Be Financially Secure After a Career Change With a Money Back Plan

Top Tips for a Successful Career Change

Are you looking to make a career change? Well, a career change can make a sea change in your satisfaction levels, sense of purpose, self-esteem and general well-being. But it involves a lot of hard work and some systematic planning. Here are the steps you need to follow in order to make a successful career change.

  • Assess your finances. You should have a cash cushion ready when making the jump to a new career. For this, you need to start saving while in your current job. What is a good way of getting a return on your money even while you are paying the premium? You can opt for a money back plan. These are usually for a period of ten years, and in the fifth year, you start receiving a fixed percentage of your sum assured. By the tenth year, you get back more than 100% of the sum assured. The premium is on the higher side, but from the fifth year onwards, the money you get back (“money back plan” after all!) is usually more than the premium you are paying.
  • Assess your current job satisfaction, and your likes and dislikes. If you have a good idea of what you want to be doing, but your current job offers no scope for it, then a career change may be right for you. If, however, you are unhappy at your current job because of your boss or colleagues or work environment, a job change may be sufficient. You will have to really dig deep to uncover where exactly your passions lie.
  • Research the career options that make use of your passions. Talk to your family members and friends; take advice from your mentors. You should also seek out networking opportunities (for eg, join a professional organization in your field) so you can speak to people doing the kind of work that you seek.
  • Investigate the new skills or education that you may require, and leverage the skills that you already have. Certainly, skills such as communication, leadership, planning etc are transferable.
  • Be willing to work as an intern, a temp, or as a freelancer. This is especially relevant if you need to take some time off to enroll in a degree or a professional course, or if your career change coincides with a poor business environment and a general freeze on hiring. By taking on temporary jobs or internships, you will get valuable experience, which will help you in your future job search.
  • You can opt for a money back plan . These are usually for a period of ten years, and in the fifth year, you start receiving a fixed percentage of your sum assured.

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