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munimula

Should I Spend My House Deposit On A Career Change?

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Just been accepted onto a chiropractor course starting in sept.

Been saving hard for last 6-7 years for a house deposit which is a fairly decent size now.

However frimly believe that prices will come down and we are headed for recession but that it could be years and I'm not going to buy into prices anything like what they are now, I don't want to be a slave to an oversized mortgage.

After much thinking I've realised that in my industry, IT I don't fancy much facing the next 30 years sat behind a desk working with some of the most dull people you could imagine. In this industry there will be the constant threat of job losses and as I've experienced over the last few years, employees are becoming more and more dispensable and there is less and less people focused care in the work place. Ultimately we are all just bodies sat in modern day factories.

I got to thinking about sustainable careers with good employment prospects, work that can be taken to other countries, will able me to be self employed and work until I choose to retire and I came up with chiropractor.

So, I'm now looking at spending all my hard earned money on a career change and 4 year course.

However a part of me is finding the decision hard as I will have no house deposit the other end - but does this really matter as most of the economically literate here will appreciate - the bottom of this market could be 10+ years away.

What would you do?

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Personally I'd rather have the job and money, buy when the bottom is reached, then save.

This all assumes the job stay secure!

At the end of the day mate, only you can decide.

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Just been accepted onto a chiropractor course starting in sept.

Been saving hard for last 6-7 years for a house deposit which is a fairly decent size now.

However frimly believe that prices will come down and we are headed for recession but that it could be years and I'm not going to buy into prices anything like what they are now, I don't want to be a slave to an oversized mortgage.

After much thinking I've realised that in my industry, IT I don't fancy much facing the next 30 years sat behind a desk working with some of the most dull people you could imagine. In this industry there will be the constant threat of job losses and as I've experienced over the last few years, employees are becoming more and more dispensable and there is less and less people focused care in the work place. Ultimately we are all just bodies sat in modern day factories.

I got to thinking about sustainable careers with good employment prospects, work that can be taken to other countries, will able me to be self employed and work until I choose to retire and I came up with chiropractor.

So, I'm now looking at spending all my hard earned money on a career change and 4 year course.

However a part of me is finding the decision hard as I will have no house deposit the other end - but does this really matter as most of the economically literate here will appreciate - the bottom of this market could be 10+ years away.

What would you do?

I work in IT too and your comments definately ring true, the prospects are not looking too rosy for a future in IT and even in the short term wages do seem to be slipping badly.

I too have been giving serious thought to retraining - is there any way you can protect some of your cash by working at the same time as training using your current IT skills?

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I work in IT too and your comments definately ring true, the prospects are not looking too rosy for a future in IT and even in the short term wages do seem to be slipping badly.

I too have been giving serious thought to retraining - is there any way you can protect some of your cash by working at the same time as training using your current IT skills?

As I said above I've been saving hard and I should go into this course with almost £40K which is £10K a year or about the equivalent to a £14K gross salary. I'll probably also do some part time work, in the summer holidays rather than term time. And if the girlfriend moves down I'll be sorted.

The point is it is a hard decision, it is a lot of money but sadly today as a house deposit it still isn't that useful. The flat I live in, 1-bed is worth £200k and I wouldn't want to take on a £160 mortgage for it. Therefore I don't feel this money is useful to buy somewhere, funny cos I nearly bought a 3-bed in Bristol in '98 for £50K. This money would practically buy it outright.

It will be hard to spend the money but is it really a stupid decsion? Will I really lose anything as I don't imagine buying a house over the next 5 years minimum is going to be a good decision?

I fear for the future in terms of my employment, i hate to be at the mercy of my employers and we get treated like shit.

I want to take back direction of my life.

Edited by munimula

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Im sticking in IT, but getting less and less techy as time goes on, i trained in IT and im getting on going management training :)

Same, started as a developer, currently a BA with next move into management.

But to be honest I hate it it's all so blah blah blah. People sitting around tables discussing the most mundane and pointless stuff.

I generally surf the Internet as much as I can and spend most of my time booking my next holiday to relieve the boredom.

Edited by munimula

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Good for you, munimula! I too am in IT and looking for another future, not because I especially dislike it but I can't see a long term future in it for me.

