You are fed up with your current role/career path. You want to better integrate your passions with your work. You want more time for yourself and family. So how do you actually make this happen? Can you afford it?
Career reinvention requires a lot of reflection and planning. On what you want to do, where you want to do it, how to get prepared for an eventual new role and how to afford it.
Have your done your homework to figure all of this out?
Below are SEVEN tips to help you think how a potential career change might impact your cash flow and your finances.
1. Do your homework and know your earning potential. Let’s assume you already know the new career/field you want to enter. Then research how much you can realistically make in the first few years. You can view salary data on www.salary.com or any industry specific site that has this information available. A more accurate way might be to talk to professionals already working in your desired field, and get specific information on how much you can expect to make, both short-term and long-term.
2. Estimate your training and professional development expenses. Before you can prepare your reinvention budget, you should determine how much you are going to need to invest for training, courses, certifications etc. Do your homework and ask a lot of questions. Ask those in your target field how much they spent on training and where they received it. Research professional associations in your new field and see how much they charge for training and certificate programs.