Ultimate Career Move for People Over 50

The goal of the 'Ultimate Career Move for People Over 50' is to show you how you can permanently sever dependence on a dead-end job and live the life of your dreams. We know just about anyone can make the moves we suggest in this video. It just takes accepting that your current career is taking you down a dead-end road and deciding you absolutely must be in control of your life. So what is the ultimate career move for people over 50? The ultimate career move is to use your skills, talent, knowledge, and experience to launch a side hustle with the goal of eventually turning that growing side business into a full-time thriving business. Watch this video to learn our two-step strategy to career independence.

Please leave your comments or questions in the description box or email me directly. And, please remember to SUBSCRIBE TO OUR CHANNEL.

SIDE HUSTLE THEATER: If you are eager to learn how to start a side hustle watch SideHustle Theater LIVE every Saturday morning at 10 am. Besides telling you how to start your own side gig we'll introduce you to people who are working their own side hustle. They'll tell you what they are doing, how they started, offer startup tips, and tell you about some of the challenges they faced. We'll also answer the questions we received from viewers the previous week. This new show is available EXCLUSIVELY ON PATREON. A small monthly fee for membership is required.

Have a great day!

All B-Roll and music in this video were used through our subscription to Storyblocks and Lumafusion.

If you enjoyed this video YOUR next steps are...

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About Over50tv:
On this channel, we serve up career advice, interview tips, and job search news. Almost everything a person over 50 needs to enjoy a career, personal and business success is right here, right now on Over50tv.

About Lou Reyes:
Lou Reyes is the editor, publisher, and founder of Over50tv, a multi-channel media company that produces videos and other content people over 50 find unique, compelling, and essential to their career and financial success.

About ‘Pittsburgh’ Scott Ernst:
Mr. Ernst is the Creative Director and Video Production Manager for Over50tv. He is also a key advisor and social media expert. He is also a graduate of Cleveland State University and the Pittsburgh School of the Arts.

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Category:
Education

Produced by Lou Reyes, Editor & Publisher, Over50tv.

References & Clips:
This job challenge should scare older workers

[AdventureswithRoger]

You told me what I was thinking, and it’s exactly what I needed! Thank-you!

[davevasquez]

Just discovered your channel and finding a lot of helpful info. This is great advice. I have a lot of skill and experience in my field but wonder if my age is starting to impact whether I can get hired at another job. Big believer in the side hustle (and ultimately doing my own thing), I'm starting to do that with some teaching. But, many more aspirations I'd love to explore with side hustles. Thanks for the inspiration.

[keithburt]

Great, I'm getting overwhelmed in the blessings so I'm going to Hurry Up!

[sbpowell]

YES YES YES GOD AND BABY JESUS YES!!! Thank you for EVERY information share you have produced and posted online. Logical and reasonable.

[mikebsbd]

Get out of debt. That allows you to work somewhere else even if you do make less.

[calmblueocean]

❤ love this advice. I am looking to educate myself on the current company education funding. It is reviving my passion. My current job is a means to an end. Thanks! Spot on

[springer-qbdv]

Thank you for the great video. Even worse than loss of income is loss of purpose and pride that comes with loss of job/career. Having side hustle/avocation of some sort is a must for everyone who wants to live a meaningful life beyond corporate career.

[DialMMicrocontrollr]

I agree. Like you said, "If you thought of this already, why aren't you doing it." More than 50% out there don't act until pushed out or until you really have to. Take action now, make a plan

[jmfs]

I got super distracted by a narcissistic manager. I was encouraged by the previous manager to grow and succeed, and I unknowingly "outshined" the narcissist who was a co-worker at the time... and I guess that is offensive and threatening to a narcissist. I'm trying to figure out my side hustle, but I want to pivot out of the job. I'm actually a great multimedia producer right now, but the manager makes it exhaustingly slow and disorganized and I think it is on purpose to punish me. It's really challenging to stay mentally healthy when your own boss seems to hate you. I think one of the challenges of the field of communications and marketing, is that it often puts you directly adjacent to people in power. Many of those people have narcissistic tendencies, or tolerate the narcissism well, and ladder-climbing people are often attracted to these positions, even if they only offer deference as a skill. Maybe I can get into something more creative for creativities sake.

[rafael]

My only side hustle is selling my stuff on Ebay but it's nowhere near replacing a job

[deborah]

Straight talk from a guy with wicked skills and a big heart. Don’t pass it up!

[stanspb]