I recommend other IT bods look to diversify their skill set, moosetea seems to have the idea.

:)

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Just been accepted onto a chiropractor course starting in sept.

Been saving hard for last 6-7 years for a house deposit which is a fairly decent size now.

However frimly believe that prices will come down and we are headed for recession but that it could be years and I'm not going to buy into prices anything like what they are now, I don't want to be a slave to an oversized mortgage.

After much thinking I've realised that in my industry, IT I don't fancy much facing the next 30 years sat behind a desk working with some of the most dull people you could imagine. In this industry there will be the constant threat of job losses and as I've experienced over the last few years, employees are becoming more and more dispensable and there is less and less people focused care in the work place. Ultimately we are all just bodies sat in modern day factories.

I got to thinking about sustainable careers with good employment prospects, work that can be taken to other countries, will able me to be self employed and work until I choose to retire and I came up with chiropractor.

So, I'm now looking at spending all my hard earned money on a career change and 4 year course.

However a part of me is finding the decision hard as I will have no house deposit the other end - but does this really matter as most of the economically literate here will appreciate - the bottom of this market could be 10+ years away.

What would you do?

Hi Munimula

(Love the avatar by the way - proof of evolution over creationism if ever there was one!)

I've pondered exactly the same question. I left the IT industry after 18 years to go back to construction, where I started (yes IT was boring at times, but damn good living for many years - especially in the early days doing paid overtime - I know it's a lot worse now).

I've often wondered, though, whether I should use some of my STR fund to re-train as I can't see myself having the energy to be a hands-on builder many more years from now. Trouble is, I've yet to find any prospective profession that offers real security. Your idea of chiropractor is interesting but I can envisage a recession scenario (you know it's coming better than I do) where people put up with a lot of physical pain before they will pay precious money for treatment. Even with the NHS, if the government is in dire straits through recession, they will probably use NICE to reduce the amount of referrals to the likes of chiropractors.

A mate of mine is an NHS dentist. He earns a good wedge even without private work, though the new contracts will impact this a little soon. This is about as close as I can think to a job that will always have a market place and that cannot be outsourced to India. But even then, you could get a glut of East European trained dentists coming in tempted by generous incentives from this government.

I think there's a more subtle underlying current. The days of well paid, well treated employees or profitable small businesses seem to be drawing to a close in the UK. These are being replaced by a corporate layer that provides all services (e.g. private hip operations, nurse agencies, private care homes, school dinners, etc) that employ drones on minimum wages, fuelled by low cost competition from immigrant workers, and minimal contracts (no health insurance, no cars, no pension, etc.). There is a close analogy between this corporate / peasant work environment and the rentier property model that is now coming to light (see previous threads on banks attracting BTLs in favour of FTBs).

Anyway, good luck with the chiropractor thing if you choose to go ahead. I'll stick to building here in the sun as long as my back holds out, and then I might need your services! :(

Regards

LL

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Good for you, munimula! I too am in IT and looking for another future, not because I especially dislike it but I can't see a long term future in it for me.

I recommend other IT bods look to diversify their skill set, moosetea seems to have the idea.

:)

It's hard to think of jobs that don't involve sitting behind a computer at a desk other than the usual trade jobs which was the other option that I looked at. Can you really imagine spending 40+ years staring at the screen on your desk everyday?

Your idea of chiropractor is interesting but I can envisage a recession scenario (you know it's coming better than I do) where people put up with a lot of physical pain before they will pay precious money for treatment. Even with the NHS, if the government is in dire straits through recession, they will probably use NICE to reduce the amount of referrals to the likes of chiropractors.

I think when it comes to pain and health people will generally find the money and worry about the money afterwards, that's my experience, I may be wrong thoguh. Also plenty of people have health insurance and chiropractic care in the UK is undergoing lots of changes at the moment, it's still in a growth phase. It is also possibly going to be bought more under the NHS umbrella. There is limited supply of trained chiropractors as not easy to get on training courses and not many places to study + very expensive to train. Was £7500 per year but now has Government funding so tuition fees are £3000 per year. All barriers to entry have to be good in keeping demand-supply in favour of the chiropractor.

