Are you looking for the best online business ideas? There are so many ways to learn how to start an online business from home. There are ideas like creating an online store, becoming a virtual assistant, and starting a dog bakery. Those are just a few of the many small online business ideas out there! […]
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While you can get an Omaha steak here, there’s so much more to see.
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Making a career change can affect your financial planning strategies. It is critical to plan and prepare for how this change might affect you and your finances.
Besides considering the potential of your new career and the education or training you may need, you must carefully analyze your budget, savings, health insurance and retirement goals before committing to such a significant life change.
If you are one of the many people considering a career change during this wave of the Great Resignation, a CFP® professional can help you plan for the change and smoothly transition to the next phase of your life.
Take an honest look at why you want to make such a magnificent change in your life before making the jump. Ask yourself:
Figuring out the âwhyâ before making a significant career change can help you target the right industry, types of employers and roles in your job search.
Depending on the type of change youâre after, you may be able to take a new opportunity for a test-drive by pivoting. Before diving in, brainstorm options to pivot your career:
You can make a low-risk transition by going part-time with your current career to work on your new job simultaneously, taking night or weekend classes, and seeking advice from people who have made similar career changes. This way, youâll have time to explore whether you like your new career while having the safety net of staying at your current job.
When the cash is steady, you may confuse your âwantsâ with your âneeds.â However, it is critical to focus on needs and reduce spending on desires when changing careers.
If you haven’t looked at your budget in a while, take a financial inventory â tally up your net worth and identify cash you can quickly access. Consider essential spending, like your mortgage or rent payment, versus things you can cancel or stop doing to save money.
Determine which subscriptions and other recurring costs you can cancel or downgrade. For example, if your credit card charges an annual fee, ask to switch to a card without a fee. Reduce your food bills by learning to cook or meal prep at home. Take advantage of online classifieds to sell unnecessary items taking up space or buy things you need at a discount.
While you reduce costs, set aside the money you save in a savings account. Creating a financial safety net gives you choices. Plus, itâs easier to make decisions based on what you want out of life and not what brings in money to pay this month’s bills.
According to an analysis of the Census Bureau’s American Community Survey by the Kaiser Family Foundation, nearly half of all Americans get health insurance coverage from their employer.
If you fall into that category, make a plan for health insurance to fill the gap until your new employerâs coverage begins. You may have the option to continue your coverage through COBRA, get covered under your partnerâs plan, or find a policy on the health insurance marketplace at Healthcare.gov.
While raiding your 401(k) to fund a new business or career is tempting, it can hurt you. Early withdrawals trigger a 10% early distribution penalty if you are younger than 59½. Youâll also pay income tax on the money you take out.
But most importantly, withdrawing your retirement accounts hinders your ability to fund your retirement. When you take out your 401(k) prematurely, you lose the compound interest and stock growth you would have earned.
Many people changing careers opt to go back to school for certifications or another degree. New training and credentials can boost your job options and give you a leg-up when applying for new roles. But first, consider if you:
Education isnât always necessary to change careers. You might find a way to skip the expense, network with other professionals, and land a job you love.
If you took time off to re-educate yourself for your new career, consider your job prospects once you complete your education.
You may need to take an entry-level job to start. When switching careers, some fields may let you shift to a similar level to the one you had in your previous job, but some donât. For example, doctors, nurse practitioners and other health care providers may require you to first start as an intern.
Saving money upfront for a job change can help to supplement a lower starting salary. But long term, your new career may have stronger growth potential.
Think through potential scenarios, income sources and expenses when planning a career change. Changing careers can lead to financial insecurity if you do not plan properly. A CFP® professional can help you prepare and plan for a career change. Besides these seven strategies, they can uncover additional ideas to consider based on your circumstances.
From casinos to outdoor activities, here are the best neighborhoods in Reno for renters.
Natasha Bowman, author of You Canât Do That at Work, is founder of Performance ReNew, a workplace consulting firm.
The workplace is changing rapidly. How will those changes affect current employees and people looking for a job? We were hoping to move into a post-pandemic workplace in 2022, but with the resurgence of COVID-19, return-to-work plans are changing. Employees can expect to continue working remotely or in a hybrid situation until the pandemic is over. Employers are also looking to hire a more inclusive, diverse workforce that goes beyond race and gender. Thereâs a war to attract and keep the best and the brightest for talent. Employers have learned that if they donât want to experience a labor shortage, theyâre going to have to revise their mental health and wellness strategies. Thatâs more than just discounted gym memberships and nutrition programs. It means continuing to offer therapy benefits provided during the pandemic and having quiet spaces in the office where folks can go to when they need to recharge.
Employers must also figure out how to provide the flexibility that people felt while they were working remotelyâthe flexibility that allowed them to both work and enjoy things that theyâre passionate about. Â
How can job seekers take advantage of these changes in the workplace? If youâve been working remotely (and want to continue), talk about what youâve been able to accomplish in the past couple of years and how that has worked for you and benefited the company. If you cut out your commute, talk about how youâve been able to put that time back into your job. Â
At the end of an interview, if the hiring manager asks, âDo you have any questions for me?â donât forget to ask about the organizationâs culture. Most people just ask about pay, but many folks are willing to take a pay cut if it means greater flexibility to support their mental health. Also, ask if you can speak with current employees you could be working with. Itâs a bold question, but job seekers have that kind of leverage now. You want to confirm that what the hiring manager said about the culture is true. Â
Whatâs the most effective way to secure an interview? Send your résumé or application directly to the hiring manager, recruiter or someone in that organization. That continues to be the way to make sure that your résumé is being seen. Use LinkedIn to make the connections. Sending materials to the company through its online job portal usually wonât do it because they get thousands of applications and end up reading maybe the first 15 to 20.
How can employees who want to continue working remotely but arenât interested in leaving their current job take advantage of the changed workplace environment? Let your employer know just how much your productivity has improved and how that has contributed to overall company success. Research your competitors to see how theyâre handling remote work. If they allow it, bring that up. If your company continues to take a hard stance on working from the office, ask for an accommodation, such as coming in a few days a week. If youâve been doing a good job working from home, itâs going to be hard for your employer to say remote work will hurt your performance.
Any of these neighborhoods put you close to the action.
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With plans for expansion, this quiet neighborhood has a bright future.
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Do you want to learn how to increase your income? There are so many ways to start making more money – from sources of extra income, passive income ideas, ways to make more money at your current job, and more. One of the things I am passionate about is helping people learn how to increase […]
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Saving money helps create a sense of stability and control over your finances, especially as you get older. From being able to invest in your future to spotting the spending habits that eat away at your money every month, there…
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