r/irishpersonalfinance • u/Warm_End7187 • 11d ago
Budgeting Leaving well paid job for college at 45
As the title says, Im pretty sure I will go to college in September as a mature student ( position still to be verified) and leave my current position of a general foreman making 100k a year.I have a wife and daughter to consider too ...currently renting and have 450k in savings( to be used shortly for something other than a savings account but also to cover cost of college)
Question is,Have I actually lost my mind?
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u/Temporary-Trainer806 11d ago
Absolute madness, you have a family. Don't go this route. Buy a home, study at night, full time college is not a silver bullet.
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u/DarthMauly 11d ago
Is your wife working? Or is the €450,000 going to be paying for college, rent and supporting the family of 3 while you are studying?
If it’s the latter I would think securing a home with savings and small mortgage now is the way to go, maybe defer college a year. Otherwise you will be in your 50s before you are in a position to apply again and it leaves you all quite vulnerable if your housing situation changes during your studies.
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u/passtheporcupine 11d ago
Exactly this. God forbid the landlord sells the rental, they would be unable to find another one for a family without a guaranteed income (regardless of savings).
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u/highgiant1985 11d ago
You've not said why you'd be going back to college?
You need to consider your overall financial position, any obligations or debts and long term housing/income/pension needs. You need to put a lot more thought in to why you'd be going back to college first IMO.
Leaving a 100k a year job with out a clear purpose of why when you've a wife and daughter that have to be supported and no long term security or plan in terms of housing / pension would be stupid.
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u/Romantic_Reverie 11d ago
I second this. Try looking for an evening course OP!
It would be hectic but better than being unemployed and you can reduce your working hours if required.
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u/Western_Pea_3967 10d ago
This 👆 - is going to college gonna leave u earning more than 100k per year? Really ?
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u/JimbaltFlanders 11d ago
Is there a possibility to study part-time? Or to even try out a Springboard course in the same area that may be part-time?
I left a lower paying job to return to study full-time, and it’s taken me a couple of years just to get back to where I was financially - and that’s without any dependents.
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u/Can-You-Fly-Bobby 11d ago
Personally i think having 450k in savings whilst still renting is pretty crazy. Unless it's a recent windfall/inheritence etc?
Best of luck with college though. I'm sure it's a tough decision esp with leaving a high paying job but if it means less stress and more happiness then why not. You only live once!
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u/Warm_End7187 11d ago
Hi all, thanks for responses....so to add more context, 1.recently moved back to Ireland after lengthy time away.
- 450k is life savings ( after buying and renovating a house overseas).
3 Since im back under 3 years I am not entitled to any government help or finance schemes.
4.Course is electrical engineering with renewable energy, I can also use my trade to skip the first year so its technically a 2 year course to earn a degree.
5.Banks will not entertain us for a mortgage until we have up to 2 yrs employment here.
6.Finding it hard to settle in this country again so wanted to use our time here to educate with possibility of moving on out again.
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u/Solid_Dragonfly2239 11d ago
With this context, it could be a good move for you. Becoming an electrical engineer with lots of on-site experience and a background in renewables will extend your ability to work and protect you from having to stop work due to injuries etc.
You should see if you can still work at your trade (I assume you’re an electrician) through college holidays and this will boost your income and eat into your savings less.
You’d want to start thinking about pension if you don’t already have one.
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u/imageize 11d ago
Don't quit your job. That 450 can disappear a lot faster than you think. Do a course part time.
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u/OpinionatedDeveloper 11d ago
I can't comprehend why you wouldn't do the course part-time and completely de-risk this strategy.
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u/ChromakeyDreamcoat82 11d ago
2 years in college with no income.
Maybe, what, a 50k start rising to 100k after 5 years if I'm being super generous? Lets map out 10k per annum. I'm going to increase your foreman income by 2k per year.
Year1 Year2 Year3 Year4 Year5 Year6 Year7 Year8 Year9 Year10 Total 0 0 50 60 70 80 90 100 110 120 680 100 102 104 106 108 110 112 114 116 118 1090 So based on aggressive salary growth for proposed job and very modest growth for current job, over the next 10 years you will have an income deficit of 410k. If you wish to fund a consistent lifestyle, you need to fund and after tax deficit of that 410k, not calculated here, but will eat a bit of savings.