I guess what I really wanted to do here is open up a debate about whether FTBs today are really better off shoring up their futures than making buying a house the number 1 goal. I could spend 7.5 hours a day in a job I don't like thinking only of how I'm going to save and by a house with a massive mortgae or I can choose to re-train and spend 7.5 hours a day doing something I enjoy and let the house buying take care of itself in the future when things aren't so crazy

Edited by munimula

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It's hard to think of jobs that don't involve sitting behind a computer at a desk other than the usual trade jobs which was the other option that I looked at. Can you really imagine spending 40+ years staring at the screen on your desk everyday?

There's still plenty of cash in IT. You'll get the odd doom monger at the top, saying how bad it all looks for the future, quietly sniggering away as they're killing off any kind of competition, and securing their highly paid government contract no-jobs running the odd batch command here, applying a patch there, suggesting the odd paradigm shift (whatever that is), etc etc.

Not something I'd like to be starting again in, but if I were two plus years in, I'd still be making hay while the sun shines, and sticking the cash aside for when the axe does finally drop.

btp

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Go for it!

I made that choice back in 2003 and I am now in the 3rd year of a 5 year part-time degree sand well on my way to becoming a chartered surveyor.

I kept my deposit though and financed it by giving up smoking. I worked it out that it cost me £15-20 per week for my tuition fees, equivalent to 3/4 packets of cigs.

I now feel a lot healthier and can look forward to more than doubling my earnings in the future.

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I guess what I really wanted to do here is open up a debate about whether FTBs today are really better off shoring up their futures than making buying a house the number 1 goal. I could spend 7.5 hours a day in a job I don't like thinking only of how I'm going to save and by a house with a massive mortgae or I can choose to re-train and spend 7.5 hours a day doing something I enjoy and let the house buying take care of itself in the future when things aren't so crazy

I think this is an important point. It dawned on me when I was made redundant last summer, I did actually find a better paid job fairly quickly, but it made me wonder, "Is it actually possible to secure your future and save for a decent pension pot?". Sadly, the conclusion I came to was that I will have to eventually make my own luck.

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Sitting behind a desk as you get older isn't too bad - would you fancy doing outdoor manual work @ 40+ in winter?

Pensions? - they're a comforting illusion designed to keep us quiet until we 'retire' - by which time you can't do much about anything

Edited by dnd

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Sitting behind a desk as you get older isn't too bad - would you fancy doing outdoor manual work @ 40+ in winter?

Pensions? - they're a comforting illusion designed to keep us quiet until we 'retire' - by which time you can't do much about anything

Pretty much what I am doing now. I was 40 this year and I do manual work (plumbing, electrics, tiling, etc) - though the heat of summer is the problem here rather than the cold of winter. I do get those nostalgic memories of the eighties where I could shut down an entire oil blending plant by keying in the wrong command at my terminal - happy days :D - but you forget the tedium of working with self-important tosspots who think they know everything and have to constantly prove it!

Pensions are a worry - I'm a 'preserved' member of three index linked final salary schemes with big names in the IT industry. I can't help feeling that in 20 or 25 years time all these schemes will have been raided and rendered worthless.

Regards

LL

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Here is an idea to moot. Instead of using the savings pot, you keep the pot safely invested and you take out a personal loan at a fixed rate to cover the tuition fees.

If there's massive inflation / a large hike in interest rates, you win. If there's no change or deflation, you then use your pot to pay off the loan.

Should be ok as long as you don't blow your pot at the student bar...

All this assumes that the course makes you more employable than before. Which is not always the case.

Also consider competition from abroad. Scotland just imported 40 dentists. This must have a deflationary effect on the wages of dentists in Scotland.

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I've also thought about this on and off. The question is whether to take the MBA plunge... thus far I've managed to convince myself that the benefit I'd get out of it is not worth the cost of doing it (~$100k plus loss of income).

I think a lot of MBA's were completed during 2001-2002 after the tech crash, devaluing the qualification. By doing an MBA I could end up even more on the treadmill than I am at the moment!

