How to launch a second career

Of course, if you're looking at a pink slip right now, this advice is too late. But if you're still in the thinking-about-it stage, start socking away a hefty rainy day fund. Nancy Lynn Jarvis, a 20-year veteran of the real estate industry, has started writing mysteries instead of selling houses. "Many Realtors I know haven't been making much money. I was fortunate to be older and to have funded retirement, so I had more options than most."

That nest egg is crucial, Jarvis says. "If a career change is necessary because of a layoff, go for it. Necessity may have presented you with an opportunity you might not otherwise have. Hopefully, though, your second career is thought out and funded. The funded part is key. I would suggest people considering a new career do what an entrepreneur needs to do before starting out: have at least a year's income behind them."