Seizing new opportunities
For most of us our job is more than just an income. It’s pretty common for us to derive a great deal of satisfaction from our work and our career choices define who we are and how others perceive us.

For that very reason, changing jobs can have a big emotional impact – not to mention the financial implications of a potential change in income. The impact can be even more keenly felt when the change is sudden and unexpected.

Changing jobs is an increasingly common occurrence. Most people will face this challenge more than once during their working life. Today’s school leavers will most likely work until age 75 and have at least a dozen employers in that time.

You may have decided to switch for reasons of career advancement, better pay or greater opportunities. Or you may be attracted to the idea of working part time or running your own businesses. Of course, while we like to think that we are in control of our careers, at times the decision is out of our hands and we suddenly find ourselves scanning the job ads.

In those situations you may be concerned about the impact of a prolonged period out of work on your financial situation, or the impact on your savings if you go part time or take time to build a successful business.

Changing Jobs - Case Study

A life changing event*
James was 50 when his job as a school principal ended after 20 years.

“It was clear I needed to make a change, so it was a mutual decision with the school board that I move on. My redundancy was negotiated but it was still quite an adjustment,” says James.

“Realising that what you’ve been doing is no longer cutting it really makes an impact on you. It’s a very confusing time, and you begin to doubt your worth. Fortunately I had a good support network amoung fmaily and friends. They encouraged me to seek financial advice and career counselling.” he says.

How financial advice helped
During James’ appointment he was encouraged to see his redundancy as an opportunity to do something different. His skills, reputation and Master’s degree were applicable to a few different interesting (and higher paying!) opportunities.

One was with an employer who offered benefits (extra super and employee share options) that suited James’ existing financial goals.

After discussing his financial posititron with his adviser he identified benenfits in using his terminantionpayment to pay off his mortgage, boost his retirement savings and set himself up for the next phase of his life.

The adviser also helped establish a budget based on his new cash flow and reassessed his insureance needs. He was also referred to an accountatn for tax advice on setting up a fusiness.

” I feel much better now,”
said James.

“In fact, I’m pretty excited to get cracking on this new phase!”

Explore your options with the help of an expert

We take the time to get to know your circumstances and what’s important to you. And we create a plan to help you get to where you would like to be.

Talk to a TFC Adviser today

* The above example is illustrative only and is not an estimate on the investment returns you will receive or fees and costs you will incur. Images are for illustrative purposes only.

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