Earlier this Fall, I blogged about career reinvention even when your finances are tight. I will continue this earlier blog post with a series of posts which address other issues related to financing your career reinvention.
There are many expenses that are involved in a career reinvention. And, some are obvious, such as working with a career coach, or getting help writing your résumé. But, some of the expenses you will be incurring are often hidden.
Here are a few expenses that you should determine early on that will help you with your financial projections:
• Professional association memberships: Professional associations provide ideal networking opportunities to ease your transition into a new field, but there are membership costs. It’s likely you’ll join one or two associations, so remember to include these costs in your budget.
• Professional conferences: Attending professional conferences during your career reinvention can be a great way to network and build relationships with senior individuals in your new industry. But, these also come with a cost. Be sure to include these in your projections, too.
• Technology: Are there any hidden technology costs that you will need to make this transition? Will it be necessary to purchase a new computer or laptop for your home? If your career change involves starting a business, the impact of these purchases could be reduced if they qualify as business expenses, so be sure to familiarize yourself with related income tax laws or consult with a good CPA.
• Volunteering: This is a method to position yourself for your reinvention so you can be hired more quickly. Being a volunteer or intern can help you gain valuable experience, which can help you land your job sooner. However, this takes time away from when you are earning money. So, take this time without pay into account when you do your projections.