He knew that moving from a full-time job with benefits to a minimum-wage internship would mean some financial compromises. He called his family to explain the situation.

''You're giving up a secure position to take a shot in the dark, stepping out on faith and hoping something will catch you.' 'All of them admitted 'this is a big risk,'' he says. The risk comes at a pretty steep price - Givens estimated he'd lose approximately $1,200 a month once he left his job and started the internship. When you're transitioning careers, Greene says, prepare a savings cushion - and have a plan ahead about how to use it.Ĭonventional wisdom says your emergency fund should include up to three months' worth of expenses - including rent and utilities, plus your usual budget for food and more. So Givens sat down with his fiancé ('she's much more financially savvy than me') and assessed his total savings to date: $3,000. They moved a portion to a savings account at Ally Bank, so he could earn some interest on the overall sum. Givens crunched the numbers and saw that his internship wages would just about cover his rent and utilities.

From there, the couple made a plan to shrink their household budget. Givens also says he's open to freelancing or taking a second job if the financial pressure gets too tight.Īnd for those with a little bit more time before such a big step, Greene suggests saving enough to cover six or even nine months of expenses. 'And if you only have one month, one month can fly by - you can't even catch up on past episodes of Game of Thrones in one month, let alone make a job transition.' 'If you're not happy where you're at right now, you want to make sure you have enough runway for whatever it is that's going to make it a better fit,' she says. Got a money question for Broke No More? Ask us here to be included in a future column. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN.

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