Whether you've been retrenched, are planning a career move or you've been without a job for some time sound financial advise is vital.
There are a number of financial possibilities available to those who have been retrenched and badly planned use of whatever funds are available can have an unnecessary, far reaching negative effect.
If you are planning a career move it's best to consider your current financial situation carefully.
Calculate what you are currently earning in minute detail;
Take care to add every benefit, tangible or intangible.
Things like your current cost of travel to and from the office,
Cell phone allowance,
Subsidised lunch,
Subsidised studies,
Staff loans at favorable interest rates,
The value of share options,
Long leave,
Increases due,
Bonuses,
And so on.
Then look at your take home pay plus the value of benefits you may have to pay for when you change position. This exercise will give you a good indication of what your current cost to company is and what you will need to take home to equal your current package.
You will now have the advantage of knowing exactly what positions you should be responding to in terms of package and what to discuss with prospective employers clearly and without ambiguity.
If you are based in South Africa this tax calculator can help complete the exercise. South Africans can use the query form below to gain tax or financial advice from a financial advisor. (the initial query is free of charge.
If you are based outside of South Africa you can use the most appropriate search engine to locate a tax calculator for your country, they are mostly offered as a free service.
Recommendation: Google.com
Many individuals will have to consider how best invest pension money that would become due on resignation or retrenchment, there are a number of possibilities and this matter should be given careful thought. In most instances its best to seek the assistance of a professional.
Often when an individual has been out of work for some time finances become a problem, once again this is often the time to seek assistance from some one who is not as closely involved and who has experience in handling difficult financial situations. A creative well thought through approach rather then a "knee jerk" can make a positive difference. Next>>