The suggestion of a side hustle is a good idea but for those who have been in a traditional employment situation of trading time for income, it is harder to jump into a new way of thinking. I never had a job in my life at 71 but have earned my way since age 13 when I started my first legal, licensed business which grew and eventually was sold when I graduated from HS. I used that money to, move to another city alone at 17. So fo me it is as natural as breathing to seek needs that are either not met or met with less efficient business traditions in an established industry.
A change of thinking about income needs to fit your cost of living to adjusting the cost of living to what is secure and easier to satisfy is a good adjustment before embarking on something with a less assured outcome. For example, if your cost of living, like most people, has risen to meet or exceed their income it is a very dangerous situation where your current job is not likely to continue to rise in income or to ever exist. The odds of being replaced by younger blood are high, Get debt undercontrol is common advice but typical American households are dependent on so many contracted monthly expenses that i just do not exist in other countries because they are considered separate items of profitability. For example Americans are addicted to TV and cable is the only reliable way to get it, so monthly billing is $100-300. Internet is essential for communications and any side hustle is $40-200 while in most countries it is $10-15. Every aspect of live is an ongoing expense that just did not exist 50 years ago. The rise in essentially has been gradual but ever increasing in cost and number. Any service you have not used regularly is a candidate for cancellation. Cutting your monthly expenses, like cable or gardening services is a direct increase in your income to cost of living ratio.
Consider moving to a more sustainable country. Whatever savings you have now, will be worth 3-20 times as much in living expenses in at least 150 countries which have good quality of life. Almost any type of climate and social environment is possible for a lot less than your current cost of life. In fact any region except Western Europe would a step up in actual quality of life and decrease in cost. Unless you have 15 times your current gross salary in cash equivalent savings you are going to have an ever declining quality of life and security in the US after retirement. Moving to a city center that has public transportation and getting rid of all your cars is an excellent way of cutting the biggest loss to the household economic position. In the US the biggest depreciating asset one has is related to owning, caring for and supporting a car that is used on average 6% of the day. If you trade in cars ever 4-5 years your biggest monthly expense is not the payments but the depreciation of $1500-4000 a month in loss of position. Add in fuel, maintenance, loan, 1/3 to 1/4 of your house space is devoted to storing the car, insurance etc. When the total cost of ownership, a personal car is the biggest single reason for the very high poverty rates in the US. That is another advantage of moving out of the country, unless in isolated rural areas, almost every one of the 91 countries I have visited had much better public transportation options that were much lower cost.
Downsize. Your home might be too big for your needs because you had a family that required more room and now those rooms just collect dust. Get rid of anything you have not used in the last 6 months. How much of your garage is consumed by boxes or items you have not used or seen for a year? If you have 4-5 bedrooms just in case the family visits once a year, think of the savings if they stayed in a nearby hotel for the week they are visiting you, or arrange to visit them. They are on a incoming increasing path for a couple more decades while you are on a declining income path. Cut out that annual cruise and instead of 4-8 hour port calls, fly there and stay a couple weeks using a rented apartment or house and really get to know the destination, and save $5000 for a better vacation. How much do you have invested in growth stocks or bitcoin? If you are investing in legacy companies/industries, focused on dividends, you are in risky territory, the legacy industries all have disruptive technologies competing with them and most "blue chips" of the past are facing bankruptcy. Do not use an investment advisor, they are using your money for their benefit, not yours so manage your portfolio yourself, on-line. Studies have shown on average 58% higher return when you manage your own.
That is a sample of the cost side. A careful adjustment to your needs instead of habits will drop your true cost of living dramatically. Moving out to a country you like to visit will lower your cost of living and increase your quality of life dramatically. Ask any of the millions of retired Americans who left. More Americans have left every year since 2008 than legal immigrants arrived.
What skill did you have that your boss was willing to pay for? If you have a lot of experience in that skill, you can be a consultant or trainer for startups who have to buy that skill. Do you have an advanced hobby that has a parallel in commerce? That is a good place to look for opportunities to provide a service. Do not bother to return to school, everything covered in any university in the world is available on-line for free. The only gain in value one has by choosing a high end university at 19-22 is contacts with other future leadership position classmates. Going to a State college has almost no related benefit.. If it is in a textbook, the information is obsolete or it would not have been published openly. In many fields, what you learn as 1st year students is of no commercial value due to being obsolete before your Junior year. There are gatekept trades however where one needs to have the right degree, such as law or medicine so unless you already had a solid position in either of those fields going to school now will waste too much valuable time. Your remaining time to develop your own security is decreasing by a day every day you delay.

[williamlehan]

I tried building dining tables on the side. It was fun, but way too much effort for too little return. I’m looking at other things now.

[miguelsalazar]

This is very good advice. If you are over 50 and you don't own a successful business, and you are not a big shot at a large company, it's highly unlikely that changing jobs will give you significant career satisfaction or more money. Your best bet is to build a second stream of income, little by little, by trial and error. This can be the best way to exit your current job and land a job you really enjoy and can make money of.

[computer-training-for-seniors]

"Nothing in the world can take the place of persistence." - Calvin Coolidge, former US President.

[Syncopator]

The ultimate career move is undoubtedly starting a youtube channel.

[maggie]

I have never been to college am 59 is it a good idea to go back to a community college for 2 years . Am thinking about the debt after I graduate when am in my 60s. Please let me know

[stanspb]

If one is active and has interests other than just a job, the alternative to new career is to move out of the US. What counties have you spent time in and feel like it offers a superior quality of life than your daily grind now? Millions of people move out every year for a lower stress, higher quality of life. Every year since 2008 more Americans have left than legal immigrants arrived.. Get on some of the Ex-pat groups and it will be very hard to find someone who was very enthusiastic over their new life. I have been out of the US 21 years and love the freezer more interesting secure life. In the US a successful retirement is dying before the extreme cost of living eats one's savings and assets.

[rexpimplemyer]

So what big conglomerate media company bought out your news business? They always do that to successful business threats. Happened to a friend who had a small local sports paper. A bigger one bought him out to kill the competition so now he's a world traveler living in other countries. Could be worse.

[ricekrispies]

I'm a 56 year old widow with one child, a special needs adult. Is there anyone out there in the same situation?