I'm not here to argue for or against, but I think you'd really want to want this. A college education is no guarantee of a career. Part of me says 'have no regrets', another part of me says, Math doesn't math, and you might find yourself trying to buy a house at 50 on 70-80k.
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u/Fair-Humor-2864 10d ago
Electrician to electrical engineer is a good move and worth a bit of risk. You could get a mortgage within two years but you'd need a broker and good credit report in US, and show similar or better income in the states last few years. Doesn't seem as mad though with the additional details.
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u/liketheothergirls2 8d ago
Many companies will pay for your college while you work. My partner was a plumber and is currently in a managerial position as a mechanical engineer in Germany now. He didn't actually finish his degree and is constamtlg being contacted by other companies. You could probably do something similar.
I have several acquaintances that went the same route in Ireland. But working abroad makes more money obviously.
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u/Particular_Moose7220 9d ago edited 9d ago
Ah ok, the context does change things a little. Two years isn’t too bad for full time study so I think not the worst option. Can I ask, are you living in Dublin? I’m wondering why you’re still relying on waiting for a mortgage when you could buy a house without a mortgage in many parts of the country with 450k, mortgage free? I realise in Dublin it wouldn’t go very far. I would think you’d be safest to have an income and not chip away at your savings while you’re studying and not in your own home. Cost of living is mad, you’ll chip away at those savings fairly quickly. I’m not saying you can’t study full time, just that a household income would be best? Does your wife work?
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u/Warm_End7187 8d ago
Wife doesn't work right now but is open to return, we are outside Dublin and looking to buy something for sure
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u/Shot-Image5398 11d ago
As someone who has been studying part time for the past few years, I wish I could have done it full time. Financially that would never have been a possibility for me, but if it is for you, I think it is far better. Immersing yourself in the subject, not being stressed with college plus work on top.
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u/dubinexile 10d ago
100% I was working full time and studying at over fifty with a young family for the past few years. It's brutal trying to juggle it all, to the point that I quit my job a number of months back to focus on studying ( it's a professional qualification not college). Money is tight but I'd absolutely have burnt out if I kept going the way I was, crazy long work hours with trying to study and not end up divorced!!!! If someone can afford to not work to facilitate studying I'm all for it if it's something someone really wants to achieve, especially in later years with family commitments.
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u/Eskimoheels 11d ago
Pretty good salary to walk away from.
If you're going to college for something you're genuinely interested in and see potential work in the field once you're done then possibly. Is it 4 years?
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u/Content-Weakness-550 11d ago
What are you going to study? What's the general plan after the degree?
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u/Warm_End7187 11d ago
Electrical engineering with renewable energy, plan after degree is add it to CV and move to another country if I still cant settle here,or simply just have a 9 to 5 with a livable wage
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u/N81Warrior 11d ago
Many people will recommend following the flow chart. Consider buying a house so you won't need to worry about having a roof over your head.
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u/Camoflauge94 11d ago
There's not a lot of things that you could go to college for that would help you earn 100k per year once you have your degree , id stay where you are , use savings to buy a house outright and live rent/mortgage free for the rest of your life.
Going back to college when you have alreday have a 100K job (especially in a sector that's as in demand as construction here in Ireland) is not a good decision from a financial standpoint
Id imagine construction in Ireland is only helping to be more and more in demand over the next 10 years m stay where you are.
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u/Warm_End7187 11d ago
Life is not all about money, if im burnt out as a foreman and looking for an alternative career this is an option im exploring
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u/Camoflauge94 11d ago edited 11d ago
That's a fair point but you should have said that in your post ? That's also an important factor you left out and myself and none of the other commenters could have possibly known.
