4 Financial Strategies for Changing Careers By Caroline Wetzel, Certified Financial PlannerTM H (CFP® )
ere in Connecticut, October is known for its transitions. As temperatures dip and the air becomes crisp, leaves on trees change colors from vibrant green to deep gold, bril-
liant orange, and fiery red. Like October weather in Connecticut, many professionals’ approach to their careers and expectations of their finances are changing. The notion that you go to school, work in one job, and retire at age 65 to enjoy a few years of blissful existence without financial concerns does not represent reality for many people today.
Many people now live until their late 80s. Most people want to
enjoy a quality of life physically, mentally, emotionally, spiritually, and financially, on their terms. Pensions that pay retirees comfort- able incomes that adjust with inflation are few and far between, and Social Security is designed to pay for only about 40% of “average earnings.” As more people realize this, they are reconsidering their own expectations for work, retirement, and how they spend their time and money.
I am one of those people. For years as I worked in different jobs, I fantasized about becoming a Certified Financial PlannerTM (CFP®
). I wanted to be a fiduciary financial advisor who provided clients a safe space to talk about life’s uncertainties and manage clients’ investments as they realized their life goals according to financial plans that I developed with them. However, time and care- ful planning were necessary for me to make the professional move. My husband shared my entrepreneurial spirit. Early on in our mar- riage we agreed to live within our means, build up emergency sav- ings, and invest small amounts of money regularly. We wanted our money to grow so we could have choices and flexibility over time.
As we built up our finances, I researched training programs for becoming a CFP®
. I spoke with successful CFP® profession-
als and other advisors who worked in different types of com- panies throughout Connecticut. Based on our financial plan, I determined I needed to continue working a full-time job while completing training.
Before making the move and starting the training, my husband and I talked extensively about the financial strains the change would have on our lives. We were honest and realistic about the stress that would exist and could linger for years as my
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new business grew. We evaluated benefits that we counted on from my existing job – like health insurance and my 401k plan – and came up with new strategies to ensure our health coverage and retirement savings continued.
How does this apply to you? If you want to initiate a profes-
sional change or create a new vision for your own retirement, here are four strategies that I offer you:
1.Focus on What You Can Control. Rather than focus on general guidance or rules of thumb around your finances, as soon as you begin thinking about a change, start saving as much as pos- sible, spending as little as possible, and consistently invest and pay off debt until you have more clarity on your situation and your transition stabilizes into your new routine/next chapter.
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