help others but to be fulfilled creatively and artistically if that makes sense.

Art therapy??

Thanks, TaxCredits, v interesting. No, number 4 is not something I’ve ever aspired to (I’d rather be a dog mum), but everything else, yes. I have no pension yet, probably spent that on the extra travelling I did in my 20s. Oh dear...

Journalism is no longer well paid and the articles in the broadsheets proves it every single day. The quality is crap because no one wants to pay for it.

My friends who wanted to be journalists but needed an income all went into marketing and one is now heading up the Australian division of the company she works for.

Going into these marketing roles, look at investing in an MBA. Yes it's about £60-90k in tuition from a good school but you will be able to go out there and hustle your way into a career paying enough to buy a home with minimal problems.

You sound like you'd be suited to occupational therapy OP, maybe look into that.

Thanks, Hedda- can see your point, and also Abso- someone else suggested that to me- or drama therapy...

The other role with good prospects is Human Resources. Teachers make excellent HR people because most employees are overgrown kids.

Actually From what you've said, you kind of have it sorted already 😉 your current life sounds great.

Save hard in ISAs , and open a SIPP - a self invested person pension. You'll get tax relief on this like a PAYE earner and its benefits are phenomenal, you can invest in whatever you like and it's very tax efficient come retirement time.

Thanks, Want and Katniss- OT is a fab job, but not likely to pay £20,000 training to start on £22,000, with no real prospect of earning a decent crust, sadly!

I bought a house at 35 and it was difficult to get a mortgage because of my age. The bank would only mortgage to age 65 so I was limited to a 30 year mortgage. If I’d waited a few more months till I turned 36, the most they’d have offered me is a 25 year mortgage. So if you wait longer you might have a better salary but still might be offered a smaller mortgage because you have fewer years to go till retirement age. Worth bearing in mind!

I don’t understand this British obsession with ‘owning’ more like taking on long life debt property. Unless you are tossing up between buying a house outright and getting better qualifications it’s a no brainer. Education is yours forever once you’ve had it. The right education will not only improve you as a person but will vastly increase your earning potential (and therefore your ability to deal with unexpected situations, give you opportunities to move abroad etc). Owing a house outright will give you security in that you will always have somewhere to live provided you don’t completely screw up and end up bankrupt. It will also give you an asset to borrow against if you are in desperate need. Buy a house on a mortgage will be nothing but a burden. You will tie yourself to making months payments for decades and living in the same place for decades. Your only chance of escaping that will be to sell which is generally difficult when you are most likely to need to (I.e. during an economic crisis when you are struggling to make payments) or to rent it out which may end up costing you a lot of money.

And House a distant last. For some reason in this country people make it the priority because in large parts of the country buying gives you a lower monthly outlay than renting; and historically has been a more profitable way of saving - downsizing can release funds once you retire.

The other factor you have going for you is that house prices are declining. Now is a great time to be getting yourself set up for a new career.

Right now you should be saving as much as you can. Do you have the opportunity to work a second job or make more money some other way?

Art therapy and drama therapy careers are too precarious. There’s minimal to no funding anymore.