Countdown from £28k...

ryanm8655

alt80 said:

Think you know what you need to do! Looks from an outside perspective anything but Law isn’t going to work and you’ve had fleeting thoughts of ‘could stay where I am’ / ‘start my own business’ etc etc but keep coming back to Law as the right option for you. Tbh from what you’ve written I don’t think you’ll be satisfied with anything else and if you don’t go for it you’ll always regret it possibly won’t help the spending either once out of debt. I couldn’t hold a job down (knew this and no long term plans to work as a salaried employee even when at uni) got my professional qual out of the way, worked for a few other places but set up in business ASAP, probably too early by most people’s reckoning and had to learn PDQ. Your situation sounds similar in a way ie you know what you need to do but you’ve spent a long time denying it and coasting career wise rather than making it happen. It is what it is and you can’t change the past but you’ve got a brilliant opportunity to get what you want now no debt hanging over you. Whole life ahead.

Two things to think about:
- how are you going to manage having no income for 2 years?
- (this may be stupid as not my field) why not do the GDL and be ready to apply? Surely Law firms would rather just have to put you through the professional qual rather than the degree conversion too? I imagine much easier to get the job having shown a commitment to put yourself through the degree conversion.

I’ve employed a couple of career changers (similar in a way they had completed a Masters and then did the professional qual whilst working in my business) - worked out really well so do know it’s not necessarily a negative thing, one moved on a different part of the country (family reasons not business) and one has progressed really well in my business.

Thanks for the reply - work manic again hence the delayed response ha.

I think you've hit the nail on the head re: law and "you know what you need to do but you’ve spent a long time denying it and coasting career wise rather than making it happen" is absolutely bang on ha. It's also a fear of rejection, which has held me back. It's annoyng and stupid but I tend to take rejection personally and historically would rather not try than try and fail. Ridiculous but hey ho...was the same at school just lucky that I could do well without trying. It's strange as I can be super driven and overcome that fear at times, e.g. when getting grad jobs in the first place. That said, with big 4 I went for audit because I didn't think I was good enough for consulting, which was ridiculous and I'd probably have been happier in that role.

Good points to consider...
1) One option I was considering was staying with family but that wouldn't be an option now, I think that would be insanity inducing ha. I would get a bit to live on as a grant. The other thing is that due to personal circumstances I would actually be eligible for benefits while studying so would have enough to live on/pay rent.
2) Doing the GDL before applying would open up a few more firms as there are some corporate law firms that don't pay of rthe GDL. But the vast majority of firms recruit 2 years in advance. It's also the cost. It wouldn't make any difference to my competitiveness in applications for firms that do fund it, other than helping to demonstrate my commitment. But it's perfectly achievable to get it funded. I have considered doing the GDL part time over two year as that would have the advantage of only having a year without a proper income but there is a risk I don't get a training contract and that is £13k or so wasted.

Very good points though! 

That's cool re: employing career trainers, I do think about potentially switching into other careers (just a spart of my general musings). My absolute dream job would be to be a sports agent (can see a path to that through law potentially.

Update:
First full month on the new pay. Bank account looking healthy, though my pay was about £60 down. HMRC have worked out my tax code incorrectly...were supposed to take £30 a month but didn't account for higher rate tax so took double. Called them and they've fixed it, though are saying it was a mistake and actually I don't owe anything as I was emergency taxed last month. I'm not convinced but means I'll get full pay in the meantime and potentially a small windfall at the end of the tax year (though thinking about it as if they have ballsed up and I'll owe £140 or so).

Just cleared the £1660.28 that was left on the natwest so down to one card now. Has about £4200 on it. Will make another payment to the final card on Monday. Car has it's MOT and not sure what it'll cost, so plan is to work out what I can pay after forking out for that. Aiming to clear £2500 in total, so a further £849.72, should be doable but need to run the numbers post MOT. Potentially could clear a bit extra. Still got £2k or so in the bank, which needs to pay for phone £35ish, car insurance (£46ish), CC direct debit (£50ish), rent (£220ish), next months AMEX bill (unknown but hopefully only about £500-600 tops if I avoid buying fragrances ha, if I pay extra off the debt then that would force me to keep this down, I usually don't think about what I spend on this, the bill is what it is) and my MOT (unknown. if it needs suspension work doing then could be £300 plus). 

