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Thinking About a Career Change? Prepare Your Finances Before You Make the Jump

We would all love to love our jobs. Unfortunately, it’s just not possible in a lot of cases.

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The fact is, they call it “work” for a reason.

Still, it doesn’t mean you shouldn’t try to love your job. And part of getting there may mean going through a career change.

Career changes can be fraught with risk, including the risk that what you thought was going to be a dream job ends up being, well, not so much.

That’s not the only gamble, however. There’s the financial risk you take during the transition period.

When you transition to a whole, new career, you will usually have to begin at the bottom of the totem pole. And that typically means enduring a pay cut – a big one.

As an article over at CNN Money explains, perhaps the most important step you will take in anticipation of a career change is ensuring that you’re financially prepared to withstand the challenges.

Kimmie Green, a money expert at budgeting app Mint is quoted in the CNN Money piece as saying, “If you’re not happy where you’re at right now, you want to make sure you have enough runway for whatever it is that’s going to make it a better fit. And if you only have one month, one month can fly by -- you can’t even catch up on past episodes of Game of Thrones in one month, let alone make a job transition.”

In other words, make sure you have enough set aside to ensure that salary shortfall is covered for several months – six is a good target.

Because everything worth having costs something. Especially a chance at getting your life back.

By Robert G. Yetman, Jr. Editor At Large

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