Develop a financial plan - Deepstash

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Develop a financial plan

... that will support your transition.

Do solid research and explore your desired change with your accountant and financial consultant and experts in that career, to understand clearly, without emotion, the financial requirements necessary to support you through what can be years of transition. If there’s no money available, wait until you can access some.

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The wrong “form” of work

In deciding to make career change, you must first identify the “essence” of what you want. Questions you need to answer are:

  • What skills and talents do I want to utilize?
  • What business outcomes do I want to support?
  • What type of people, environments and cultures do I thrive best with/in?
  • What types of challenges do I want to face in my work?
  • What financial compensation and benefits are non-negotiable for me?

You have to find the right “form” of work that fits you, your lifestyle and your needs.  

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Dig deep enough

Do as much research and exploration as you can to determine what you want from this career change. 

Perhaps you don’t want a different career at all, but long to bring forward new aspects of yourself, your talents and skills. The question is: What professional identity will make you the happiest?

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Giving up too quickly

Failed career changes often involve throwing in the towel too quickly.

You can’t make life or career change without significant effort, time, commitment, and usually some substantial money.

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To switch careers effectively

... and achieve a positive outcome, you need 4 things: clarity, courage, confidence, and competence.

Without these, you’ll most likely struggle hard and fail.  

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“The Pendulum Effect”

Don't run from your career because you've broken down in it. Running away will not solve your problems – they’ll just be repeated in the next career.

Make your situation better by repairing broken relationships, finding your voice, growing out skills, and becoming more competent. Then, when you do leave, you’ll be able to achieve the next level of success.

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