Money Date – Career Transitions
Transitioning careers, or starting a business, are both big life changes. Some of us prepare for these changes better than others! If you’re thinking about making a big career transition, or starting your own business, there are a few things you should consider before taking the leap:
- Know how long you can float. Know what your lifestyle requires, and how much you have and need to have in your reserves to give the time to transition. Do you have a spouse/partner who can help you? How long can you continue with a lower salary, or no salary?
- How can you maximize your earnings? This transition is not only about financial change, although it helps. Decide how much you want to earn, but then think about what other benefits you’re giving up or gaining with this life change. A few benefits to consider are: more or less time off, or a more (or less) flexible working environment. Even if you’re going through a financial change during this transition, you can still negotiate for other benefits that improve your quality of life.
- Decide what’s it’s worth to you. How long are you willing to take a pay cut, or receive reduced benefits, to make this transition rewarding? Remember to think of this not just from a financial angle, but emotionally and mentally as well.