4 TIPS FOR CHANGING CAREERS
A career change can be daunting. These ideas can help you manage the transition.
When you consider a career change, what's standing in your way?
Think you're too old? Are you over- or underqualified to make a switch? Or, is it easier to simply stick with what you know?
Those thoughts aren't uncommon. It's one thing to change jobs – the U.S. Bureau of Labor Statistics reports the average American will do just that 10 to 15 times over the course of his or her working lifetime. But it's quite another to jump into an entirely new career. You'll have to master new skills. Prepare for inevitable setbacks. And maybe even take a pay cut.
Still, the rewards can be worth the risk. If you're thinking of making a move, keep these four strategies in mind.
Many of us tend to view ourselves as ordinary. But the truth is that we all have unique skills and experience. Maybe you have always been curious about a certain hobby or wanted to take a class in a seemingly random subject. So, what are your God-given talents? Once you take stock, you may find those gifts and interests could emerge as new job and career opportunities.
Be sure to account for the financial implications – including expenses that factor into your commute, parking and education.
The next step: Dig up information about your dream career. Searching the Internet can be a great place to start, but that's not always enough. You have other options – like meeting with a career counselor or checking out relevant trade publications and conferences. But to ensure you get the full picture, talk to someone who works in the area you're exploring. Find out what they like – and dislike – about it. How did they get started? What would they have done differently along their career path? If you're targeting a specific company, talk to its employees about the workplace culture.
If you need to take classes before you can change careers – especially for a new skill or certification – get started. Even taking one class at a time will help you make progress. And it might reveal whether the new line of work is or isn't for you.
Yes, it may sound a bit basic, but listing out pros and cons can be an insightful exercise. It's easy to get caught up in the allure of a fresh start. A simple list can help keep you grounded. And be sure to account for the
Once you've put in the thought and preparation, list out the tangible actions you need to take. It can help to set specific goals.
At this point, the gravity of your situation might set in. Change can be liberating and uncomfortable at the same time. That's why it often helps to break your transition down into smaller steps.
Finances can be a linchpin element of a career change. A Thrivent Financial professional can help you understand your options and adjust your plans as needed.
No matter what stage of your Wise With Money Journey you're in, we can help you explore a wide range of financial products and services to help you reach your goals.
We can help you choose an individual retirement account (IRA) to save for retirement. Two of the most common types of IRAs are traditional and Roth.
Disability income insurance can help you continue to pay bills and other expenses if you're unable to work for an extended period of time.
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Your insurance strategy can help provide protection and flexibility for you and your family. In particular, cash value life insurance can provide a range of options. And getting cash out of your life insurance may be easier than you think.
Some term life insurance contracts allow you to convert your term contract into permanent insurance. Term life contracts expire after a set time period, or "term." Permanent life insurance can last for your lifetime. Should you convert?
You can't necessarily call unexpected expenses "unexpected." They arise for all of us. If you're not prepared for such pitfalls, they can quickly derail your financial life. Having an emergency fund in place can provide valuable protection.