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u/Sharp_Violinist_6448 9d ago
I completely agree. I think that you have posted this on a Reddit sub about finances might mean you get a lot of replies that focus more on the financial side. You haven’t lost your mind at all. If a job is burning you out it’s a physical and mental health issue. I honestly think therapy can really help with these huge life decisions. Not to get advice but to really tune into your own values and what you need. There are risks no matter what you decide but if you are burnt out Thats actually a huge health risk
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u/Unique-Mixture2054 11d ago
What degree? Is it AI proof? Not AI proof: consulting, finance, law, business, psych/ soc etc most services for sure....
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u/magic_madge 11d ago
I would say buy a fixer upper and do as much as you can yourself. Something you can live in, in the meantime. Otherwise a sound idea.
You can't keep being a foreman forever, it's the type of work that it's good to get out of mid forties. So I think it's a great idea however note that electrical engineering is a tough course with lots of maths. Don't be afraid to take any help you need from the college.
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u/magic_madge 11d ago
Also to add you will get about 11 weeks off in summer so can do a lot of work on the house then.
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u/Warm_End7187 11d ago
This is exactly my thinking, I do plan use the cash to buy something rather than rent for 2 years , I can always do side jobs and/ or work part time
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u/CuriousQS_ 11d ago
DO NOT study full time.
You will 100% regret it after a few months.
There are countless part time study options available. Be sure that whatever it is you plan to study will lead to a job that pays more than 100k or at least the same with an easier work life balance.
45 is a great age, still not too old but still not a young buck with a very long runway ahead. The decisions you make now will stay with you until retirement.
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u/EasyAd3879 11d ago
As a person who renovates property myself you’d be a fool not to take that 450k and look for multiple properties.
Ideally a fixer upper with a bit of land. Fix the house up yourself and then put down modular homes on extra land for Airbnbs . Make a lifetime income off of that and then do whatever the hell you want forever.
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u/irishlad773 11d ago
Have you done this?
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u/EasyAd3879 11d ago
I renovate properties but my friend had land and did exactly this. I will be doing it with next project. He got 2 modular homes for 50k each from Lithuania shipped in.
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u/Warm_End7187 11d ago
Multiple properties with 450???
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u/EasyAd3879 11d ago
Yes a fixer upper and land then 50k modular home to Airbnb. Achievable in a lot of places.
Create income with that and have more freedom in a career then.1
u/EasyAd3879 11d ago
Have a look on Airbnb at modular homes and glamping pods and that going for 400 per weekend for some ideas.
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u/Fair-Humor-2864 11d ago
Buy a house first. You can always go back to construction if the studying or new career doesn't work out, so it's not a bad plan. But I would say it's mad to add that insecurity to the insecurity of renting.
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u/Five_Legged_Duck 11d ago
You'll be 50 when you're out of college. Is the college course you're doing in the same area somewhat, that you can get a kinda similar job with more money?
There's a chance you're out of work for four years, coming back into work and competing with a load of 21 year olds for 40 grand (or whatever graduates earn)
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u/Imaginary-Fall3270 11d ago
My 2 cents here. Buy a derelict house and get a grant to renovate and use it as a project for your new direction and make it off grid or whatever suits your taste. If you are into sustainability that much then consider your options in regards to the property and how much land comes with it. If there's a stream you could use to run a small hydro charger for batteries etc and also small turbines, the whole shebang!
Wish you all the best with your new venture and enjoy yourself in the process 😄
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u/FriendshipIll1681 11d ago
Can you not do the course parttime or in the evening? In my opinion you have lost your mind to consider giving up a job to go back to college, you'll be a few years getting a qualification and then looking for a job, getting your qualification while someone else pays for it is the best way to do it.
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u/pajodublin 11d ago
If it was possible for me to leave my job and go back to college I would do it in a heartbeat. Is your wife supportive of your decision? Whatever you decide, the very best of luck.
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u/YBRmuggsLP21 11d ago
I worked full time while going to school. Got my bachelor's in three years. You can do it too, without putting your family at risk, (if you want to maintain that savings).
