Career REinvention – Dream BIG!
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.
Getting a Handle on Your Finances for Career Change
Career change can require additional expenditures for professional development, joining professional associations, technical equipment, resume development and a myriad of other items. Add to that the worry about not knowing where you are heading, what type of salary you can make, and when you actually land and start collecting a paycheck. Here are a few things to do to help you prepare for the financial effects of this time of transition:
- Know what you’re getting into: Find out how much you can make in your new career by checking www.salary.com, www.salaryexpert.com, and www.payscale.com. Also, talk to professionals in your desired field to determine what salaries are available and what the long-term prospects are for compensation and advancement.
- Make a realistic budget: Start tracking your current expenses, and determine where you could tighten your belt. Then, start working at accumulating a three- to six-months cash cushion. Consider setting aside additional funds in case your reinvention period takes longer than expected. Taking on extra work (overtime, part-time job) could help you build up your savings.
- Plan for training expenses: Estimate how much you’ll need to spend for training and professional development. Ask those in your target field how much they spent on training, and research professional associations in your new field to determine how much they charge for training and certificate programs.
- Don’t overlook additional expenses: Membership in professional associations, attending professional conferences, and technology equipment and training all are potential extra expenses that you must plan for, as they can be essential for transitioning to that new occupation. Make sure you haven’t forgotten to plan for medical expenses that can be costly if you are between careers and coverage.
- Take some extra credit: Consider obtaining a line of credit while you are employed in your present job and have steady income. This might help relieve some stress and will help you feel more comfortable knowing that you have emergency funds available.
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.