Revising Your Financial Plan During a Career Change
- December 3, 2019
Financial considerations when pivoting careers
Financials and Transition Periods
You are constantly changing every day; your interests, passions, and career motives are particularly volatile as your priorities and pursuits in life evolve. During career transition, and even in retirement, you are likely to spend more money due to a gap in income, and possible relocation costs. New career transition plans may also require unplanned expenses such as retraining or additional education. And if your new career plans entail becoming self-employed, you may face another whole set of financial responsibilities and cost considerations.
Money shouldn’t have to be a deterrent when it comes to wanting to career change. Before making such a decision it is important to revisit your current financials and financial plan to help prepare for a more comfortable and stable transition. Your first consideration is how long your savings can last with less income – or no income, during this period, in order to keep up with fixed and one-time payments.
Planning Ahead in Career and Finances
A new income, retirement plan, health insurance, and other financial matters factor into a new career. That means having to plan out how everything fits into your finances and life.
When considering a new career, addressing the transition process ahead of time is wise. During your planning, you must create a future budget that is in-line with your new salary and other benefits or expenses. It may be the case that a career change requires you to re-examine your financial plans and make changes to both your career and financial goals.
If you are considering a career change, contact an Oppenheimer Financial Advisor to better understand your financial plan during a transition. Our Financial Advisors act with your best interests and outlook in mind when helping you make financial decisions throughout your life and all its changes.
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