RACINE, Wis., April 29 /PRNewswire/ — With job layoff announcements making weekly headlines and surveys reporting that a third of all employees plan to make voluntary job changes, investing in our careers may make the best financial sense for those stimulus checks and tax rebates that are on the way. That’s the counsel from fee-only financial planner Michael Haubrich, an expert in financial planning for career transitions.
The “Career Asset Working Capital Fund” is a specific amount of money earmarked for the unique financial requirements of career transitions and that should be viewed separately from personal or family emergency cash reserves.
The Career Asset Working Capital Fund should be used to fund such job/career transition needs as:
1. Skill set maintenance and development: This is money used to keep your
skills up to date for your current or desired profession beyond what
training programs your employer may offer. For example, information
systems skills are relevant for maybe two years.2. Job changes: New workers face nine different changes over the course of
their career, according to the Department of Labor. Some of those
changes may include lags in employment; in fact nearly 20 percent of
jobless Americans have been out of work for at least 27 weeks. For
those employed, Salary.com’s 2007/2008 Job Satisfaction & Retention
Survey reports that more than 60 percent plan to look for a new job in
the next three months. Last year Salary.com reported that 60 percent
of job hunters were not just looking for a new job, they wanted a new
career. Yet, the Reinvention Institute reports a career reinvention
takes an average three to five years to complete.3. Career sabbaticals: Only four percent of employers today offer a paid
sabbatical. With Family and Medical Leave, jobs may be protected, but
salary is not.
The amount required in a “Career Asset Working Capital Fund” depends on the type of career, salary level, job risk, job change frequency and life transitions that may be faced in the future.
“A fund for career transitions should be a necessary part of today’s financial plans,” says Haubrich. “But most financial plans are still based upon traditional, static employment and retirement patterns, not a career where people may have to change how, when and where they work many times.”
That’s why Haubrich developed Career Asset Management (http://www.careerassetmanagement.com/), a process to help individuals manage their careers as financial assets so they gain financially, do the work they want and have the work and life fit they desire. Haubrich advises clients to view their career as a financial asset that is managed in the same way they mange other assets such as investments, real estate and savings. Career coaches report that the number one reason employees fail to change their job or career is because of real or perceived financial fears. With Career Asset Management, financial planners and career coaches work together to remove financial road blocks from the career transition process.
Michael Haubrich is president of Financial Service Group (http://www.toyourwealth.com/) and is known for creatively blending traditional financial planning with current thinking and tools to meet the work and life realities of today’s clients. In 2006, Haubrich introduced Career Asset Management to the financial planning and career counseling professions. He has been a frequent speaker on the concept leading sessions at the National Association of Personal Financial Advisors National, West Regional and Cutting Edge conferences, and at national and regional Financial Planning Association events. CAM, called “game changing” by industry experts, has also been the subject of several industry trade articles.
Contact: Pam Kassner, pam@superpear.com, 414-510-1838
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Source: Financial Service Group
CONTACT: Pam Kassner for Financial Service Group, +1-414-510-1838,
pam@superpear.com
Web site: http://www.careerassetmanagement.com/
http://www.toyourwealth.com/
