Ask Dr. Diane: Starting Over In Life – How to Catch Up Financially

Ask Dr. Diane: Starting Over In Life – How to Catch Up Financially

Today’s Question Is:    I am pursuing my Masters. I am divorced, 49 and just starting over in my life.  I now have a 30 year mortgage on a home (I look at it as an investment).  I really am worried about my future and how well off I will be financially.  Starting over has cost me a fortune but personally I am extremely happy, until I think about my future, and then severe anxiety.  Not to mention paying student loans.  Anyway do you have any resources for women like me?  I feel happy that I am an RN and am actually working but I want to be better off financially.

Answer:  Thanks for the question.  Having a masters can only help you in the long run.  It opens doors for you in terms of work possibilities.  You said you like being an RN.  Are you interested in teaching as well?  I like the site http://higheredjobs.com. They list teaching jobs for people with a master or doctoral degree.  I think teaching online could be a good part time way to get extra money and also set you up for a possible full time job in the future should you want to stay home, not be in nursing any more and/or not be worried about your age being a factor in finding new career opportunities.  I am almost 48 … and realistically we are not at our most marketable age.  I write about this in my book How to Reinvent Your Career.  It will be available on Amazon in about a month or so.  You can find out more here on my website and on my blog at www.drdianehamilton.wordpress.com or on Facebook.
 
Be sure you are putting the maximum amount away in your 401k or your IRA if you don’t have a 401k. After you turn 50, you can put an additional $5500/year away in your 401k to catch up if you are behind. Many people are working past the retirement age of 65.  If you have your masters and have some online teaching experience that you could be developing now, you will be able to supplement income nicely and not have to work a full 8-hour day.  The extra income could also help you pay off those student loans. 
To hear more financial advice, listen to my recent interview with Dean Voelker by clicking here.

Dr. Diane Hamilton is Interviewed by Dean Voelker

Click the date link to hear the audio file. Please be patient for the file to load in your media player.

  • 07/31/2010 – Dr. Diane Hamilton (Current Show)

    •       click this link to hear the show

    		 Dr. Diane Hamilton
    via helpmy401k.us

    Click on the above link and go about five minutes into the show to listen to Financial Talk Show Host and Author, Dean Voelker, interview Dr. Diane Hamilton about young adults, money, online learning, careers, and even Lady Gaga. . . Stay tuned until the end to hear more about Diane’s books: The Online Student’s User Manual, How to Reinvent Your Career and Ten Things The Young Adult Needs to Know to Be Financially Savvy.

    Dean Voelker Interviews Dr. Diane Hamilton

    WHME-FM Radio Show

    Listen to Dean on WHME 103.3 FM for Improving Your Financial Health “Improving Your Financial Health”
    Listen to this Radio Program
    with Dean Voelker, AAMS
    on WHME-FM in South Bend, IN
    Saturdays at 9:00am EST    Click Here: 2010 Archived Shows

    Upcoming Show – “Improving Your Financial Health”

  • –>07/31/2010 – Dr. Diane Hamilton (Upcoming Show)
    My guest this week is Dr. Diane Hamilton – www.drdianehamilton.com. Diane has a Doctorate in Business Management and currently teaches business courses for six online universities. Along with her teaching experience, she has more than 25 years of business and management experience. Dr. Hamilton has also written several books and articles which focus on understanding online education, and personal finance for young adults. Her most recent book, Ten Things Young Adults Need to Know to be Financially Savvy is designed to teach young adults basic principles of personal finance. The unique and innovative style of the book engages young readers to learn about money management, home-buying and other areas of personal finance in an entertaining and personal way that is far from the typical dull text available on the subject. Please join me for a lively discussion with Dr. Diane Hamilton as we talk about how to keep young people better informed.
    		•  Dr. Diane Hamilton
    via helpmy401k.us

    My interview with Dean will be on Saturday’s show and you can also check back on Dean’s site at www.helpmy401k.us for the actual interview file if you miss it.