Money Talks Podcast: Preparing your finances for a career change
If a career change results in a pay cut, make realistic adjustments instead of drastic cuts to your budget, says our guest.
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Jump to these key moments:Â
- 0:40 Resale flat listing; Johor-Singapore SEZ
- 6:22 Questions to ask before a career pivotÂ
- 7:50 Importance of savings Â
- 11:40 How should you tweak your budget?
- 15:12 Taking away the pressures of debtÂ
Making a career pivot may seem scary, regardless of your age or station in life. How should you plan and manage your finances before making the leap into a new career?
In this week’s episode of Money Talks, Peter Tan from Unicorn Financial Solutions shares some tips on how to navigate the change without disrupting your finances.
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Peter Tan on tweaking your budget:
I wouldn't advise (removing any items from your budget as the first step) ... It's better (to look) at how we can cut maybe 10 per cent from every single item. And if I realise I can't trim off some items, then it must mean that it is quite necessary.
Peter on the importance of timing when making a career change:Â
If you find that you can't really move into (a career) where the finances (work for you) then ... take a step back and see when would be a better time. Or maybe it's just a matter of (doing) a bit more research.
Source: CNA/jj
