10 ways to financially prepare for switching careers:
Most advisors say to have three to six months of emergency funds. However, if you are going to be self-employed, I recommend having at 12 months of cost of living and emergency funds to cover your day-to-day, plus a cushion for the unexpected.Before you take on a new job while you are still employed, evaluate your current debt. If you can’t pay it off in advance, try to refinance at a lower interest rate to get your costs down.If needed, you have the option to borrow against retirement accounts.
Take the time to understand your future cash needs and whether your financial assets safely support your lifestyle and important goals going forward. Organize your personal balance sheet. This is a good moment to consolidate multiple IRAs and 401 plans.Identify spending needs going forward, as they are often different than pre-pivot spending. After the career pivot, will there be new expenditures which used to be covered by one’s employer such as health care, memberships, travel or meals.
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