1. Goals Alignment
Why are you exploring a career change? It could be practical. It may be idealistic. Understanding the reasons why allows you to make the right decisions moving forward. What are your reasons?
- More income?
- Job dissatisfaction?
- More opportunity for advancement?
- Better work-life balance?
- Better alignment with gifts and values?
- Entrepreneurial desire
2. Resource Assessment
Take a hard look at your finances to assess the impact of making a career change--both short and long term. We run a cash flow analysis and long-term forecast, answering:
- What's my trajectory if I stay on my current track?
- What's my trajectory if I change careers? Best case? Worst case?
- What am I willing to sacrifice to have a fulfilling career?
- What am I NOT willing to sacrifice?
- What assets are at my disposal?
- Is it wise to use the equity in my house or my retirement funds?
- Is it too late to make a career change?
- What are the "what-if's" that can derail my plan?
3. Benefits Analysis
Also consider other benefits that don't show up on your balance sheet:
- What's the impact of losing my current employer benefits?
- Do I have certain benefits with my current employer that I must keep?
- What benefits do I need with this career change?
- What benefits will I have?
- Are there alternatives to the benefits I may be losing?
- Does changing careers change our insurance needs?
- How do I handle debt payoff during this time?