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how it relates to your new job. Any employer will be impressed too if you have achieved the right qualifications while working at your old job. None the less, expect a drop in income and while money is not the only thing in life, it comes a close second to oxygen - you gotta have it! TIMING Take a close look at the state of your new career. Is it alive and growing, or is it in the doldrums? Not a good time to move? Then wait. Be patient. Timing is not always easy to get right but you should try. Do your homework; get to know the new business. People mostly like to help others so ask around. Ask those in the business, you will get some jaded views, some helpful hints and some home truths too. Don't wear rose-coloured glasses The perfect job does not exist. Every job has its drawbacks and there will always be aspects of any career you don't like. Get the rose-coloured glasses off and beware of promises made by prospective employers. They will make the new job sound really good, after all they want to attract the best person they can. Sometimes you see jobs advertised as a "lifestyle", but if you look under the surface sometimes that means free time but being on call 24/7 – campgrounds and motels spring to mind! Freedom is important; not being able to get away is a big drawback. Grass is greener A helicopter pilot I once worked with, living in a nice little town by the sea and flying out to oil rigs, got very restless and unhappy. He eventually sold his near new house, and at some considerable cost moved 1,500 kms to what appeared to be a better job. He told me a year later the move was a mistake, and he had realised that all he needed was an extended holiday and all would have been well. YOUR SPOUSE'S INCOME If your spouse is earning a reasonable income then making your career change will be easier. However, your spouse needs to be on board and supportive otherwise he/she might end up being forced to be the breadwinner, feeling under pressure, and the resulting stress may well undo all the perceived benefits of your new career. Pier's story Another helicopter pilot I knew had set his sights on moving to Australia and buying a business. He had worked for many years in hot primitive countries and also suffered many Scottish winters. However, he was patient and he got himself a good job flying in the Middle East, with no taxes and free accommodation. He worked away diligently for five years, working and saving. He then moved to Australia with a nice pile of cash in hand and has since done very well. The secret of his success is pretty clear - focus, planning, saving, and being patient. If you have time … study I also worked flying to oil rigs for a while, living in a nice town by the beach, but we only flew 30 hours a month and were on call 24/7 – a great job for someone age 60-ish – but I was only 33. Eventually I left the job due to sheer boredom and lack of fulfillment, but I made a gross error. I could have used the time to "The impact can be simple and smooth, or it can mean a horrific drop in income and erode a big chunk out of your hard-earned savings." study, and I was interested in investments and accountancy – what an opportunity I passed up. I could easily have got a degree in either field if I had just had the foresight – I certainly had the time. SAVINGS So you have enough cash in reserve to supplement your new lower income. But how long did it take you to save that money? Was it a year or two, or was it many years of careful saving? Either way don't erode your savings too much. Saving is not always easy, and once it is gone, you will be sad. Getting a career move wrong can erode your savings and this can easily put your eventual retirement back by three, five or even 10 years. Sales jobs The two that spring to mind (that are so well marketed) are selling life insurance and selling real estate. In both cases the employer does not pay a salary or retainer, it is all about sales, and some people do make $200,000 p.a. But remember the 80/20 rule – in sales, 20% of the people make 80% of the money or put another way, 80% of the people only share 20% of the money – a slow financial strangulation for many. Both real estate managers and insurance managers will tell you that even if it does not work out, you can't lose much as you will learn and that's partly true. But if it erodes your savings and does not work out, you have to make another career change with little or no savings left – if so, what is the real cost of that knowledge you have gained?Do your budget Can you really survive on a lower income, if so for how long? Are you being realistic? Is the grass really greener? Is a Sabbatical cheaper? Or is it just that you need a good break? Maybe a sabbatical of three months that refreshes you might be a whole lot cheaper than changing careers after all. BE POSITIVE None of this is to say you should not consider a new career, not at all – nothing ventured, nothing gained. But go it into with your eyes wide open, prepare by getting new qualifications before quitting your old job, and look carefully at your proposed new industry – how prosperous is it and make sure the grass is truly greener. Alan Clarke Alan Clarke is the author of Retire Richer – A Practical Guide for Everyone Aged 25-85. Alan is an Authorized Financial Adviser (AFA) and his disclosure statement is available on request and free of charge.