The Costs of Changing Careers
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.
· For example, maybe the office moved and your commute is doubled. Or you got a new boss who doesn’t seem competent. Perhaps the company outlawed overtime or changed your job description to add work for you. Be frank about why you don’t like your job right now.
· This step must be done first as it will reveal the true reason(s) you want to quit. Plus, you might realize the issues frustrating you are actually fixable.
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.
· If you’ve established a healthy pattern of saving over the years, you can fall back on it. Still, you’ll want to figure out how long you’ll be out of commission in terms of earning to estimate how long you’ll be living on savings.
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?
· Access online sources to determ