The Financial Implications of Changing Careers

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As the world is constantly evolving, certain things are also changing with the world and one of these things is the means of making money and our career choices, before now, we had fixed ways of making money and there were a lot of conventional jobs but, now we have people making money from crypto amongst other jobs, and literally earning millions from the comfort of their homes.

When I was younger, the only career choices that were valued were medicine, law, and engineering, but now you see parents pushing their kids into music, football, tech, and so on.

Due to this, recently, I decided to change careers, initially, I went to the university very confused and my parents wanted me to be a doctor, but one thing led to another and I ended up studying criminology.

It wasn't a bad course, but it is incredibly unvalued in my country and job hunting is way too complicated which makes earning from it more complicated. source

So, for a career change; I decided a while back to go into tech because, after much consideration, I felt like it was my best option especially since the world is moving in favor of technology.

Now, I have been seriously learning tech for three weeks, and even though there have been so many benefits, the financial implications of changing careers have been much, and I'll be speaking on them.

FINANCIAL IMPLICATIONS OF A CAREER CHANGE

When I decided to change my career, I knew that there would be implications, but experiencing it and knowing it has been different and these are some of the implications I have experienced;

1. Loss of income: due to the fact that I have to go through a learning process for the career change, I have had to stop job hunting which meant there has been a loss of a 'supposed income' and even here on hive, my consistency has been reduced because I barely have time.
2. Unemployed phase: before I decided to make a career change, I had gotten a job but I had to reject it because I couldn't keep up with both, and being unemployed means no money and a loss of benefits.
3. Loss of savings: because I have no income, I have had to use my savings and even powered down on hive to be able to afford to pay for my classes and also to get certain equipment which has affected my day-to-day living.

INCONCLUSION

Changing careers can be very essential in our lives but it can also be difficult and have a lot of financial implications, so if you are considering doing that, you should make plans and research in advance to experience minimal impact.