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Do you feel stagnant in your current job? Here are 7 steps to changing careers

Durban – Thinking about a career change can be daunting.

There are so many things to consider, including your finances, and potentially having to compromise on certain things.

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According to JustMoney Marketing Director Shafeeka Anthony, quarantine is when many people re-evaluate their priorities and decide to change careers.

Anthony said changing careers can be a positive and strategic decision, with the potential to increase your income and ensure a better lifestyle in the long run.

“Such a decision is best approached calmly and logically, however.

“An impulsive decision to email a resignation letter to your difficult boss could seriously damage your prospects and impact your finances.”

Anthony said changing careers can seem quick and easy, but it usually requires developing several strategies.

“A key aspect of a successful transition is controlling your finances.

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“You want to avoid going into debt or dipping into your pension fund.

Here are Anthony’s seven tips for those considering a career change:

1. Ask yourself why you are dissatisfied

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Could you be physically and emotionally drained and need a vacation, or is it a more basic desire?

Want more flexibility, a better work-life balance, or new challenges and adventures?

2. Talk to a guidance counselor

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Professional guidance counselors are not just for school leavers.

A counselor can help you assess your skills, open your eyes to new options, and guide you through training applications and resume updates.

You can also book an interview with a recruitment specialist in your area of ​​interest.

3. Put your toe in the water

Exploring a side hustle while keeping your current job will help you determine if a new interest has potential.

If you fancy starting a craft business, start making things in your spare time and selling them online and at weekend markets.

Take online courses, watch video tutorials, and find a like-minded community.

4. Check your budget

Make sure you understand your monthly costs and obligations.

Rent, medical aid, and grocery bills will still need to be paid while you pivot.

If you are a parent, your child’s education will remain a priority for many years.

All of this should be factored into your planning.

5. Emergency savings

If you’re considering a change, chances are you’ll have a paycheck gap.

Sufficient income to cover your living expenses for six months is always recommended.

6. Benefits

When evaluating your new career options, research salary ranges.

Is there a skills shortage in your desired area of ​​work and what are the opportunities for advancement?

When applying for a new job, the main considerations will be medical aid, time off, and retirement funding.

7. Planning for retirement

It’s tempting to cash out your retirement fund when you leave your old career.

It might seem like an opportunity to pay off debt and start fresh.

However, this means you will have to start investing from scratch and lose the power of compound interest.

Instead, transfer your payment to a retirement annuity, pension or provident fund.

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