Should an adult that has been out of a career for many years avoid trying to get back into the game at this point? Neal Templin touches on this issue in his article “You’ve Raised the Children; Time for a Job?” The stories revolve around people that made the decision to raise children without pursuing a career, in spite of their professional talents. But these same individuals that have been outside of cubicles for a couple of decades may shy away from looking for work right now. The economy, of course.
But should the economy be enough to deter one from looking for a job if one has not been active in the workforce for several years? No, and here’s why:
- Income is golden. In this economy, everyone is feeling the pinch in some way. Even modest amounts of extra income generated can go to offset cuts in other areas of one’s budget. Better yet, taking some of the pressure off of the main breadwinner can actually cause their productivity to increase. Many families have moderate income amounts, yet continue to revolve credit cards balances from month to month.
- The lack of pressure to be the main income generator. The spouse looking to get back into the workforce might be flexible enough to do contract work without benefits or part-time gigs. In fact, some of the most attractive positions available right now are offered by companies that need to get work done, yet can’t pay someone on a full-time basis.
- Debt reduction. Consumer debt is a persistent problem, and with interest rates and terms of repayment getting worse from a cardholder’s standpoint, the upswing to paying off debt has never been greater. A word of caution, though: the value of extra income generated can easily be sapped by wasteful splurges. To translate any new income streams into a boost for financial health, a new job should be coupled with a monthly budget delineating between discretionary and non-discretionary expenses, and a plan to reduce and eliminate debt as soon as possible.
Tags: debt elimination, Debt Management, debt plan, debt reduction, debt reduction with new work, debt strategy, getting back into the workforce to eliminate debt, one income household and debt, second income family and debt, two income household and debt
