Field of dreams: we tell you how to finance a midlife career switch.

Publication: Consumer Reports

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COPYRIGHT 2002 Consumers Union of the United States, Inc.

It's not unusual for people in their 40s, and 50s to dream about ditching their jobs and heading back to school to train for something new. But retraining while earning a living and fulfilling family obligations over a multiyear period could discourage even the most passionate pursuer of a new calling.

Worse, there's no guarantee of success. Eric Norris, 47, of Santa Clara, Calif., in 2001 returned to his former job as a technical-publications manager with a six-figure salary after spending two difficult years operating his own criminal-defense and consumer-bankruptcy law practice in San Jose, Calif. And, he is repaying $80,000 he borrowed to attend a four-year evening program at Santa Clara University School of Law. He still loves the idea of practicing law and plans eventually to try again. "It was a great adventure going from an occupation that was very comfortable and rewarding financially to something that was satisfying to the soul," he says.

There's more at stake than personal fulfillment. Retraining holds out exciting possibilities for increased earnings, escape from a stagnant industry, or a more interesting work environment. To make the leap, however, it's not enough to have a dream. You've got to do the math. In this report, we explain the financial realities.

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