Career Advice: Money Management For a Major Crisis

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“Norman” was experiencing sticker shock. After years of career success within the corporate world, he had accumulated a healthy nest egg.

But now Norman faced a midlife career crisis. He had just learned his division would be shutting down. to stay his job, he would need to relocate to a foreign a part of the country. Finding a replacement job meant fighting age discrimination.

So, Norman thought, why not launch an online marketing business? He began exploring and collecting information.

Norman first encountered sticker shock when he learned about the planet of Internet marketing seminars.

“Over seven hundred dollars for 2 days? That’s outrageous!” he exclaimed.

When you’re facing a serious career crisis, it’s hard to guage prices. i prefer to draw an analogy with getting a flat within the middle of the night. You haven’t bought tires for years and haven’t any clue about what’s realistic.

Worse, you are feeling stranded. you are feeling you’ve got to form decisions directly .

And you are feeling like money keeps dripping away. For career change, the expenses add up. Travel. Moving. Resume Services. Business Start-up.

But I take a special view. I encourage clients to banish words like “cheap” and “expensive” from their vocabularies — forever. Instead, I encourage everyone to reply to sticker shock with three questions.

(a) How does this price relate to the market?

Maybe you’re paying an excessive amount of . Maybe not.

Before hiring a consultant, attending a seminar, choosing a mover or buying computer equipment, do some research. Learn the going rate.

Sometimes you will get increased value by paying more. Sometimes you will not . But you ought to be suspicious of offerings that are way below or way above market value .

Author Barbara Ehrenreich, posing as a company job hunter, hired a resume coach who charged by the hour. As reported in her best selling book, Bait and Switch, Ehrenreich’s bill grew larger and bigger because the coach found more and more ways to form the resume “perfect.”

Had Ehrenreich checked the market, she would have learned that a lot of resume consultants charge a flat fee, not an hourly rate.

(b) Will you get value for your payment?

Spending thousand dollars looks like tons of cash …but not if it is the best thanks to earn two, three or maybe ten thousand dollars.

But throwing money at a career or business challenge won’t work either. you’ve got to settle on resources that add up for you as a private i do know many career changers who invested pile in education and training – only to understand the promised opportunities didn’t fit their unique profiles.

Norman’s seminar actually was an honest value because comparable seminars cost a minimum of twice the maximum amount . And a seminar would save him months of research time as he explored new business opportunities. He would meet a dozen experienced, successful entrepreneurs – all potential mentors and role models – in one location. to urge comparable value, he’d need to travel everywhere the country or believe phone and email connections.

(c) Are you throwing money at your crisis like coins during a fountain?

Most clients lose money by trying to maneuver too fast – not by paying for coaches, consultants and seminars. they do not invest time in researching options.

And let’s face it: If you haven’t addressed a career crisis for an extended time, you’ll not know where to start you are like a motorist who has never had a flat – someone who’s misplaced the auto club number or maybe let the membership lapse because “this will never happen to me.”

One client spent a big sum to possess her resume “blasted” to thousand employers. She actually was harmed because her name became related to a corporation that was distrusted by most legitimate recruiters in her field.

Another client reacted to job loss by calling land agents to sell his house. “I need a change of scene,” he declared, making more calls to moving companies.

Six months later, he felt stranded. Someone suggested he give me a call. “I thought I’d love living here – but I hate it,” he said. “I didn’t even know what inquiries to ask before I came.”

Bottom Line: “Expensive” and “cheap” have new meanings during a career crisis. to rework breakdowns to breakthroughs, we’d like to get new ways to believe money.

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