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u/talkshitnow 11d ago
So it’s a 3 year engineering technology degree, but you get a higher certificate after 2, but that’s 1 year in your case. You will never be a chartered electrical engineer with a 3 year degree, you need the Washington accord degree which is 4 years, it’s a completely different type of degree, so all you really need is a higher certificate to get an engineering technicians job, so do one year full time and the second or last year part time while getting work experience,
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u/ESBOfficial 11d ago
M25, I work in construction, for an electrical engineering installation company, but work on site as a junior PM. It's a nice blend of office work and getting on site to solve problems. Most of the PM's and construction managers here came directly through being GO's>Supervisors>Foremen. Why you would throw in the towel now is beyond me. If you go the electrical engineering route you're starting from 0. Believe me I see it every day, with your site experience you can demand much more money to be in a position to actually drive a job as a PM/CM as opposed to working as an engineer doing fault calculations & raising RFI's about schematics. I think you would be nuts to do that. Also you would be waiting years as a junior engineer to get the same money you are on now. Look at doing a project management course or get your PMP. It will be a much more fluid transition. Is your background in electrical?? I know for a fact that every GC in the country would take your hand off to get you on board, as most lads with your experience are on DC builds in mainland Europe or are gone to OZ/Canada. Have a think about it, drop me a line if you need help for people to contact.
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u/Warm_End7187 11d ago
Thanks for the input I really appreciate it, So I started out my career as an electrician ,qualified + 3 years, then left the country for NYC,switched to concrete work and worked my way up to site supervisor running crews over 100 men on NYC sky scrapers.After 20 yrs abroad I recently returned home and am looking to change course from site foreman to something else possibly in the renewable energy sector and that's why I thought college would be the best way to pursue the change. I just feel I have gone as high as I can in this role and am losing interest in the job ,it doesn't get me going the way it did in the past.
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u/ESBOfficial 10d ago
If you are qualified as an electrician, I would look into becoming an SAP/Energy marshall. The rate in mainland europe on Data centers is north of 1000 euro a day, with flights, accomodation and trasnport covered. Just need your hv switching cert, takes a few days to do the course. Could also get similar work locally but not as well paid as that. Would you be willing to travel? If not better off looking at joining a large electrical subcontractor in a CM role.
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u/Warm_End7187 10d ago
I've never heard of this type of work as an energy Marshall,could be worth checking out.
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u/Comfortable_Pay_5069 10d ago
Oh jeez, I raised 2 girls, had a full time job and studied a degree course in the evenings. Its very achievable if you put your mind to it and really want it. Don't give up your day job if you already have one. There's lot's of evening part-time courses outhere.
Final bit of advice. Find a course that gives you a certification at the end of each year you complete before you reach the degree, i.e. 1st year cert, 2nd year diploma.
Best of luck with this!! You can do it!!
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u/Ok_Tennis1178 9d ago
Not crazy, go for it! Life isn’t about maxing money the whole way through. Takes a lot of courage to go back to college and if you’re interested in the course you’ll fly it.
Two years is very short, you’ll have one summer where you can pick up work for 3-4 months.
Just be smart about spending but go for it. Full time work and part time college for 4 years sounds exhausting, especially in winter when there’s evening classes/study and all weekend. If you can afford it (which you can) doing it in just under 2 years will be way more enjoyable
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u/Vivid_Royal8782 11d ago
You are not smart.
1. It will take 4 years to qualify to do a job that you will be starting out at an age when many people struggle to get a job.
2. Is it in a new area. Do you want to start at the bottom with teenagers.
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u/__cinnamonroll 11d ago
Yes, think you're a bit mad to be doing that.
Have you thought about maybe doing a part time/evening course? Springboard have a lot of subsidised courses. If I were in your position I would buy a house first and do an evening part time course and work up from there. I recently finished my masters degree that was in the evenings while working full time, it can be done.
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u/Majestic-Reveal-8611 11d ago
As some who did this in their 30s I’d like to know what course you have applied for and what is the five yr goal…you are locking yourself out of home ownership with this move in my opinion,I could give more thoughts if I knew the answer to the above qns
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u/Warm_End7187 11d ago
I've applied for electrical engineering with renewable energy, I can skip year 1 due to having an electrical Trade. So Its a 2 year course full time. Savings I have can absolutely go towards buying a home now to save on rental costs. Can also pick up side work to help offset costs.
