6 Essential Steps to Afford a Career Change

These tips can help make your dream of changing careers a reality.

Most of us have been there at one time or another. We all have bills to pay and we take the first available job with a high enough salary to make ends meet, even if we don’t like that job.

The first step you need to take to afford a career change is to get out of debt, specifically high-interest consumer debt.

Avoid Consumer Debt to Throw Off Job Chains

Don’t quit your job unless you have an emergency fund. 

Build an Emergency Fund of Six Months Living Expenses

You need to factor these costs into your projected monthly budget once you no longer receive medical coverage from your current employer.

Consider Replacement Insurance Options before Changing Careers

Invest some of your salary in a taxable investment account or P2P account as well so you still earn steady passive income.

Generate Passive Income with Taxable Accounts

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