Five Instances That Might Spur a New Career Change
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Determine when it might be time to change careers.

Thinking of changing careers? Alissa DeWitt, Founder, CEO, and Executive Coach of Executive Impact, offers five circumstances that might inspire that transition.

  1. Your last child leaves home. Now that your home is an empty nest, you may have more emotional energy, time, and resources to develop personal and professional goals previously put on hold.
  2. You pay off your debt. Accumulated debt and hefty bills can limit how much you feel comfortable investing in your personal and career development. When you clear that debt, you have more financial freedom and flexibility to explore new ideas and career choices.
  3. You have a desire for more meaning and purpose. You may experience a greater desire to create an impact through your work that may cause you to explore changing careers. DeWitt suggests asking yourself: What legacy do I want to create in my work and life? Does what I do allow me to work toward that legacy? Am I "actively" living my values in work and life?
  4. There's a shift in industry or position. A decline in a particular industry or a loss of position is an event that may be out of your control. But these changes can be opportunities to pursue a new career or take a different direction.
  5. Your marital status changes. A marriage or divorce can impact many spheres of your life, including your finances and potentially your career. This can be a time for deeper reflection on where you want to focus your time and energy, DeWitt says.

For whatever reason you decide to pursue a new career, it's important to also consider how this could affect you financially. Check out these four questions to help you gauge your financial readiness.

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