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183. How to Manage a Career Break
Manage episode 480989151 series 3559707
Welcome back to another episode of the 360 Money Matters Podcast!
In this episode, we dive into how to manage a career break, exploring the financial, emotional, and strategic steps needed to prepare for both planned and unexpected time away from work. We discuss everything from building a cash buffer and understanding government support, to maintaining insurance, investing wisely during a break, and handling the emotional impact of a reduced or paused income. We also cover strategies for resetting your financial foundation when returning to work and adjusting your long-term goals.
If you're thinking about or navigating a career break, make sure to listen to this valuable conversation!
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This podcast contains information that is general in nature. It does not take into account the objectives, financial situation, or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. This information is provided by Billy Amiridis & Andrew Nicolaou of 360 Financial Strategists Pty Ltd, authorized representatives and credit representatives of Akumin Financial Planning – AFSL 232706
Episode Highlights
Reasons people take career breaks — both planned and unexpected
Key financial considerations before and during a career break
Importance of understanding your monthly burn rate and building a buffer
Managing superannuation and the long-term impact of missing contributions
How to handle insurance like income protection during a career break
Navigating government payments and understanding eligibility
Resetting your budget and financial habits when returning to work
Emotional impacts of career breaks and the value of planning and support
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