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.
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
Burned out? Bored? Maybe a new job function in the same industry could brighten your future.
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.
Are you overwhelmed? Don't let emotions cloud your judgment. Making hasty decisions when upset could backfire.
Seeking to learn something new? Perhaps consider going back to school.
Wanting to stay home with the kids? There are still considerations before going from two incomes to one.
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.
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.
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.
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.