Any major life change - even a positive one - comes with its share of stress.
Changing careers is no exception. Regardless of the reasons, think about what direction you want (or need) to go in before you make a major decision that will affect you, your family and your financial future.
We can offer financial advice throughout the transition.
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Ask the right questions.
It pays to think through some key questions before making the leap to a new venture or preparing to be in the job market again
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Burned out? Bored? Maybe a new job function in the same industry could brighten your future.
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Looking for more? Consider whether prospects are limited throughout the industry or just within your company to help decide between changing careers and seeking greener pastures.
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Are you overwhelmed? Don't let emotions cloud your judgment. Making hasty decisions when upset could backfire.
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Seeking to learn something new? Perhaps consider going back to school.
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Wanting to stay home with the kids? There are still considerations before going from two incomes to one.
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Strategically pursue new opportunities.
Think about what you want and how a change could affect your short- and long-term goals.
- Calculate your current situation. Know the value of your salary and benefits before leaving them behind - including insurances, retirement plans and profit sharing details.
- List your priorities for your new profession. And assess your skills and interests in the chosen field. Is a higher salary or work/life balance more important?
- Update your resume and pursue job openings. If it's been a while since you were last in the job market, know how the process has changed.
- Create a financial buffer. This may be necessary to cover transition costs not paid by a new employer.
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Consider your offers.
Carefully review the details and negotiate salary and benefits before accepting an offer.
- Consider everything from the value of your benefits to contract stipulations. Don't leave money on the table if you don't have to.
- Compare the total package. Beyond the pay, think about the intangibles that come along with a new job.
- Consider how an offer will affect your financial plan. Determine implications for applicable tax liabilities and how you would need to update your financial goals.
- Research the company. Consider the company's culture, stability, future outlook and opportunities for growth before committing to a new gig.
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Tie up any loose ends.
Once you've landed a new job, you'll need to stay on top of tasks to ensure a smooth transition.
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Filling out the paperwork. Update your employer contact information, where applicable, and request direct deposit to maintain continuity of payroll deposits.
- Register for benefits as soon as possible.
- Consider your employer-sponsored retirement plan. Don't leave it behind: roll it over, take it with you or cash out. Understand applicable penalties, taxes or fees associated.
