Three Financial Tips for Starting a Purpose-Driven Career

Making the move to a purpose-driven career takes time and thought--including a plan to ensure your financial security in a new line of work. While 9 out of 10 surveyed Americans would consider taking a pay cut for more meaning at work, we know it's important to keep the lights on too! Here are three tips from our Head of People and Culture, Tasheyia Thomas-Gardon, to help you make your transition while staying solvent.

1. Explore First

To start, experiment on your journey! This includes both internal and external experiences--from reflecting on what matters to you to trying new things. It's important to remember that, although impact is social your sense of purpose is also highly personal and can be found through many different avenues. As Tash observes,

"when we think about purpose, it's more individualized...that's kind of the upfront work that needs to be done...figure out what is fulfilling to you and what's the impact that you're looking to make?"

If you're looking for a hands-on way to explore purpose, you have a few options. Two of the easiest routes are conducting informational interviews and volunteering in your area of interest. Although they're unpaid, they are also a lower-commitment than making an immediate career move. If you take this route, be sure to protect yourself from burnout though (more on that later!).

You might also consider freelancing. Freelance opportunities vary by industry, but in the marketing and creative world there are often many great options. We have definitely seen creatives who are unfulfilled by agency work, take on contract work for nonprofits or small businesses. Some freelancers we've spoken with have found that even just helping smaller organizations brings them purpose, regardless of their impact.

2. Talk with a Financial Advisor

As you start out on this new direction, talking with a financial advisor can also help you feel safer financially. While paying for financial advice has a cost, if you can afford it, it's a worthwhile investment.

For example, fiduciary financial advisors have a legal responsibility to protect their clients' interests, rather than those of financial institutions. You may find yourself navigating a income change with your career change. A financial advisor will help you asses potential risks and options.

If you choose to strike out on your own, there may be variable income to work around as well. Tash notes that for freelancers, "There may be some downtimes. [You're] not always working, but make sure in between that [you're] still being proactive." Preparing for these ups and downs can help you stick with your journey.

3. Protect Yourself from Burnout

Finally, protect against burnout. This is a big one. While not strictly a money issue, burnout can impact your financial health. Protecting your mental health will help you stay prepared for a purposeful, successful career over the long haul.

This can look like:

1. Accepting that transitioning into purposeful work may take time. You may have to stick with volunteering or freelancing for a while before going full-time.
2. Balancing lucrative and less-lucrative jobs to ensure you're able to sustain yourself. This is especially important if you've been volunteering or freelancing in the not for profit space for an extended period of time.
3. Continually clarifying your purpose as you gain experience. Tash emphasizes the importance of maintaining an inner sense of what matters in your career:

"Figure out what's driving you towards doing that work, because when it gets really tough in these spaces, you want to make sure that you're in a mental place where you're feeling protected."

Essentially, it's okay, and important, to acknowledge the financial challenges and opportunities involved in transitioning to an impactful career. Your path to your purpose will be unique and taking care of your financial health can help make it a bit easier.