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Last Updated on May 14, 2019

How to Switch Careers and Get Closer to Your Dream Job

How to Switch Careers and Get Closer to Your Dream Job

You’ve been going to “that job” for many years now. You go to your office, do your projects, have lunch with your colleagues, and take your commute home.

How did you get there?

Was this the job you thought you were going to be doing at age 30, 40…50? Is this the work you had wanted to do back in college when the sky was the limit?

It’s not, huh? What happened?

Like many of us, we did the responsible thing by finishing college and getting a job. We’re the people who show up and work. We have the “lunch-pail-roll-up-the-sleeves” work ethic.[1]

But we shouldn’t hate it. We should be loving every minute of it, and knowing that our vocation serves our purpose.

“It’s too late for me. I’ll never have my dream job.” That’s nonsense. We NEED to pursue our dream job.

According to Business Insider:[2]

The average American spends 90,000 hours at work over their lifetime. But 87% of Americans have no passion for their jobs. And nearly 60% say their jobs are making them insomniacs.The average American spends more than 100 hours commuting every year. And a quarter of Americans say work is their No. 1 source of stress.

Of the country’s approximately 100 million full-time employees, 51 percent aren’t engaged at work — meaning they feel no real connection to their jobs, and thus they tend to do the bare minimum.[3]

Switching careers is hard – but it can be done. Here’s how to get started:

1. Visualize Your Dream Job

You can probably Google a plethora of “dream job meditation” or “dream job visualization” recordings that you can download for free. If that’s too much work, then just do this:

Sit in a chair with your eyes closed, and visualize yourself getting into your car (or on the train, or your carpool) and heading to work.

Where are you headed? Where do you park? What are you wearing? Where do you work? Who’s there waiting for you? What time is your first meeting and who is it with?

Do you get the picture? Think of all the pieces that would get incorporated into your Dream Job and really see them. Write down what you see. Keep this handwritten document with you at all times so you can revisit that visualization.

It’s corny, I know…but it will really help you on the way to finding that vocation you seek.

2. Determine Your Major Strengths and Skill Sets

This activity can help you clearly identify your strengths and skill sets so you know how to represent them on a functional resume.

If you are going to make a change, potential employers want to know what you can do more so than what you have already done.

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Pull out your resume and look at your various positions. You probably have a bullet-point list for each job of your various responsibilities. If that’s the case, start by identifying the skill set you needed to complete each task.

For example:

Let’s say you have been working for ten years as an accountant. You might spend your days working with different clients’ books, preparing reports, and conducting audits. What skills are required to perform those tasks? Self motivation? Business acumen and interest? Organizational skills? Managing deadlines? All of the above?

From the various jobs on your resume, pin point all your skills and then place them into themed groups.

My resume features skills groups such as Management, Supervision, Event Planning, and Budget Management. You can find a guide to ultimate work skills needed for career change here: The Ultimate Work Skills List to Help You Change Careers

Finally, come up with 3 to 5 “career highlights” that can go with these skills. These are the various Feathers in Your Cap that you have initiated or facilitated during your employment that would not have existed without you. Now you’re ready to update that resume!

3. Switch to a Functional (Skills-Based) Resume

If you are truly going to make the big leap and actually change careers, then you are going to need a resume that, once again, shows what you can do for them. If you are a teacher looking to get out of the classroom but stay in education, you may be looking for an instructional coordinator or librarian position. Your skills should reflect the position that you want rather than your resume reflecting what you had.

I recommend 3/4 to one full page of your Functional Skills. Each skill group is a heading, and you follow it with bullet points of the tasks that back that up. Here’s a look at one of mine:

Communications, Social Media and Technology

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  • Proficient in MS Word, Excel, Publisher, Power Point, Outlook; PC and Mac hardware
  • Create/update web content for marketing efforts in student affairs and advancement
  • Collaborate with graphic designer, writers, and Public Relations departments on marketing efforts
  • Utilization of social media for recruitment, programming, fundraising, and collaboration
  • Facebook, WACUHO Forum, Twitter, LinkedIn

Once you have your Skills and Competencies in place, then take 1/4 to 1/2 page on Career Highlights. These are those outstanding contributions that you made to one of your previous (or current) employers. Like this:

Redesigned Operations for PCC Foundation

  • Create process for scholarship awarding and implement new Academic Works software
  • Oversee Foundation committee structure and provide training documents for new chairpersons
  • Manage grant awarding process and realignment

Finally, you can list your previous experience in order from most recent or current position to the oldest one. List only the position title, employer, and dates employed. You can follow that with your education, and then list any references at the bottom.

