Career Advice - Money Management For a Major Career Crisis

"Norman" was experiencing sticker shock. After years of career success in the corporate world, he had accumulated a wholesome nest egg.

But now Norman faced a midlife career crisis. He had just learned his division would be shutting down. To keep his job, he would have to relocate to a distant part of the nation. Finding a new job meant fighting age discrimination.

So, Norman believed, why not launch an Web advertising company? He began exploring and collecting specifics.

Norman 1st encountered sticker shock when he learned about the world of Internet promoting seminars.

"Over seven hundred dollars for two days? That's outrageous!" he exclaimed.

When you are facing a key career crisis, it's difficult to evaluate costs. I like to draw an analogy with getting a flat tire in the middle of the night. You haven't bought tires for years and have no clue about what's realistic.

Worse, you really feel stranded. You feel you have to make decisions correct away.

And you really feel like money keeps dripping away. For career alter, the expenses add up. Travel. Moving. Resume Services. Business enterprise Commence-up.

But I take a distinct view. I encourage clients to banish words like "inexpensive" and "costly" from their vocabularies -- forever. Rather, I encourage everyone to respond to sticker shock with three questions.

(a) How does this cost relate to the marketplace?

Perhaps you are paying too considerably. Perhaps not.

Prior to hiring a consultant, attending a seminar, picking out a moving company or purchasing pc equipment, do some research. Understand the going rate.

Oftentimes you'll get increased value by paying alot more. Oftentimes you won't. But you should be suspicious of offerings that are way below or way above market price.

Author Barbara Ehrenreich, posing as a corporate job hunter, hired a resume coach who charged by the hour. As reported in her preferred selling book, Bait and Switch, Ehrenreich's bill grew larger and larger as the coach found far more and alot more approaches to make the resume "great."

Had Ehrenreich checked the market, she would have learned that numerous resume consultants charge a flat fee, not an hourly rate.

(b) Will you get value for your payment?

Spending a thousand dollars seems like a lot of capital...but not if it's the ideal way to earn two, 3 or even ten thousand dollars.

But throwing revenue at a career or business enterprise challenge will not function either. You have to select resources that make sense for you as an individual. I know lots of career changers who invested big bucks in education and training - only to realize the promised opportunities didn't fit their exclusive profiles.

Norman's seminar basically was a excellent value for the reason that comparable seminars cost at least twice as much. And a seminar would save him months of study time as he explored new business enterprise opportunities. He would meet a dozen skilled, prosperous entrepreneurs - all prospective mentors and role models - in 1 location. To get comparable value, he'd have to travel all over the nation or rely on phone and email connections.

(c) Are you throwing funds at your crisis like coins in a fountain?

Most clients shed revenue by attempting to move too quick - not by paying for coaches, consultants and seminars. They don't invest time in researching alternatives.

And let's face it: If you haven't dealt with a career crisis for a lengthy time, you may possibly not know where to begin. You are like a motorist who has never had a flat tire - an individual who's misplaced the auto club number or even let the membership lapse simply because "this will never take place to me."

1 client spent a substantial sum to have her resume "blasted" to a thousand employers. She truly was harmed simply because her name became associated with a enterprise that was distrusted by most legitimate recruiters in her field.

A different client reacted to job loss by calling real estate agents to sell his home. "I require a alter of scene," he declared, creating extra calls to moving businesses.

Six months later, he felt stranded. Somebody suggested he give me a call. "I thought I'd adore living here - but I hate it," he said. "I did not even know what questions to ask before I came."

Bottom Line: "Pricey" and "low-priced" have new meanings throughout a career crisis. To transform breakdowns to breakthroughs, we require to discover new techniques to think about capital.

Based on Transform Dollars to Dreams