Forethought Planning Podcast

Ep 98: Things to Consider Before Making a Career Change

June 28, 2022 Shannon Foreman Season 1 Episode 98
Forethought Planning Podcast
Ep 98: Things to Consider Before Making a Career Change
Show Notes Transcript

Today we are talking about making a career change. Did you know that seven in 10 women are thinking about a career change in the near future? A change that aligns more with the things that are important to them and the values that are important to them, while also creating a level of financial freedom for themselves. Taking that bull by the horns and ownership! So what are the things that you should be thinking about before making one of these career transitions? We're going to be breaking that down in the main part of the podcast today. So if you know somebody, like one of the 7 out of 10 that wants to make a change, please share this episode with them. 

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Securities offered through LPL Financial, a member of FINRA/SIPC. Advisory services offered through Advisors' Pride, a SEC registered investment advisor. LPL Financial, Advisors' Pride, Forethought Planning and the guests of Thrive For[e]ward podcast are separate and unaffiliated parties. The views expressed here are those of the participants, and not those of Forethought Planning, Advisor's Pride, or LPL financial. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. LPL Financial and Forethought Planning do not offer legal services.   

Shannon Foreman  0:00  
Hello there friends on today's episode of The Thrive Forward podcast, we are talking about making that career change. Did you know that seven in 10, women are thinking about a career change in the near future, and wanting to align more with the things that are important to them and the values that are important to them, while also creating a level of financial freedom for themselves, taking that bull by the horns and ownership? What are the things that you should be thinking about before making one of these career transitions, we're going to be breaking that down on the main part of the podcast today. So if you know somebody, or send this to 10 friends, seven out of 10 of them are probably having this conversation within that old noggin of theirs. So this will help them along that journey. Hit Play share on social media, join us friends, as we start to break down what are the things you should be thinking about before you make that career change.

Shannon Foreman  1:06  
Who million women left the workplace between 2020 and 2021 2 million. Many of them according to a recent Deloitte study, more leaving the workplace because of burnout. The reality is, so many women want to change to adapt to a workplace that fits them, fits their lifestyle fits their values submission that they want to do. And we've got incredible women in this world ready to make changes, and ready to power us through to the next future, whatever that might look like, an empowering future where we all see success. I mean, doesn't that sound a little bit euphoric? Well, seven out of 10, women want to make that change. Seven out of 10, women want to make the change out of their current space into another space. And one of those reasons could be burnout, one of them could be wanting to align themselves with a more mission focused career. And some of them might be because they want to finally receive the pay that they deserve to have. And some women as crazy as it might sound also want that freedom and flexibility. I don't think that that actually sounds somewhat crazy, although, you know, and when you enter into your own space of running your own business, and doing things on your own terms, there are a lot of things to think about before you make that swoop, it isn't always for everyone. And when we start to feel this itch of where it is that we want to go, what it is that we want to do. The heartstrings are tugging at us in different directions. That may be where we are. Oftentimes there can be loads of different things that are associated with that maybe it's our parents worked so hard for us to get us to this place that we don't want to let them down by completely pivoting to a completely different career. Maybe we don't want to let our families down, maybe we are the breadwinner, and we don't want to transition into a space where we won't have that same financial freedom because we feel the pressure to be able to take care of everyone else around us. And maybe it's that we want to develop something that is our own on our own terms, allowing us flexibility and allowing us the ability to say yes or no, when we want to. I think it's important as we start this journey of discovering this next career transition for us, which many of us take throughout our careers. It doesn't have to be the traditional sense of the word of going from one corporate job to another corporate job or just deciding that you're not going to do anything at all, and you're just going to stay at home. The reality is there are so many opportunities out there for us to reinvent, negotiate, what are the things that we want to be able to do, but then there are things that we absolutely want to be considering. So one of the first things I want you to consider doing is going out and finding a mentor finding someone in this space, that you want to lean into the space that you want to go into someone that has done it well and lean into them and their expertise. What was it that they messed up on? What would they recommend changing? What would they do differently? What would they do the same? And what are the things that you can do to set yourself up for a realistic success? I think oftentimes we think we're going to take that big leap of faith and everything's just gonna align perfectly for us. But the reality is, it's hard on either end, the grass isn't greener on either side, and it just depends on what's aligned with us. So during that conversation with that mentor, of course, we want to understand our why. What is important to us, what are the things that are negotiable, what are the things that are not in coachable, those values that are truly important to us that we aren't going to steer on and the things that are truly important to us. And then we want to get down to some of the nitty gritty aspects of things. If you are leaving, what are the things that you are going to be giving up as a highly compensated individual who I know I'm speaking to right now, you have a complex financial space. And maybe there are things that many moving parts, mainly it's an element of working with someone like myself to help you create a negotiation plan. This is something I absolutely love doing with my clients who are in career transitions. What is it that you have in your current compensation package? What might you be losing? So current compensation package is not just your salary, it's your bonus. It's your bonuses. It's your benefits? It's your stock options, your restricted stock, other,

