Could You Hit The Jackpot By Changing Careers?

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As much as you may love your current job there are likely still aspects of it that you would be happier living without. Despite how much satisfaction we gain from putting in our time, when it comes down to it, most of us are working to make money so that we can support ourselves and our families to create the kind of lifestyle we want to live. But, if you’re not making the kind of money you need to live a happy, comfortable life, it might be time to switch things up a bit. Because sometimes, you can hit the jackpot by changing careers. After all, who doesn’t want to hit the jackpot?

I have always felt fortunate to have a job that I truly enjoy. I always say, if I have to work outside of the home, I’m grateful to be working in my industry. Interestingly, I kind of just happened to pick a lucrative major when I started college. I really had no idea that it was going to come with a great salary and benefits. Believe me, zero research went into picking my major and I am thankful every single day that it has worked out.

But I also realize that many people are not in my same situation when it comes to their careers. So, this post is for all of my readers that have decided to make a career change to increase their earning potential and, subsequently, increase their wealth. Let’s go!

Determine If You Need More Education

bike - hit the jackpot by changing careers

Although we’re not above it, we still prefer making more money over biking to work.

One of the first things that you need to determine is whether or not you need to go back to school. While this may seem like a bit of a setback when you first consider it as an option, anything that you can do to increase your skill set will undoubtedly increase your earning potential.

Going back to school is obviously going to mean different things to different people. But one thing is for sure, having more education never hurt anyone.

More education comes in all shapes and sizes. Love art? Why not get a degree in graphic design. Have a knack for business? Whether you decide on a traditional MBA or an online MBA, there are a ton of options out there to fit your current lifestyle and budget. Have a military background? Maybe an online MBA military equivalent is the best choice for you.

Remember, regardless of your impending career path, increasing your knowledge will make you more marketable to future employers. And when you’re more marketable, you’ll earn more money.

Check out This small list of education options:

  • GED/High School Equivalent
  • Associates Degree in any field
  • Bachelor’s Degree in any field
  • Master’s Degree in any field
  • Trade School
  • Nursing School
  • Professional School
  • …and many more

Get Experience

Experience speaks for itself. In fact, there are plenty of employers who prefer real-world experience over a flashy degree. So before you drop your hard-earned cash on more school, make sure it’s absolutely necessary. 

I definitely didn’t need to get a Master’s Degree for my current role, but I went ahead anyway since my employer paid 100% of it.

Pro Frugal Tip: Take advantages of the educational benefits your employer offers. It could serve you well in your current position or in a future one. You just never know.

The best way to sidestep more school is to get hired in your field of interest right off the bat. You might have to start at the bottom and work your way up, but it might be more cost and time effective than going back to school.

Consider all of your options before taking any rash leaps. It might be that taking a short-term pay cut to gain real-world experience in your new niche is less expensive than the collective amount of money and time it will cost to get a degree and start in an entry-level position. Do the math upfront and you can’t go wrong.

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Snag A Few Promotions

Mad Money Cat - hit the jackpot by changing careers

Mad Money Cat considering his own business. #forwardthinkingkitty

Whether you opt for more school or side-step extra education and start at the bottom, in order to maximize your earnings in your new position, you need to impress the people who matter most and snag as many promotions as possible. Do that and you’ll be guaranteed to make as much money as possible. 

It’s important to keep in mind that even though you train for a new industry that pays well, it might not happen right away. So be prepared to put in long hours, earn your stripes, and work your way up to where you want to be.

Have An Entrepreneurial Spirit?

If you have an entrepreneurial spirit and business ideas coming out of your ears, you might want to consider going it alone. And by going it alone, I mean starting your own company and working for yourself.

Since I’m extremely happy with my day job, I opted to start my own business (this blog) to earn some extra money. Although starting a blog has been super time-consuming, I’ve been having a blast creating helpful content, interacting with my readers, and earning a few extra bucks on the side. It’s been a win-win.

One of the best potential perks of starting your own thing is that you’re in total control of your earnings, which can be motivating and highly rewarding all at the same time.

And there it is. A quick and dirty rundown of the things you need to consider before changing careers. Do your homework and you’ll find yourself in a career that suits your personality and your bank account.

Have you ever felt like you hit the jackpot by changing careers? If so, tell us about it in the comments.

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