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Tips for a successful career change

Midlife is a time when many people reevaluate their priorities and decide to change careers. The COVID-19 pandemic has also prompted employees of all ages to rethink their career paths, either due to personal preferences or due to layoffs and a shortage of work options.

Another push factor for career change is the realization that the Fourth Industrial Revolution is making many traditional jobs obsolete through automation.

There are already far fewer opportunities for travel agents, legal administrators and illustrators, for example, as demand increases for software developers, teachers, nurses, human resource specialists and engineers. industrial.

“Making a career change can be a positive and strategic decision, with the potential to increase your income and ensure a better long-term lifestyle,” said Shafeeka Anthony, Marketing Manager of JustMoney.

However, such a decision is best approached calmly and logically. An impulsive decision to email a resignation letter to your difficult boss could seriously jeopardize your future prospects and impact your finances.

If you are considering a professional retraining, JustMoney offers the following advice:

Ask yourself why you are not satisfied:

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?

Talk to a guidance counselor:

Career 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.

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 sell them online and at weekend markets. Take online courses, watch video tutorials, and find a like-minded community.

Anthony said: “Making a career change may seem quick and easy, but it usually requires developing a number of strategies. A key aspect of a successful transition is controlling your finances. You want to avoid going into debt or dipping into your retirement funds.

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.

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.

Company advantages:

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.

Retirement planning:

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 payments to a retirement pension, provident or provident fund.

Anthony concluded: “A career change could develop your skills, provide new experiences and give you a renewed sense of purpose. However, making such a major life transition usually requires an investment of time and money. Fortunately, there is plenty of information and training online, making it easy to explore your options and improve your skills. It is also recommended that you speak to a reputable financial advisor when considering a career change. »

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