I need some help and/or advice....
This isn't me asking people for life guidance, its a genuine query.
I have been involved with Crypto, Stocks and to a degree commodities since 2021. I collect gold/silver coins and looking to gain wealth with investments so I can hopefully retire earlier than the age of 67.
I have a secure job and a family to support along with my also working wife. Ive gone from absolute zero knowledge of trading and investing, to regularly listening to audiobooks on finance, economics, psychology and trading experiences (market wizards). I subscribe to Stockopedia and have learnt to deeper dive into companies balance sheet and understand a company before investing. With all this in mind I have my own trading plan and strategy.
I obviously still have lot to learn, but i enjoy the process of finding trades/investments and seeing what happens and either compounding the profit, double down on that investment, or getting out when a stop loss is hit and try to learn where I went wrong.
The wage I earn is very good for my area but just above average on a national level. I put 6% into my pension and have a nice pot for early 40s. The job I do is skilled but can become tedious and I will admit is becoming stagnant with minimal chance of progression.
I NEED HELP OR ADVICE in that I have no idea what future path to take. I could keep doing what I do and probably do the same thing or similar until 60-65 then retire with a decent pension in a job I can cope with but work night shifts alternatively. Investing and learning as I currently do and hopefully be able to retire in 15-20 years due to learning more and investing wisely.
Or I could change path completely and edge towards a job in finance or investing or economics. The problem I have is I have no idea what path to take, what qualifications would be required, and how long it would take to be able to get a job in something of that mould. I could risk it all to be doing something related to what I do now, earning less but with more knowledge, but without the capital or security.
I have no idea what jobs would be open to an early 40s man with some knowledge of trading/investing and economics, I have no idea if its too late to start or if id be earning less but loving my job. Has anyone any experiences or employment knowledge of what paths are available, and whether it would be financially worth it. This isn't a beg for a job! I just enjoy what I'm doing in my spare time and would be happy to learn or do a course in my spare time, but I have no idea what options would be open or viable, where to start, or if I've left it all far too late.
Thanks in advance..
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8 comments
Actually my brother has written a book on the subject. I'm not sure whether I am allowed to post a link to this. But I will try it. https://www.mikesmithworkandwell-being.com/
"The holy grail is to love what you do, and get paid handsomely doing it"
There are lots of different career paths in Finance, but generally speaking you will need certifications to work in roles where you manage other people's finances or give financial advice. I know this because I went through exactly the same thought process as you three years ago. I was working a job in Data Analytics. It was a job I stumbled into after I left university. It paid well, but I hated the job. I worked for a debt-laden national retailer and when Covid-19 struck, I was furloughed and eventually made redundant so I decided to change my career.
I looked into Finance roles and here were my personal notes (others may disagree):
1) Financial Advisor:
Pros: lot of job opportunities all over the country - you can easily set yourself up as self-employed or start an advisory business once you gain more experience - constantly researching the best stocks / funds for your clients.
Cons: You need qualifications, there aren't many companies who take on people without the minimum certification, so you may need to pay for exams yourself first. Generally speaking it's a sales job (not my personality, but it could be for you) ... your income is largely based on commission which you get from placing client money with fund managers, so you need to be comfortable selling funds even if you can outperform them with individual stock picks yourself.
2) Financial Journalist:
Pros: get to write about stocks and the markets all day.
Cons: pay isn't great - the market is saturated with commentators (lots of competition) - Very difficult to get an entry level job without some sort of news letter / portfolio that has traction with the target audience (i.e. you need to invest time in building your personal brand like Paul Scott!).
3) Working in Banking (generally)
Pros: Pay is incredible!
Cons: You're working in banking - long hours, relocation to London is a must, you need to study for qualifications while working 80+ hour weeks.
4) Fund Management / Stock Broker - this is a mix of above, good pay but generally you're selling funds / financial services to retail / institutional clients. You will need qualifications to mange other people's money so you're compliant with the regulator. Generally speaking, there is a disconnect between what you enjoy doing in your spare time on Stockopedia and what you're required to do. Most jobs are in London and will require in office attendance / face-to-face client meetings, so relocation is mostly necessary.
