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How Much Will a Career Change Cost You?

How Much Will a Career Change Cost You?

Dona DeZube / Monster Finance Careers Expert

Technology

Does the new profession use software you don’t already own and that your employer might not supply? Will you need to pay for some new office equipment, such as a laptop, out of your own pocket?

Outfit Yourself

Your old job was button-down, the new field is casual. Deduct the money you’re saving by not buying suits. Going from casual to corporate? Estimate the cost of your new wardrobe and add that to your personal bottom line.

More Career Tips

Salary

Are you going to earn more or less in your new career? Use Monster’s Salary Wizard to see what you might earn during the course of your new career. Multiply your new projected annual salary by the number of years remaining in your career.

For Those Heading Out

If your new career will take you to a new city, then you’ve got other costs and potential savings to consider:

Job-Hunting Trips: Calculate the cost of airfare, hotel, car rental and meals for at least two job-hunting trips. Then, if the employer doesn’t offer to pay for your relocation, add in another two trips to look for a house; be sure to include travel costs for your family, if they’re coming on the house-hunting trips with you. The Worldwide Employee Relocation Council (ERC) says the national average cost per house-hunting trip is $1,836.

Household Moving Costs: At least these might be tax-deductible (if the commute to the new job is at least 50 miles away from your residence and you work full-time for the next few years). If you own a home, expect moving to cost you $55,165, which includes fees involved in buying and selling a home and shipping household goods, according to ERC. If you rent, expect to pay an average of $16,177 to move, ERC says.

Cost-of-Living Differences: The cost of living in a new city can be a huge financial factor. Use Monster’s Cost-of-Living Wizard to find out whether the new city is going to cost you or save you money on an annual basis, and then multiply that figure by the number of years you plan to work there.



More Career Advice:
8 Tips for Aspiring Healthcare Entrepreneurs
Nine Tips for Starting Out or Starting Over
How to Return to Work After Time Off

Quiz: Will You Have a Successful Healthcare Career Change?


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