Your Job and Your Finances

When it comes to your finances one very important aspect is your career or your job. There are careers that pay extremely well with very high levels of stress. These careers often have difficult work hours and may require that you sacrifice time with your family. There are careers that are less competitive and offer a lower salary. These jobs may be more family friendly and so you may be willing to sacrifice some of your pay in order to stay in the field.

However someone may have a job that is high stress with low pay that is not family friendly, which he may want to leave. Or there may be someone who really wants to pursue a different career altogether and wants to start over with training. Someone else may want to start his own business and purse a life long dream in that way. But finances may be keeping each of these people back from doing something that would make them much happier.

If you are in the situation where you are considering a career change, but are reluctant to leave your job because of the financial stability, you may want to consider doing these three things to help you make the change without having as much financial worry.

1) First you should consider completing further education or training while you are still at your current employer. This may take a little bit longer, but this will allow you continue to have stability while working towards your dream job. This will help you to enter your new career field with less stress, because you will not have a large amount of debt to worry about.

2) If you are going to start your own business, begin by working on it outside of your normal job. This will allow you to build up the business (which is a time when generally you struggle to make a profit) while still having a steady income. Once you are ready to begin doing it full time you should already have several clients lined up which will help make the transition much smoother.

3) You should begin saving a large emergency fund to finance the changes that may come as a result of switching to a new career. You may also want to get out of debt before you do this. However, if it will take you several years to get out of debt, you may want to focus on saving a good cushion so that the transition is easier and you will be able to meet your obligations.

Related Articles:

Have You Considered Downsizing?

Five Tips to Prepare for Job Loss

Be sure to check out the Jobs Blog for tips on making the most of your career.