5) Become a professional trader - You can do this self-funded, but that might be a bit further down the line from what you are saying, so the other option is to manage other people's money, but yet again you need the correct qualifications, regulatory approval etc. However, if you're a wizz with coding, financial institutions will pay very handsomely (£75k entry level to £150k p.a. senior level) for programmers to code up trading algorithms.
Ultimately, I decided to switch into Software Development as I always liked coding. It allows me to work remotely and is well paid. I enjoy what I do and I can invest in my spare time, not causing me to dislike my hobby! For me, the thought of being in a sales-esque role and needing to complete qualifications was a turn off. Futhermore, with the coding skillset I can pivot into the finance domain. Stockopedia had a fully remote Front-end Developer job posting last year, helping to maintain / build new features for their website. I'm keeping an eye out for when they next open up a position. So as a final thought, maybe you could look at jobs which work in the Finance domain, but not directly involved with money management and require qualifications?
Best of luck in what every you decide. Also, don't worry about being 'too old'. It's never too late to do what you enjoy.
Good insight, thanks!
Love to be able to become a professional trader but that's unlikely. Thanks for outlining the options and pay, that was really helpful.
The 'too old' mantra was more due to how long it would take to learn the new roles, and whether the area is actually wilfully employing elder newbies. I appreciate ageism, but there is also a realism to that as well.
Overall the outlook seems a little clearer and it seems like I'll just have to hope I learn just as quickly and gain a little luck along the way to be able to retire early.
6. Get a job in compliance. You need to know naff all and you get to tell people who are trying hard that they are doing a rubbish job. 50% accurate and 50% humour. Also a realistic possibility although you may need to start from a lower level.
I would approach this by answering the following questions:
1) How important to you is it to give up working shifts?
2) Which is more important to you? To earn more money or to really enjoy your job?
As there is minimal chance of progression in your current role, you could consider what you might have to do to get a job which is rather like your boss's current role but with a different company.
I guess my dream is to continue what I do in the short term and handle my own portfolio and live off profits/dividends.
That is a LONG way off!
My problem is I really enjoy doing the financial and economical side and find it a hobby. I have no idea what line of work or qualifications are required to go down the financial or economic route or what options there are out there.
I'll more than likely end up carrying on doing what im doing and just retiring earlier, just how early.
I just don't want to be sat here enjoying doing what I do with my investments and find out in could be doing 'X' or 'Y' for good/better money.
Whereas due to my lack of knowledge of what is available out there, I don't want to spend years studying for a certain qualification or level to find that I wouldn't be better off, for a job that isn't rewarding financially or mentally.
Any input would be welcome.
No career advise intended but I would be cautious on mixing business with pleasure. I enjoy doing what level of investment I do because it's my money - sure, I have to be reasonably successful as it is soon to become my income. Would I enjoy making it a career? No, I would not! If I was an FA I'd be a salesman for preselected funds chosen by the company team and based on nothing more than the clients level of risk. Even an independent FA (like a good pal of mine) does exactly the same by picking whatever Morningstar's model portfolios are for his clients - and changing positions at annual reviews to match whatever Morningstar are currently suggesting. No real effort or stock selection skills needed (he still thought Woodford was a good investment right up to the end) and certainly far removed from what skills you are enjoying using at present. Would you instead want to risk other folks money by investing it on your own choices of stock selection? That would be too much of a responsibility for me and so I've always declined to manage other people's money if asked to do so. Your hobby could turn into a terrifying responsibilty if things didn't go well and your clients were losing money.
I have heard this before, either from an investor or in a podcast. Brilliant advice. Hopefully a bit of luck comes my way and I keep doing what im doing without the need to consider my options.
The fear is I'm doing 'x', missing out on 'y' due to lack of knowledge. However it seems that I may be taking the correct path, whilst learning along the way.
I have a plan come the end of the financial year, depending how my portfolio has gone this year.
Thanks for all the info and insight. Always trying to learn and hopefully this is the kick up the backside I need to double down in what im currently doing, rather than daydreaming of what could be.