I also have some bits I could sell to raise a bit more. Some fragrances and expensive/niche fragrance samples. Might get those up tomorrow. I'm half tempted to push hard and get it done by the end of November, possible with discipline and if I keep the credit card expenses low. Would've been £250 less this month but for fragrance purchase, plus spent about £100 on samples. If I cut that out...

ryanm8655

Post MOT update...car failed on the suspension parts (worn ball joint and something else). They’ve fixed it but haven’t yet told me the cost (previously quoted about £320 so assuming around that). Plus there’s then the MOT and I got them to put in a new reversing light. So expecting a bill in the region of £400. I had planned for this but secretly hoped it would be fine for the MOT.

Should get the invoice in a couple of days, at which point I can pay it and work out where I stand.

Work still manic...worked from 8.30 to 22.30 yesterday, which is just silly. Was enjoying it, as it was excel modelling so quite logical and fun in it’s own way (though I am a bit rusty). It became less fun at 8.30 when I noticed an issue that refused to fix (some kind of excel error where it’s returning the wrong value but makes no sense as it works in all other cells - some kind of bug I think). 

Can’t help feeling if I took a gamble on any career and put in this effort then I’d do well and could easily find something I’d enjoy more...glad that I have the hardworking mentality back though, not had this in years. Just annoying as I wanted to go to the gym and didn’t have time.

ryanm8655

A bit of an update. Still waiting on the invoice from the MOT so that I can pay it and put whatever is left into the final credit card.

Work is a slog and can’t see it letting up until next month, but on the plus side the weeks are going quickly. I’m also finding my feet and have been really enjoying the job despite the long hours (it helps that I’m not missing out anything as there is buggar all else to do). Had an amusing message this evening from someone who I keep almost cross career paths with (they were meant to be my boss in another role but left before I joined and I’d also interviews with them for another job, then discovered they were in my team in the new role). They basically said they hope I’m not working too hard and the reason they’re leaving is because of the ridiculous hours they were having to do to get the job done. This is someone with a lot more experience than me, so makes me feel a bit better in that it’s not just me who having to work so hard.

Also found out there is a senior economist apprenticeship masters programme through work. Would be 2 years part time and give me an MSc in economics. It’s designed to give government economists the skills they need to move into the top government positions. Would be perfect for me if I do stick with this career as would open up more interesting roles like a move to the FCA or CMA where it would be a bit of a hybrid of economics and law. People from the investment banks do the same course, so could potentially leverage it as a route into the private sector too. My manager is happy to support it and it’d be paid for by the department’s “apprenticeship levy” (calling it an apprenticeship is some kind of loophole I think so that government can use a particular pot). Just need to find out whether there is money available and how I’d secure it. So it’s not a definite goer but would be cool if I could get it. Makes it worthwhile hanging around. The other bonus is that as it’s technically and apprenticeship they would have to give me 1 day off a week to study at full pay. So a double win.

Hopefully I’ll get the invoice tomorrow and I can do a debt update. Also planning to stick some bits up for sale this weekend.

enthusiasticsaver

Glad you are enjoying the new role and sounds like some exciting prospects for you. Pain about the car.

Sarahwithlove

That's great news that you're enjoying the job even if it is long hours. Good news about apprenticeship that will be good for you to have and help with future career prospects. Do you have to stay working with them for a period of time after? 

alt80

Almost at the end mate, wave good bye to the card debt for good I hope. 

I think you need to really very carefully consider the career stuff. Sounds like you could make a good career out of what you’re doing now if you move into a more senior role with a different organisation and have work you’re more interested in. Thing is will you always be disappointed you didn’t go the law route? Only you can work this out.

I’ve actually put someone through a Level 7 Apprenticeship (open to private sector too). Almost did an MBA myself through the scheme - yep can be a company director and make yourself an apprentice for MBA lol 100% a loophole. Didn’t in the end as my head wasn’t in the right place. 

ryanm8655

Thanks for checking in.

First things first, debt now down to sub £3.5k, £3486.64 to be precise. Was hoping to clear a bit more but would’ve left things too tight with DDs etc. Plus for when places don’t take amex haha. Have paid more than my £2500 target, so happy from that point of view. 

Going to sell a few more items, fragrances and samples. See if I can get closer to £3k before next pay day. 

