Financial Planning for a Career Change

When considering a career change, the following financial suggestions are offered:

• have an appropriate amount of savings for unexpected expenses during the transition.
• create a budget to live frugally; cut living costs to be prepared for sudden expenses.
• reassess your investment portfolio to reduce risk exposure and possibly eliminate fees.
• seek advice from a financial advisor.
• determine how a career switch might impact your ability to save.

For additional information on financial advice when changing careers, click here.

Teaching Suggestions

• Have students talk to a person who recently changed jobs to obtain information about their experiences.
• Have students create a video presentation with suggested actions when planning to change careers.

Discussion Questions 

1. What relationship exists between a person’s career choice and money management activities?
2. Describe additional financial planning actions that might be appropriate when considering a career change.