Do you want to get financially ready to make a career change?
Kate Campbell chats with financial advisor Siobhan Ashby from Northeast Wealth about practical advice and tools to help you financially prepare for a career change, sabbatical or redundancy.
Here’s what we talked about:
- Have you dealt with income changes in the past? If so, what steps did you take to/wish you took to prepare?
- We might be gearing up to change roles, and industries or move into a different work style (e.g. full-time employee to contractor). Should we get our finances in order before making the move?
- Is it risky to quit without another job lined up?
- Planning ahead: what are some practical ways to financially plan for a career move?
- Any career change stories from your clients to share with listeners that might be really helpful?
- What are some other considerations to think about when making a career move?
- Unpaid leave – include LSL here if close to receiving entitlement
- Redundancy offers – this could represent a good time to move if you’re thinking about it anyway
- Losing access to sick pay
- Insurances?
- Share options
- Unplanned career changes (e.g., redundancy) → If we can prepare beforehand, how can we be better prepared to deal with this?
- What if it’s a complete shock and we don’t have a safety net?
- Support services that may be available (e.g. Jobseeker)
