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Many companies now count on outsourcing or the use of contractors to lower their costs and improve their bottom lines. Before you choose a new career, take a good, hard look at what's happening in that industry. If you see many of its jobs listed as “contract" or “contract to permanent job” that's an industry you might want to avoid. Look instead for a career where most of the jobs you see posted are for permanent positions.
5. Try for a severance package
If you’ve been doing a good job for your employer and are honest with your manager about your need to make a career change, your employer might agree to give you a decent severance package. This could include compensation for any saved vacation or sick days and it might agree to extend your benefits for some period of time. You might even be able to negotiate a bonus by agreeing to stay on long enough to help complete a project. If your employer is really understanding, you might be able to switch to a part-time job so that you would have some income while working on your skills or getting training for that new career.
6. Increase your liquidity
Since it's quite possible you will have no income until you get started in that new career you need to preserve the money you have. For example, you may need to defer saving for retirement or even transfer your retirement investments into moneymaking EFTs or savings accounts. Do you own your own home and have some equity? Then think about refinancing into a new mortgage. That will free up money you could use to live on, and your monthly payment should be lower thanks to today's extraordinarily low-interest rates.
7. Find financial assistance for your career change
If the reason why you're looking to make a career change is because you were terminated or laid off, you will probably be eligible for unemployment benefits. In addition, you may be able to find federal and state training resources and financial assistance. For example, there’s the American Recovery and Reinvestment Act of 2009, which among other things American Recovery and Reinvestment Act of 2009, which among other things provided $650 million for educational technology. In addition, there are loans you could apply for if you're looking to further your education. Single moms have scholarships available and there are many available to the unemployed. However, you may have to do some digging to find these programs.