Gah, I think I crashed my laptop. Any IT techs around? :P

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I've also thought about this on and off. The question is whether to take the MBA plunge... thus far I've managed to convince myself that the benefit I'd get out of it is not worth the cost of doing it (~$100k plus loss of income).

I think a lot of MBA's were completed during 2001-2002 after the tech crash, devaluing the qualification. By doing an MBA I could end up even more on the treadmill than I am at the moment!

Gah, I think I crashed my laptop. Any IT techs around? :P

Might still be worth it at a very top school for a sociable person who can build networks (not IT networks...)

Edited by newbie

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Guest Guy_Montag

I'm an electronic engineer (sort of) here are my top three jobs to avoid a cold, hard unemployment in this currently f'ed UK:

Politician - nice benefits, check their pensions.

Career civil servant - not working on the coal face, get deep into the civil service, become a Sir Humphrey

Outsource yourself - why pay 40k to train as a chiropractor in the UK, do it in India. Live comfortably off your deposit, while you retrain, then you can either come back or treat highly paid European & US executives of offshoring companies.

I am seriously wondering if it is worth me taking an cut in salary, for a relative raise by going to live somewhere warm & dusty. Somewhere I can buy a nice house outright (with my deposit), & either stay in my current type of job or retrain for something that will pay me a good local wage.

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Follow your heart.

I am in the process of retraining as a teacher after years in IT, which I never felt was the right work for me. Do I have any regrets? You bet I do - I really, really regret not getting out of IT long ago.

Good luck.

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I don't think MBAs are the licence to print money maybe they once were. I think they have to be from a good school and backed up with experience.

I agree about IT - largely tedious and I think increasingly one's job is likely to be outsourced to vietnam, India etc. (especially if working in technical support). Even if you aren't, it's a very useful excuse to keep your salary down....

Another option may be to get qualified as a Project Manager (PRINCE etc.). Money for old rope if ever there was. I've yet to meet one who knows his/her **** from their elbow (e.g. one PM from an ISP pulling in 60K a year plus package couldn't identify a valid IP address, just got all the engineers to do her work whilst she surfed the web looking for...property to buy! But I digress!)

As Immigrant says "follow your heart". You're a long time dead and all that!!

I'm no mystic but I think that life has a way of rewarding those who show the courage to follow their path.

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Outsource yourself - why pay 40k to train as a chiropractor in the UK, do it in India. Live comfortably off your deposit, while you retrain, then you can either come back or treat highly paid European & US executives of offshoring companies.

Totally agree - 40K sounds like a rip-off. Retrain abroad, have an adventure and save money. Doesn't have to be in India - almost anywhere will be cheaper than that (SA, Oz, US etc).

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Totally agree - 40K sounds like a rip-off. Retrain abroad, have an adventure and save money. Doesn't have to be in India - almost anywhere will be cheaper than that (SA, Oz, US etc).

Good point. You could also probably find a course conducted in English in a non-English speaking country and pick up another language to boot.

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I used a chiropractor a couple of years ago. the guy was absolutely minted. he was seeing 4 - 6 clients an hour @£25/hour. Great career move I would say !

he was good, since he fixed my neck I've never looked back.......

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I'm with the follow your heart brigade. You have one life. Thats it (unless of course you believe in reincarnation, but thats not guaranteed and in your next life you might be a badger anyway. In which case the fork in the road is not likely to involve either coding or chiropractic)

When you are lying on your deathbed, and your life is flashing before your eyes, do you want those moments to be filled with images of an uptight, unfullfilled IT guy, who slaved endlessly, clung to his money like a bunny blanket and and finally in his later years had a house with exceptionally fine wallpaper and wrote a really exceptionally elegant piece of C++, or would you rather remember being out their enjoying yourself, feeling good and that you were doing something great to do?

And as anyone who has ever found a really fabulous chiropractor will attest, you will also be able to remember slavish devotion from grateful fans (particularly if you become the sort that does lots of massage first and tells your clients about your great holidays!)

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I used a chiropractor a couple of years ago. the guy was absolutely minted. he was seeing 4 - 6 clients an hour @£25/hour. Great career move I would say !

he was good, since he fixed my neck I've never looked back.......

:lol:

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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