Are You Considering a Career Change?

Financial tips

Are You Considering a Career Change?

Posted by Infinite Wealth Advisors, LLC
8 years ago | December 19, 2016

men holding the cubesThese days, it’s rare to meet someone who has stayed with the same employer for decades. We tend to look for new opportunities, either for better pay and benefits, or to build a more personally satisfying career. And of course, sometimes change is inevitable when downsizing or job loss forces you to search for a new job. Whatever the case, you could be facing a crossroads, and this decision can impact your financial and personal life for years. Consider the following factors if you’re thinking about a job switch.

Salary. For many people, the most important factor in any job consideration is salary. Depending upon economic conditions, it might not always be possible to find a position that pays the salary you expect. You can be proactive, and ask when you can expect performance reviews and salary bumps. Bonuses and other incentives can also add to your annual earnings. Don’t be afraid to negotiate, either. Research the company and compare it with others in the industry; they might simply be low-balling you.

If the new job would require you to relocate, consider the cost of living in your potential new city. A drastic change in cost of living can make the biggest impact on your budget and ability to save for the future.

Benefits. Even if a salary appears a bit low, a good benefits package can more than make up for it. Consider the impact of a quality healthcare plan with low out-of-pocket costs. Matching contributions to a retirement plan can also make a big difference over the years. Other benefits can really impact your budget, such as:

  • Child care programs
  • Student loan assistance
  • Tuition reimbursement (for additional job training)
  • Insurance options, such as disability, life, or long-term care insurance
  • Counseling services
  • Transit programs
  • Flexible spending accounts
  • Vacation time and sick leave
  • Relocation packages for new employees

Your personal life. Pay and benefits are important, but will you be truly happy in your new position? Factors such as frequent overtime can considerably impact your personal life. Travel could be a plus or a minus, depending how you feel about it. Schedule flexibility might be important if you care for young children or your own parents, and the work environment as a whole can greatly impact your mental and emotional health.

The future of your career. Is this new position a step toward your dream career, or a step away from it? If the position can lead to advancement or new opportunities, consider where this path will lead, and ask yourself if that’s the direction you want to go.

We’re here to help with all of your financial planning needs. But if you’re at a crossroads in your career, you might need help evaluating retirement benefits or other financial factors. Give us a call and we’ll be happy to help!

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