The car bill was a bit less than I was expecting (£342), which has helped offset the £70 less in my pay due to tax code !!!!!! up. Minor but when you’re close to the finish it’s annoying ha. Every little helps.

A very good point re: law. There are aspects of the job I like and aspects I don’t. I do think I’d enjoy law more it’s just a big risk. Need to let things settle and think it all through. Will look into the masters as the money might not be available. Wouldn’t involve sticking with them after, which is good. Wouldn’t be easy to move into private sector with it (though would help make it more likely) but what it would do is basically mean I was qualified to do any government role so could make a route to private sector. At the moment I’m not as the types of things you do day in day out can be quite different to the pure econ roles at places like treasury (which are the roles with great exit opps.). What I do at the moment is mostly cost benefit analysis, so modelling costs and benefits to society in excel using assumptions and then writing up into a formal impact assessment. That’s what most government economists do but doesn’t translate well to banking/finance etc.

Haha, brilliant about the MBA. How does the funding work if you don’t mind me asking? Do government fund a portion or what? I ask because if it doesn’t cost my employer anything then it’s a goer...

alt80

@ryanm8655 End must be in sight now mate?

Feel your pain on the Amex lol that’s why I kept two credit cards in my wallet. Not used my current account for spending since uni unless cash only purchases.

I think you need to work out if you could hack being an Economist long term - if it’s in a different role I’m sure you can make some moves strategically to bridge into the field of it you’re interested in. You spend a long time working mate. Tbf there are aspects to any job that’s tedious imo. Thing I’d find hardest about your career is being stuck at a desk for the whole of the working day, everyday; Law no different in that respect I imagine but more client facing. 

I may do the MBA in a few years if it’s still being offered but not that bothered if I’ll have to fully fund it myself lol. Apprenticeship funding works a lot different for SMEs than for the government I imagine mate but for my business I only have to pay 5% of the cost of training. It’s funded through the apprenticeship levy which larger businesses have to pay into: https://www.gov.uk/government/news/key-facts-you-should-know-about-the-apprenticeship-levy You do have to give time for study but not necessarily a whole day every week lol.

Considered asking you about the fragrances but really could do without buying!

BlytheDoll

WOW, fantastic amount that you have now cleared, I bet you cannot wait for that to be lower than 3k as it will seem like pennies in comparison to where you started, and in only over slightly more than 12 months! I don’t know how you felt at the beginning of your debt busting and how long you thought it would take to clear, but amazing result.

Regarding your work, I started out as a 17 year old straight from dropping out of sixth form (due to parent death) straight into a CS job and stayed there for almost 15 years different department to yourself, but as a 17 year old there were people who had been working there at the time for the whole of their lives, I was always the youngest from the moment I started to the moment I left (maternity, and then didn’t go back). I am sure it’s the same in your dept, long standing employees, hard to climb the ladder and very few roles for promotion. I was always very surprised when system changes or new rules came into effect, the *older* knew would hate it, they wanted everything to stay as it was. I always felt that some of these people were so comfy in their jobs they did not not put in that extra effort or time, and I felt that sometimes the hard work and effort I put in was not seen, or the efforts are not rewarded like they would be in a private company. Can’t remember what the MJ fox movie is called (the one where he works his way up the company) however the CS is totally opposite of that. For me a couple of years in I started out doing a number of college courses. I would be at work all day and then straight to college for hours and then sometimes would not get back until 9.30pm, I did 3 college courses at the same time and over 2 years worked and studied really hard. Fast forward now, I am a director of my own company (started when I was on maternity leave from CS), employing staff etc. in a totally different area from what I was doing in the CS and even on my college courses, however... had I not worked for the CS, or started my own company I would not be where I am today, the skills, the rollercoaster of life, the listening and learning along the way, have all brought me here. One huge benefit of being employed early in the CS was at the age of 18 I got a mortgage, so maybe before you change ship a CS job on a mortgage application will look great! Not sure of your age, I am only early 40s so I do look back over the last 20 odd years and I know if I had not made that change I would still be there in the CS, like most of the others who I worked with still are or are (or now retired!)
Blythe x

MidsHollie

Hey Ryan, 
Wow, look at how well you are doing. Almost finished, and it’s only taken just over a year. I bet you are really proud. Are you looking forward to what you’ll be able to do in the new year with all that new cash you’ll have when you don’t have debt to pay?