A career change can be a positive or negative event in your life. Whether you’ve been offered an amazing new opportunity or you’ve experienced downsizing, a career change means new professional challenges. This often translates into opportunity: the start of something better.
There are important issues you'll need to resolve in either situation, such as health-care coverage. Often, there is a period between the end of one job and the beginning of another. If your spouse's job doesn't provide benefits, do you know how to continue your family's protection?
Ask yourself some other questions when making the decision to change careers:
- Do you fully understand the tradeoffs you may be making?
- How does your new employer's compensation package compare to what you had before?
- Does it require you to adjust your thinking or your goals?
- What about the 401(k) you've been contributing to for the last five years; do you know how to handle it after you leave?
We can make you more aware of these issues and give you suggestions that can help you decide how to manage short-term cash needs or achieve long-term financial goals you may have during this sometimes scary, but often rewarding, time of transition.
Learn more about how to Consult a Financial Professional.