By Randi Bussin
Looking for your dream job? Ready to try something new? Helpful tips and tools to move you from one career to another.
Want to Change Your Career Without Worrying About Finances?
Once you have decided that you want to change careers, you may find that this reinvention, could involve a temporary cut in pay. This is a real concern and a source of stress for career changers. But, don’t give up hope-it is still possible to pursue your passion!
Below are some tips that will help prepare you for this important event and mitigate your worries about finances.
Do your research: Investigate how much you can make in the first few years of your reinvention. Talk to professionals already working in your desired field to understand short and long term salary potential. You can also research salary websites such as, www.salary.com, www.salaryexpert.com, and www.payscale.com.
Start tracking your expenses: Create a budget for your expenses and start tracking where you are spending your money. Are there places where you could tighten your belt?
Build a cash cushion: Even if you reduce your expenses, it is best to have 3 to 6 months of a cash cushion especially if you expect to be earning less.
Determine your training expenses: Before you can prepare your budget, you need to know how much you might need to invest for training and professional development. Get your numbers in order.
Take on extra work to finance the career change: Is there an opportunity for you to grab some overtime hours or extra work? You can use this extra cash as your career reinvention nest egg.
This all may seem like a lot to digest, but think about how happy and excited you’ll be when you’re doing work you are really passionate about.
Randi Bussin, a Career Reinvention strategist, guides executives and business owners towards a renewed sense of direction, an actionable career reinvention and personal branding plan.