5 Things to Consider When Changing Jobs

5 Things to Consider When Changing Jobs

Losing your job is never easy, especially in the current economic climate. Tech workers may be feeling particularly vulnerable right now as the industry continues to evolve and change. The headlines you see every day are scary, but there are actionable steps you can take to make the change manageable.

While it may be difficult to see at first, being laid off can also be an opportunity to take a step back, reassess your goals, and find a new path that is even better suited to your skills and interests.

It helps to approach this change in your life with a plan. Here are five important things that you should be considering:

1.     What’s Next: Will you take time off or find a new job right away? Start a business or consult? You may have several options, so outlining your next 3-6 months is important.

2.     Health Care: In recent layoffs, companies like Google and Microsoft have offered 6 months of coverage, but each employer is different. You will want to know if and how long you will have coverage for, as that can play a role in your next move determining what’s next.

3.     Cash Flow: Do you have an emergency cash reserve set up? You may need to consider setting a new budget during your job search. It’s critical to review your cash flow to make sure you do not go into unnecessary debt.

4.     401K: There are advantages and disadvantages to rolling your current 401k into an IRA versus the 401k of your next employer. Consider speaking with a CERTIFIED FINANCIAL PLANNER ™ to review the best option for you.

5.     Network: Reach out to your professional network and let them know you are looking for new opportunities. Look for industry events, conferences, and even online webinars to connect with others.

Being laid off can be a difficult and stressful experience. With a little bit of perseverance and determination, you will find your way to your next opportunity. If Bickling Financial Services  (BFS) can help during this process, please do not hesitate to reach out to us. Check out our website www.bickling.com

Author: Patrick Hanlon, CFP®, AIF® and Audrey Keohane, CFP®, NSSA®

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