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.

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