So you’re planning a career change. That’s great! That usually means a happier and better-rounded you. It can also mean a change in paycheck. Sometimes, however, that paycheck change isn’t for the better. Check out these ways you can make sure that it is for the better and that your career change leaves you coming out ahead money wise.
Pursue Something You Love
If your career change isn’t for the money, then it’s probably because you want to do something more meaningful with your life. That’s a good thing! It will keep you motivated throughout the change, and your attitude can lead to great jobs and promotions in the future.
Pursuing a career you know you’ll enjoy will also keep you from constantly changing your mind. Being undecided throughout the transition could mean thousands of dollars lost in courses that don’t contribute to your degree or time lost seeking jobs you don’t even want.
To make sure you’re not losing time and money, really consider where you want to go with your career change before you take the leap. If you’re not entirely sure what you’d enjoy, consider shadowing or interviewing different professionals — even if you’re not a student. The little time you spend now deciding where you want to go will save you heaps of time and money in the future.
Seek Further Education
The higher degree you hold, the more money you’re bound to make. According to BLS.gov, someone with a bachelor’s will make an extra $457 per week than someone with just a high school diploma. A master’s degree holder will make over $200 more per week than those with a bachelor’s degree. That translates into a five-figure salary increase per year.
Going back to school is always beneficial when seeking upper-level positions, but it can also be great for a career change, especially when specific degrees are required for the field you’re trying to break into. For example, you may have a background in marketing but want to pursue your passion for fitness. You might consider researching the best sports management schools and programs to help you get a job in the field. Other career options that require specific degrees include nursing and other medical professions, dietetics, teaching, engineering, and counseling, among many others.
Keep the Money Coming as You Transition
Although there are a lot of factors to consider, one estimate says that it takes about one month to find a job for every $10,000 you want to make. That means that if you quit your job now in pursuit of a new career, you could end up going months without a steady income.
To ensure financial success throughout your transition, be sure you have some money coming in. If you can handle it, don’t quit your job before you’ve found a new one. If you’re going to go back to school, you might choose to go to school online to give you flexibility so you don’t have to quit your full-time job.
How will you prepare for financial success as your change careers?