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What do you do if you're considering a career change and need guidance on the financial implications?

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Contemplating a career change can be as exciting as it is daunting. While the prospect of pursuing your passion or advancing professionally is invigorating, the financial implications can be a significant source of stress. You might wonder how to navigate the uncertainty of a new income, manage expenses during a transition, or plan for long-term financial health. Personal coaching can help bridge the gap between where you are and where you want to be, ensuring you're making informed decisions that align with both your career ambitions and financial goals.

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Mary Mirembe

Industrial Chemist | Certified Purpose Coach | Leadership Trainer | Keynote Speaker | Writer | Certified UN SDGs…
Jason Tee (郑仲竣)

Head of People & Culture - Asia, GrowthOps | 28,000 Followers | Talent & Culture | Prioritizing People's Experience
Hallie Avolio

Founder SassyAF Affirmations?? - APP NOW AVAILABLE in the Apple App Store! | Say "F*ck Yes!" to ABUNDANCE, JOY…

1 Assess Finances

Before you leap into a new career, it's crucial to have a clear understanding of your current financial situation. This means reviewing your savings, debts, and monthly expenses to determine how much financial runway you have. Consider how long you could manage without a steady income and what changes you might need to make to your budget. This initial financial assessment will serve as a foundation for all subsequent planning related to your career change.

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Mary Mirembe

Industrial Chemist | Certified Purpose Coach | Leadership Trainer | Keynote Speaker | Writer | Certified UN SDGs Ambassador| | Senior QC & QA Specialist | Administrator
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Look at your money situation. Figure out how much you earn, spend, and save, and consider any financial commitments you have. Think about how switching careers might affect your income or if you'll need to pay for more training. Research the earning potential and job prospects in your new career to understand what to expect financially. Talk to financial advisors or career coaches for personalized advice. Make a plan that includes any financial challenges you might face during the transition. Be ready to adjust your budget and savings goals as needed.

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2 Research Costs

A career change often comes with costs that go beyond just a potential gap in income. You may need additional education or certifications, which can be a significant investment. Research the costs associated with the career you're interested in and plan how you'll cover these expenses. This might involve setting aside savings specifically for this purpose or exploring financial aid options if you're returning to school.

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Helene Kollross ????

Pers?nlichkeitsentwicklung, Mitarbeiterf?rderung, PTBS, Neurodivergenz, Inklusion I Stressbew?ltigung-App I Burnout Pr?vention I Resilienz ???? IHK - Weiterbildung - Seminar
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Stellen Sie sich eine Reise zu einer neuen beruflichen Bestimmung vor. Ein schleichender übergang, bei dem Sie Ihren aktuellen Job beibehalten, w?hrend Sie parallel eine neue Laufbahn aufbauen, bietet finanzielle Sicherheit und erlaubt es Ihnen, ohne Druck zu experimentieren. Berücksichtigen Sie zus?tzliche Kosten für Schulungen oder Zertifizierungen in Ihrem neuen Berufsfeld. Informieren Sie sich über alle finanziellen Aspekte, erstellen Sie einen detaillierten Finanzplan und prüfen Sie m?gliche Unterstützungsangebote. Sehen Sie jeden Schritt als Investition in Ihre Zukunft.

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Hallie Avolio

Founder SassyAF Affirmations?? - APP NOW AVAILABLE in the Apple App Store! | Say "F*ck Yes!" to ABUNDANCE, JOY, CREATIVITY| Mindset + Intuition + Action = Success! | Mama x3, Learning to crochet, A little bit of sass ??
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There is a balance between doing all the research and deciding to go all in on something that is important to you. When you are considering a major career change, it's not just about how much the education will cost you. What about time doing unpaid intern work if necessary? Or, unpaid time when you are out of work looking for that first job? Or the cost of your time as you are working full-time in one job while going to school after hours? Time and money are closely connected and it's important to review how they intersect when deciding what path to take. That said, if you know something is calling to you, you will find a way to make all the costs work out!

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3 Income Projections

Understanding the potential income in your new field is essential for long-term financial planning. Research average salaries and job prospects to get a realistic idea of what you can expect to earn. This will help you set financial goals and timelines, as well as determine if you need to adjust your lifestyle to accommodate a different income level. Keep in mind that it may take time to reach the average salary in your new field, so plan accordingly.

