Here's how you can financially prepare for a career change and its potential implications.

A few years ago, there was the "great resignation" for many reasons. I'm sure many experienced the "great regret" as not everyone thought it through especially in term of their finances. Many jump into entrepreneurship being overly confident about how hard it would be to replace one's income.

Yes of course career change has its own set of challenges which can be controlled by proper financial planning, Consider the fact that the budget has to be made for proper transition to a new job or business creation. The decision has to be carefully thought upon.

Career changes can impact your financial situation in unexpected ways. A few key ways to be proactive throughout this change are to: 1. Evaluate expenses - trim what isn't necessary. We often ask ourselves if it is a "need to have" or a "nice to have" expense. 2. Establish your baseline - what is the bare minimum needed to cover your essential expenses (food, medical, home, etc.)? Then add a little cushion, for fluctuations. 3. Build a buffer - Set aside extra for unexpected expenses so they don't knock you off course. 4. Map out your budget and write out the amounts you are committing to setting aside for each expense each pay period. 5. Create a structure to stick to your contributions and plan.

I have a family friend that is about to change his job, First he consults a professional in finance to help he create a system that helps manage his money. He had an easy transition but not a perfect one with a professional's help. But I also suggest that someone should carefully prepare a book keeping for income management on his/her current job before transiting.

Yes, when opportunity meets preparation then it becomes easy to change jobs. Few places or organizations that offer emergency funds for job creation in the context of transition. Your life saving can also be your emergency funds for rainy days. Yes you can't afford to be careless when it comes to savings.

There are some major problems people encounter when it comes to finance and lifestyle and peer pressure. When you have a job transition in heart ❤️ you must consider reducing your expense, in other words. "Cut your clothes according to your yard". Avoid unnecessary loan 😞 that will cause you pain.

In the journey of life the people that get the most out of life are people that are intentional with their life and desire for change. They prepare by taking courses that are related or directly related to the job they are transitioning too. The upskill creates a perfect avenue for employers or future investors with a confidence that the person they are working with is a professional in the field.