How to Prepare Your Finances for a Career Change

How to Prepare Your Finances for a Career Change In any major life change, money becomes a factor as to how, when and why those big decisions are made. Is your bank balance keeping you from making a career switch? It’s important to be financially stable when you make a big change in your professional life. Some career changes come suddenly, but it is important to acknowledge the fact that the switch will affect your finances in a big way. Your career change needs to be conducted thoughtfully and gradually, as job searches, relocation and planning take time â€" and time equals money. 1. Start Saving Now You’re about to embark on a major transition in your life, and considerable thought goes into your next move. It’s tempting to spend more during your switch, especially for a one-time surprise or special expenses. You’ll need to do your research and think about fixed and overhead costs. What is the dress code like at the new company? Will you be expected to socialize over fancy dinners and attend big conventions? Will you be expected to front money for expenses the company reimburses later? Are there relocation expenses you’ll incur during the move? You’ll need to save for those transition costs before the date of your resignation. You’ll also want to know how long your savings will sustain you, which means getting ahead on taxes and creating a new budget. 2. Get Ahead on Taxes Various aspects of your finances will be impacted by a career change. While you realize a salary shift will affect your finances, taxes must also be taken into consideration: When your income rises, are you still eligible for the same tax credits and deductions? If earning less, will you be eligible for other helpful tax credits and deductions? If planning for self-employment, consider items you may be able to write off as well as how much money you’ll need to set aside for taxes. For example, those who are self-employed pay estimated quarterly taxes, and many set aside around 30 percent of their income to be on the safe side. You may fall under a new tax bracket with your new salary. Talk to an accountant to go over the ins and outs. 3. Create a Fair Budget for Your Lifestyle When creating your new household budget, you’ll need to consider the full spectrum of your lifestyle needs and desires. Of course, your base household expenses will include mortgage/rent, utilities, installment fees, security deposits, groceries, gas and entertainment. Don’t forget other commute costs, such as taking the train or passing through tolls. Think of new professional attire as investment pieces. What makes your lifestyle comfortable? What activities do you enjoy? Will you have to cut back on certain aspects, such as making your coffee at home? Can you afford to upscale your lifestyle a little? Use online calculators to help you determine how lifestyle choices affect the money needed to maintain it, to your budget’s detriment or success. Reward yourself, but don’t go wild just yet. 4. Consider Your Benefits “Choosing a new career path can open a world of exciting experiences,” says Melinda Wilke, a wealth management advisor for Northwestern Mutual. “Being aware â€" and in control â€" of your finances helps to ensure you’re ready to take advantage of these opportunities.” Wilke advises you to look over your benefits package and supplement or update as necessary. Employer-sponsored life insurance, 401(k) plans and disability insurance must be taken into consideration: Have you updated your beneficiaries? Do you have to wait before your coverage kicks in with your new employer? If you have to wait, get transitional coverage such as a short-term health plan. Does your new 401(k) asset allocation work for both you and your partner? Meeting with a financial planner is helpful to find out if rolling over your old 401(k) into a new one is worth the decision to achieve your retirement goals. You can also place your money into an IRA account, which means you no longer need an employer-sponsored plan and you’re not constantly switching retirement accounts with a new job. 5. Don’t Forget Professional Dues As a part of your career growth, don’t forget professional dues. For example, memberships with organizations in your industry that host meetups and workshops are valuable assets. Budget for and pay those dues.   Do you need to brush up on any software or language skills? Research classes and see if your employer will reimburse or pay for the expenses. What will you have to cover? A career change is exciting. You’ll be in a new environment and have fresh perks, such as working from home, getting a better benefits package or upgrading your wardrobe. However, the full spectrum of your existing and future expenses must be considered for the career switch â€" from savings to taxes and planning for relocation, lifestyle and professional expenses. Have you ever made a major career switch? What steps did you take, and what did you wish you had planned for before your resignation date? Share your experience below in the comments, and subscribe to Punched Clocks for more career success and development tips. Get everything you need to build a career you love by signing up for the newsletter.

How to Write a Resume Bio

How to Write a Resume BioIf you are considering writing a resume biography, your goal is to help you get the job you are looking for, regardless of the position. This is not easy to do.If you do not know how to write a resume, you can acquire the necessary skills by enrolling in a writing course. This course will teach you what you need to know in order to be effective in your writing. The bottom line is that your resume is a first impression, which is key to getting the job you want. Just as with any other type of resume, a resume biography will communicate your personality, skills, and job aspirations.A resume bio should be short and precise, so the reader can get a sense of who you are without reading an entire resume. The resume bio should answer the reader's questions about your skills, your work experience, and your educational background.As an example, you can begin by writing the resume bio and answering the reader's questions in your personal statement. From there, you can e xpand on your personal statement to answer the reader's questions about your skills and your work history. With this process, you will quickly become proficient at writing resume bios.Once you have written your resume bio, your job is to sell it to the employer. The employer will look at your resume bio and begin to make inquiries. At this point, you can respond to these inquiries. The interviewer will see the resume bio and ask you to do more with it.Now, this is where you make your first impression in the interview. You will need to go over your resume bio in detail to answer the questions in a short but thoughtful manner. Your resume bio should be relevant to the job you are applying for. You need to be willing to tell the interviewer why you are qualified for the job and how you fit the position.When you are done writing your resume biography, you should be prepared to start answering any questions the employer may have. If you think the employer will be looking for a reason to dismiss you, you need to explain your flaws and your issues, such as chronic health issues, a poor work history, or disciplinary problems. When you do so, you are more likely to get the job you are looking for.

The Basic Facts of First Resume Writing Services

The Basic Facts of First Resume Writing Services Understanding First Resume Writing Services Resume composing firms are a really good place from where you are able to readily get your resume crafted in a style which potential recruiters would want. The recruiters look just for relevant info in your resume. It's also important to review what sorts of services are provided by the corporation. The services are essentially the exact same as the ones it is possible to get on other high-quality sites. You are able to hire the help of competent resume writing professionals at astonishingly competitive rates. Other services they give are presenting you with an expert LinkedIn profile. All your proposals will be full of powerful summaries that highlight the advantages of picking your bid. So you opted to start applying for employment, and you needresume help. Searching a deserving job can be a hard and complicated undertaking. Resume writing services have a personalized approach to come up with a sort of resume that will certainly offer the maximum quality of professional resume writing. Monster If you're trying to find a site where you might search for all of the info you would like about open careers in most industries while also getting some helpful profession suggestions together with the process, Monster is among the locations you should definitely check out. Ask to see samples of earlier resumes, which can help you get a sense for the grade of the service's work. The service is likely to make sure to format your resume the direction you want it. If you find work which you might not feel as if you are qualified for, that is all in your head. While there are lots of people out there still searching for a new job. From time to time, you find it simple to become comfortable in your work and stick to what you only know. Dead End Jobs Dead End JobsMost jobs are in reality dead end jobs, compare it using a tunnel, if you may locate the light at the c lose of the work tunnel, that's the start of a career. The Start of First Resume Writing Services A terrific professional resume writing service is the best alternative for everybody who needs help with applications. Such businesses are great job suggestions for stay at home young mums. In work, what you're earning may be decent, your colleagues could possibly be cool, and the work could possibly be fun, yet you might not be living your fantasy career. The service makes certain that your paper will shine over the rest.