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Hallie Avolio

Founder SassyAF Affirmations?? - APP NOW AVAILABLE in the Apple App Store! | Say "F*ck Yes!" to ABUNDANCE, JOY, CREATIVITY| Mindset + Intuition + Action = Success! | Mama x3, Learning to crochet, A little bit of sass ??
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If your new opportunity has the projection to create significant financial increase vs. where you are currently, that is a no-brainer to jump in. However, it is also important to project what your quality of life will look like. If you will be significantly more satisfied with your life due to your career change, that is worth its weight in gold. Life is too short to be unhappy or feel without purpose just because it's what you have always done or what is paying the bills. Be willing to look at all the possibilities and make projections that are outside the box.

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4 Emergency Fund

One of the most important financial safety nets you can have during a career change is an emergency fund. This is money set aside specifically to cover unexpected expenses or to provide support during periods of no income. Aim to save enough to cover at least three to six months of living expenses. Having this fund in place can give you peace of mind and prevent you from incurring debt if your career transition takes longer than anticipated.

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Hallie Avolio

Founder SassyAF Affirmations?? - APP NOW AVAILABLE in the Apple App Store! | Say "F*ck Yes!" to ABUNDANCE, JOY, CREATIVITY| Mindset + Intuition + Action = Success! | Mama x3, Learning to crochet, A little bit of sass ??
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It's a practical plan to set aside money to cover additional expenses that you will incur due to your added education for your new path. However, you may also consider a debt strategy where you budget for how much debt you can reasonably handle and decide on a strategic plan to pay it off. If you know your loans to receive education will be a certain dollar amount, figure out your debt tolerance and put yourself on a plan so you don't exceed what makes you feel comfortable.

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5 Manage Debt

If you have existing debt, develop a strategy to manage it effectively during your career change. High-interest debt, like credit card balances, should be a priority to pay down. You might also explore options for refinancing or consolidating debts to reduce monthly payments. Keeping debt under control will alleviate financial pressure and allow you to focus on your new career path without the added stress of mounting bills.

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6 Seek Advice

Finally, don't hesitate to seek professional advice when considering a career change. A personal coach or financial advisor can provide personalized guidance based on your unique situation. They can help you navigate the complexities of changing careers, from updating your resume to negotiating salaries, all while keeping your financial health in focus. Investing in professional advice now can pay dividends in the future as you transition into a new career with confidence and financial stability.

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Helene Kollross ????

Pers?nlichkeitsentwicklung, Mitarbeiterf?rderung, PTBS, Neurodivergenz, Inklusion I Stressbew?ltigung-App I Burnout Pr?vention I Resilienz ???? IHK - Weiterbildung - Seminar
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Wenn Stressfaktoren wie Burnout oder Mobbing Ihre Gesundheit gef?hrden, z?gern Sie nicht, schnell zu handeln und professionelle Hilfe zu suchen. Ein Coach kann Ihnen helfen, die richtigen Schritte zu planen und durchzuführen. Suchen Sie bei beruflichen Ver?nderungen Rat bei einem Coach oder Finanzberater, der Ihnen individuell angepasste L?sungen bietet. Diese Unterstützung kann Ihnen helfen, von der Lebenslaufaktualisierung bis zur Gehaltsverhandlung alles zu meistern und dabei Ihre finanzielle Gesundheit zu sichern. Investieren Sie jetzt in professionelle Beratung, um sp?ter mit Zuversicht und finanzieller Stabilit?t in Ihre neue Karriere zu starten.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Jason Tee (郑仲竣)

Head of People & Culture - Asia, GrowthOps | 28,000 Followers | Talent & Culture | Prioritizing People's Experience
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In addition to financial implications, critical considerations include assessing market demand for your new career, evaluating necessary skills or qualifications, exploring networking opportunities, researching industry trends, seeking mentorship or career counseling, and creating a transition plan with achievable milestones.

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What do you do if you're considering a career change and need guidance on the financial implications?

1

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3

4

5

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1 Assess Finances

2 Research Costs

3 Income Projections

4 Emergency Fund

5 Manage Debt

6 Seek Advice

7 Here’s what else to consider

Personal Coaching

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What do you do if you're considering a career change and need guidance on the financial implications?

1

2

3

4

5

6

7

1 Assess Finances

2 Research Costs

3 Income Projections

4 Emergency Fund

5 Manage Debt

6 Seek Advice

7 Here’s what else to consider

Personal Coaching

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