The two previous steps are going to take some time. Don’t expect to be finished in a day. Make sure to share your updated resume with colleagues who support your career change and get their feedback as well.

You can also find tips on Career Change Resumes here: How to Write a Career Change Resume (With Examples)

Now it’s time to get out there and look!

4. Work Your Personal Network

Through your visualization work, you hopefully came up with some places and experiences that feel right for you. So it’s time now to step up and find those opportunities.

Start with your personal network. This would include current Vital Work Friends, colleagues in other industries, and your buddies. Do any of them work in a desired industry of yours? What about their other friends? And those friends’ friends? Make a list of possible connections and invite them to coffee.

A colleague of mine just recently embarked on a “30 Coffees in 30 Days” game plan as a strategy for finding a new job. Working your personal network for contacts can open doors and get you moving in the right direction.

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These tips can help improve your networking skills: How to Network So You’ll Get Way Ahead in Your Professional Life

5. Let Your Family Know What You’re Doing and Inform Your References

You’ll get additional support from your family and your references, especially previous supervisors. You may even want to talk to previous supervisors while you are working your personal network.

Letting them know that you are wanting to make a change and getting their insight can also help you get some direction. These folks once aided in your professional development and may even have been mentors to you. They know your skills and abilities as well as anyone, so make sure to use them as resources, too.

And obviously, you are notifying your references (and providing an updated resume) about any job applications and pending interviews.

The Bottom Line

Career change is scary. But it can also be incredibly rewarding when you land the gig that has just been waiting for you. And it IS out there. Make the decision and the time…do the work…and reap the benefits.

You’ve got this.

More Articles About Advancing Your Career

Featured photo credit: Tim van der Kuip via unsplash.com

Reference

[1] PETER KESERIC, 2016
[2] Busiess Insider: 17 seriously disturbing facts about your job
[3] CBS News, 2017

More by this author

Kris McPeak

Educator, Author, Career Change and Work/Life Balance Guru

The Best Interview Questions to Hire Only the Elites Should I Quit My Job If It Makes Me Unhappy but Pays Well? 9 Practical Ways to Achieve Work Life Balance in a Busy World How to Switch Careers and Get Closer to Your Dream Job How to Get Promoted When You Feel Stuck in Your Current Position

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Last Updated on August 20, 2019

How to Set Financial Goals and Actually Meet Them

How to Set Financial Goals and Actually Meet Them

Finances can push anyone to the point of extreme anxiety and worry. Easier said than done, planning finances is not an egg meant for everyone’s basket. And that’s why most of us are often living pay check to pay check. But did anyone tell you that it is actually not a tough task to meet your financial goals?

In this article, we will explore ways on how to set financial goals and then actually meet them with ease.

5 Steps to Set Financial Goals

Though setting financial goals might seem to be a daunting task but if one has the will and clarity of thought, it is rather easy. Try using these steps:

1. Be Clear About the Objectives

Any goal (let alone financial) without a clear objective is nothing more than a pipe dream. And this couldn’t be more true for financial matters.

It is often said that savings is nothing but deferred consumption. Therefore if you are saving today, then you should be crystal clear about what it is for. It could be anything like kid’s education, retirement, marriage, that dream vacation, fancy car etc.

Once the objective is clear, put a monetary value to that objective and the time frame. The important point at this step of goal setting is to list all the objectives, however small they may be, that you foresee in the future and put a value to it.

2. Keep Them Realistic

It’s good to be an optimistic person but being a pollyanna is not desirable. Similarly, while it might be a good thing to keep your financial goals a bit aggressive, going out of the line will definitely hurt your chances of achieving them.

