Career change: overcoming financial anxiety

Like 50% of French professionals, you might be contemplating a career change. And one of your main concerns might be the potential loss of income.

"What if I can't sustain myself financially?" "How will I support my family during the transition?" "Will I end up living under a bridge?"

These are valid worries! Let's face it, changing careers doesn't always guarantee the same level of income.

You're not alone in harbouring these concerns. According to research, "loss of income" ranks as the primary barrier for professionals considering a career shift, followed closely by the costs associated with such transitions.

So, before you take the leap, here are four tips to help you overcome your financial fears:

Tip 1. Define the business model of your transition:

• What financial resources will you need for training or upskilling?

• How long will the transition take?

• What income can you realistically expect post-transition?

💡 Reach out to 2-3 professionals who have successfully made a similar career transition for insights and advice.

Tip 2. Assess your post-transition financial needs:

• What is your minimum financial requirement for sustaining your lifestyle?

• What adjustments are you willing to make for personal fulfilment?

Unless you have substantial savings or a secondary source of income, transitioning careers often involves making financial adjustments. It's crucial to differentiate between essential expenses and discretionary spending.

You don't need to set overly ambitious goals or deprive yourself of all luxuries. The key is to identify what truly brings you fulfilment and what you can do without.

Tip 3. Develop a financial strategy:

• Consider strategies such as adjusting spending habits, exploring additional income streams, or using your savings.

💡 Moving to lower rent, travelling less, unsubscribing from Netflix/Spotify/Deliveroo, it's up to you!

Tip 4. Leverage Supportive Resources:

• Explore available resources and support systems, such as severance packages, training allowances, professional development programs, or unemployment benefits.

💡  Gather as much information as possible to see what you can apply for.

Beyond the financial aspects, it's essential to acknowledge and address the emotional aspects of career transitions. Clarify your motivations, aspirations, and values to ensure alignment with your chosen path.

By laying the groundwork before making the transition, you'll strengthen your confidence, resilience, and likelihood of success.

If you have questions or seek guidance on navigating your career transition, consider scheduling a discovery session with me (insert link). It’s free of charge, with no obligation.

Book a discovery call

Sources: BVA Study June 2021, Audencia & Jobs that make sense Study March 2022, Le Figaro.fr