By Joni Lindquist
Often, people I talk with in a mid-career transition want to start with a résumé and get to the job hunting task. My recommendation is not to start there, but rather start with building or updating your financial plan. I see people looking for new jobs without understanding what they need to earn to support their goals.
By completing or updating your financial plan, you will know the target income you need. In times of transition, like a job change, it can be quite beneficial to understand; 1) where you are today, 2) what you want to achieve in your life, and 3) what is the gap to getting there? In Step 2, when you are identifying your goals with your spouse or significant other, you may unearth some objectives that guide your job search. For example, if one of your goals is to become more active in the community, you may consider not-for-profit jobs or jobs that will allow and encourage you to be active in the community.
The financial plan helps you identify both quantitative and qualitative considerations for this next career phase. For example, we have worked with clients where one of the spouses lost his or her job. In completing their financial plan, they learned how much income the non-working spouse needs to earn in order for them to hit their life goals. If this income is less than what their most recent job provided, it can free the client up to find a job that feeds their passions and interests. In the financial plan process, we talk about these passions and interests and help include them in the clients’ financial and work life.
For others, they may need to earn more than their previous job to meet their life objectives. Or if they can’t find that higher paying job, they may need to alter their current lifestyle. Don’t you want to know these things before you job hunt? Better to know than to take the “wrong” paying job, continue to spend money and later realize when it’s too late that you can’t reach all your goals.
If you are making a mid-career job change, start with a financial plan as your foundation.
For help taking the first few steps, schedule a meeting by clicking below, contact Joni Lindquist –email@example.com, or call (913) 345-1881.