The beginning of the year often marks new resolutions and hopes. For some, you may be contemplating a career change. Should you change your job? While we are unable to answer this question on your behalf, we can help guide you to make an informed decision with factors that you should consider prior to changing careers.
What are your priorities?
Word has it that 1 in 3 millennials in Singapore are uncertain about their chosen career path. According to this report, millennials are looking for purpose, skill development, guidance, and work-life balance beyond the standard remuneration. We do not know about you, but if you are reading this article, chances are you are not satisfied at your current workplace. So, what makes you tick? Knowing your priorities (please set it in order of importance) will help you to have a better idea of whether to stay or leave.
“Every job sucks sometimes. There’s no such thing as some passionate activity that you will never get tired of, never get stressed over, never complain about. It doesn’t exist.” – Mark Manson
What are your opportunity costs?
As you delve deeper to learn what’s lacking in your current role, you should note the benefits or things that you could be giving up in exchange for your new career. Do you have to forgo a regular income to seek your passion? Will you have to put in more effort and time in your new career to make it work? How will these affect other aspects of your life?
According to career success coach, Kathy Caprino, one of the 5 biggest mistakes that career makers make is not having a sound a financial plan that will support your transition. Here’s a piece of advice: “You can’t go from making $75,000 in one career to replicating that salary in a completely new career without it taking time and effort. And you need outside help to make career change.”
How to financially prepare for a career change?
Let’s be practical. Changing professions requires greater courage than just changing a job, because you’ll likely have to give up your current source of income or take a pay cut while you train for your new career. With workfare training support schemes and grants^ available in Singapore, this may not be a bad time to explore opportunities.
However, before you take the leap and leave your current position, you should ensure that you have saved specifically for your year(s) away from regular income. A flexible, high-interest insurance savings plan can help you to make the most of the money you put away as well as protect you from unexpected circumstances, while helping you to work towards your objective faster.
#TiqOurWord ELASTIQ is a flexible Whole Life Insurance Savings Plan that allows individuals to enjoy 2.02% p.a. in the first three years. The best thing? One can top up and withdraw without penalty charges or interest clawback after just 90 days.
^SkillsFuture Singapore and Workforce Singapore: http://www.ssg-wsg.gov.sg/individuals.html
Other food for thought before you change career
Another profession could offer you what you are currently missing, but as my grandpa used to lament, “there ain’t no such thing as a free lunch.” In addition to financial sustainability, you will need to bring forward new aspects of yourself, your talents and skills. A good support network could make a great difference in your new role and help to ease emotional stress. Keep in mind that you cannot make life or career change without significant effort, time, commitment, and usually some money. So think twice, prepare well, and stay true to your goals. Good luck!
As buying a life insurance policy is a long-term commitment, an early termination of the policy usually involves high costs and the surrender value, if any, that is payable to you may be zero or less than the total premiums paid.
This advertisement has not been reviewed by the Monetary Authority of Singapore.
Information is accurate as at 28 Feb 2019. This content is for reference only. You may wish to seek advice from a financial advisory representative before making any purchase. In the event you choose not to seek financial advice, do consider whether the product is suitable for you.