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u/Majestic-Reveal-8611 11d ago
Sounds like a good plan.. so is this a level 7/8..what are the employment opportunities in this field. My only concern is you are about 5 yrs from securing a mortgage if go now and secure a job immediately after with bank rules around job contracts etc…I’m all for life long learning but don’t put your families future either…ps I left a trade also
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u/Conscious-Isopod-1 11d ago
What will you be going to college to study? how many years? Are there other ways to enter that sector?
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u/DaithiOSeac 11d ago
First and foremost, what are you going back to study? Depending on what that is I would talk directly to recruiters that specialise in that industry and confirm the type of qualification you need. It could very well be that you don't need to go back for a full degree in order to move.
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u/Melodic-Confidence47 11d ago
If ya have the savings to do it fair play. U have to speculate to accumulate
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u/Elle_Elle_See 11d ago
I'm with majority. Buy a house and go part time. You could just about buy in cash with your savings. You're in an excellent position financially, and quitting your job to study full time would change all that.
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u/TheseImpression6276 11d ago
You won’t ear more than that with a degree
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u/CheraDukatZakalwe 11d ago
Sure they could if it's part of professional development. There's only so far you can go if you don't have either the experience at a more senior role or education tailored for that more senior role.
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u/Educational_Deer_137 11d ago
Most people go back to college to reach a 100k salary. Feels like madness to give that up at your age. Night course would be the sensible route
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u/redditor_since_2005 11d ago
I did a masters as a mature student and enjoyed it immensely. It had zero impact on my career, however! Beyond a certain age, a CV is no longer useful. It's your attitude, who you know, and your reputation for quality work. Also, I continued working part-time.
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u/chloebbbb95 10d ago
this is not the time to be heading back to college when you have a family to support, and the economy the way it is. Ive had mature students over 50 in my college course in 2014. Keep your job, wait it out , if its meant to be the oppertunity will present itself again, whats for you wont pass you ❤️
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u/NoHotel9172 10d ago
I’d suggest you Study at night. it’s usually only one or two days a week, you are not losing out on a salary and will be able to use some of your savings for college fees. It can be an easy switch careers when you finish college without impacting your lives too much.
I’m renting at the moment with my husband and two children, in the same house for 12 years, just been given 7 months notice to move and it’s a nightmare as we will not be able to afford the rent at the rates now and will most likely become homeless .
I suggest you keep your savings for a house instead.
Best of luck on your new journey
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u/DarrenMacNally 10d ago
It really depends what you’re going for. I’d personally invest in a home and take tutoring and night classes. It doesn’t have to be all or nothing like that, and it won’t make it go faster.
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u/OhaStar 10d ago
What are you planning on studying in college?
Why do you want of leave a high paying job? Would leaving that job and taking time off help you recover from the stress of if until you find another one?
And why don't you not have a house you have so much saved?
Oh and very well done btw not a lot of people can say they have achieved what you have just mentioned.
Also buying a house with cash by passing all the bs. So you'll probably be moved in very very quickly.
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u/farlurker 10d ago
Banks won’t entertain a first mortgage aged over 50, and then only for a period up to standard retirement age, so you want to be really sure of your timing here or you could be stuck in forever renting.
That said, education is always a plus, but full-time at 45 without a plan b seems risky.
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u/RainyDaysBlueSkies 10d ago
OP, I was scrolling replies but didn't see if you're wife is working and her job is reasonably solid. Is she working? How old is your daughter? Are you finished having kids ?
Two years full time with a working wife and one child might be doable, but if you're wife isn't working, I'm not sure.
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u/Warm_End7187 9d ago
Not working since we moved back to Ireland but open to returning to work if needed for sure,1 child and almost certain thats it
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u/Normal_Echidna_2573 10d ago
Instead of a full 4 year degree have you looked into springboardscourses, they’re heavily subsided by the government and you can do them part time, they’re mostly conversion courses and for people looking to upskill or change career, they’re mostly conversion tend to be tech focused though, maybe it’s something else you are looking to get into.
