Often when I meet with people in career coaching looking to make a decision on a new career step, whether they are searching on their own or have been recently displaced, their first inclination is to try and get a resume done and into the market place because of their concern for where will the money come from.
Though this is a realistic and natural concern, it needs to be treated with care and thoughtfulness just as any other major decision we make in life.When asked, what is your plan for the future, I almost always hear what the individual wishes to do next, how they want to work, where they want to work and how much they want to earn.
However when I ask the question, how much money do you need to earn, or do you know what your real financial constraints or opportunities are, I get the “deer in the headlights” look.
Many of us take significant time to plan out our day, or our week and most certainly our weekend or vacations but most don’t really step back to take and objective look at their financial plans or if they even have a plan.
Having a realistic understanding of your current financial status as well as a solid plan for the future is a very necessary and often career changing step.
Case study: Michel, a recent client of mine in the finance function for a major company told me he really wanted to take control of his destiny and go into business for himself but he just couldn’t afford to do it. I then asked him what his earnings need was, what he had available to put towards the possibility of going into business, what he had set aside for a “rainy day”. He was at a loss to answer those questions. I then asked him did he ever consult a financial planner to get a specific and realistic look at his financial condition. As a finance person himself he sheepishly admitted he had no idea because he thought he could figure it out on his own.
We then agreed he would meet with a financial planner of his choosing to develop a realistic look at his financial condition today and what the future might look like for him. After an in depth analysis by the planner and a discussion of his future goals, Michael was shocked to learn that not only was he in a much better position than he thought, he could actually afford to take the step to self – employment because he had the assets and runway to do so. Today, Michael is a successful owner-operator of his own business enterprise.
It is imperative that you know your financial condition present and future as you begin a career search or transition. More often than not, it is one of the most liberating discoveries to come upon us.
Take control of your future now. Know your financial condition, strengths, and opportunities. Use a third party planner to help you make an objective analysis and decisions. Above all, take control of your finances to take control of your career.
