Monday, 01 June 2015 13:28

How to Prepare Financially for a Career Change

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Prepare Financially for a Career Change If you’ve been planning to make a career change just for the money, think again. Sometimes, you have to make less money when you embark on a new career.

Starting out with less experience in your field will be difficult. Chances are, you will be starting at the very bottom. Therefore, it is important to do some financial planning before you make the big move.

Research how much you will be earning. You can talk to people in the field about how much you can earn, given the experience you currently have. You may be able to talk to people who have the power to hire new staff and ask what salary the position could be expected to pay. To get the full picture, ask more than one person who’s active in the field.

Make sure your sources are reliable, and don’t just assume that the information you get is enough. You may miscalculate everything and end up in a difficult position.

Decide whether you can afford the pay cut. Since you will be making less money, calculate your monthly expenses and see if you can afford the pay cut. If there is a need to take a second job, by all means do. Cut unnecessary expenses wherever you can.

Finding work can (sometimes unexpectedly) take a long time. Having no salary for a few months can be extremely difficult, so make sure you’re financially prepared for a worst-case scenario.

What if you can’t afford it? Face the fact that you won’t be able to maintain your current standard of living while you pursue your dream career.

You can make adjustments by moving to a less expensive home, settling with just one car and avoiding eating out most of the time. The sacrifice you’ll be making will be worth itif you make it into the career you’ve always wanted.

These tips can help you in the transition to your next career change. You can also talk to peers and friends and discuss whether you are making the right move. Know what you really want in life, and you can figure out what you want to do for a living today and in the future.

Read 1548 times Last modified on Wednesday, 10 February 2016 16:50
Alan Carniol

Alan is the creator of Interview Success Formula, a training program that has helped more than 40,000 job seekers to ace their interviews and land the jobs they deserve. Interviewers love asking curveball questions to weed out job seekers. But the truth is, most of these questions are asking about a few key areas. Learn more about how to outsmart tough interviewers by watching this video.