So you made it through all the interviews and landed a great job. Now it’s time for the rubber to meet the road. Getting a new gig is great, but for many of us, it is change and that can always lead to a lot of stress.
You now have a new commute, a new role, new colleagues and a completely new routine. Dealing with all of that is hard enough and certainly can add a little anxiety in your life. Take a deep breath and relax. You made it through the hard part.
While it can be a stressful time, life must go on and you still have things you need to do. With that being said, I want to provide a really simple list of the three things that are absolutely imperative when going through the job change process.
I narrowed it down to three because you already have enough on your plate and only have so much time. However, these three things get passed up all the time.
Don’t let that happen to you. Be different. You don’t want to look back a year from now to find out you missed something or didn’t do one of these three things. So, without further ado, let’s look at the three financially savvy things you must do after getting a new job.
Understand Their Benefit Package – It seems so common sense, but rarely do people actually take the time to understand the benefits of their new employer. It’s overwhelming to go through the entire package and a lot of times the person giving it to you isn’t a whole lot of help.
However, it’s crucial you sit down with your spouse and financial planner to understand exactly what they offer and whether it’s a good fit for you or not.
Do they offer a 401k and what is their match?
Maybe you got really lucky and they offer some kind of pension
Do they offer short-term and long-term disability and how much do you need?
What about a flexible spending account?
As you can see, the questions can go on and on. However, these are extremely important to know and understand. That's why it's so vital to go through your benefits package and understand what's best for you and your family.And, that’s why I highly recommend reviewing all of this with a financial planner who will be able to help you through the process and ensure you make the best decision. Don’t be like most people going through the motions. Be informed and know you’re making the right choices.
Rollover Your Old 401k – This is one that rarely happens. It gets lost in the transition and falls way down the priority list. However, it’s quite important. You don’t want to leave it behind for you to eventually remember it 5 years from now.
Guess what? If you’re not watching it, no one else is either. My recommendation would be to roll it over to an IRA you manage yourself, roll it over to an IRA your financial planner handles or roll it over to your new 401k.
Don’t leave it with your old employer and by all means, don’t take it out. Take control of your old 401k and take it with you.
Update Your Budget – That’s right; I said the “B” word. That dreaded word so many people fear. As I say all the time, don’t be like everyone else, be different and embrace it.
If you already have a budget, then it’s simply a matter of updating it. If you don’t have a budget yet, then now is a great time to get started now that you have a new job.
If you have more money coming in then maybe you can put some more away for retirement or increase your “fun” spending. Regardless, it’s important to update your budget to ensure you know the new amount coming in and where it will be going. Just do it!
While these three things aren’t the most fun items to do in the world, they are extremely important. Don’t put them off for another day. Take action and be in control!
Let’s start with the fun stuff. I've been married to my incredible wife, Christa, since 2008. We have an awesome daughter named Harper that was born in 2019. I couldn't ask for two better people to have in my life every single day.
We live in Lee’s Summit, MO and I grew up right down the road in Raymore. Christa grew up in Wichita and crazy enough I actually knew her parents before I knew her. It’s a long story that I won’t tell here, but feel free to ask me about it if we ever meet – it’s a good one.
I’m a complete craft beer dork and have been making – or at least attempting to make – my own beer since about 2014. Christa and I love to travel and you can count on us hitting up a few of the local breweries on just about every vacation.
I also love to golf and as I write this my goal is to get to a single digit handicap. Hopefully, by the time you read this I’ve made it there. So, now that you know a little about the personal and fun stuff, let’s get to know a little bit more about me professionally and how I got to where I am today.
So who exactly am I at NextGen Wealth? It definitely seems like I can hold many different titles depending on the day, but for my bio’s sake, I will stick with my professional title of Financial Planner – although you could go with Financial Advisor, Financial Consultant, etc., they’re really all one in the same).
I’ve actually been in the financial planning and financial services industry in Kansas City since 2001. It’s all I’ve ever known as a career choice and I hope it stays that way for as long as I’m capable.
So if you are still reading my bio – much appreciated – you’re probably thinking to yourself that you know all kinds of financial planners or financial advisors and most seem to be no different than the next.
I completely agree as it’s definitely true for many advisors in the financial planning field. With that said, though, keep on reading and I will do my best to differentiate myself.
After being in the industry a few years, it became quite apparent to me there really was no difference at all between any financial services firm – they all basically did the exact same thing.
With that being the case, I wanted to create a firm that truly centered on financial planning first and foremost. So that’s exactly what I did in creating NextGen Wealth, where we create a plan first and then determine implementation from there.
It’s been an exciting calling as I’ve been able to work with some incredible clients going through different situations but still sharing the same needs, wants, and goals. We strive to serve those individuals who truly want and need a real financial plan.
While this type of planning used to be reserved for only the wealthiest investors, it is our passion to bring these services to the people who need it most.
NextGen Wealth, LLC is a registered Investment Advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities product, service, or investment strategy. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor, tax professional, or attorney before implementing any strategy or recommendation discussed herein.