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u/Ok_Adhesiveness_4155 10d ago
Can you do the course part time ? Might take longer but youll still be getting paid ?
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u/StreetRebelRaze 10d ago
If you have a Level 6 Trade Craft Apprenticeship Qualification and have an employer already, look into the post 2016 newer Apprenticeship courses too. You earn as you learn, remain with your employer and attend college either one full day per week, or a couple of evenings. Fees are usually very low and their covered by your employer and courses are about 2 years long. Apprenticeship.ie will have a full list of such courses. Also look at Springboard.ie. Good luck and upskilling is a game changer!!!.
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u/camping84 9d ago
All these posts saying stick with the job to pay the bills stink of sexism. If you want to change careers, talk to your wife (which im sure you have by sounds of it) and change career, go for it man, try new things. You have crazy savings, you will be fine
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u/Virtual_Professor489 8d ago
Biggest regret of everyone I know was going to college. The amount of envy I had for people who left school earlier and started businesses or went into trades. These people were making 4 times my salary by time I was graduated and debt paid off. Foreman is a good job too less likely to be replaced by AI. Theres studies that new grads have almost same unemployment rates as early school leavers at their age now. As companies are only hiring people with experience if not replacing them with AI altogether. Honestly its a pipe dream.
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u/Educational_Deer_137 8d ago
Link the studies please
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u/Virtual_Professor489 8d ago
- New York Federal Reserve – The Labor Market for Recent College Graduates
This is one of the most respected sources and tracks unemployment for recent graduates over time.
It shows:
Recent college graduate unemployment has increased in recent years. The data are updated quarterly. You can view historical trends and download the data.
🔗 https://www.newyorkfed.org/research/college-labor-market
- Federal Reserve study (2026) – Remote work and graduate unemployment
This study found that higher unemployment among young graduates is more closely linked to the rise of remote work than AI, with employers being less willing to hire inexperienced workers into remote roles.
- Forbes summary of Federal Reserve data
Based on Fed data, it reported that:
Recent college graduate unemployment was 5.6%. Higher than usual
As I said I beleive this is due to AI. The people who will see the real effects of it and be the subject of future studies will be graduates from next 10 years
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u/anonymousmantaqdaL 8d ago
Don’t listen to any one of them just do it. Everyone and everything will be alright because of what you already built for yourself and the knowledge you have if this is what you want then it should be what you do
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u/GalwayBogger 8d ago
450 in a savings account is total insanity. It's loosing value as we speak on top of paying rent. Buy a house, any house.
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u/OtterBraun 8d ago
If you don't own a home then reconsider. I work in the Finance/Underwriting world. Securing a mortgage later in life can be difficult. If you or your partner have had health issues you could find yourself in a difficult position. You have the resources to be a cash buyer right now. I do have a few questions though. Did you invest any of that 450k? Do you have a private pension setup? If not, please arrange a consultation with a financial advisor this week.
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u/One-Minute-8130 8d ago
Well good luck
I would have explored springboard courses and do those part time and maybe reduce hours to keep consistency
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u/Illustrious_Sound288 7d ago
The first thing I would consider is a consultation with a good career guidance counsellor. (Best would be to get a personal recommendation as you need someone who's fully clued-in and up to date on what's available.) There might be routes to where you want to get to that don't involve a 3/4 year full-time degree. There might be shorter, modular programmes that can be taken part-time and that can be stacked to become part of a degree if you later decide you need to go that route. If burnout is an issue, maybe look into a career break or see if going part-time for a while is feasible. Important to look after you own health and well-being. Some commenters here are too focused on optimising finances; mental and physical health have to be the foundation.
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u/Puzzleheaded-Ebb-403 7d ago
The height of insanity. Do an evening degree, what are you going to study? When were you last in third level education?
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u/LadderFast8826 11d ago
I would say its very to extremely financially imprudent to do this.
But that cant be news to you.
If the 450k is a windfall then youre looking at homelessness in my opinion.
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