It’s important that you keep your goals realistic in nature for it will help you stay the course and keep you motivated throughout the journey.

3. Account for Inflation

Ronald Reagan once said – “Inflation is as violent as a mugger, as frightening as an armed robber and as deadly as a hitman”. And this quote sums up the best what inflation could do your financial goals.

Therefore account for inflation whenever you are putting a monetary value to a financial objective that is far away in the future.

For example, if one of your financial goal is your son’s college education, which is 15 years hence, then inflation would increase the monetary burden by more than 50% if inflation is mere 3%. So always account for inflation.

4. Short Term vs Long Term

Just like every calorie is not the same, the approach towards achieving every financial goal will not be the same. It is important to bifurcate goals in short term and long term.

As a rule of thumb, any financial goal, which is due in next 3 years should be termed as short term goal. Any longer duration goals are to be classified as long term goals. This bifurcation of goals into short term vs long term will help in choosing the right investment instrument to achieve them.

More on this later when we talk about how to achieve financial goals.

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5. To Each to His Own

The journey of setting financial goals is an individualistic affair i.e. your goals are your own goals and are determined by your want to achieve them. A lot of times we get on the bandwagon of goal setting only to realize later on that it was not meant for us.

It is important that your goals are actually your goals and not inspired by someone else. Take a hard look at this step at all the goals you’ve set for after this step, you will be on the way to achieve them.

By now, you would be ready with your financial goals, now it’s time to go all out and achieve them.

11 Ways to Achieve Your Financial Goals

Whenever we talk about chasing any financial goal, it is usually a 2 step process –

  • Ensuring healthy savings
  • Making smart investments

You will need to save enough; and invest those savings wisely so that they grow over a period of time to help you achieve goals. So let’s get down to ensuring healthy savings.

Ensuring Healthy Savings

Self realization is the best form of realisation and unless you decide what your current financial position is, you aren’t heading anywhere.

This is the focal point from where you start your journey of achieving financial goals.

1. Track Expenses

The first and the foremost thing to be done is to track your monthly expenses. Use any of the expense tracking mobile apps to record your expenses. Once you start doing it diligently, you would be surprised to see how small expenses add up to a sizeable amount.

Also categorize those expenses into different bucket so that you know which bucket is eating the most of your pay check. This record keeping will pave the way for cutting down on un-wanted expenses and pump up your savings rate.

2. Pay Yourself First

Generally, savings come after all the expenses have been taken care of. This is a classical mistake which almost everyone of us do. We pay ourselves last!

Ideally, this should be planned upside down. We should be paying ourselves first and then to the world i.e. we should be taking out the planned saving amount first and then manage all the expenses from the rest.

The best way to actually implement is to put the savings on automatic mode i.e. money flowing automatically into different financial instruments (for example – mutual funds, retirement corpus etc) every month.

Taking the automatic route will make us lose control of our money and hence will compel us to manage in what’s left with us thereby increasing the savings rate.

3. Make a Plan and Vow to Stick with It

Budgeting is the best to get around the uncertainty that financial plans always pose. Decide in advance how spending has to be made.

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Nowadays, several money management apps and wallets can help you do this automatically. It’s easy and who knows, you may just end up doing what people fail to do.

At first, you may not be able to stick to your plans completely but don’t let that become a reason why you stop budgeting entirely.

Make use of technology solutions you like. Explore options and alternatives that let you make use of the available wallet options and choose the one that suits you the most. In time, you will get accustomed to making use of these solutions.

You will find that they make it simpler for you to follow your plan, which would have been difficult otherwise.

4. Rise Again Even If You Fall

Let’s be realistic. It’s not like the world will come to an end if you made one mistake. This isn’t called leniency but discipline.

If you fail to meet your budget for a month, don’t give up the entire effort just like that. Instead, start again.

Remember that flexible plans are the most realistic plans. So go forward and try to follow your financial goals as planned but if for some reason, the plan gets out of hand for you, do not give up on it just yet. This has a lot to do with your psychology rather than any material commitment.