Shannon Foreman  5:53  
you know, tidbits of things, what are the travel accommodations that you have the expense reimbursements, the professional development, the personal development that you have, and the support system that you have in the workplace? You know, some might have that some might not? What are the things that you are going to be giving up by making that transition? What are the things that you want to be able to keep? So on a financial side of things, you want to make sure that you're being strategic about what income you are giving up and creating a really solid plan of how you're going to replace that. If you are moving into another career with another organization, this can be somewhat easier sometimes and somewhat not easier. But working with a financial planner will give you a basis around what you need to be doing. And that's why I think we shouldn't just be jumping off of, you know, the cliff in hopes and dreams and flying like an eagle with our wings spread, right? We want to be able to make sure that we're making great sound decisions and understanding what it is that we truly do need. What do we need to live off of? What's our basis? What can we get by with? What can we thrive with? What are those different buckets? And how do we stair step one foot in front of the other to get to those spaces, it isn't just going to be this massive leap, but truly a strategic thought process. And of course, highly compensated individuals, you don't want to leave any of your vested stock or unvested stock behind. So understanding what might be in those spaces, what are the elements of negotiation, maybe there's a time period with your current employer that you could be signed on as a contract employee and negotiate some of those things with them in order to stay? What elements are there going to be from a health benefits perspective, health insurance isn't cheap. And sometimes we take that for granted, when we have an employer that we're working for. And then when we leave and have to buy it on our own, might be something different. Perhaps you can go on your partner's plan versus your plan. There are a lot of different things that you want to take into consideration. But from a financial standpoint, after you've met with that mentor, after you've really focused on your why you want to understand what are you currently what do you currently have? What are you going to give up? And how are you going to make yourself even with what you need to be doing from a financial planning basis. And that's where your personal board of directors comes in handy. Being able to sort through all of these different topics and have a greater understanding on how this transition might personally impact you. Sometimes we don't think about the mindset as well as the strategic side of things. But when you leave the workforce and maybe you're working on a team, maybe you have people around you on a day to day basis, whether it be virtually or in person, you might be transitioning to a different space, maybe you have to meet new people, maybe you have to network in a different way, maybe now you're working solo, there can be a lot of behavioral changes that happen in those aspects that we can't ignore, either because sometimes we can make financial decisions, trying to be able to suppress or make an emotion feel better for us. Sometimes we can also be really hard on ourselves and not allow ourselves the capacity to celebrate achievements that we do have when our own businesses or consulting practices or we land that next job with that firm. That is really what we wanted it to be. These are all different aspects of things that we want to be able to consider. And truly it does come back to that why it comes back to meeting with your mentor and comes back to being able to employ some of those strategies with your personal board of directors. But again, this isn't something that you just want to run off the cliff and do without taking some element of reflection and strategy. That being said, making sure that you understand what support system you have in these big transactions and setting a timeframe for yourself and being realistic about that timeframe. When you meet with your personal board of directors and you hash out the financial details of things, and understand if something's really capable. There are things that also need to take place in that conversation. And when you work with a behavioral financial advisor, they will help you understand what are some of those things? So oftentimes, you've probably heard me say, from a strategic standpoint, Shannon says, we always need six months of savings. And that sounds absolutely ridiculous to me. I don't know how I can get there. Okay, so I want you to think when you're going into this big career transition, are you somebody that likes more security and comfort? And knowing that you're going to be okay? Or are you somebody that's more of a risk taker? Somebody, that's okay, you know, what, if I fail, I'll go get something else. Right. Those are two very different types of personalities, some individuals are ready to take those risks and ready to jump off and believe in themselves and know, you know, what, I might only need one to two months, because I have a great business plan, I know it's going to take off. And that's okay to really believe in yourself. But also make sure that you have some sort of stability behind you. And your decision making capacity might be different than somebody else who does need that safety and security of knowing you know, what, I have this lump sum, if maybe things don't necessarily take off the way I want them to, I can still contribute to savings the way I want to in retirement. And I still have this nest egg. So again, as I've kind of always said, You can't compare to each other. If you see someone doing something, that doesn't mean that it's the same element that you need to be doing, you need to have that thought process and behavior that goes with making these big transitions. So again, as we kind of wrap up this conversation, it's understanding for yourself, both from a mentor capacity and your own self capacity. What are your behaviors that are coming with this

Shannon Foreman  12:00  
transition? What are the whys behind everything? What is your strategy to be successful in this transition, from a business standpoint, from a networking standpoint, from the ability to be able to land that position, or open that business or launch that great idea? Lastly, is that opportunity of creating strategy and mirroring that with the behavior, if you're very excited about something, and you're passionate about doing it, just make sure that you have the strategy that supports that understanding the moving parts of your financial picture? Where is it now? What are you giving up? What do you need to have? And what is that buffer room of that you'll need in that transition? And then set the date with your team. And let me know, and let's celebrate you on the other end. But if you are one of these seven and 10 women out there thinking about a career change, you want something new, and you're just feeling stuck, and you don't have that team surrounding you. This is something we thrive on being able to help our clients through at forethought planning. So please go to forethought assessment and schedule your time with us today, we would be more than honored to walk you through this journey. And as I end every podcast, my dear friend, you are worthy of wealth. The views expressed here are those of the participants and not those of forethought planning advisors py or LPL. Financial all investing involves risk including loss of principle, no strategy assures success or protects against loss securities are offered through LPL Financial and member of FINRA and SIPC advisory services offered through advisors pride and SEC registered investment advisor LPL Financial Advisors pride forethought planning and the guests of the Thrive Forward podcast are separate and unaffiliated parties