New Career Aspirations? Money Really Does Matter!

Balancing Career Aspirations with Financial Realities

Understanding Your Financial Wellbeing Is an Important Step in Making Informed and Confident Career Decisions

It’s not just about chasing a career passion; it’s about creating a sustainable and rewarding future. By prioritising earning a living, understanding your financial wellbeing, and then strategically planning your next steps, you set the foundation for a smooth and successful career transition ensuring a harmonious balance between passion and practicality.

Understanding Your Financial Wellbeing

Before diving into the intricacies of career change, assessing your current financial standing is key. You maybe nicely surprised by your financial wellbeing position at this stage in your life. Many established career clients have been pleasantly surprised. They have been busy with their heads down, beavering away for many years without taking stock of where they are now financially and what their primary future financial needs are.

At Onelife Coaching, we begin our career transition coaching sessions by evaluating the client's financial wellbeing. Often, we encounter vague estimations and uncertain guesses rather than a solid understanding of personal financial literacy.

Earning a Living

Regardless of where you are in your career journey, for the majority of us, ensuring a steady income stream is vital for maintaining stability and security, especially during times of transition. Therefore, it is wise to:

1. Continue Current Employment: If possible, stay in your current job while planning your career change. This can be tricky when a role is full-on; however, you need to decide if it is worth carving out that time to explore or stay in the merry-go-round.

2. Try It Before Diving Right In: Look for part-time, freelance, or remote work in your desired field to gain experience while still earning an income.

3. Build a Financial Cushion: Prioritise building an emergency fund that can cover at least six months of living expenses. This will give you the flexibility to make informed decisions without the pressure of immediate financial concerns.

4. Engage a Financial Advisor: A session with a good and well-established financial advisor can be transformational. Their expertise can provide you with valuable insights and clear financial guidance.

Embracing Financial Freedom and Flexibility

Once you truly understand your finances, you have the freedom to choose an appropriate career path. This might mean transitioning to a three or four-day work week to start working on your passion projects or hobbies, or developing a whole new career. Understanding your financial wellbeing gives you the confidence to make these choices without jeopardising your financial security.

Conclusion

It is not just about chasing your career aspirations; it’s about creating a sustainable and rewarding future. Understanding your financial wellbeing is a key step in making informed and confident career decisions. This understanding enables you to make flexible career choices that align with your passions and life goals, ultimately leading to a more fulfilling and balanced life.

At Onelife Coaching, we work with a number of excellent financial advisors who can transform your financial literacy, leaving you feeling secure to make that aspirational career move or not, but at least you took radical responsibility.

Chat to us today to better understand those first steps towards living a life you love.