All you have to do is to stay on the road and vow to stay on it, no matter how much you fall down.

5. Make Savings a Habit and Not a Goal

In the book Nudge, authors Richard Thaler and Cass Sunstein advocate that in order to achieve any goal, it should be broken down into habits since habits are more intuitive for people to adapt to.

Make Savings a habit rather than a goal. While it might seem to be counter intuitive to many but there are some deft ways of doing it. For example:

Always eat out (if at all) during weekdays rather than weekends. Usually weekends are expensive. Make it a habit and you would in turn be saving a great deal.

If you are travelling buff, try to travel during off season. Your outlay will be much less.

If you go out for shopping, always look out for coupons and see where can you get the best deal.

So the key point is to imbibe the action that results in savings rather than on the savings itself, which is the outcome. Focusing on the outcome will bring out the feeling of sacrifice which will be harder to sustain over a period of time.

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6. Talk About It

Sticking to the saving schedule (to achieve financial goals) is not an easy journey. There will be many distractions from those who are not aligned with your mission. And it would be rather easy to lose the grip over your discipline.

Therefore in order to stay the course, it is advisable that you keep yourself surrounded with people who are also on the same bandwagon. Daily discussions with them will keep you motivated to move forward.

7. Maintain a Journal

For some people, writing helps a great deal in making sure that they achieve what they plan.

So if you are one of them, maintain a proper journal, where you write down your goals and also jot down the extent to which you managed to meet them. This will help you in reviewing how far you have come and which goals you have met.

Use this journal to write down all essential points such as your short term, mid term and long term goals, your current sources of income, your regular expenses which you are aware of and any committed expenses which are of recurring nature.

When you have a written commitment on paper, you are going to feel more energised to follow the plan and stick to it. Moreover, it is going to be a lot more easier for you to follow you and track your progress.

At this point, you should be ready with your financial goals and would be doing brilliantly with savings; now it’s time to talk about the big daddy – Investments.

Making Smart Investments

Savings by themselves don’t take anyone too far. However savings when invested wisely can do wonders and we are at that stage where we will talk about making smart investments.

8. Consult a Financial Advisor

Investments doesn’t come naturally to most of us therefore rather than dabbling with it ourselves, it is wise to consult a financial advisor.

Talk to him/her about your financial goals and savings and then seek advice for the best investment instruments to achieve your goals.

9. Choose Your Investment Instrument Wisely

Though your financial advisor will suggest the best investment instruments, it doesn’t hurt to know a bit about them.

Just like “no one is born a criminal”, no investment instrument is bad or good. It is the application of that instrument that makes all the difference.

Do you remember we talked about bifurcating financial goals in short term and long term?

It is here where that classification will help.

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So as a general rule, for all your short term financial goals, choose an investment instrument that has debt nature for example fixed deposits, debt mutual funds etc. The reason for going for debt instruments is that chances of capital loss is less as compared to equity instruments.

10. Compounding Is the Eighth Wonder

Einstein once remarked about compounding,

Compound Interest is the eighth wonder of the world. He who understands it, earns it… He who doesn’t… Pays it.

So make friends with this wonder kid. And sooner you become friends with it, quicker you will reach closer to your financial goals.

Start investing early so that time is on your side to help you bear the fruits of compounding.

11. Measure, Measure, Measure

All of us do good when it comes to earning more per month but fail miserably when it comes to measuring the investments; taking stock of how our investments are doing.

If there is one single step where everything (so far) can go wrong, it is at this step – Measuring the Progress.

If we don’t measure the progress timely, then we would be shooting in the dark. We wouldn’t know if our saving rate is appropriate or not; whether financial advisor is doing a decent job; whether we are moving closer to our target or not.

Do measure everything. If you can’t measure it all yourself, ask your financial advisor to do it for you. But do it!

The Bottom Line

This completes the list of tips for you to set financial goals and actually achieve them with not so great difficulty.

As you can see, all it requires is discipline. But guess that’s the most difficult part!

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Featured photo credit: rawpixel via unsplash.com

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