So when I turned 30 I decided to start my own business, a sustainable kelp farm. I’ve been doing it for 5 years now, and am very burnt out. Earlier this year the government (canadian) made some policy changes around my license and essentially made my asset (the land) worthless. So selling isn’t really an option.
So now I’m 35, I’ve poured all my life savings into this business and am restarting my career. I still have my loan obligations but won’t be able to make profit from the farm with the new rules.
My questions are, what advice do you have for a) getting over burnout but still needing to pay bills, b) starting your career over, and c) how to set myself up for retirement 15 years late.
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Not what you’re looking for but maybe considering contacting your congressperson. They may be able to help you get some relief given that you’ve been impacted negatively by policy changes.
You may also be able to write off your losses on taxes for years. I’m not an expert but if I were you, I’d give it a try. Good luck!
No advice, just in a similar position of starting over for different reasons (couldn’t stand what my fields of expertise are doing to the world). Been in a holding pattern for over a year so I’m interested in what people suggest.
You can probably get 20-30 minutes of free legal advice if you google it in your area
My situation is similar despite our vast differences. Got laid off so also starting over. No savings so far and kinda in depression. I don’t know what advice to give so I gonna say when you’re down too much and can’t get worse, the only way to go is up.
I’m offering no advice, but just know you are not alone in starting over.
After 14 years in the industry I love(d), I’ve decided to take a career break to take care of one of my kids full-time before he goes to Kindergarten.
It’s an odd position to be in (if only thinking about potential $$ lost/career upward mobility) but so fulfilling personally to be able to slow down and spend more time with my family!
Sorry to hear that. My friend no legal advice but wishing best of luck.
A and B are about grit and determination. Others may have more practical advice . I was in an industry where I needed to retool my skill sets every 5 years. Each time it was gut check time . Retool while working 50+ hr or lose your job and/or relivance.
C is easier than you think. You need to decrease monthly cost and make enough to save/invest 20 % of your salary monthly. I started at 34 and was able to semi retire at 47 and full retire at 52. Honestly my investments were more luck than still, but they did well. You have to invest. You have to be in it to win it.
Look to lean fire and barista fire for some ideas. Some of the fire community is crazy others are crazy like a fox