Three Questions to Ask Before Changing Careers

As the excitement of summer vacations wears off and we get back into the swing of things, now may be the time to re-evaluate your career and financial situation.

Today multiple career changes have become the rule rather than the exception. In fact, job switchers might pocket 10 to 30 percent larger annual pay increase than those who stay put. But, what if a career change isn’t in the cards and you don’t know how to ask for a raise at your current job?

It’s always wise to evaluate both sides of the equation before making a big decision, such as switching jobs. When deciding on something that impacts your lifestyle and income, you can be clouded by outside information, but it is important to remember the decision is ultimately yours.

Think about these three questions:

What’s your purpose? - The first step in determining if changing your career is the best option for you is to figure out why you are interested in making a switch. It is best to get to the bottom of the situation before making a rash decision.

Is this what’s best for you? - In terms of finances, do the positives of a career change outweigh the negatives? You must decide whether longer hours or a loss of benefits are worth a larger salary.

Do you have a strategy? - If you decide the hassle of a career change isn’t worth the trouble but you still want a raise, determine how you want to broach the subject with your boss. Studies show offering a salary range will increase your changes of a higher salary!

For more guidance on working through these steps and other ways to understand your finances before making a significant life change,talk to your wealth manager today!

SOURCE:CFP BOARD

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