Careers

Careers

 

Change in career / Employment status

Changing a career for new challenges can be exciting and adventurous. A decision could be made to become an entrepreneur. This is a major life change and should not be taken lightly. Before making any decisions, there are financial aspects that need to be considered, ask yourself:

 

  • Can I pay my monthly bills?
  • Will the change in a career have additional costs?
  • How long can I live off my savings?
  • Can I claim UIF?
  • Have I anticipated the impact of the change in financial position?

Unplanned job loss

Sometimes you can see a job loss coming from a mile away, but often it is unexpected and extremely upsetting. If you just became unemployed, you will probably deal with a lot of different feelings, for example, fear. Unemployment makes you wonder how you are going to survive financially, what you will do if you become ill and what your next steps should be. Ask yourself:

 

  • Who do I owe money to and have I let them know the change in my financial status?
  • Can I pay minimum instalments or request payment breaks?
  • What is my plan when I have shortfalls and cannot make payments in full?
  • Can I claim UIF?
  • How will I manage my finances?
  • Do I have debit orders?
  • Do I have debt?
  • Do I have disability / income protection?
  • Do I have credit life cover?

 

Retirement

As retirement nears there are big decisions to make. As with all major lifestyle changes, your income will probably change. It's a good time to review your finances and make some decisions. Here are some things to think about:

What is the cost of retiring?

What are the different types of retirement plans?

What level of medical aid will I need?

Do I have debt?

Do I own a home?

Do I have a Will?

Who will pay for my funeral?

Types of retirement plans

Wills

 

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