Our ability to earn money is the cornerstone of personal finance. Without income we are left with very few options. You need to make money to save money and you need to save money in order to invest for the future. When income is lacking we generally find ourselves looking for greener pastures and changing jobs or careers can be a daunting experience.
A recent study done by the U.S. Department of Labor suggests that college graduates will now change jobs 10-14 times throughout their careers with the average time at any position ranging from 3-5 years. This is clearly different than our parent’s generation where they typically maintained the same job for nearly their entire working lives and rely on receiving a pension from the company they have served for so long. Since changing jobs has almost become a way of life for twenty and thirty-somethings it is important to evaluate the process very carefully since income is the foundation for all finances.
Over the next three days we will help you make the most of your next career move and go into detail on some things to consider before making the move. We will focus on:
- Evaluating the current situation to determine if a change is appropriate
- Assess your skills and weaknesses
- Understand the financial impact of changing jobs
- If change is appropriate, transition into the new career with confidence
Check back tomorrow for the first installment. The links on this page will also be updated as new topics are posted.
Author: Jeremy Vohwinkle
My name is Jeremy Vohwinkle, and I’ve spent a number of years working in the finance industry providing financial advice to regular investors and those participating in employer-sponsored retirement plans.
It is always wise to explore what type of career you want to change to. Why? All careers have pros and cons and I know personally at age 54, I wasted too many years job hopping. Now it has come back to bite me as I have a very long resume. Job hopping causes employers to ask - will this person stick around after my company has trained them? Government programs helping with career changes do sometimes have tests in place that will help you to figure out what career you should be pursuing. What helped me was reading Nicholas Lore's book The Pathfinder last year. Nicholas also runs the Rockport Institute http://www.rockportinstitute.com/ which caters to various ages - not just adults. This is my first time visiting your site and I hope to see more career articles when I next stop by. Angela