Considering the costs of a career change
What does a career switch cost?
You’ve been thinking about a career change for a long time. You’re bored with your job and you’re not progressing at the office. You’ve considered your career options. Frankly, you’ve wanted to do a particular type of work since you were 20 but it just wasn’t in the cards.
Perhaps this is the right time for a career change. Are you financially prepared to switch?
Ponder these points before you go after the job of your dreams:
1. What don’t you like about your current job? It’s important to clarify why you’re unsatisfied with your job.
2. Will you need training or education for your new career and how much will it cost? What do you need to know to be successful in the work? How will you obtain the knowledge or skills? It might take some time and money, so it’s wise to make an achievable plan.
3. Do you have money saved to help you through the transition? If you’ll require some training or time to hone skills, you’ll be working on those things and not bringing home the bacon. Therefore, you’ll need some cash stashed for living costs.
4. Do your research upfront. Before you leave your current position, do your homework. Find out what people earn who do the work you desire. Will you experience a pay reduction?
5. What will switching careers mean in terms of your health insurance? As you know, healthcare is expensive. Therefore, consider what will change about your health insurance, if you switch jobs.
6. Is it possible to start saving big now? In the event you’re pondering a job change, you can expect to experience some personal and financial upheaval if you decide to switch careers. It makes sense to start saving extra money now to pad your emergency fund.
If you consider all these points when thinking about making a career change, you’ll be as financially prepared as you can once you decide to take the leap into an exciting, new job.