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"I have received my edited resume and cover letter and I must say that I am indeed extremely impressed with the quality of your service. Not only are they aggressively and appropriately written, the two pieces of critique included are an eye-opener. You are able to present to me logically and systematically why certain changes were made. I am convinced that my new resume and cover letter are documents that will highlight my positive traits effectively to my potential employer. Thank you and have an awesome day." |
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Affording a Career Change
Recent statistics from The Wall Street Journal report that over 14.5 percent of people leaving their jobs are doing so voluntarily, the highest recorded rate since the late 1980s. The risk involved can be a large one, especially for those who haven't been employed for long enough to build savings or pay off student loans. With a few simple strategies, however, searching for a new job or even a new career entirely doesn't have to translate into financial ruin.
Self-evaluation should form the first part of any proposed career switch. If you are one of the lucky (and rare) ones who have immediate prospects waiting for you once you're ready to leave your current job, your task is a simple one. Evaluate your salary, negotiate for fringe benefits, and clean out your desk. If you're like most people who want to change careers, however, searching for employers is the real problem. An oft-cited statistic says that a job searcher should spend 35 hours a week on finding employment. When you're considering a switch, thinking about whether you can afford to search full time is the first step.
If you do decide to quit, financial planners warn that dipping into your 401(k) or Individual Retirement Account (IRA) will incur a heavy tax burden--up to 40 percent. An honest evaluation of your monthly expenses should tell you whether living off your savings is an option. Creating a budget is a good idea for anyone, but especially if you plan to be looking for a job for at least a few months. Don't forget to include medical costs in your calculations-your employer, in all likelihood, won't cover you and will charge you a two percent fee to compensate for processing. It may be advisable, if you are supporting a family, to buy individual coverage if you think you will need to return to school or receive some other additional form of training that would lengthen the interim between your careers.
If you plan to stay employed while looking for a new career, consider taking some vacation time in order to think about your move. Two weeks, if planned carefully, might be a sufficient amount of time to use self-evaluation tests to analyze your interest in and suitability for a field. On the other hand, many larger employers offer career development-a euphemism for someone who will help you market your resume and make contacts. In the past few decades, businesses have realized the potential benefits of such a system, which puts the professional fate of an employee in his own hands. Make discreet inquiries among reliable co-workers or in the documentation you received when you were first hired: some companies will not be amenable to helping its employees relocate, and you'll need a positive recommendation at some point.
Opinion is divided on the ethics of using company time to job search, but the reality is that continuing to work full time and look for your ideal career simultaneously will probably equate to very little sleep for many months. Avoiding the more blatant uses of company resources is a good idea: long distance phone calls and faxes will be as noticeable as spreading the classified page out on your desk. Using a lunch hour browse the Web will probably not incur any notice or penalties. The IRS, under certain conditions, will allow you a deduction for fees you might incur while looking for a job. See their website,
www.irs.gov, for complete details.
The best financial strategy for changing jobs is to have a plan. Talk to people in the industry where you're applying to see how long it took them to find their current positions, and what you can ask for, given your level of ability and skills. In the meantime, stick to a budget and be realistic about your expenses.
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