Congratulations on your new job! Transitioning to a new career can be an exhilarating experience, bringing along new colleagues, distinctive responsibilities, and, most importantly, a different compensation package. It’s essential to update your financial plan to reflect these changes. Check out our specially created guide for you.
Please use this list as a guide and reach out if we can help you complete any of the items
- Update Estate Planning Documents
Create or update a Will along with your Powers of Attorney. Review and update beneficiaries on all life insurance and retirement accounts, including employer plans. - Organize your finance
Gather important documents to understand your cash flow and net worth (tax returns, bank and brokerage statements, property titles, insurance policies, retirement account statements, and mortgage statements). Monitor your credit report. - Update Health Insurance
If applicable, obtain health insurance quotes or speak with your HR department. - Revise Household Budget
Determine sources of income (salary, alimony, child support, and investments). Calculate housing costs, child care costs, personal costs, and insurance costs. - Build Emergency Fund
Your emergency fund should include a minimum of 3 months of living expenses should your cash flow change for any reason. Increase your emergency fund to reflect your change in expenses. - Decide on Key Choices
There are many key choices when getting a divorce. Will your career or employment change? How does this a ect your housing (moving, selling)? If applicable, any decisions regarding children and finances and care. - Familiarize Yourself with Tax Code Advantages
Speak with your accountant about tax implications such as alimony, child support, investment liquidations or selling your home.
Visit Life Changes page
Life sometimes has some unforseen changes that can feel overwhelming.
