Welcome to The Money Coach, a Times of Malta column where readers can ask questions about life's money issues. Send your questions about personal finances, inheritance, gifting or other personal finance topics to moneycoach@timesofmalta.com. 

Dear Luca,

I'm a 43-year-old woman who's been made redundant after 11+ years in an administrative job.

I decided that now is the perfect time to achieve a long-time dream: to enrol in university and start a law degree.

To enter University for this degree, I need to study and pass two A levels first.

And it is here where I have a dilemma: do I find a part-time job whilst I am studying?

I have enough money to buy two properties, so I can live off the rental income these properties would provide… at the same time, I've become accustomed to earning a regular monthly salary.

However, I am acutely aware of the study time I have to spend to achieve the A levels and eventually the degree.

Please guide me,

Academic Dreamer

Luca responds:

First of all, well done for having the courage to start a law degree at the age of 43. You are a true example of a person seeking to monetise your passions, which I am sure law is, and the fact that you’re putting a plan in practice for it tells me that you’re a very determined person who’ll stop at nothing until your dream is achieved and eventually monetised.

And this leads me to your dilemma of the part-time job. Given your fondness for a monthly salary, I find nothing wrong with finding a part-time job.

Have you ever considered how a part-time job, specifically with a law firm, could be the bridge between your studies and your future career?

This is the time when you can be selective, because you have a good financial foundation, given that you can afford to buy and rent two properties in Malta.

When searching for such a part-time job, try to link it as much as possible to your studies. Given the current job market and your 11+ years in administrative experience, I am convinced you will not find it hard to find a job at such a law firm. This will give you exposure to the law arena, and when you eventually graduate, the transition to working as a full-time lawyer will be much easier.

Given that you have enough money to afford two properties and use their rent as passive income, I would also dare say that if you want to focus 100% on your studies, with no distraction, then you actually can do that for some years, thanks to this financial backing you have. Having that kind of security always helps and makes the path to achieving your goal more realistic.

I wish you great luck in your new venture. Keep focused - you not only have a good financial base, but also a great vision that you are willing to execute.

Warm regards,

Luca

P.S. How would you tackle such a scenario? Would you concentrate solely on studying, or supplement that with a part-time job?

I'd love to hear your thoughts and strategies, as sharing these insights can be incredibly valuable to others in similar situations. Email me your thoughts at moneycoach@timesofmalta.com .

Luca is the founder of the Money Coaching Hub. Email him your financial questions or your response to today's question for a chance to be featured in a future column.